Golden Knight Reports First Half Financial 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)--Aug. 20, 1997-- Golden Knight The Golden Knight has last appeared in Demon #20 published by DC Comics. He is protectorate of a dimensional region beyond virtue of Heaven's Gate and can only let something of pure goodness pass. The Thing That Never Dies passes but Etrigan has to fight the Golden Knight. Resources (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ,ME,VSE See DOS/VSE. VSE - Virtual Storage Extended :GKR GKR Go Kan Ryu (International Karate Club) GKR Gesamtkapitalrendite (German: Return on Assets) GKR Government of Khmer Republic GKR Graphics Kernel Routine .,NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GKRVF.) Golden Knight Resources Inc. reports a net loss for the six month period ended June June: see month. 30, 1997 of $776,000 ($0.03 per share), compared to a net loss of $2,630,000 ($0.17 per share in the corresponding period of 1996. The second quarter 1997 loss was $1,066,000 ($0.04 per share), compared to a net loss of $1,184,000 ($0.07 per share) in the 1996 period. Revenues for the first half of 1997 were $1,543,000 compared to $8,375,000 in the 1996 period. Revenues in the second quarter of 1997 were $380,000 compared to $3,224,000 in the 1996 period. Working capital at June 30, 1997 was $14.5 million, compared to $17.0 million at December 31, 1996. At June 30, 1997, Golden Knight had assets of $117.1 million and no debt. Losses in 1997 were due primarily to expensed exploration and administration, offset by investment income. Lower revenues resulted from suspension of mining operations during the first quarter of 1997 at Golden Knight's 40 percent-owned Casa Berardi gold mine in northwestern Quebec. Fully written off at year-end 1996, the company recorded no revenues from mining operations at Casa Berardi in 1997 and has suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. cash call payments to the operator. Gold exploration and development expenditures increased during the second quarter of 1997 to $6.7 million. Included in these expenditures was a $4.9 million increase in Golden Knight's investment in Gold Fields Gold Fields Limited is one of the world’s largest unhedged producers of gold, providing investors with maximum leverage to the gold price. The company was formed in 1998 with the amalgamation of the gold assets of Gold Fields of South Africa Limited and Gencor Limited. Ghana Limited (GFGL GFGL General Fund - General Ledger ), the holder of the mining rights to the Tarkwa Concession in Ghana. Construction of the Authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: Starter Project continued during the quarter, with production from open pit operations expected to commence in early 1998, and to increase to 250,000 ounces annually by the year 2000. Subsequent to the end of the quarter, GFGL announced the appointment of N.M. Rothschilds and Sons Limited as arrangers of project finance of $US75 million on agreed terms. A bridge facility of US$40 million is being drawn while loan agreements are being finalized See finalization. . Gold Fields of South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. Limited will provide loan guarantees until completion. Golden Knight holds a 17.5 percent interest in GFGL which to date has outlined measured resources of 13 million ounces of gold in the southern portion of the Tarkwa Concession. Golden Knight also wishes to announce the appointment of Anthony D. Frizelle to the Board of Directors of the company. Mr. Frizelle, a Director of Resource Management and Finance Company Limited and based in London, England, brings to the Board his experience in corporate development for projects throughout western and southern Africa
A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. . Golden Knight is among the more active Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. exploration companies in West Africa. In addition to the Tarkwa Concession, the company has interests in 13 other concessions in Ghana and Burkina Faso Burkina Faso (burkē`nə fä`sō), republic (2005 est. pop. 13,925,000), 105,869 sq mi (274,200 sq km), W Africa. It borders on Mali in the west and north, on Niger in the northeast, on Benin in the southeast, and on Togo, Ghana, and , as well as a large block of claims in the Timmins gold camp which is prospective for massive sulphide sulphide: see sulfide. mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. containing base and precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. . Excluding Golden Knight's interest in Casa Berardi, gold resources now total 2.5 million ounces, triple the company's 1995 level. -0-
