Atna Resources Reports Year End and Fourth Quarter 2008 Results

About this update from Lux Metals Corp

[{"type":"text","content":"\n\n\n\nGOLDEN, Colo., March 31 /CNW/ -- Atna Resources Ltd. ("Atna" or the\n"Company") (TSX: ATN) today reported audited financial results for the\nCompany's fourth quarter and year end results for the period ended December\n31, 2008. Unless otherwise designated all amounts are in Canadian dollars.\n\n\n\nHighlights for the Year 2008\n\n-- Merger with Canyon Resources Corporation ("Canyon") closed March 18,\n 2008 (the "Canyon Merger").\n-- Commenced mining and ore crushing operations at the Briggs Mine.\n-- Increased proven and probable reserves by 77 percent in the Briggs\n Mine; completed an updated mine plan.\n-- Yamana Gold Inc. drilled an encouraging second round on Atna's Clover\n project in Elko County, Nevada and made a US$150,000 option payment.\n-- Pinson Mining Company ("PMC"), a subsidiary of Barrick Gold, provided\n notice that they completed their US$30 million work program at the\n Pinson gold project to earn a 70% interest in the project. Atna will\n retain 30% interest in the project.\n-- Drilling beneath the main pit at the Briggs Mine outlined additional\n mineralization; new drilling at Cecil R, a satellite project to\nBriggs,\n began in early 2009.\n-- Closed the US$20 million sale of a royalty portfolio, including the\n Wolverine Royalty.\n-- Acquired the remaining land position at the Columbia gold property\n (formally known as Seven-Up Pete gold property) which contains\n significant gold resources.\n-- Reward Gold Project feasibility study completed, reserves were\n disclosed; major permits have been granted with final approval\nexpected\n in the second quarter 2009.\n-- Optioned the Adelaide and Tuscarora gold properties in Nevada to\nGolden\n Predator for work commitments and other compensation.\n\n-- Cash balances for the Company as of March 23, 2009 are approximately\n $12.0 million. The reduction in cash since December 31, 2008\nprimarily\n reflects ongoing development and start-up costs at the Briggs Mine.\n\n\nFinancial Results:\n\n\n\nResults of Operations - Year Ended December 31, 2008 versus Year Ended\nDecember 31, 2007\n\n\n\n\n\nFor the year ended December 31, 2008, Atna recorded net income of $20.3\nmillion, or basic income per share of $0.26, on proceeds of $21.0 million from\nthe sale of royalties. This compares to a net loss of $3.3 mil...

More updates from Lux Metals Corp