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Oromonte announces filing of 2nd quarter financial statements and results
NELSON, BC, Aug. 25 /CNW/ - Oromonte Resources Inc. ("Oromonte" or the "Company") (ORR:TSX-V; OF6...
About this update from Prospera Energy Inc.
[{"type":"text","content":"\n\n\n\nNELSON, BC, Aug. 25 /CNW/ - Oromonte Resources Inc. ("Oromonte" or the\n"Company") (ORR:TSX-V; OF6:FRA) announces the filing of its financial\nstatements and results for the three month period ended June 30, 2008.\nOromonte's exploration activities and performance continued to be affected by\nthe Ecuador government's initiation of changes to the country's constitution,\ntaxation, environmental and mining laws. The financial results reflect the\nCompany's decision to generally suspend its activities in Ecuador at least\nuntil the Government of Ecuador establishes its new policies towards foreign\ncompanies regarding mineral exploration and mining. In the interim, the\nCompany's limited expenses in Ecuador are currently aimed at protecting its\ninterests there to the extent possible. The Company has begun to implement a\npro-active development strategy outside Ecuador.\n\n\nThe Company recorded a loss of $128,949 for the three months ended\nJune 30, 2008. The Company's working capital was $1,503,555 at June 30, 2008.\nThe Company has sufficient working capital to meet all of its foreseeable\nobligations based on its plan for the next twelve months.\n\n\nIn March 2008, the Company focused its Ecuadorean exploration targets on\nthe most promising concessions and anomalous areas within the Company's\nproperty portfolio. It thereby reduced its annual patent payments and its\nproperty portfolio by 39,600.90 hectares. The Company's total property\nportfolio in Ecuador as of June 30, 2008 was 53,751 hectares, subject to any\nfuture ramifications of the April 18, 2008 Ecuador Mining Mandate and related\nmining laws under development. Subsequently, in July 2008, the Company's\nEcuadoran lawyers were notified that the Government had cancelled seven of the\nVirgen del Cisne concessions totaling 17,787.30 hectares and the San Andres\nconcession within the Pangui Property consisting of 350 hectares. Consequently\nthe Company's total property portfolio in Ecuador as of August 25, 2008 is\n35,613.70 hectares.\n\n\nThe Company's interim Consolidated Financial Statements and Management\nDiscussion and Analysis (MD&A) for the three months ended June 30, 2008 are\navailable at www.sedar.com.\n\n\nAbout Oromonte\n\n\nEarlier today, Oromonte announced a share consolidation and name change\nto "Georox Resources Inc....