MONTREAL, April 24 /CNW Telbec/ - (TSX-Ven: GGR) Golden Goose Resources Inc. (the "Company") is pleased to report its audited financial statements for the year ended December 31, 2006 with comparative figures for 2005. (Complete version will be available on SEDAR www.sedar.com.)
For the year ended December 31, 2006, the Company had a net loss of $928,898 or $0.03 per share compared with 2005's net loss of $473,144 or $0.02 per share. The granting of options under the stock option plan was valued under the Black-Scholes method creating a $660,600 charge to expense in 2006 versus a $148,480 charge to expense in 2005, thus increasing the loss by $512,120. Expenses, excluding stock compensation expense, were increased to $637,757 in 2006 compared to $396,890 in 2005, mainly due to shareholders communications, consulting fees, legal fees and corporate development as a result of an overall major increase in corporate activities.
The Company has capitalized exploration expenditures in 2006 of $1,305,135, with most of it being used towards the Magino Drill program. This brings the total mining interest as of December 31, 2006 to $8,784,501.
The Company's working capital increased to $2,237,389 as compared to $1,802,062 at December 31, 2005. In 2006 the Company received $1,103,733 from the exercise of stock options and warrants plus net proceeds of $1,388,209 from the completion of a private placement in August 2006, off-set by the allocation of $230,000 to restricted cash for mine closure costs, general and administrative expenses of $576,082, mine care expenses of $51,057, and exploration cash costs capitalized of $1,273,935.
For the three months ended December 31, 2006, the Company reported a net loss of $69,209 or $0.01 per share compared to the three months ended December 31, 2005 of a net loss of $205,179 or $0.01 per share. The fourth quarter of 2006 net loss includes future tax recovery of $295,000. The increased costs in the fourth quarter were primarily due to the granting of options under the stock option plan and general and administrative expenses.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
ABOUT GOLDEN GOOSE RESOURCES
Golden Goose Resources Inc. is a Canadian public company listed on the TSX Venture Exchange under the symbol GGR. The Company is principally engaged in mineral exploration and acquisition and has a portfolio of gold and nickel-platinum group metals properties in Ontario and Quebec.