Business
Golden Goose Resources Inc. reports its 2006 annual results
Golden Goose Resources Inc. reports its 2006 annual results.
About this update from Golden Goose Resources Corp.
[{"type":"text","content":"\n\n\n\nMONTREAL, April 24 /CNW Telbec/ - (TSX-Ven: GGR) Golden Goose Resources\nInc. (the "Company") is pleased to report its audited financial statements for\nthe year ended December 31, 2006 with comparative figures for 2005. (Complete\nversion will be available on SEDAR www.sedar.com.)\n\n\nFor the year ended December 31, 2006, the Company had a net loss of\n$928,898 or $0.03 per share compared with 2005's net loss of $473,144 or $0.02\nper share. The granting of options under the stock option plan was valued\nunder the Black-Scholes method creating a $660,600 charge to expense in 2006\nversus a $148,480 charge to expense in 2005, thus increasing the loss by\n$512,120. Expenses, excluding stock compensation expense, were increased to\n$637,757 in 2006 compared to $396,890 in 2005, mainly due to shareholders\ncommunications, consulting fees, legal fees and corporate development as a\nresult of an overall major increase in corporate activities.\n\n\nThe Company has capitalized exploration expenditures in 2006 of\n$1,305,135, with most of it being used towards the Magino Drill program. This\nbrings the total mining interest as of December 31, 2006 to $8,784,501.\n\n\nThe Company's working capital increased to $2,237,389 as compared to\n$1,802,062 at December 31, 2005. In 2006 the Company received $1,103,733 from\nthe exercise of stock options and warrants plus net proceeds of $1,388,209\nfrom the completion of a private placement in August 2006, off-set by the\nallocation of $230,000 to restricted cash for mine closure costs, general and\nadministrative expenses of $576,082, mine care expenses of $51,057, and\nexploration cash costs capitalized of $1,273,935.\n\n\nFor the three months ended December 31, 2006, the Company reported a net\nloss of $69,209 or $0.01 per share compared to the three months ended December\n31, 2005 of a net loss of $205,179 or $0.01 per share. The fourth quarter of\n2006 net loss includes future tax recovery of $295,000. The increased costs in\nthe fourth quarter were primarily due to the granting of options under the\nstock option plan and general and administrative expenses.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the adequacy or accuracy of this release.\n\n\nABOUT GOLDEN GOOSE RESOURCES\n\n\nGolden Goose Resources Inc. is a Canadian publi...