Golden Goose Resources Inc. Reports 2007 Annual Results
Montreal, Quebec - April 28th, 2008 - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is pleased to report its audited financial statements for the year ended December 31, 2007 with comparative figures for 2006. (Complete version will be available on SEDAR www.sedar.com.) Golden Goose took advantage of the opportunities offered by the strong market in 2007 to develop the potential of the Magino gold project in Ontario and Lac Levac nickel - copper - PGM project in Quebec. The Company drilled some 10,000 metres on each of the projects, funded by $5.8 million raised during the year through private placements. Excellent drill results were obtained on both properties.
2007 Operating results
For the year ended December 31, 2007, the Company had a net loss of $1,377,262 or $0.03 per share compared with 2006's net loss of $928,898 or $0.03 per share. This increase in n
et loss for the year is mainly due to an increase in general and administrative expenses from $576,082 last year to $983,436 this year. Stock-based compensation amounted to $677,142 in 2007 compared to $660,600 in 2006. Interest revenues increased from $74,459 in 2006 to $144,411 in 2007. This increase in interests earned during the year is mainly attributable to higher short-term investments balances across the year 2007 compared to 2006.
Liquidity and Capital Resources
As at December 31, 2007, total assets were at $17,062,365 compared with $11,417,458 for the previous year. Mining interests increased from $8,784,501 to $11,977,223 during the year due to exploration activities at the Magino and Lac Levac properties. Short-term investments, including exploration funds to be spent on the Company's exploration properties in Ontario and Quebec, increased from $2,300,000 to $4,200,000 due to cash flows generated by financing activities in 2007. Working
capital improved, amounting to $4,044,402 at year-end compared to $2,237,389 last year. Available liquidities at year end are sufficient for 2008 exploration budget and general and administrative expenses.
Fourth Quarter Results of Operations
For the last three months of 2007, the Company reported a net loss of $401,493 (loss of $0.01 per share) compared with a net loss of $69,209 (loss of $0.01 per share) for the same quarter of the preceding year. The increase in net loss is attributable to an income tax recovery of $295,000 accounted for in the fourth quarter of last year compared to an income tax of $22,890 this year and is due to timing in flow-through shares expenditures renouncement by the Company.
ABOUT GOLDEN GOOSE RESOURCES
Golden Goose Resources Inc. is a Canadian public company listed on the TSX Venture Exchange under the symbol GGR. The Company is principally engaged in mineral exploration and acquisition and has a portfolio of gold and nickel-platinum group metals properties in Ontario and Quebec.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Golden Goose Resources Inc.
Jean-Marc Lacoste
Phone: 1-888-928-4667
Fax: 1-888-494-5371
email: lacoste@goldengooseres.com
Renmark Financial Communications Inc.
Barry Mire: bmire@renmarkfinancial.com
James Buchanan : jbuchanan@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
QUALIFIED PERSON UNDER NI 43-101
MARC ANTOINE BEAUPR�, ING.
TEL.: (888) 928-4667
FAX: (888) 494-5471
WWW.GOLDENGOOSERES.COM
|
Golden Goose Resources Inc.
|
|
|
CODE : GGR.V |
|
|
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Golden Goose est une société d’exploration minière d'or basée au Canada. Golden Goose est cotée au Canada. Sa capitalisation boursière aujourd'hui est 19,6 millions CA$ (19,5 millions US$, 14,5 millions €). La valeur de son action a atteint son plus bas niveau récent le 29 décembre 2000 à 0,04 CA$, et son plus haut niveau récent le 31 décembre 2007 à 1,25 CA$. Golden Goose possède 51 562 000 actions en circulation. |