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Alexander Nubia International Inc. Announces 2010 Year End Audited Financial Results and Updated Assay Results
Apr. 18, 2011 (Filing Services Canada) -- Alexander Nubia International Inc. Announces 2010 Ye...
About this update from Aton Resources Inc.
[{"type":"text","content":"\nAlexander Nubia International Inc. Announces 2010 Year End Audited Financial Results and Updated Assay Results\n\n Apr. 18, 2011 (Filing Services Canada) -- Alexander Nubia International Inc. Announces 2010 Year End Audited Financial Results and Updated Assay ResultsHighlights:* Milestones reached: - US$3.3 million Common Share Financing September 2010: - Mobilization of Drilling Program, Q4 2010.* FY'10 total exploration expenditures:  $0.75 million   * FY'10 Net Operating Loss: $0.7 million ($0.01 per share)* Q4'10 total exploration expenditures: $0.5 million;* Q4'10 Net Operating Loss: $0.5 million ($0.07 per share)Toronto, Ontario CANADA, April 18, 2011 /FSC/ - Alexander Nubia International Inc. (AAN - TSX Venture), a mineral exploration company, today announced results for its year ended December 31, 2010. All amounts are stated in Canadian dollars unless otherwise noted. It is also providing an updated table of assay results for holes that have been previously reported.Operating Results for the Year Ended December 31, 2010The Company recorded a net loss of $701,042 ($0.010 per common share) for the year ended December 31, 2010 as compared to a loss of $454,229 ($0.006 per common share) for the year ended December 31, 2009. The Company also incurred $738,321 in exploration costs that, in accordance with its accounting policies, have been capitalized. For the fourth quarter ended December 31, 2010, the Company recorded a net loss of $532,797 ($0.07 per share) as compared to a net loss of $220,705 for the three months ended December 31, 2009.  This increase was mainly due to: 1. the recognition of stock based compensation of $121,700 during the fourth quarter of 2010 (2009 - $nil) as a result of issuance of stock options ($84,500 shown in stock based compensation expense) and compensation payable in shares ($110,200, shown in professional and consulting fees) that were issued and vested during the quarter; 2. the payment of cash bonuses of $143,800 in the fourth quarter of 2010 (2009 - $nil); and 3. the recognition of a doubtful advances receivable of $73,558 in the fourth quarter of 2010. (2009 - $nil)The Company also incurred $477,055 in exploration costs in the fourth quarter of 2010 compared to $204,079 in 2009. This is reflective of the increased activity in the last quarter of 2010 enable...