Business
Fronteer Gold Reports Strong Second Quarter Financial Results and Significant Advancement of Nevada Gold Projects
Fronteer Gold Reports Strong Second Quarter Financial Results and Significant Advancement of Neva...
About this update from Forge Resources Corp.
[{"type":"text","content":"\nFronteer Gold Reports Strong Second Quarter Financial Results and Significant Advancement of Nevada Gold Projects\n\n\n Aug. 12, 2010 (Newsfile Corp.) -- Vancouver, British Columbia--(August 12, 2010) - Fronteer Gold (TSX:FRG) Inc. (FRG – TSX/NYSE Amex) announces financial results for the three and six months ended June 30, 2010 and provides a brief update on our gold projects and corporate activities. All amounts are in Canadian dollars, unless otherwise stated. “We continue to reach new milestones as we advance our gold projects in Nevada toward our production goal,” says Fronteer Gold President and CEO Mark O’Dea. “In the second quarter, we have further strengthened our development team; added new high-grade gold intercepts at all three of our key Nevada gold projects; reported a significant increase in the resource at Long Canyon; accelerated development activities; and increased our growth pipeline with the acquisition of Nevada Eagle Resources. At the same time, we have maintained our strong financial position. We are also optimistic about the value yet to be fully realized at our Halilaga copper-gold porphyry in Turkey and Michelin uranium project in Labrador that will further fuel our gold growth.” HIGHLIGHTS Cash and short-term deposits at June 30, 2010, totaled $182.0 million, up 23.6% from $147.3 million at December 31, 2009, while long term investments decreased to $5.8 million or 65.3% from $16.7 million at December 31, 2009; Recorded net income of $8.3 million or $0.07 per share for the six months ended June 30, 2010, compared to a net loss of $4.0 million or $0.04 per share for the six months ended June 30, 2009; Continued advancing our three key gold projects in Nevada, with the following highlights: At Northumberland, drilling has further defined and extended near-surface high-grade gold mineralization. Work is on schedule to begin construction in the third quarter of a 280-metre long decline to access high-grade mineralization within the deposit, with completion targeted for early 2011; At Long Canyon, a new resource estimate shows an 81% increase in Measured and Indicated ounces and a 17% increase in Inferred ounces compared to the 2009 resource. Drilling continues to intersect wide intervals of high-grade oxide gold to the northeast extension of the deposit; At Sand...