Conquest Reports March 31, 2014 First Quarter Results

Conquest Resources Limited (TSX VENTURE:CQR) ("Conquest" or "the Company") has
filed its unaudited Financial Statements and Management's Discussion and
Analysis for the three months ended March 31, 2014. These filings are available
for download on the Company's website at www.conquestresources.com and on SEDAR.


For the three month period ended March 31, 2014, the Company recorded net income
of $61,000 ($0.001 per share); compared to a loss of $286,000 ($0.003 per share)
for the three month period ended March 31, 2013. Administrative expenses for the
three month period ended March 31, 2014 amounted to $46,000, compared to $66,000
in the three months ended March 31, 2013.


The income in the three month period ended March 31, 2014 included a gain on
disposal of shares of $28,000, and a gain to the market value of marketable
securities of $79,000. In the three month ended March 31, 2013, the Company
recorded a loss to market value of marketable securities of $220,000. 


Total assets increased to $7,828,000 at March 31, 2014 from $7,770,000 at
December 31, 2013, due to the increase in value of marketable securities. At
March 31, 2014, the Company had mineral properties with a total book value of
$7,673,000 and a working capital surplus of $104,000, compared to a surplus of
$46,000 at December 31, 2013.


GRANT OF STOCK OPTIONS

The Board of Directors has approved the grant of 5,800,000 share purchase
options to directors, officers and service providers at an exercise price of
$0.05 per share, all with an expiry date of June 30, 2019. The options will vest
over a period of two years. During the quarter ended March 31, 2014, 3,200,000
stock options expired unexercised.


ABOUT THE COMPANY

Conquest holds several geologically significant gold projects in Ontario,
Canada. The Company also maintains a claim to two gold properties in Zimbabwe.


The Company's flagship Alexander Gold Property is located immediately adjacent
Goldcorp's producing Red Lake mine in northern Ontario. The property is 100%
owned by Conquest measuring 448 hectares in size and situated just beyond the
security gate at Goldcorp's Red Lake gold mine. The Alexander Property is of
ample size to accommodate a high grade gold deposit at depth as repetition of
the adjacent deposits at Goldcorp's Red Lake gold mine, which is less than 800
metres from the property boundary.


The Smith Lake Gold Project measures 46 square kilometres in size and consists
of six (6) patented mining claims and twenty-four (24) unpatented mining claims
located within the Missanabie-Goudreau greenstone belt in Leeson and Rennie
Townships in northern Ontario. The property is 100% Conquest owned and is
contiguous with the former International Corona Resources Renabie Gold Mine,
which produced more than 1,000,000 ounces of gold from 1941 through 1991.


The Sunday Lake Gold Project consists of 13 square kilometers of prospective
minerals leases held under a 50/50 joint venture with Detour Gold Corporation.
The property is located along the Sunday Lake Deformation Zone situated
approximately seven kilometres east of Detour Gold's 15.6 million ounce open pit
gold mine in northern Ontario. 


There are currently 95,477,728 shares of Conquest issued and outstanding.

This press release should be read in conjunction with Conquest's unaudited
Financial Statements and Management's Discussion and Analysis for the three
months ended March 31, 2014, available on the company's website at
www.conquestresources.com and on SEDAR. This news release may include certain
"forward-looking statements". All statements other than statements of historical
fact, included in this release, including, without limitation, statements
regarding potential mineralization, resources and reserves, exploration results,
and future plans and objectives of Conquest, are forward-looking statements that
involve various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements. Important factors
that could cause actual results to differ materially from Conquest's
expectations are exploration risks detailed herein and from time to time in the
filings made by Conquest with securities regulators. Neither the 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
the accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Conquest Resources Limited
Robert J. Kinloch
President & CEO
306-343-5799


Conquest Resources Limited
Benjamin Batson
V.P. Exploration
647-728-4134


Conquest Resources Limited
John F. Kearney
Chairman
416-362-6686
www.conquestresources.com
Conquest Resources (TSXV:CQR)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024