Business
Golden Goose Resources Inc. reports its 2009 third quarter results
Golden Goose Resources Inc. reports its 2009 third quarter results
About this update from Golden Goose Resources Corp.
[{"type":"text","content":"\n\n\n\nNov. 24, 2009 (Canada NewsWire Group) -- MONTREAL, Nov. 24 /CNW Telbec/ -- Golden Goose Resources Inc. (TSX-V: GGR) (the \"Company\") is pleased to report its unaudited interim financial statements for the third quarter ended September 30, 2009 with comparative figures for 2008.Financial highlights for the third quarter and nine-month periodFor the third quarter ended September 30, 2009, the Company reported a net loss of $259,132 ($0.01 per share) compared with a net loss of $191,030 ($0.00 per share) for the same quarter of 2008. Also, on July 17, 2009, the Company sold its mining rights in properties located in province of Quebec for a cash consideration of $150,000 plus a 1% net smelter return (NSR) royalty, resulting in a gain on sale of mining interests of $146,728 net of legal fees of $3,272.For the nine-month period ended September 30, 2009, the Company reported a net loss of $875,732 ($0.02 per share) compared with a net income of $345,477 (net income of $0.01) for the same period in 2008. The net income realized during the nine-month period last year, is mainly attributable to income tax recovery of $1,285,387 as a result of renunciation by the Company to tax deductions totalling $4,532,083, which was raised through the issuance of flow-through shares in 2006 and 2007, in favour of the investors.As of September 30, 2009, the Company holds approximately $1,773,000 in cash and short-term investments and $230,000 as security deposit for mine closure.Exploration HighlightsThe Company's exploration efforts are presently focused on the Magino property. Last quarter we stated that we would look to both improve the geologic certainty of our resource by infill drilling and increase the overall resource by continuing to step out in directions where the resource remains open.Initated scoping work on the existing resource envelopeOn September 2nd, the Company announced that it had retained the services of independent consulting firm InnovExplo Inc. of Val-d'Or, Quebec, to carry out a NI 43-101-compliant Scoping Study for the Magino gold project near Wawa, Ontario. The Company intends to use the study as a basis for future exploration works within the current resource envelope, with the objective to develop an underground operation with ore trucked to regional mill for processing. The Company expects to receive the final st...