Just found latest report from Atna-long report included. They still have plenty of cash, unlike most other juniors so it's surprising that share price is dropping like a rock just like the others.
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ATNA RESOURCES LTD. - 9 MONTHS ENDED SEPTEMBER 30, 1997
VANCOUVER, Nov. 28 /CNW/ - Atna Resouces Ltd. (TSE/VSE: ATN)
CONSOLIDATED BALANCE SHEET
9 month period ended September 30, 1997 (Unaudited)
<<
ASSETS
Sept. 30 Sept. 30
1997 1996
------------ ------------
Current
Cash and short-term deposits $ 19,625,428 $ 21,527,824
Accounts receivable 15,740 54,908
Prepaid expense 12,944 45,487
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19,654,112 21,628,219
Cash subject to restriction - 534,375
Investments, at cost 3,000,000 -
Reclamation deposits 39,000 46,000
Capital assets 71,671 81,170
Resource properties (note 1) 8,487,398 4,124,336
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$ 31,252,181 $ 26,414,100
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LIABILITIES
Current
Accounts payable $ 899,100 $ 826,759
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SHAREHOLDERS' EQUITY
Share capital (Note 2)
Issued - 20,203,788 shares 33,182,485 28,252,290
Deficit (2,829,404) (2,664,949)
------------ ------------
30,353,081 25,587,341
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$ 31,252,181 $ 26,414,100
------------ ------------
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CONSOLIDATED STATEMENT OF LOSS AND DEFICIT
(Unaudited) Sept. 30 Sept. 30
1997 1996
------------ ------------
Revenue
Interest income $ 506,815 $ 470,221
Expenses
Exploration & development 61,519 124,833
Corporate Capital Tax 22,131 -
Foreign exchange (gain) loss (1,491) 407
Office 245,959 125,146
Rent & services 38,876 69,569
Professional fees 29,600 105,163
Listing & filing fees 11,847 38,876
Assets written-off 33,858 236,041
Shareholder relations 123,386 61,338
Transfer agent fees 4,633 10,585
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570,318 771,958
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Loss for the period (63,503) (301,737)
Deficit, beginning of period (2,765,901) (2,363,212)
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Deficit, end of period $ (2,829,404) $ (2,664,949)
------------ ------------
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Loss per share $ (0.003) $ (0.02)
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APPROVED BY THE DIRECTORS
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Peter R. DeLancey Ray C. Hughes
CONSOLIDATED STATEMENT OF CHANGES IN
FINANCIAL POSITION (Unaudited)
Sept. 30 Sept. 30
1997 1996
------------ ------------
Operating activities
Net loss for the period $ (63,503) $ (301,737)
Item not involving cash :
- capital assets written-off - 2,609
- resource properties written-off 33,858 233,432
- depreciation 15,784 9,545
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(13,861) (56,151)
Changes in non-cash working
capital 592,578 640,409
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578,717 584,258
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Investment activities
Purchase of fixed asset (6,888) (76,104)
Purchase of reclamation deposit 7,000 (32,000)
Purchase of securities (3,000,000) -
Acquisition, exploration &
development of properties (3,330,386) (2,460,983)
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(6,330,274) (2,569,087)
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Financing activities
Issuance of share capital 327,000 19,445,811
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Net cash increase (decrease) (5,424,557) 17,460,982
Cash, beginning of period 25,049,985 4,601,217
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Cash, end of period $19,625,428 $22,062,199
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1: Resource Properties
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Sept. 30
1997
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CANADA
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Yukon
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Wolverine Property $ 4,147,587
YGC Property 2,028,937
Other Properties 188,025
British Columbia
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Ecstall Property 271,229
Kutcho Property 513,663
Pitt Island Property 581,547
White Bull Property 152,557
Ontario
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Loveland Properties 238,771
Other properties 320,821
UNITED STATES
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Alaska Properties 44,261
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$ 8,487,398
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>>
REPORT TO SHAREHOLDERS
As President of Atna Resources Ltd. I have had the privilege of reporting
favourable quarterly reports over the last several years. The discovery of
the base and precious metal rich Wolverine Deposit has provided Atna with a
significant asset. Although still at the exploration stage, anticipation was
high that the Wolverine Deposit, with a gross metal value in excess of $300 US
per tonne, would quickly be brought into production. Unfortunately mother
nature, while providing us with a rich concentration of useful metals, also
added a deleterious element - selenium.
Results from metallurgical testing of a composite drill core sample
indicated high levels of selenium in the copper, lead and zinc concentrates.
As a result of a marketing survey carried out by Westmin, our JV partner, it
was determined that the expected selenium content of Wolverine concentrates
would be greater than normally treated by copper and zinc smelters. This is a
major concern since the cost or penalty for its removal could be high. Atna
is seeking technical advice from metallurgical and marketing consultants, as
well as investigating other processing options. It is reassuring that other
mining companies such as Cominco, Falconbridge, Noranda and Boliden have
successfully dealt with metallurgical concerns imposed by the presence of
selenium and other deleterious elements in concentrates from their deposits.
This brings to mind the adage ''Mines are made not found''.
On September 15th Atna announced the discovery of a significant massive
sulphide deposit on its Wolf property in the Yukon. The discovery hole
intersected 25.2 metres grading 6.9% zinc, 2.8% lead and 138.6 g/t silver. All
follow-up holes intersected massive sulphides. Additional claims have been
staked or acquired in the belt and the drill remains on site in anticipation
of an aggressive exploration program in 1998.
Grayd Resources Corp. reported high-grade drill intersections from their
Bonnifield massive sulphide property in Alaska. We are confident that Atna's
investment in the company and the property will be rewarding.
Atna plans to commence drilling several attractive targets in the Archean
greenstone belt of Ontario this winter. The Loveland property is underlain by
a thick section of rhyolitic rocks containing anomalous base metal values. The
target deposit is similar to the large Kidd Creek Mine located 30 km
northeast, near the town of Timmins. Drilling will commence on several other
massive sulphide targets in Ontario following the signing of a joint venture
agreement with a major mining company.
ON BEHALF OF THE BOARD OF DIRECTORS
Peter R. DeLancey
President
-30-
For further information: Peter R. DeLancey, President, (604) 684-2285, Fax (604) 684-8887
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