Business
NewWest Gold Corporation reports first quarter operating and financial results
NewWest Gold Corporation reports first quarter operating and financial results.
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nLAKEWOOD, CO, May 10 /CNW/ - NewWest Gold Corporation (TSX:NWG)\n("NewWest"), an advanced gold exploration and development company located in\nNevada's established gold trends, today announced its results for the first\nquarter ended March 31, 2007.\n\n\nFinancial Overview\n\n\nThe loss for the first quarter ended March 31, 2007 was US $1.5 million\nor US $0.03 per share, compared to US $0.9 million or US $0.02 per share\nduring the same quarter in 2006. The change in net losses was mainly\nattributed to higher exploration costs from additional drilling.\n\n\nNewWest's total assets at March 31, 2007 were US $25.9 million compared\nto total assets of US $27.5 million at December 31, 2006. NewWest's working\ncapital as at March 31, 2007 was $8.6 million, which the Company believes will\nmeet its working capital needs and growth objectives through the remainder of\nfiscal 2007.\n\n\nFull interim consolidated financial statements and notes, as well as\nmanagement's discussion and analysis, are available on NewWest's website at\nwww.newwestgold.com, or www.sedar.com.\n\n\nProject Overview\n\n- In conjunction with recent drilling programs at the Sandman project,\n we verified and expanded gold mineralization at Silica Ridge and\n North Hill, and discovered new high-grade mineralization at Abel\n Knoll\n- The recent drilling programs at the Long Canyon project extended gold\n mineralization and confirmed the presence of multiple zones of gold\n mineralization\n- Some holes from the Phase Two 2006 drilling program at the\n Northumberland project encountered gold mineralization approaching\n underground mineable grades\n- Subsequent to quarter-end, we completed a first time resource at\n Sandman (compliant with NI 43-101) with measured and indicated gold\n resources of 271,900 contained ounces and inferred gold resources of\n 38,000 contained ounces (representing approximately 8.0 million tons\n with an average gold grade of 0.034 oz Au/ton for measured and\n indicated resources and approximately 1.4 million tons with an\n average gold grade of 0.027 oz Au/ton for inferred resources)\n\n\n"This initial NI 43-101 compliant resource at Sandman brings our share of\ntotal measured and indicated resources to approximately 1.8 million contained\ngold equivalent ounces together with inferred resources of 239,000 contained...