Lexam Explorations Inc: First Quarter Results
29 5월 2009 - 7:08AM
Marketwired
(All amounts expressed in Canadian dollars unless otherwise stated)
LEXAM EXPLORATIONS INC. (TSX VENTURE: LEX)(PINK SHEETS:
LEXEF)(FRANKFURT: D2Q) is pleased to announce financial results for
the first quarter of 2009.
FIRST QUARTER HIGHLIGHTS & SUBSEQUENT EVENTS
- Otish Uranium - Lexam now owns a 50% interest in the
project.
- Treasury: Lexam's financial position remains strong. As of
March 31, cash and securities totaled $9,791,525 with no long-term
liabilities.
FINANCIAL RESULTS
First Quarter - 2009
For the three months ending March 31, 2009, Lexam reported a
loss of $130,225 ($0.00 per share) compared with a gain of $69,875
($0.00 per share) for the respective period in 2008. The gain in
2008 was the result of a foreign exchange gain offset by a loss on
sale of available-for-sale securities.
The loss during the first quarter of this year was due to
permitting and legal expenses associated with the Baca Oil and Gas
Project ($0.1 million) and administrative expenses ($0.1
million).
At the end of the first quarter Lexam had a working capital of
$11.8 million, compared with working capital of $9.6 million at the
end of 2008.
Correction of Financial Results from Q4 2008
On April 27, 2009, Lexam issued its financial results in a news
release for the fourth quarter of 2008. In that release, due to an
arithmetic error, Lexam incorrectly reported net loss for the
fourth quarter of 2008 of $817,223 ($0.02 per share) and net income
for the fourth quarter of 2007 of $3,351,205 ($0.07 per share). The
net loss for the fourth quarter of 2008 and net income for the
fourth quarter of 2007 should have been $3,440,742 ($0.07 per
share) and $1,245,904 ($0.03 per share), respectively. The full
year net income/loss figures were correct as originally
reported.
The complete first quarter report, including management's
discussion and analysis, financial statements, and notes and
amended 2008 management's discussion and analysis can be found on
the Company's website at www.lexamexplorations.com and on SEDAR at
www.sedar.com.
OTISH URANIUM PROJECT - QUEBEC, CANADA
The Otish Uranium Project is located in north-central Quebec,
Canada. In January 2007, Lexam entered into an option to earn 50%
of the project from Golden Valley Mines by spending $3 million over
three years. At the end of 2008, Lexam had met the spending
requirement and executed its option to earn 50% of the project from
Golden Valley Mines. Effective May 27, 2009, the joint venture
agreement between Lexam and Golden Valley Mines was completed and
Lexam now owns 50% of the project.
About Lexam
Lexam Explorations is a North American based energy exploration
company. The company is advancing the Baca Oil & Gas Project
located in south-central Colorado, USA, which is 75% owned by Lexam
and 25% by ConocoPhillips and has also earned a 50% interest in
Golden Valley Mines' Otish Basin uranium project located in Quebec,
Canada.
CAUTIONARY STATEMENT
Some of the statements contained in this release are
"forward-looking statements". Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause our actual results, performance or achievements to
differ materially from the anticipated results, performance or
achievements expressed or implied by such forwardlooking
statements. Factors that could cause actual results to differ
materially from anticipated results include risks and uncertainties
such as: ability to raise financing for further exploration and
development activities; risks relating to estimates of reserves,
deposits and production costs; extraction and development risks;
the risk of commodity price fluctuations; political, regulatory and
environmental risks; and other risks and uncertainties in the
reports and disclosure documents filed by Lexam from time-to-time
with Canadian securities regulatory authorities. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The complete fourth quarter report
including management's discussion and analysis, financial
statements and notes can be found on our Company's website at
www.lexamexplorations.com and on SEDAR at www.sedar.com.
Contacts: Lexam Explorations Inc. Ian J. Ball VP, Corporate
Development (647) 258-0395 or Toll Free: (866) 441-0690 Lexam
Explorations Inc. Stefan M. Spears VP, Strategic Development (647)
258-0395 or Toll Free: (866) 441-0690 (647) 258-0408 (FAX)
info@lexamexplorations.com www.lexamexplorations.com
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