Business
Amazon Releases Results for Quarter Ended September 30, 2008 and Provides Corporate Update
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About this update from Verde Agritech Ltd
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n\n\nTHE UNITED STATES/\n\n\nTORONTO, Dec. 1 /CNW/ - Amazon Mining Holding Plc (TSX-V symbol: "AMZ")\n("Amazon" or the "Company") announced today its unaudited interim consolidated\nfinancial statements for the three and nine-month period ended September 30,\n2008 and provides the following corporate update.\n\n\nReports indicated for the three-month period ended September 30, 2008\nthere was a profit of (pnds stlg)163,841 compared to a loss of (pnds\nstlg)69,445 for the three-month period ended October 31, 2007. For the\nnine-month period ended September 30, 2008, the net loss increased to (pnds\nstlg)2,502,585 from a loss of (pnds stlg)199,655 for the nine-month period\nended October 31, 2007. The loss widened during Q1 2008 due to the December\n2007 commencement of active exploration activities. Subsequent to this period,\nthe Company has substantially curtailed its exploration expenditures. The\nsmall profit reported in the quarter is due to Canadian dollar foreign\nexchange gains versus the British pound.\n\n\nQ3 2008 and Subsequent Period Summary:\n\n- Exploration expenditures for Q3-2008 aggregated to (pnds stlg)192,764\n significantly reduced from (pnds stlg)799,468 spent in Q2-2008;\n- Preliminary exploration success at Madeira Gold property: this\n determination arrived at due to initial reconnaissance work proving\n gold mineralization extending beyond banks of river;\n- Staked the Cerrado Verde Potash Project;\n- Discontinued exploration and property payments at 3 projects:\n Tocantins, Lavras and Terra Branca projects were dropped saving a\n projected $6.5MM in planned exploration and property payments;\n- Reduced full-time staff from 38 to 6 employees;\n- Established technical advisory committee to assist management,\n consisting of Dr. Richard Garnett, Ysao Munemassa, and Persio\n Mandetta, and\n- Tim Slater replaced Manoel Cerqueira as interim CFO.\n\n\nAmazon currently has a working capital position of approximately (pnds\nstlg)5.0MM (Cdn$9.0MM) putting the Company in a strong position to advance its\nMadeira and Cerrado Verde projects, whilst investigating new opportunities.\n\n\nCommenting, President & Chief Executive Officer, Cristiano Veloso, said:\n"This past quarter marked a dramatic deter...