Canadian Shield Reports 2004 Year End Results.TORONTO -- Canadian Shield Canadian Shield or Laurentian Plateau (lôrĕn`chən), U-shaped region of ancient rock, the nucleus of North America, stretching N from the Great Lakes to the Arctic Ocean. Resources Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CSP (1) (Certified Systems Professional) An earlier award for successful completion of an ICCP examination in systems development. See ICCP. (2) (Commerce Service P ) (the "'Company" or "Canadian Shield"), has announced its financial results for the year ended December 31, 2004. The 2004 year-end results compared with 2003, reported in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents are as follows: 2004 2003 Interest income $ 1,252 $ 521 Expenses $ 486,314 $ 331,988 Net Loss $ (485,062) $ (331,467) Loss per share $ 0.03 $ 0.03 Increased costs in the above categories reflect the increased activity of the Company and costs associated with the acquisition of Gallant Minerals (Peru) S.A. Ltd. ("Gallant Peru") (see press release of September 1, 2004). As at December 31, 2004, the Company had $114,900 in cash and cash equivalents (2003; $33,267) and had no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . The audited annual financial statements for the year ended December 31, 2003 are available at www.sedar.com. In April 2005, the Company completed private placement financings for gross proceeds of $1,548,000. These financings enable Canadian Shield to advance its exploration activities at all four properties in Peru. With influx of capital, additional crews have now been deployed to proceed with technical surveys. In September 2004, Canadian Shield completed an agreement with Gallant Minerals Limited to acquire up to 90% of the issued and outstanding shares of Gallant Peru, a subsidiary of Gallant Minerals Limited, a company founded and controlled by Mohamed Al Fayed. Gallant Peru owns concessions on four separate mineral exploration properties in Peru (the "Properties"). Gallant Peru has developed and owns an extensive digital exploration database covering 250,000 square kilometres Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of the SI unit of surface area, the square metre, one of the SI derived units. 1 km² is equal to:
Canadian Shield Resources Inc. is currently focused on the acquisition, exploration and development of precious metal and base metal properties in Peru. The Company's shares are listed on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. (Trading Symbol Trading symbol See: Ticker symbol CSP: TSX V). THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Canadian Shield Resources Inc. (TSX VENTURE:CSP) |
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