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Golden Goose Resources Inc.

Publié le 26 août 2008

Reports its Financial Results for the Second Quarter of 2008

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Mots clés associés :   Copper | Nickel |


� Measured and indicated resources of 2,038,000 tonnes grading 1.06% Ni, 0.55% Cu, 0.07% Co, 1.03 g/t Pd and 0.23 g/t Pt at Lac Levac
� An additional 717,227 ounces of gold at the Magino
� Net loss of $364,858 or $0.01 per share. down from $477,442 or $0.02 per share last year

Montreal, Quebec � August 26th, 2008 � Golden Goose Resources Inc. (TSX-V: GGR) (the �Company�) is pleased to report its results for the second quarter and six months ended June 30, 2008.

Q2 Exploration Highlights
During the second quarter of 2008, Golden Goose filed two 43-101 resource estimates, one for each of the two properties on which it is currently conducting exploration. On May 7, 2008, the Company reported that measured and indicated resources at its Lac Levac (nickel-copper-PGM) property in Quebec are now estimated at 2,038,000 tonnes grading 1.06% Ni, 0.55% Cu, 0.07% Co, 1.03 g/t Pd and 0.23 g/t Pt, with an additional 1,053,000 tonnes in the inferred category grading 0.81% Ni, 0.32% Cu, 0.06% Co, 1.06 g/t Pd and 0.50 g/t Pt. On May 29, 2008, the Company released the resource estimate for the Magino Mine property in Ontario, which shows an inferred resource of 717,227 ounces of gold in resources grading an average of 5.94 g/t from the 200-metre level to a depth of 600 metres. This resource is is based solely on drilling carried on the property since early 2006, and is in addition to the resource of 544,080 ounces between surface and 200 metres reported by Snowdon in 2004.

Q2 Financial Results
For the second quarter ended June 30, 2008, the Company reported a net loss of $364,858 ($0.01 per share) compared with a net loss of $477,442 ($0.02 per share) for the same quarter of 2007. The lower net loss is mainly attributable to a reduction in stock-based compensation from $392,825 in 2007 to $27,442 this year due to the fair value of options granted in the second quarter of 2007. General and administrative expenses amounted to $349,328, relatively unchanged from $341,898 last year. Interest revenue declined from $40,449 in the second quarter of 2007 to $23,196 this year due to a lower short-term investment in the quarter of 2008.

For the six months ended June 30, 2008, the Company reported a net income of $536,507 compared to a net loss of $687,187 in 2007. The net income for the period is mainly attributable to an income tax recovery of $1,285,387 resulting from the renunciation by the Company of tax deductions totalling $4,532,083 resulting from the issuance of flow-through shares in 2006 and 2007, in favour of investors. The Company recorded a future income tax liability of $1,285,387 and reduced capital stock accordingly. This future income tax liability has allowed the Company to reduce the valuation allowance on tax pools related to mining properties by a corresponding amount of $1,285,387, thereby offsetting the future income tax liability. The reduction in the valuation allowance has been recorded in the statement of operations, comprehensive loss and deficit.

The loss before income taxes for the six-month period amounted to $748,880, down from $917,877 last year due to the reduction of stock-based compensation from $445,075 last year to $239,379 this year. Interest revenue for the period amounted to $65,019, similar to 2007.

Liquidity and Capital Resources
As at June 30, 2008, total assets were $16,089,786 compared to $17,062,365 as at December 31, 2007. Total cash available, composed of cash and cash equivalents and short-term investments, totalled $2,146,195 at the end of the quarter compared to $4,283,217 at the last year-end. Total cash available declined due to cash used in operating and investing activities during the period.
Liquid assets available at June 30, 2008 were more than sufficient to cover the 2008 budget for exploration activities and general and administrative expenses.

This selected quarterly information should be read in conjunction with the financial statements filed on www.sedar.com for the quarter ended June 30, 2008.


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.


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
Julien Ouimet : jouimet@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717

Golden Goose Resources Inc.

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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.

