Apr. 18, 2011 (Filing Services Canada) --
Alexander Nubia International Inc. Announces 2010 Year End Audited Financial Results and Updated Assay Results
Highlights:
* Milestones reached:
- US$3.3 million Common Share Financing September 2010:
- Mobilization of Drilling Program, Q4 2010.
* FY'10 total exploration expenditures: $0.75 million
* FY'10 Net Operating Loss: $0.7 million ($0.01 per share)
* Q4'10 total exploration expenditures: $0.5 million;
* Q4'10 Net Operating Loss: $0.5 million ($0.07 per share)
Toronto, Ontario CANADA, April 18, 2011 /FSC/ - Alexander Nubia International Inc. (AAN - TSX Venture), a mineral exploration company, today announced results for its year ended December 31, 2010. All amounts are stated in Canadian dollars unless otherwise noted. It is also providing an updated table of assay results for holes that have been previously reported.
Operating Results for the Year Ended December 31, 2010
The Company recorded a net loss of $701,042 ($0.010 per common share) for the year ended December 31, 2010 as compared to a loss of $454,229 ($0.006 per common share) for the year ended December 31, 2009. The Company also incurred $738,321 in exploration costs that, in accordance with its accounting policies, have been capitalized.
For the fourth quarter ended December 31, 2010, the Company recorded a net loss of $532,797 ($0.07 per share) as compared to a net loss of $220,705 for the three months ended December 31, 2009. This increase was mainly due to:
1. the recognition of stock based compensation of $121,700 during the fourth quarter of 2010 (2009 - $nil) as a result of issuance of stock options ($84,500 shown in stock based compensation expense) and compensation payable in shares ($110,200, shown in professional and consulting fees) that were issued and vested during the quarter;
2. the payment of cash bonuses of $143,800 in the fourth quarter of 2010 (2009 - $nil); and
3. the recognition of a doubtful advances receivable of $73,558 in the fourth quarter of 2010. (2009 - $nil)
The Company also incurred $477,055 in exploration costs in the fourth quarter of 2010 compared to $204,079 in 2009. This is reflective of the increased activity in the last quarter of 2010 enabled by the financing obtained in September 2010, allowing for the mobilization of our drilling program.
"The 2010 financial year was a very exciting and important year for the Company. The qualifying transaction, along with raising the capital that allowed us to verify our geological model through the first phase of drilling are both very important milestones for us." said A. Alexander Massoud, Chief Executive Officer.
"With the stage set in 2010, and positive early results in Q1 2011, we have a significant amount of confidence that our objective of generating a meaningful maiden resource that is National Instrument 43-101 compliant will be achieved by the end of 2011" added Mr. Massoud.
Updated Assay Results
Further to the Company's news releases dated March 7, 2011, March 30, 2011 and April 8, 2011, the Company has reinterpreted the assay results using the generally accepted industry standard of weighted averages. This, combined with improved data management, has resulted in a restatement of those results as outlined below:
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Assay Results: Updated, April 18, 2011
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Hole ID From To Length Au Ag Cu Zn
* Metre Metre Metre g/t g/t % %
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AAM-001 52 57 5 1.39 25 0.76 0.67
AMD003 45 53.5 7.5 4.15 56 1.41 1.34
(Minex twinned by AAM-001)
AAM-002 65.8 78 12.2 1.76 40 0.37 2.89
including 71 77 6 2.04 38 2.78 1.09
including 71 72 1 4.69 84 3.04 4.62
including 76 77 1 5.64 58 2.33 0.11
AAM-003 87.1 102.9 15.8 2.4 61 0.29 2.99
AAM-004 68.5 91.5 23 3.79 65.4 0.47 3.15
including 83.5 89.5 6 12.09 202.2 1.03 10.3
AMD012 65 87.5 22.5 3.29 53 0.95 1.95
Minex twinned by AAM-004
AAM-005 84.1 88.1 4 1.85 50 0.23 2.15
AAM-005 100.1 104.1 4 4.24 24 0.35 2.48
AAM-006 41.2 52.2 11 4.54 66.4 3.75 0.55
including 45.2 51.2 6 5.3 84 6.57 0.87
including 48.2 50.2 2 12.17 164.5 8.3 1.77
AMD01 30 37.5 7.5 6.07 110 1.98 0.5
Minex twinned by AAM-006
AAM-007 89.2 98.2 9 4.51 80 0.56 2.36
AAM-007 188.8 191.8 3 1.81 46 0.16 0.47
AAM-007 227.7 229.8 2.1 0.71 37 0.26 1.28
AAM-008 76 80 4 0.08 9 1.25 0.02
AAM-008 211.5 212.5 1 3.94 57 0.68 3.88
AAM-014 200.3 211.3 11 2.66 57.6 1.67 4.99
including 205.3 210.3 5 4.81 112.4 2.66 6.8
AAM-015 214.5 220.5 6 1.89 38.7 2.14 4.35
including 214.5 218.5 4 2.73 53 2.74 5.94
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Mr. Massoud stated that "On average, the updated assays of previously published drill holes were somewhat understated and we felt it prudent to update information in the marketplace."
About Alexander Nubia International Inc.
The Company is a mineral exploration company whose mission is to implement the technical expertise of developed mineral-exploration jurisdictions, such as that of Canada, in resource-rich Africa. Initially, the Company has established Egypt as its platform country, focusing on the under-developed Eastern Desert, where historical mining of gold and copper dates back to Pharaonic times. The Company presently controls the Abu Marawat concession in Egypt. The Abu Marawat concession, which covers an area of 1,370 km2, contains the main Abu Marawat, Semna, Hamama VMS Property and other gold and base-metal exploration targets. The concession is located in Egypt's Eastern Desert as part of the Nubian Shield.
A. Alexander Massoud
President & Chief Executive Officer
Egypt: +2 (0) 22 287 6914
Canada: +1 (877) 607-4747
Email: amassoud@alexandernubia.com
Donald M. Cameron, CA
Chief Financial Officer
Canada: +1 (877) 607-4747
Email: dcameron@alexandernubia.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
The securities of Alexander Nubia International Inc. described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
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Source: Alexander Nubia International Inc. (TSX.V - AAN) http://www.alexandernubia.com
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