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Golden Goose Resources inc. reports its 2009 first quarter results
MONTREAL, May 25 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is pleas...
About this update from Golden Goose Resources Corp.
[{"type":"text","content":"\n\n\n\nMONTREAL, May 25 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR)\n(the "Company") is pleased to report its unaudited interim financial\nstatements for the first quarter ended March 31, 2009 with comparative figures\nfor 2008.\n\n\n2009 First quarter operating results\n\n\nFor the first quarter ended March 31, 2009, the Company reported net loss\nof $195,560 (loss of $0.00 per share) compared with a net income of $901,365\n($0.02 per share) for the same quarter of 2008. The net income realized during\nthe first quarter of last year is mainly attributable to income tax recovery\nof 1,285,387 as a result of renunciations in favour of the investors by the\nCompany to tax deductions totalling $4,532,083, which was raised through the\nissuance of flow-through shares in 2006 and 2007.\n\n\nThe loss before income tax amounted to $195,560 compared with $384,022 in\nthe first quarter of last year. The reduction in the loss before income tax is\nmainly due to the decrease in the stock-based compensation from $211,937 last\nyear to $20,269 this year. In March 2008, the Company granted 630,000 stock\noptions to directors, employees and a consultant compared with 50,000 in\nFebruary 2009.\n\n\nExploration Highlights\n\n\nSubsequent to quarter end, a new estimate for the Magino property in\ncompliance with National Instrument 43-101 - Standards of Disclosure for\nMineral Projects was released and is summarized below:\n\n\n Magino Mineral Resources Estimate\n at a cutoff grade of 3.0 g/t Au\n\n\n-------------------------------------------------------------------------\nCategory Tonnes Grade\n (g/t Au) Ounces\n-------------------------------------------------------------------------\nMeasured resource 222,900 5.97 42,749\n-------------------------------------------------------------------------\nIndicated resource 1,869,000 6.83 410,440\n-------------------------------------------------------------------------\nTotal Measured and Indicated\n resources 2,091,900 6.74 453,189\n-------------------------------------------------------------------------\nInferred resources 5,828,800 6.29 1,178,124\n-------------------------------------------------------------------------\n\n\nThe full 43-101 report is expected by month end. This new resource of\n453,000 ounces of measured and indicated and more than 1.1 million ounces of\ninf...