Business
Patagonia Gold Announces Preliminary 2011 Year End Financial Results
TORONTO, April 25, 2012 /CNW/ - Patagonia Gold Plc (AIM: PGD, TSX: PAT), ("Patagonia Gold...
About this update from Xtract One Technologies Inc
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, April 25, 2012 /CNW/ - Patagonia Gold Plc (AIM: PGD, TSX: PAT), (\"Patagonia Gold\" or the \"Company\"), an advanced\n mining exploration company with gold and silver projects in the\n southern Patagonia region of Argentina, today announced financial\n results for the year ended December 31, 2011.  The functional currency\n of the Company remains British pounds sterling but the reporting\n currency has been changed to the United States dollar as discussed in\n note 2. These preliminary results are presented in United States\n dollars (\"$\") unless otherwise stated.\n\n\n2011 FINANCIAL HIGHLIGHTS\n\n\nIn April and May, the Company raised approximately $39.2 million in\n equity capital before expenses. These funds were used in 2011 to\n finance the accelerated drilling program at the Company's flagship\n Cap-Oeste gold and silver Project (\"Cap-Oeste Project\"), the\n construction and operation of the Lomada de Leiva gold project (\"Lomada\n Project\") heap leach trial and to commence the development and\n construction of the high-grade Cap-Oeste South East Project (\"COSE\n Project\").\n\n\nThere were three new management appointees during the year - Philip C.\n Yee as Chief Financial Officer, Matthew Boyes as Chief Operating\n Officer and Stephen Ball as Mine Manager for the COSE Project.\n\n\nIn November, the Company appointed two new independent directors to the\n Board - Edward J. Badida and Gary Sugar, and in December, Richard\n Prickett retired from the Board.\n\n\nIn November, Patagonia appointed Computershare Investor Services PLC as\n Registrars to the Company.\n\n\nOn December 7, 2011, the Company's shares commenced trading on the\n Toronto Stock Exchange (\"TSX\") under the symbol \"PAT\". The Company\n continues to trade on the London Alternative Investment Market (\"AIM\")\n exchange under the symbol \"PGD\".\n\n\nIn December, the Company appointed Mirabaud Securities LLP to act as\n sole broker in the United Kingdom (\"U.K.\").\n\n\nAs at December 31, 2011, the Company had $10.9 million in cash and cash\n equivalents, net of a bank overdraft.\n\n\n2011 OPERATIONAL HIGHLIGHTS\n\n\nIn March, the Company filed a National Instrument 43-101 (\"NI 43-101\")\n Compliant Resource and Preliminary Economic Assessment (\"PEA\") on the\n COSE gold and silver deposit. The Resource included 63,835 ounce...