Business
Karnalyte Resources Inc. Announces Third Quarter 2017 Results and Provides Operations Update
Karnalyte Resources Inc. Announces Third Quarter 2017 Results and Provides Operations Upda...
About this update from Karnalyte Resources Inc.
[{"type":"text","content":"\n\n\n\nKarnalyte Resources Inc. Announces Third Quarter 2017 Results and Provides Operations Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nSASKATOON, Nov. 14, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n\n\n\nSASKATOON, Nov. 14, 2017 /CNW/ - Karnalyte Resources Inc. (\"Karnalyte\" or the \"Company\") (TSX: KRN) today filed condensed unaudited interim financial statements and Management's Discussion and Analysis (\"MD&A\") for the three months ended September 30, 2017 (the \"Third Quarter\"). The financial results of the Third Quarter are as follows: \n\n\nA decrease in general and administrative expenses of $3,903,000 from the comparative 2016 amount;\nA decrease in cash since June 30, 2017 of $1,083,000;\nA decrease in trade and other payables liabilities since June 20, 2017 of $47,000.\n\nAs at September 30, 2017, the Company had net working capital of $7.8 million compared to $17.4 million at September 30, 2016, including $8 million and $18.8 million, respectively, in cash. Karnalyte's Third Quarter 2017 Financial Statements and MD&A are available at www.sedar.com. \n\n\"During the third quarter of 2017 the Company continued to prioritize the development of the Wynyard Carnallite Project. While market conditions remain challenging, management and the board are working hard to identify cost savings opportunities in capital, operating and financing costs of the Project. And they are actively seeking opportunities to finance the project. Management and the board believe in the potential of the Wynyard Carnallite Project and that its development will provide significant shareholder value,\" said Karnalyte's interim Chief Executive Officer, W. Todd Rowan.\n\nTHIRD QUARTER UPDATE\n\nIn order to conclude the work done during the optimization program in 2016 (the \"Optimization Program\"), the following activities have been taking place at the Wynyard Carnallite Project site:\n\n\nCavern Testing – To gain an understanding of the final sha...