Black Bull Resources Inc. Announces June 30, 2009 Interim Financial Statement Results
Thu Aug 20, 8:01 AM
ca.news.finance.yahoo.com
SHELBURNE, NOVA SCOTIA--(Marketwire - Aug. 20, 2009) - Black Bull Resources Inc. (TSX VENTURE: BBS.V) has released its Interim Report including the Financial Statements and Management's Discussion & Analysis for the third fiscal quarter ended June 30, 2009.
The Company recorded a net and comprehensive loss for the three month period of ($318,405) vs. ($767,673) for June 30, 2008, or ($0.004) per share vs. ($0.008). Allowing for non-cash operating expense of $164,487 compared to $210,829 for June 30, 2008, the Company's operational cash flow was ($153,918) vs. ($556,845) for June 30, 2008. During the quarter as part of its plan the Company sold redundant assets that resulted in a positive cash flow for the period of $323,287 versus a cash loss of $1,131,423 for the same period in 2008.
On a year to date basis, the Company recorded a net and comprehensive loss of ($2,458,627) vs. ($2,598,304) for the nine-month period ended June 30, 2008, or ($0.027) per share vs. ($0.029). Allowing for non-cash operating expense of $1,807,166 compared to $628,888 for June 30, 2008, the Company's operational cash flow was ($651,461) vs. ($1,969,416) for June 30, 2008. The change from the previous year includes a write down of redundant capital assets of $1,250,000 to reflect the anticipated selling price of these assets, which was posted in March 2009.
"We have begun to implement our plan to focus on selling unprocessed ("damp") quartz stone and, potentially, kaolin clay from our unique quarry. Our high quality ore deposit is our unique competitive advantage." says Richard J Shearer, President and CEO. "Completing the sale of a sizable portion of our redundant assets and significantly reducing our costs allows us the time and cash resources to implement our new strategy."
A complete set of Black Bull's Financial Statements, Notes to the Consolidated Financial Statements and Management's Discussion and Analysis for the period ended June 30, 2009 have been filed on SEDAR at www.sedar.com.
About Black Bull Resources Inc.
Black Bull Resources Inc. is a Canadian mining company based in Nova Scotia that owns the White Rock Mine near Shelburne. The mine produces a unique, bright, white, high-purity quartz, marketed under the Scotia White(TM) trademark which is used in a range of value-added, specialty products.
The White Rock Property also contains an identified resource of kaolin and mica.
Further detailed information may be obtained from the Company's website www.blackbullresources.com or corporate filings at www.SEDAR.com.
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation statements regarding the Company's mining properties, development results or future plans, 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. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in mineral prices, fluctuations in currency exchange rates, uncertainties relating to the availability and costs of financing needed in the future, the capital and operating costs varying significantly from estimates, delays in the development of projects, as well as those risk factors discussed or referred to in Management's Discussion and Analysis under the heading "(Risks and Uncertainties)" and other documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at www.sedar.com.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Unless required by law, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.
Neither 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 accuracy of this release.
Contacts
Richard J. Shearer
Black Bull Resources Inc.
President & CEO
902-875-1510
902-875-1617 (FAX)
admin@blackbullresources.com
www.blackbullresources.com |
