Claimstaker 1999 Financial Results
VANCOUVER, BRITISH COLUMBIA--Claimstaker Resources Ltd. today
reported consolidated financial results for the quarter and the
year ending December 31, 1999. All figures are in Canadian dollars
unless otherwise stated.
For the year, the Company reported a loss of $4.865 million or
$0.23 per share, compared to a gain of $181,399 or $0.01 per
share, for the eight months ended December 31, 1998. During the
year, the company reported a pending write-down of ore reserves
and plant and equipment at the Blackdome Gold Mine. The write-down
of $2.481 million was primarily due to a re-classification and
downgrading of the ore reserves at Blackdome. Given the depressed
state of the gold market, a portion of the Blackdome plant and
equipment was also written-down to reflect estimated recoverable
values.
Claimstaker's current exploration activity is focused on our Los
Hilos property in the Uruachic District in Chihuahua State,
Mexico. The Company remains optimistic that with an improvement in
the price of gold, the Company will be able to pursue exploration
programs on a selection of its properties.
On behalf of the Board of Directors,
Nick Ferris, President and CEO
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Claimstaker Resources Ltd.
Mr. Robert Veitch
Investor Relations
1-888-236-5200
Website:
www.claimstakerresources.comThe Canadian Venture Exchange has neither approved nor disapproved
of the information contained herein.