Business
Canadian Royalties Announces Financial Results For the Quarter Ended September 30, 2008
MONTREAL, Nov. 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, Nov. 14 /CNW Telbec/ - Canadian Royalties Inc. (TSX:CZZ)\n("Canadian Royalties" or the "Corporation") announces that it filed its\nfinancial results on November 14, 2008, for the third quarter ended September\n30, 2008.\n\n\nFinancial Results Quarter Ended September 30, 2008\n\n\nFor the nine month period ended September 30, 2008, the Corporation is\nreporting net loss of $12.8 million or $0.13 per share compared to a loss of\n$0.9 million or $0.01 per share for the same period last year.\n\n\nThe Corporation has made satisfactory progress on the implementation of\nthe Asset Conservation Plan ("ACP") announced by way of press release on\nAugust 5, 2008. Critical construction activities have been completed and\nbeginning of October all construction personnel were demobilized from the\nNunavik Nickel Project site. All engineering designs and detailed technical\nplans have been inventoried and archived to enable an orderly project re-start\nwhen more favourable market conditions return. Non essential equipment has\nbeen backhauled from the Project site and special care and maintenance\nmeasures taken to protect equipment and material left on site. Permanent\npresence will be maintained on site. The implementation of the ACP and\ntemporary suspension of the Project development has led to the departure of\nmany of the Corporation's senior executives, employees and consultants.\n\n\nThe Corporation's 2008 field exploration campaign was completed and the\nanalysis of the results are progressing. Results of the assays will be\nreleased gradually as they are received from the laboratory.\n\n\nReaders are directed to the management's discussion and analysis of the\nfinancial condition and results of operations for the nine-month period ended\nSeptember 30, 2008 for additional information.\n\n\nThe following tables provide key financial highlights for the period.\n\n\n-------------------------------------------------------------------------\nIncome Statement Highlights\n(in thousands of Cdn dollars, except per share amounts)\n\n Three Months Nine Months\n 2008 2007 2008 2007\n -------- -------- -------- --------\n\nNet earnings (loss) (8,831) 874 (12,778) (901)\n\nNet loss per share (0.09) 0.01 (0.13) (0.01)\n-------------------------------------------------------------------------\n\nThe Net...