|
|
Kimber Resources Inc. today announced its
financial results for the three months ended September 30, 2010 which were
prepared in accordance with Canadian generally accepted accounting
principles. All amounts in this news release are in Canadian dollars. Kimber's interim unaudited consolidated financial statements
and management's discussion & analysis for the three months ended
September 30, 2010, are available on SEDAR at www.sedar.com
and on EDGAR at www.sec.gov/edgar.shtml.
Kimber's net loss for the three months ended
September 30, 2010 was $621,350 or $0.01 per common share compared with a net
loss of $538,465 or $0.01 loss per share for the three months ended September
30, 2009.
Kimber's shareholders' equity decreased by $0.53
million during the three months ended September 30, 2010 primarily due to
ongoing expenditures. Certain expenditures, mainly related to exploration and
technical advancement at Monterde, were capitalized
as unproven mineral right interests.
"During the three months ended
September 30, 2010 Kimber filed a Preliminary
Assessment Technical Report ("PA") for Monterde
which identified a number of opportunities for further enhancing the already
attractive economic returns, including potential for expanding and upgrading
mineral resources in and around the known deposits," said Gordon
Cummings, President & CEO of Kimber.
"Following the very positive results set out in the PA for Monterde, Kimber plans to
complete a Pre-Feasibility Study in 2011 and is reviewing drill plans that
aim to (1) upgrade inferred mineral resources to the measured and indicated
categories, (2) expand mineral resources at depth and along strike at the
existing deposits and (3) drill test three new targets with potential to host
new discoveries that are located less than three kilometres
north of the mineral resources in the Carmen structure."
Selected information
The following information is for the
three months ended September 30, 2010 and 2009: <<
______________________________________________________________________________
| | | For Three months ended|
|______________________________|____|__________________________________________|
| | |September 30, 2010| |September 30, 2009|
|______________________________|____|__________________|____|__________________|
|Results of operations | | | | |
|______________________________|____|__________________|____|__________________|
|Net loss | $| (621,350)| $| (538,465)|
|______________________________|____|__________________|____|__________________|
|Net loss per share - basic and| | $(0.01)| | $(0.01)|
|diluted | | | | |
|______________________________|____|__________________|____|__________________|
| | | | | |
|______________________________|____|__________________|____|__________________|
|Net cash used in operations | $| (561,790)| $| (397,832)|
|______________________________|____|__________________|____|__________________|
|Net cash used in investing | $| (861,866)| $| (725,558)|
|activities | | | | |
|______________________________|____|__________________|____|__________________|
>>
The following information is as at September 30, 2010 with comparable
information at June 30, 2010.
<<
___________________________________________________________________
| | |September 30,| | June 30,|
|________________________________|____|_____________|____|__________|
| | | 2010| | 2010|
|________________________________|____|_____________|____|__________|
|Financial position | | | | |
|________________________________|____|_____________|____|__________|
|Cash | $| 3,136,837| $| 4,560,493|
|________________________________|____|_____________|____|__________|
|Current assets | | 3,722,076| | 5,046,917|
|________________________________|____|_____________|____|__________|
|Unproven mineral right interests| | 43,357,088| |42,647,361|
|________________________________|____|_____________|____|__________|
|Total assets | | 47,601,632| |48,192,238|
|________________________________|____|_____________|____|__________|
|Current liabilities | | 482,270| | 541,627|
|________________________________|____|_____________|____|__________|
|Total liabilities | | 482,270| | 541,627|
|________________________________|____|_____________|____|__________|
|Shareholder's equity | | 47,119,362| |47,650,611|
|________________________________|____|_____________|____|__________|
| | | | | |
|________________________________|____|_____________|____|__________|
|Working capital | $| 3,239,806| $| 4,505,290|
|________________________________|____|_____________|____|__________|
>>
The net losses for Kimber for the three months ended September 30, 2010
and 2009 include non-cash charges for stock-option compensation of $90,101 in
2010 and $52,927 in 2009.
About Kimber
Kimber owns mineral concessions covering in excess of 39,000 hectares in
the prospective Sierra Madre gold-silver belt, including the Monterde
property, where three gold-silver mineral resources have already been defined.
