Canadian Shield Reports Second Quarter 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 ) ("Canadian Shield" or the "Company") announces its financial results for the six month period ended June 30, 2005. The summary of the financial results of the second quarter and the first six months of 2005 compared with the same periods in 2004, 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:
Three Months Ended June 30 Six Months Ended June 30
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2005 2004 2005 2004
Interest
Income $ 2,842 $ - $ 3,225 $ -
Expenses $ 294,112 $ 129,427 $ 441,765 $ 188,309
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Net Loss $ (291,270) $ (129,427) $ (438,540) $ (188,309)
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Loss Per $ (0.01) $ (0.01) $ (0.02) $ (0.01)
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During the second quarter of 2005, Canadian Shield expanded its management team, infrastructure and shareholder communications to facilitate the exploration program of Gallant Minerals Peru Ltd, S.A.. ("Gallant Peru") (see press release of September 1, 2004). As at June 30, 2005, the Company had $410,676 in cash and cash equivalents (2004; $339,787) 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 unaudited interim financial statements for the six months ended June 30, 2005 and the 2004 annual audited financial statements are available at www.sedar.com. The second quarter of 2005 was highlighted by the closing of the $1,548,000 private placement financing announced April 11, 2005. With this financing, Canadian Shield has moved forward with the advancing of its high-priority Humajala Gold Property ("Humajala"). Geological crews were mobilized to the field and detailed geological mapping commenced. Subsequent to June 30, 2005, Canadian Shield engaged Terence Bottrill as the Exploration Manager. Since his engagement, he has spent most of his time in Peru and has developed drill targets at Humajala based on previous drilling, geophysics, geochemistry geochemistry, study of the chemical changes on the earth. More specifically, it is the study of the absolute and relative abundances of chemical elements in the minerals, soils, ores, rocks, water, and atmosphere of the earth and the distribution and movement of and mapping. 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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