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Post by Franko10 ™ on Nov 24, 2004 14:32:35 GMT -5
Morgain Minerals Inc. Reports 3rd Quarter 2004 Financial Results
14:13 EST Wednesday, November 24, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 24, 2004) - Morgain Minerals Inc. (TSX VENTURE:MGM) reports on its activities and unaudited interim financial results for the third quarter ended September 30, 2004:
- The Company signed an agreement to purchase a strategic mineral claim consisting of 95 hectares located on the east side of its 100% owned El Cairo claim group. The strategic value of the purchased claim lies in the fact that Battle Mountain Gold Corp. (BMG), during the exploratory work on the El Cairo gold property, encountered gold mineralization beyond the ore resources of El Cairo. Morgain's main focus is to bring the property into full feasibility study aimed towards a 30,000 ounces per year initial production by 2006.
- The Cuatro Hermanos porphyry copper property is under management review for ways and means to maximize its value to shareholders.
- The Company had a cash working capital of $2.2 million as at September 30, 2004 obtained from the exercise of warrants and options during the quarter.
- Total assets were $5,766,272.
- Loss for the three months and nine months ended September 30, 2004 was $173,801 and $862,256 respectively.
- Higher office and administration cost during the quarter versus the same period last year was mainly due to the relocation in September of the corporate offices from Toronto to Vancouver.
The above summaries of activities and financial results should be read in conjunction with the Company's unaudited interim financial statements and Management Discussion and Analysis for the period ended September 30, 2004. which are available on SEDAR at www.sedar.com.
Morgain Minerals Inc. is a natural resource company engaged in the acquisition and exploration of property interests that are considered sites of economic mineralization. These activities are currently conducted primarily in Mexico.
FOR FURTHER INFORMATION PLEASE CONTACT:
Morgain Minerals Inc.
Chester F. Millar
President & CEO
(604) 643-1727
(604) 643-1726 (FAX)
Note: The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
14:13 EST Wednesday, November 24, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 24, 2004) - Morgain Minerals Inc. (TSX VENTURE:MGM) reports on its activities and unaudited interim financial results for the third quarter ended September 30, 2004:
- The Company signed an agreement to purchase a strategic mineral claim consisting of 95 hectares located on the east side of its 100% owned El Cairo claim group. The strategic value of the purchased claim lies in the fact that Battle Mountain Gold Corp. (BMG), during the exploratory work on the El Cairo gold property, encountered gold mineralization beyond the ore resources of El Cairo. Morgain's main focus is to bring the property into full feasibility study aimed towards a 30,000 ounces per year initial production by 2006.
- The Cuatro Hermanos porphyry copper property is under management review for ways and means to maximize its value to shareholders.
- The Company had a cash working capital of $2.2 million as at September 30, 2004 obtained from the exercise of warrants and options during the quarter.
- Total assets were $5,766,272.
- Loss for the three months and nine months ended September 30, 2004 was $173,801 and $862,256 respectively.
- Higher office and administration cost during the quarter versus the same period last year was mainly due to the relocation in September of the corporate offices from Toronto to Vancouver.
The above summaries of activities and financial results should be read in conjunction with the Company's unaudited interim financial statements and Management Discussion and Analysis for the period ended September 30, 2004. which are available on SEDAR at www.sedar.com.
Morgain Minerals Inc. is a natural resource company engaged in the acquisition and exploration of property interests that are considered sites of economic mineralization. These activities are currently conducted primarily in Mexico.
FOR FURTHER INFORMATION PLEASE CONTACT:
Morgain Minerals Inc.
Chester F. Millar
President & CEO
(604) 643-1727
(604) 643-1726 (FAX)
Note: The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
