Delta Gold Corporation Announces Q2 2014 Financial Results
27 5월 2014 - 7:06AM
Marketwired
Delta Gold Corporation Announces Q2 2014 Financial Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 26, 2014) -
Delta Gold Corporation (the "Company" or "Delta") (TSX-VENTURE:DLT)
reports that it has filed on SEDAR (www.sedar.com) its unaudited
condensed interim consolidated financial statements and related
management discussion and analysis ("MD&A") for three and six
months ended March 31, 2014.
The Company reported
a loss and comprehensive loss for the three and six months ended
March 31, 2014 of $2,980,188 and $3,321,042 respectively compared
with $1,025,775 and $2,045,332 in the three and six months ended
March 31, 2013.
The activities in
the Current Period focused on business development investigations
and the recently announced transaction with Commonwealth Silver and
Gold Inc. ("CSGM"), while the Comparative Period focused on the
closing of the ADR Capital Corp. transaction and the related equity
financings.
On April 23, 2014
Delta and CSGM announced they had entered into a binding Letter
Agreement with respect to a proposed combination. As a result of
the proposed transaction, the Company recorded an impairment charge
of $2.7 million against the Imperial Project at March 31, 2014. The
impairment charge was recorded to reflect the implied fair value of
the Imperial Project based on the proposed transaction with
CSGM.
The Company's cash
and cash equivalents balance at March 31, 2014 was $4,780,970.
Delta's CEO, Marco
Romero, stated: "Despite the relatively weak gold price and
challenging equity capital market conditions for our sector, we
have advanced our business plan. Our company has been conserving
its financial resources, while trying to seize a good opportunity
to grow our business and deliver shareholder value. On April 24th,
we announced that Delta will merge with CSGM by way of a reverse
take-over. CSGM is a private Canadian company that holds the rights
to the Commonwealth Project in southern Arizona. The Commonwealth
transaction allows us to diversify and to deliver a nearer term
gold and silver mine development opportunity with strong
exploration potential. The Commonwealth Project is also synergistic
with our own Imperial Project."
Delta Gold
Corporation is a development stage mining company whose goal is to
build a successful mid-tier gold producer committed to
industry-leading technical and ethical best practices. Our business
strategy is to identify and evaluate mineral investment
opportunities located in favourable jurisdictions and settings, and
to prudently acquire and develop projects that are economically,
socially and environmentally viable.
Neither the
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking
Statements
This document may
contain "forward-looking information" within the meaning of
Canadian securities legislation and "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking
statements"). These forward-looking statements are made as of the
date of this document and Company does not intend, and does not
assume any obligation, to update these forward-looking statements,
except as required under applicable securities legislation. By
their very nature forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements.
Delta Gold CorporationMarco RomeroPresident &
CEO604-681-2020, ext. 101info@deltagold.com
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