MONTREAL, Aug. 27 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is pleased to report its unaudited interim financial statements for the second quarter ended June 30, 2009 with comparative figures for 2008.
Financial highlights for the second quarter and six-month period.
For the second quarter ended June 30, 2009, the Company reported a net loss of $421,040 ($0.01 per share) compared with a net loss of $364,858 ($0.01 per share) for the same quarter of 2008.
For the six-month period ended June 30, 2009, the Company reported a net loss of $616,600 ($0.01 per share) compared with a net income of $536,507 (net income of $0.01) for the same period in 2008. The net income realized during the six-month period last year, is mainly attributable to income tax recovery of $1,285,387 as a result of renunciation by the Company to tax deductions totalling $4,532,083, which was raised through the issuance of flow-through shares in 2006 and 2007, in favour of the investors.
Exploration highlights
Golden Goose continued to make progress on its two active exploration properties Magino and Lac Levac. Given the advanced nature of Magino, the favourable gold environment and the capital requirements for the next phases of exploration, the Company has chosen to prioritize its efforts there.
On August 12th, 2009, the Company granted Exploration Nemaska Inc. ('Nemaska') an option to purchase its Lac Levac property. The option was granted for a non-refundable consideration of $150,000 paid in cash and expires on December 31, 2009. Should the option be exercised the Company will receive $2,000,000 in cash plus other considerations.
On July 21st, 2009 the Company announced the sale of its Montauban property in province of Quebec. The company will use the proceeds from the sale to focus its efforts on the Magino project.
As of August 26, 2009, after giving effect to the sale of the Montauban property and of the option on the Lac Levac property, the Company holds approximately $1,005,000 in cash and short-term investments and $230,000 as security deposit for mine closure.
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."