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Rapports annuels de Golden Goose Resources Inc.
Reports 2007 Annual Results
Annual Report 2007
Financements de Golden Goose Resources Inc.
17/12/2007Closes Private Placement Financing With the Mineralfields Gr...
04/09/2007$1,200,000 Private Placement - Issuance of Flow-Through Comm...
Attributions d'options de Golden Goose Resources Inc.
06/03/2008Announce of the Grant of Stock Options
05/06/2007Annual Meeting Of Shareholders And Grant Of Stock Options
09/05/2007Announces The Grant Of Stock Options
Nominations de Golden Goose Resources Inc.
29/10/2007 Appoints Kevin Ramsay as Director
Rapports Financiers de Golden Goose Resources Inc.
26/08/2008Reports its Financial Results for the Second Quarter of 2008
27/05/2008Reports its Financial Results for the First Quarter
22/11/2007 Reports Its Financial Results For The Third Quarter
29/08/2007reports its financial results for the second quarter
24/05/2007Reports Its Financial Results For The First Quarter
Projets de Golden Goose Resources Inc.
12/08/2009(Lac Levac)signs option to sell its Lac Levac nickel property
29/07/2009(Lac Levac)files metalurgy report for its Lac Levac nickel deposit
22/07/2009(Montauban)sells its Montauban properties
03/09/2008(Lac Levac)Doubles its Lac Levac Land Position to 200 Km(2)
29/05/2008Reports a New 43-101 Resource Estimate for its Magino Gold P...
15/05/2008(Magino)Hits 5.25 g/t of Gold Over 13.4 Metres at its Magino Gold Pr...
07/05/2008(Lac Levac)Reports a 43-101 Nickel Resource at its Lac Levac Property
16/04/2008(Lac Levac)Nickel Results Confirm Depth Extension of Deposit at its Lac...
11/04/2008(Lac Levac)hits multiple high nickel, copper and palladium grades at La...
08/04/2008(Magino)Infill Drilling at Golden Goose?s Magino Gold Property Conti...
13/02/2008(Lac Levac)Extends Lac Levac Strike Length to 750 Metres with Multiple ...
29/01/2008(Lac Levac) Hits 18.5 Metres of 1.22% Nickel at its Lac Levac Property
24/01/2008(Lac Levac) Hits 16.88 G/T Platinum Over 0.50 Metres in a 3.5-Metre Zon...
18/12/2007(Lac Levac)Completes 7,150-Metre Fall Drilling Program on its Lac Levac...
14/12/2007(Magino)Completes Phase I of Drilling on its Magino Gold Property
20/11/2007(Magino) Reports More Gold With 16.59 g/t Over 5.40 Meters
14/11/2007(Magino)Hits 36 Meters of 4.11 Grams of Gold per Tonne
22/10/2007(Lac Levac)Begins 6,000 Metre Drilling Program at its Lac Levac Nickel ...
14/09/2007(Lac Levac)Gives the Green Light to an Additional 6,000 Metres of Drill...
31/07/2007(Magino)Reports Multiple Gold Intersections From Magino Drill Progra...
12/07/2007(Lac Levac)Lac Levac Property NI 43-101 resources estimate with
17/05/2007announces New Nickel drilling results on its Lac Levac Prope...
04/05/2007(Lac Levac)intersects new 1.07% nickel over 4.0 metres at its Lac Levac...
20/04/2007(Lac Levac)intersects 17.5 metres grading 1.48% nickel at its Lac Levac...
09/03/2007 Magino Drilling Discovers New High-Grade Gold Zone
Communiqués de Presse de Golden Goose Resources Inc.
06/06/2008Grove resumes production
04/06/2008Power Supply Interruption at Golden Grove
04/03/2008Gives Sgs Lakefield The Go-Ahead for Lac Levac Metallurgical...
30/11/2007Geophysical Survey Identifies New Lateral Extension of 400 M...
06/11/2007Company Execs Online Interview
25/09/2007Graduates to Tier 1 on TSX Venture Exchange
07/08/2007V-P Exploration Joins Golden Goose Resources Inc.
14/06/2007Resignation Of A Director
11/05/2007Pinetree Capital Ltd. acquires common shares of Golden Goose...
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