The most advanced of these, the Carmen deposit, has been extensively drilled
and has undergone detailed geologic modeling. The completion of the PA for
Monterde represents a significant step forward for Kimber and is expected to
lead to further development and more advanced economic studies at the Monterde
deposits.
FOR FURTHER INFORMATION PLEASE CONTACT:
Matthew Hamilton Manager of Investor Relations or Gordon Cummings, CA
President and CEO
North America Toll Free: 1-866-824-1100 Tel: (604) 669-2251 Fax: (604)
669-8577
Website: http://www.kimberresources.com Email: news(at)kimberresources.com
Forward looking statements
Statements in this release may be viewed as forward-looking statements,
including statements regarding estimates of mineral resources at Monterde, the
preliminary assessment of the Monterde project, the conversion of inferred
mineral resources to measured and indicated mineral resources, the conversion
of mineral resources to mineral reserves, life of mine estimates, the
potential for gold and silver mineral resources in the Carmen deposit and
other targets within the Monterde project, the Company's ability to upgrade
inferred mineral resources to higher categories, the further development,
expected results and future economic assessments of the Monterde project. When
used in this press release, the words "expect", "intend", "hopes", "believe",
"may", "will", "if", "anticipates", "aim to", "potential", "plans" and similar
expressions are intended to identify forward-looking statements. Such
statements involve risks and uncertainties that could cause actual results to
differ materially from those projected. Such risks and uncertainties include,
among others, uncertainty of mineral reserve and resource estimates, risks
relating to fluctuations in the price of gold, the inherently hazardous nature
of mining-related activities, potential effects on Kimber's operations of
environmental regulations in the countries in which it operates, risks due to
legal proceedings, risks relating to political and economic instability in
certain countries in which it operates, risks related to the use of inferred
mineral resources in the PA, and uncertainty of being able to raise capital on
favourable terms or at all, as well as those risk factors discussed under the
headings "Cautionary Note Regarding Forward-Looking Statements" and "Risk
Factors" in Kimber's latest Annual Report on Form 20-F as recently filed on
SEDAR and EDGAR. There are no assurances the Company can fulfil such
forward-looking statements and the Company undertakes no obligation to update
such statements, except as required by law. Such forward-looking statements
are only predictions; actual events or results may differ materially as a
result of risks facing the Company, some of which are beyond the Company's
control.
Compliance with NI 43-101
The technical information in this news release has been prepared in
accordance with Canadian regulatory requirements set out in National
Instrument 43-101 and reviewed by Mr. Petrus (Marius) Maré P.Geo.,
Vice-President Exploration of the Company. The exploration activities at the
Monterde and Pericones project sites are carried out under the supervision of
Mr. Maré, who is the designated Qualified Person under National Instrument
43-101 for the Monterde project.
This press release contains highlights of information set out in the
Kimber Resources news release of June 2, 2010, and a technical report prepared
by Micon International Limited, with assistance by Kirkham Geosystems Ltd.,
Knight Piésold Consulting Ltd. and other consultants employed directly by
Kimber filed on SEDAR on July 16, 2010 and subsequently re-filed, with no
material changes in content, on September 8, 2010 and on EDGAR on September
10, 2010; for investors to fully understand the information in this press
release, they should read the Technical Report in its entirety, including all
qualifications, assumptions and exclusions that relate to the information set
out in this press release.
Cautionary Note to U.S. Investors - The United States Securities and
Exchange Commission permits U.S. mining companies, in their filings with the
SEC, to disclose only those mineral deposits that a company can economically
and legally extract or produce. Kimber Resources uses certain terms on its
website (and certain press releases), such as "measured," "indicated," and
"inferred," "mineral resources," which the SEC guidelines strictly prohibit
U.S. companies from including in their filings with the SEC. U.S. Investors
are urged to consider closely the disclosure under the heading "Cautionary
Note to U.S. Investors Regarding Mineral Resource and Reserve Estimates" in
our latest annual report on Form 20-F which may be secured from us, or from
the SEC's website at http://www.sec.gov/edgar.shtml.
|
|