Business
NewWest Gold Corporation reports second quarter operating and financial results
NewWest Gold Corporation reports second quarter operating and financial results.
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION\n\n\nIN THE UNITED STATES/\n\n\nLAKEWOOD, CO, Aug. 13 /CNW/ - NewWest Gold Corporation (TSX:NWG)\n("NewWest"), one of the largest holders of precious metals mineral rights\nprojects in Nevada's established gold trends, today announced its results for\nthe second quarter ended June 30, 2007.\n\n\nSecond Quarter Summary\n\n- NewWest received its first National Instrument 43-101(NI 43-101)\n compliant resource at its wholly owned Sandman project\n- Subsequent to quarter-end, NewWest entered into an arrangement\n agreement with Fronteer Development Group (Fronteer), pursuant to\n which Fronteer will acquire all of NewWest's common shares through a\n court-approved plan of arrangement\n\n\nFinancial Overview\n\n\nThe loss for the second quarter was US $2.2 million or US $0.04 per\nshare, compared to US $1.4 million or US $0.03 per share during the same\nquarter in 2006. The increased loss during the quarter was primarily the\nresult of higher exploration drilling costs, stock-based compensation expenses\nand costs associated with the Fronteer transaction.\n\n\nNewWest's total assets at June 30, 2007 were US $24.3 million compared to\ntotal assets of US $27.5 million at December 31, 2006. NewWest's working\ncapital was $6.6 million at June 30, 2007.\n\n\nThe loss for the six months ended June 30, 2007 was US $3.7 million or\nUS $0.06 per share compared to $2.3 million or US $0.05 per share in the\ncomparable period last year.\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\nSandman Project Update\n\n\nDuring the second quarter of 2007, NewWest confirmed its first NI 43-101\ncompliant resource at Sandman. Located in Humboldt County, Nevada, the initial\nSandman resource estimate is based on resources from four deposits: Abel\nKnoll, North Hill, Silica Ridge and Southeast Pediment, all of which\nencountered high-grade gold mineralization.\n\n\nThe resource consists of measured ounces of 82,100 oz Au/ton and\nindicated resources of 189,800 oz Au/ton, for measured and indicated resources\nof 271,900 contained gold ounces (representing approximately 8,033,000 tons\nwith an average grade of 0.034) and an a...