Business
Golden Goose Resources Inc. reports 2007 annual results
MONTREAL, April 28 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is ple...
About this update from Golden Goose Resources Corp.
[{"type":"text","content":"\n\n\n\nMONTREAL, April 28 /CNW Telbec/ - Golden Goose Resources Inc.\n(TSX-V: GGR) (the "Company") is pleased to report its audited financial\nstatements for the year ended December 31, 2007 with comparative figures for\n2006. (Complete version will be available on SEDAR www.sedar.com.) Golden\nGoose took advantage of the opportunities offered by the strong market in 2007\nto develop the potential of the Magino gold project in Ontario and Lac Levac\nnickel - copper - PGM project in Quebec. The Company drilled some\n10,000 metres on each of the projects, funded by $5.8 million raised during\nthe year through private placements. Excellent drill results were obtained on\nboth properties.\n\n\n2007 Operating results\n\n\nFor the year ended December 31, 2007, the Company had a net loss of\n$1,377,262 or $0.03 per share compared with 2006's net loss of $928,898 or\n$0.03 per share. This increase in net loss for the year is mainly due to an\nincrease in general and administrative expenses from $576,082 last year to\n$983,436 this year. Stock-based compensation amounted to $677,142 in 2007\ncompared to $660,600 in 2006. Interest revenues increased from $74,459 in 2006\nto $144,411 in 2007. This increase in interests earned during the year is\nmainly attributable to higher short-term investments balances across the year\n2007 compared to 2006.\n\n\nLiquidity and Capital Resources\n\n\nAs at December 31, 2007, total assets were at $17,062,365 compared with\n$11,417,458 for the previous year. Mining interests increased from $8,784,501\nto $11,977,223 during the year due to exploration activities at the Magino and\nLac Levac properties. Short-term investments, including exploration funds to\nbe spent on the Company's exploration properties in Ontario and Quebec,\nincreased from $2,300,000 to $4,200,000 due to cash flows generated by\nfinancing activities in 2007. Working capital improved, amounting to\n$4,044,402 at year-end compared to $2,237,389 last year. Available liquidities\nat year end are sufficient for 2008 exploration budget and general and\nadministrative expenses.\n\n\nFourth Quarter Results of Operations\n\n\nFor the last three months of 2007, the Company reported a net loss of\n$401,493 (loss of $0.01 per share) compared with a net loss of $69,209 (loss\nof $0.01 per share) for the same quarter of the preceding year...