Golden Knight Reports First Half Financial Results.VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 31, 1998-- 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 Inc. (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) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :GKR GKR Go Kan Ryu (International Karate Club) GKR Gesamtkapitalrendite (German: Return on Assets) GKR Government of Khmer Republic GKR Graphics Kernel Routine ) (ME:GKR) (VSE See DOS/VSE. VSE - Virtual Storage Extended :GKR) reports a net loss for the six month period ended June 30, 1998 of $1,802,000 ($0.07 per share), compared to a net loss of $776,000 ($0.03 per share in the corresponding period of 1997. The second quarter 1998 net loss was $814,000 ($0.03 per share), compared to a net loss of $1,066,000 ($0.04 per share) in the year-earlier period. Revenues for the first half of 1998 were $121,000 compared to $723,000 in the 1997 period. Revenues in the second quarter of 1998 were $90,000 compared to $380,000 in the 1997 period. Working capital at June 30, 1998 was $2.8 million, compared to $4.0 million at December 31, 1997. At June 30, 1998, Golden Knight had assets of $82.7 million and no debt. Losses in 1998 were due primarily to expensed exploration and administration, offset by investment income. Expensed and deferred exploration expenditures were 56 percent and administration expenses were 23 percent lower than in the 1997 period. Lower revenues resulted from lower interest income which reflected reduced cash balances. At Golden Knight's 17.5 percent-owned Tarkwa Mine in Ghana, the first gold pour from surface mining operations took place in early May. By June 30, 1,011,412 tonnes of ore grading 1.28 grams of gold per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. had been delivered to the leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. pads and 472 kilograms (15,175 ounces) of gold were produced. Total gold production, including underground operations Underground Operations is a Toronto-based independent punk rock record label. Operated by Mark Spicoluk, former Closet Monster member, this label is one of the most cutting edge independent labels in Canada. , at Tarkwa to June 30, 1998 was 42,278 ounces. Golden Knight's equity share of production was 7,399 ounces. Phase I of Tarkwa's 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 is now operating in excess of planned mining rates of 300,000 tonnes of ore per month which may lead to future cost efficiencies. Gold production is still in the process of achieving equilibrium following initial irrigation irrigation, in agriculture, artificial watering of the land. Although used chiefly in regions with annual rainfall of less than 20 in. (51 cm), it is also used in wetter areas to grow certain crops, e.g., rice. of leach pads. Recoveries will be determined during the next quarter but are expected initially to be higher than feasibility projections of 85 percent. Mine staff is continuing to evaluate the mining plan in order to optimize optimize - optimisation cash flow in light of current gold prices. During the second quarter, GFGL GFGL General Fund - General Ledger closed the US$75 million loan facility and much of the loan has been drawn down. The loan, arranged by N.M. Rothschild and Sons Limited, was syndicated among lenders including banks in 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. . Following GFGL board approval in May of the Phase II heap leach expansion, foundations are now being completed for additional crushing crushing deaths of newborn animals, especially those in litters, caused by the mother lying on them accidentally. Contributed to by weakness of the neonate or awkward accommodation. A problem in piglets and puppies. Called also overlying. and agglomeration ag·glom·er·a·tion n. 1. The act or process of gathering into a mass. 2. A confused or jumbled mass: equipment. The expansion will increase the mining rate to 600,000 tonnes of ore per month and gold production to in excess of 250,000 ounces annually by the third quarter of 1999. As a result of the acquisition of its initial 5 percent interest in GFGL, Golden Knight is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to pay Crescent crescent, emblematic representation of the quarter moon. The crescent and star, ancient Byzantine symbols that became the emblems of Constantinople, were also assumed as the standard of the Ottoman Turks. Holdings Limited US$500,000 following commencement of commercial production. Discussions are under way with Crescent to revise the schedule of this obligation which becomes payable during the fourth quarter. The company's 60 percent-owned 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 joint venture is continuing to define drill targets near Timmins, Ontario This article is about city in Ontario, Canada. For other uses, see Timmins (disambiguation). Timmins, with a population of 42,997 (2006), is a city in northeastern Ontario, Canada on the Mattagami River. At 2,961. . Diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral on the Cross Lake Zone and the recently discovered Road Zone, is expected to resume in September. In addition to the Tarkwa Concession, Golden Knight has interests in 12 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 sulphides 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. . Golden Knight's largest single shareholder is Teck Corporation which holds 25.5 percent of the company's common shares. Common Shares Outstanding: Average for the period ended June 30, 1998: 26,858,496 At June 30, 1998: 26,858,496 -0-
GOLDEN KNIGHT RESOURCES INC.
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of Canadian dollars)
June 30 December 31
(Unaudited) (Audited)
1998 1997
Assets
Current assets 3,234 7,315
Investment - 594
Investment in Gold Fields
Ghana Limited 70,300 70,300
Investment 4,150 4,150
Capital assets 4,989 5,059
----------------------
82,673 87,418
----------------------
Liabilities and Shareholders' Equity
Current liabilities 397 3,340
----------------------
Shareholders' equity
Share capital 170,856 170,856
Deficit (88,580) (86,778)
----------------------
82,276 84,078
----------------------
82,673 87,418
----------------------
GOLDEN KNIGHT RESOURCES INC.
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
1998 1997 1998 1997
Revenues:
Investment income 90 380 121 723
--------------------------------------
90 380 121 723
--------------------------------------
Costs and expenses:
Administration 320 378 527 687
Depreciation and
amortization 50 39 80 77
Mineral exploration 604 1,029 1,386 1,555
--------------------------------------
Total expenses 974 1,446 1,993 2,319
--------------------------------------
Loss before other income
and income taxes 884 1,066 1,872 1,596
--------------------------------------
Other income
Gain on sale of shares 70 - 70 820
--------------------------------------
Net loss for the period
before income taxes 814 1,066 1,802 776
--------------------------------------
Income taxes - - - -
--------------------------------------
Net loss 814 1,066 1,802 776
--------------------------------------
Loss per share 0.03 0.04 0.07 0.03
--------------------------------------
The accompanying note is an integral part of these consolidated
financial statements.
GOLDEN KNIGHT RESOURCES INC.
CONSOLIDATED STATEMENTS OF CASH FLOW
(Expressed in thousands of Canadian dollars-Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
1998 1997 1998 1997
Cash provided by (used in):
Operations:
Net (loss) (814) (1,066) (1,802) (776)
Items not involving cash:
Depreciation and
amortization 50 39 80 77
Gain on sale
of shares (70) - (70) (820)
--------------------------------------
(834) (1,027) (1,792) (1,519)
Net decrease (increase) in working capital
items other than cash 76 78 (2,607) 1,252
--------------------------------------
(758) (949) (4,399) (267)
--------------------------------------
Investments:
Deferred development
costs - (728) - (1,572)
Gold Fields Ghana - (4,948) - (7,987)
Purchase of capital
assets (2) - (10) -
Proceeds on sale
of shares 664 - 664 2,135
--------------------------------------
662 (5,676) 654 (7,424)
--------------------------------------
Decrease in cash and
cash equivalents (96) (6,625) (3,745) (7,691)
Cash and cash equivalents -
beginning of period 2,440 22,277 6,089 23,343
--------------------------------------
Cash and cash equivalents -
end of period 2,344 15,652 2,344 15,652
--------------------------------------
Note: Certain of the comparative figures have been restated to
conform with the basis of presentation adopted in 1998.
CONTACT: Golden Knight Resources Inc. R.A. Quartermain, 604/689-3846 or Paul LaFontaine, 604/689-3846 invest@golden-knight.com |
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