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Expressed in thousands of Canadian dollars)
June 30, December 31,
1997 1996
--------- -----------
Assets
Current assets 16,756 19,470
Investments 1,818 1,818
Investment in Gold Fields Ghana 90,567 88,768
Capital assets 7,967 7,613
-------- --------
117,108 117,669
-------- --------
Liabilities and Shareholders' Equity
Current liabilities 2,211 2,452
Shareholders' equity
Share capital 170,856 170,856
Deficit (55,959) (55,639)
--------- ---------
114,897 115,217
--------- ---------
117,108 117,669
--------- ---------
CONSOLIDATED STATEMENTS OF CASH FLOW
(Expressed in thousands of Canadian dollars-Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
------ -------- ------- -------
Cash provided by (used in):
Operations:
Net (loss) (1,066) (1,184) (776) (2,630)
Items not involving cash:
Depreciation and
amortization 39 1,159 77 2,654
Deferred income and
mining taxes - (579) - (1,266)
----------------- ----------------
(1,027) (604) (699) (1,242)
Net decrease (increase) in
working capital items other
than cash 78 (421) 1,252 2,370
----------------- ----------------
(949) (1,025) 553 1,128
----------------- ----------------
Financing:
Issue of shares (net) - 152 - 9,814
----------------- ----------------
Investments:
Deferred development costs (728) (1,770) (1,572) (4,280)
Gold Fields Ghana (4,948) (7,987) -
Purchase of capital assets - (173) - (348)
Investments (net) - 1,315 (144)
----------------- ----------------
(5,676) (1,943) (8,244) (4,772)
----------------- ----------------
Increase in cash and cash
equivalents (6,625) (2,816) (7,691) 6,170
Cash and cash equivalents
- beginning of period 22,277 14,892 23,343 5,906
----------------- ----------------
Cash and cash equivalents
-end of period 15,652 12,076 15,652 12,076
----------------- ----------------
CONSOLIDATED STATEMENTS OF EARNINGS
(Expressed in thousands of Canadian dollars, except per share
amounts-Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
------ -------- ------- -------
Revenues:
Mining - 3,092 - 7,717
Investment income 380 132 1,543 658
----- ----- ----- -----
380 3,224 1,543 8,375
----- ----- ----- -----
Costs and expenses:
Mining operations - 2,792 - 7,229
Administration 378 374 687 821
Depreciation and
amortization 39 1,159 77 2,654
Mineral exploration 1,029 633 1,555 1,505
----- ----- ----- ------
1,446 4,958 2,319 12,209
----- ----- ----- ------
Loss before income taxes 1,066 1,734 776 3,834
----- ----- ----- ------
Income and mining taxes
Current - 29 - 62
Deferred - (579) - (1,266)
----- ------ ----- -------
- (550) - (1,204)
----- ------ ------ -------
Net loss 1,066 1,184 776 2,630
----- ------ ------ -------
Loss per share $0.04 $0.07 $0.03 $0.17
----- ------ ------ -------
Common Shares Outstanding: - Average for the period ended June 30, 1997: 26,727,642 - At June 30, 1997: 26,858,496 A conference call to review the Tarkwa development and progress on the company's exploration projects including Seguenega and Night Hawk hawk, name generally applied to the smaller members of the Accipitridae, a heterogeneous family of diurnal birds of prey, such as the eagle, the kite, the Old World vulture, and the secretary bird. Lake is scheduled for Thursday, August 28, 1997 at 11:00 a.m., Eastern Daylight Time. To participate, call (800) 565-0813 within North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. or (416) 695-9704 for overseas calls. A digital recording of the conference call will be available by calling (888) 509-0081 any time after the call until Tuesday, September 2, 1997, at 5:00 p.m., Pacific Daylight Time. CONTACT: Golden Knight Resources Inc. R.A. Quartermain, 604/689-3846 or Golden Knight Resources Inc. Paul LaFontaine, 604/689-3846 |
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