Business
Breakwater Resources Ltd.'s First Quarter 2009 Financial and Operating Results
Breakwater Resources Ltd.'s First Quarter 2009 Financial and Operating Results
About this update from Dundee Corporation Class A
[{"type":"text","content":"\nBreakwater Resources Ltd.'s First Quarter 2009 Financial and Operating Results\n\n\n May 7, 2009 (Baystreet.ca) -- TORONTO, ONTARIO -- Breakwater Resources Ltd. (TSX:BWR)(TSX:BWR.WT.A) reports the financial and operating results for the three and month period ended March 31, 2009. The reporting currency is Canadian dollars (\"C$\" or \"$\") and all amounts disclosed are in Canadian dollars unless otherwise indicated.\n\nThe unaudited interim consolidated financial statements of the Company for the three months ended March 31, 2009 and 2008 were prepared in accordance with GAAP applicable to a going concern which assume that the Company will realize its assets, discharge its liabilities and meet its future obligations in the normal course of business. Accordingly, the unaudited interim consolidated financial statements for the three months ended March 31, 2009 and 2008 do not include any adjustments to the recoverability and reclassification of recorded assets, or the amounts or classification of liabilities, that might be necessary should the Company be unable to continue as a going concern. \nWhile the unaudited interim consolidated financial statements for the three months ended March 31, 2009 and 2008 were prepared on the basis of accounting principles applicable to a going concern, certain market conditions, including falling metal prices and higher operating costs, cast significant doubt upon the validity of this assumption. For the three month period ended March 31, 2009, the Company incurred a loss of $6.5 million, had a net cash decrease of $6.3 million and used $9.7 million net cash in operating activities. \nThe unaudited interim consolidated financial statements for the three months ended March 31, 2009 and 2008 do not give effect to adjustments to the carrying values of assets and liabilities and the reported revenues and expenses and balance sheet classifications that would be necessary should the Company be unable to continue as a going concern. These adjustments could be material. \nThe Company believes that cash on hand and the net proceeds of the Offering (as defined below in \"Highlights\" section), together with the cash generated from operations will be sufficient to fund its operations in 2009 at current commodity prices and operating expenses. \nThe Company is a mining, exploration and development company...