Business
NewWest Gold Corporation reports third quarter results
NewWest Gold Corporation reports third quarter results.
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\n\nThird Quarter Highlights\n------------------------\n\n>\n\nLAKEWOOD, CO, Nov. 9 /CNW/ - NewWest Gold Corporation (TSX:NWG)\n(\"NewWest\"), one of the largest holders of precious metals mineral rights\nprojects in Nevada's gold trends, today announced its third quarter results\nfor the three months and nine months ended September 30, 2006. The net loss\nfor the three months ended September 30, 2006 was US$3.1 million or $0.06 per\nshare, compared to US$1.2 million or $0.02 per share in the comparable period\nlast year. The net loss for the nine months ended September 30, 2006 was\nUS 5.3 million or $0.10 per share compared to $4.6 million or $0.09 per share\nin the comparable period last year. The increase in losses can primarily be\nattributed to increased exploration drilling expenses related to the Sandman\nand Long Canyon projects as well as stock-based compensation expense and\nbonuses paid in conjunction with the IPO. Total expenses for the quarter were\nUS$3.3 million, compared to US$1.3 million last year.\nOn August 29, 2006, NewWest successfully completed an initial public\noffering (IPO) raising net proceeds of US$15.8 million to help fund the\nadvancement of its projects along the pipeline and into production. As a\nresult of the IPO, NewWest's working capital was US$13.2 million at the end of\nthe third quarter. The Company anticipates that this level of working capital\nwill be sufficient to fund its planned exploration activities through 2007.\n\"Since our IPO, NewWest has made tremendous progress on our active\nprojects as demonstrated by the results of our Phase One drill programs at\nSandman and Long Canyon,\" said Steve Alfers, President and Chief Executive\nOfficer. \"The working capital provided by our IPO positions us to aggressively\npursue our Phase Two drill programs, allowing us to expand our knowledge of\nthe mineralization and structure of the mineralization at both projects and\nmove towards establishing additional resources.\"\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\nProject Update\nDuring the third quarter, NewWest announced results from its Phase One\ndrilling program at Long Canyon, one of NewWest's principal projects in the\nEastern Great Ba...