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Rupert Resources Reports Results for 12 Months Ending February 29, 2020
TORONTO--(BUSINESS WIRE)--Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its audited financial results for the twelve months e
About this update from Rupert Resources Ltd.
[{"type":"text","content":"TORONTO--(BUSINESS WIRE)--Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its audited financial results for the twelve months ending February 29, 2020 and accompanying Managements Discussion and Analysis for the same period. Both of the above have been posted on the Company’s website www.rupertresources.com and on Sedar at www.sedar.com. During the 12 months ending February 29, 2020, the Company spent $9,571,101 (12 months ended February 29, 2019 - $6,579,680) on its exploration projects. As of February 29, 2020, Rupert held cash or cash equivalents of $14,313,403. The Company recorded a net loss and comprehensive loss for the year of $(5,159,127) (12 months ended February 28, 2019 - $(6,171,061)) and a net loss per share of $(0.04) (12 months ended February 28, 2019 - $(0.05)). James Withall, Chief Executive Officer of Rupert Resources said, “We ended the financial year with a greatly improved capital structure and healthy balance sheet following the $13.1million strategic investment by Agnico Eagle in February. These funds have allowed acceleration of exploration efforts across the Pahtavaara project. At Area 1 we have now made six new discoveries within 12 months (including the 1.8g/t over 137m intercept at the Ikkari discovery in May 2020). Looking forward, our disciplined exploration approach will begin the progression of our top ranked prospects towards resource status and following a mine resource update work will begin to better understand the economic parameters at the Pahtavaara mine.“ Operating Highlights The Company continues to progress two parallel work programs to demonstrate the potential of the Pahtavaara project: firstly, the definition of new resources in close proximity to underground mine infrastructure and at surface within 1km of the Pahtavaara mill. Secondly, evaluation of the resource potential on the wider 297km2 contiguous land package around the Pahtvaara mill. The period has been transformational in both improving understanding of controls on mineralisation at the Pahtavaara mine and demonstrating new greenfield gold occurrences on the regional licence holding that now covers 297km2. Significantly, the new gold occurrences have been identified underneath up to 20m of glacial till, along a 5km section known as Area 1, which forms part of a regional structural corridor ...