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
FOR FURTHER INFORMATION PLEASE CONTACT: Claimstaker Resources Ltd. Mr. Robert Veitch Investor Relations 1-888-236-5200 Website: www.claimstakerresources.com The Canadian Venture Exchange has neither approved nor disapproved of the information contained herein.
Last Edit: Jan 31, 2005 21:50:18 GMT -5 by Franko10 ™
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