MONTREAL, May 25 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is pleased to report its unaudited interim financial statements for the first quarter ended March 31, 2009 with comparative figures for 2008.
2009 First quarter operating results
For the first quarter ended March 31, 2009, the Company reported net loss of $195,560 (loss of $0.00 per share) compared with a net income of $901,365 ($0.02 per share) for the same quarter of 2008. The net income realized during the first quarter of last year is mainly attributable to income tax recovery of 1,285,387 as a result of renunciations in favour of the investors by the Company to tax deductions totalling $4,532,083, which was raised through the issuance of flow-through shares in 2006 and 2007.
The loss before income tax amounted to $195,560 compared with $384,022 in the first quarter of last year. The reduction in the loss before income tax is mainly due to the decrease in the stock-based compensation from $211,937 last year to $20,269 this year. In March 2008, the Company granted 630,000 stock options to directors, employees and a consultant compared with 50,000 in February 2009.
Exploration Highlights
Subsequent to quarter end, a new estimate for the Magino property in compliance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects was released and is summarized below:
Magino Mineral Resources Estimate
at a cutoff grade of 3.0 g/t Au
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Category Tonnes Grade
(g/t Au) Ounces
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Measured resource 222,900 5.97 42,749
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Indicated resource 1,869,000 6.83 410,440
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Total Measured and Indicated
resources 2,091,900 6.74 453,189
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Inferred resources 5,828,800 6.29 1,178,124
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The full 43-101 report is expected by month end. This new resource of 453,000 ounces of measured and indicated and more than 1.1 million ounces of inferred represents a significant increase from the previous estimate of 717,000 ounces established in May 2008. The Company believes that with this resource update the Magino property has reached a scale that justifies focusing its efforts on moving the project forward through the next phases of growth and development.
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, platinum group metals, and nickel properties in Ontario and Quebec.
"Neither 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 release."