Cheni Resources Reports Third Quarter Results.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , BRITISH COLUMBIA--(BUSINESS WIRE)--Oct. 25, 1996-- Cheni Resources (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). CHB.) CHENI RESOURCES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . ("the Company") reports that Operations for the third quarter resulted in a net loss of $310,000 as compared to net income of $53,000 for the same period in 1995. For the nine months ended September September: see month. 30, 1996, operations resulted in a net loss $593,000 as compared to a net loss of $454,000 for the same period in 1995. Included in the 1996 third quarter minesite expenses are reclamation Reclamation A claim for the right to return or the right to demand the return of a security that has been previously accepted as a result of bad delivery or other irregularities in the delivery and settlement process. costs of approximately $242,000 (1995 - Nil). The Company is in a strong financial position at September 30, 1996 with working capital of $1,154,000 including cash of $725,000. On October October: see month. 1st, $250,000 (plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. ) was received as the final payment of the note receivable note receivable A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. from Meota Resources Corp. further increasing the Company's cash balance. Cambridge Cambridge, city, Canada Cambridge (kām`brĭj), city (1991 pop. 92,772), S Ont., Canada, on the Grand River, NW of Hamilton. It was formed in 1973 with the amalgamation of Galt, Hespeler, and Preston, all founded in the early 19th cent. Minerals Ltd., an affiliated company listed on the ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. (owned as to 40 percent by Cheni), has advised that it has completed eleven holes of a 17 - hole surface drill program. Assay results from the first nine holes have been received and confirm anomalous a·nom·a·lous adj. 1. Deviating from the normal or common order, form, or rule. 2. Equivocal, as in classification or nature. values of gold including grades of up to 1.15 gm/tonne. However, the continuity of grade within the mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. intersections encountered is not sufficient to make these initial targets economic. The next drill hole will test a copper - gold showing in the general area of the first eleven holes and then the drill rig will be moved to an area 3 km to the northwest to complete a series of holes designed to test 4 geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. anomalies
Anomalies is Cephalic Carnage's 4th full-length album. It was released on Relapse Records. The group expanded their sound even more than their previous album, Lucid Interval, and gained more popularity. identified from previous field work. During the summer, the Company, together with Meota Resources Corp., substantially completed the reclamation of the Lawyers mine milling facility and minesite. This work was funded in large part from the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of assets sold by Meota. Cheni continues to work with its principal shareholder, the LaSource Group, and with the Normandy Mining Group to identify possible property acquisitions suitable for the Company. Priority is being placed on prospects located in the Americas, but other geographic areas are reviewed as warranted by the individual project dynamics.
CONSOLIDATED BALANCE SHEET
(in thousands)
(prepared without audit)
September 30
1996 1995
ASSETS
Current assets $ 1,584 $ 2,105
Note receivable - 250
Investments 959 454
Property, plant and equipment - 3,735
Other assets 299 295
$ 2,842 $ 6,839
LIABILITIES
Current liabilities $ 430 $ 1,228
Long-term debt 32 3,747
Provision for minesite reclamation 500 500
962 5,475
SHAREHOLDERS' EQUITY
Share capital 6,813 5,892
Deficit (4,933) (4,528)
1,880 (1,364)
$ 2,842 $ 6,839
-0-
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands except per share amounts)
(prepared without audit)
Nine Months Ended
September 30,
1996 1995
REVENUE
Interest and other income $ 144 $ 314
Gain on sale of assets 66 127
210 441
COST AND EXPENSES
Minesite operations $ 343 $ 161
Exploration 23 53
General and administrative 435 504
Interest expense 2 177
803 895
NET LOSS $ (593) $ (454)
LOSS PER SHARE $ (0.03) $ (0.02)
Three Months Ended
September 30,
1996 1995
REVENUE
Interest and other income $ 35 $ 198
Gain on sale of assets 50 127
85 325
COST AND EXPENSES
Minesite operations 251 $ 74
Exploration 10 8
General and administrative 134 149
Interest expense - 41
395 272
NET (LOSS) INCOME $ (310) $ 53
LOSS PER SHARE $ (0.02) $ 0.00
-0-
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
(in thousands)
(prepared without audit)
Nine Months Ended
September 30
1996 1995
Cash provided by (used in) operating activities
Net loss $ (593) $ (454)
Item not affecting cash
Gain on sale of assets (66) (127)
(659) (581)
(Increase) decrease in
operating working capital (254) (205)
(913) (786)
Cash provided by (used in) financing activities
Issue of share capital 920 4,392
Disposal of fixed assets - 209
Long-term debt (735) (3,290)
Payment from note receivable 750 -
935 1,311
Cash provided by (used in) investing activities
Investments (634) (58)
Sale of assets 66 127
Deferred exploration - (80)
Other assets (4) -
(572) (11)
(Decrease) Increase in cash (550) 514
CASH - BEGINNING OF PERIOD 1,275 289
CASH - END OF PERIOD $ 725 $ 803
-0- The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has neither approved, nor disapproved, the information contained in this press release. CONTACT: Cheni Resources Inc. R.G. McMorran, C.A., 604/ 688-2321 |
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