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Gold/Mining/Energy : Nora NXI on ME -- Ignore unavailable to you. Want to Upgrade?

To: Dogger Bal4 who wrote (158)	3/16/1998 8:49:00 AM
From: gmweber	Read Replies (1) \| Respond to of 420

All 3mo financial results Nora Exploration Inc NXI Shares issued 21,290,682 Mar 13 close $0.87 Mon 16 Mar 98 Company Review Mr Pierre Leveille reviews the company The two most significant events during the first quarter were the upgrade of the company's treatment plant on the Otjua concession and the acquisition of an interest in what is referred to as the second largest offshore diamond marine concession in Namibia. REVIEW OF OPERATIONS Production As previously planned, the treatment plant upgrade on the Otjua concession went ahead on schedule and below estimated cost during the first quarter. Well aware of the impact on production revenues during the shut down period, many factors were taken into consideration enabling management to choose the best possible time-frame in order to carry out the upgrade. The new treatment plant with its two Dobson jigs operating in tandem has increased its throughput four-fold, from eight tons per hour to 32 tons per hour. Furthermore, by taking advantage of the increase in production capabilities, the treatment plant's throughput shall be steadily increased to attain 50 tons per hour. Acquisitions The company has acquired an interest from Namibian Gemstones Mining Corp (Pty), in what is referred to as the second largest offshore diamond marine concession in Namibia. Combined with an option agreement the Corporation can increase its ownership to 80%. The property consists of 23 deep-water concessions, each with an area of 1,000 sq km. They are considered as a single block starting on the Namibian-South African border and extend northward along the outer edge of the continental slope. The southern part of the property is adjacent to the concessions from which the great majority of DeBeer's offshore production is derived. The company has retained the services of the Council for Geoscience Marine, an independent research centre, to conduct a detailed geophysical survey of the property. FINANCIAL and CAPITAL POSITION The company increased its capital base during the quarter by exercising options and warrants. During the quarter 311,500 options and 778,500 warrants were exercised for a total cash compensation of $624,335. STATEMENT OF EARNINGS Three months ended November 30 1997 1996 Income Revenues (sale of diamonds) $ 205,291 $ - Operating and admin expenses (229,499) - --------- --------- Share in results of a company subject to significant influence (24,208) - --------- --------- General and admin expenses Public relation 21,681 37,268 Salaries and fringe benefits 31,384 27,035 Information to shareholders and registration fees 11,355 32,130 Office expenses 22,895 14,995 Travelling expenses 13,301 19,992 Depreciation of fixed assets 17,338 1,205 Taxes and duties 636 845 Professional fees 10,713 54,452 Management and accounting fees 1,814 2,645 Interest and bank charges 2,098 852 --------- --------- 133,215 191,419 --------- --------- Others Interest income - 5,117 --------- --------- Net earnings (loss) $(157,423) $(186,302) ========= ========= Earnings (loss) per share $(0.01) $(0.01) (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com regards gmweber