Business
Verde Reports Q2 Financials
Company maintains a strong balance sheet after intense H1 development program TORONTO, ...
About this update from Verde Agritech Ltd
[{"type":"text","content":"\n\n\n\n\n\nCompany maintains a strong balance sheet after intense H1 development\n program\n\n\nTORONTO, Aug. 30, 2011 /CNW/ - Verde Potash (TSX-V: \"NPK\") (\"Verde\" or the \"Company\") is pleased to announce that\n its unaudited interim consolidated financial statements for the three\n month period ended June 30, 2011 have been reported and provides the\n following corporate update.\n\n\nVerde currently has a working capital position of approximately $9.2MM.\n The Company maintains a strong cash position and continues to progress\n with Cerrado Verde. During the three-month period ended June 30, 2011,\n Verde incurred a net loss of $1,913,432 compared to a net loss of\n $670,281 (before impairment losses of $424,091) for the three-month\n period ended June 30, 2010. This increased loss of $1,243,151 was\n mainly due to the Company's decision to write off the Madeira gold\n project and an increased share based payment charge.\n\n\nHighlights of the Second Quarter\n\n\nThe Company signed a memorandum of understanding with the State\n government of Minas Gerais that pledges support for the advancement of\n Cerrado Verde. (See release dated April 7, 2011)\n\n\nDrilling has successfully extended high grade potash mineralization in\n all new targets tested at the Cerrado Verde Potash Project, which is\n amenable to open pit mining with a maximum depth of 80 metres and\n inside a key agricultural market. (See release dated May 9, 2011)\n\n\nThermoPotash outperformed KCl by as much as 17% in efficacy tests\n performed by the University of Uberlandia. (See release dated May 16,\n 2011)\n\n\nThe Company reported the discovery of a major high grade high quality\n limestone unit located approximately 100km from the Cerrado Verde\n Potash project. (See release dated June 22, 2011)\n\n\nThe Company hired key technical and administrative personnel as well as\n added Dr. Richard Garnett to their Board of Directors. (See release\n dated May 31, 2011)\n\n\nSubsequent Events\n\n\nIn August 2011, the Company received an independent resource estimate\n for the Cerrado Verde Potash project. The estimate comprises an\n indicated resource of 74 million tonnes with an average grade of 9.22 %\n K2O and an inferred resource of 1.07 billion tonnes with an average grade\n of 9.37 % K2O (applying a 7.5% K2O cut-off). All potash mineralization is found fr...