Business
Canadian Royalties Announces Financial Results For the Quarter Ended June 30, 2008
MONTREAL, Aug. 14 /CNW Telbec/ - Canadian Royalties Inc. (TSX:CZZ) ("Canadian Royalties" or the "...
About this update from Cleghorn Minerals Ltd.
[{"type":"text","content":"\n\n\n\nMONTREAL, Aug. 14 /CNW Telbec/ - Canadian Royalties Inc. (TSX:CZZ)\n("Canadian Royalties" or the "Corporation") announces that it filed its\nfinancial results on August 14, 2008, for the quarter ended June 30, 2008\ntogether with the management's discussion and analysis of the financial\ncondition and results of operations for the six-month period ended June 30,\n2008.\n\n\nFinancial Results Quarter Ended June 30, 2008\n\n\nOn May 21, 2008, the Corporation obtained the Environmental Certificate\nof Authorization for the Nunavik Nickel Project from the Ministere des\nRessources naturelles et de la Faune du Quebec and the Corporation commenced\nconstruction work on the Nunavik Nickel Project. Engineering designs and\nconstruction plans are being modified to adjust infrastructure capacity and\nmining equipment to 4,500 tonnes per day, an increase which is to occur\n24 months following the start of production, as per the revised mine plan\ncompared to 3,500 tonnes per day in the SNC-Lavalin bankable feasibility\nstudy. As a result of this change, modifications to the wharf design and\nincreased mining equipment have increased the total construction budget from\n$465.6 million to $517.6 million. Readers are directed to the management's\ndiscussion and analysis of the financial condition and results of operations\nfor the six-month period ended June 30, 2008 for additional information.\n\n\nAs of June 30, 2008, the Corporation had spent and committed\napproximately $179.5 million in investments for the engineering and equipment\nfor the Nunavik Nickel Project. The balance of funds required by the\nCorporation to complete the construction and start-up the Nunavik Nickel\nProject are anticipated to be derived from strategic partner contributions and\na project term loan.\n\n\nThe following table sets forth the income statement highlights.\n\n\n-------------------------------------------------------------------------\nIncome Statement Highlights\n(in thousands of Cdn dollars, except per share amounts)\n\n Three Months Six Months\n 2008 2007 2008 2007\n ------------ ------------ ------------ ------------\n\nNet loss 1,551 1,294 3,453 1,700\n\nNet loss per share 0.016 0.020 0.035 0.026\n-------------------------------------------------------------------------\n\nThe Net loss for the six months reflects the cost ...