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Amazon Mining Reports Q1 2008 Results
Toronto, ON. - May 30, 2008 - Amazon Mining Holding Plc (AMZ:TSX-V)(“Amazon” or the “Company”) today announced its unaudited interim consolidated financial statements for the three-month period ended March 31, 2008.
For the three-month period ended March 31, 2008 the net loss increased to £460, 707 from a loss of £86, 269 compared to the three-month period ended April 30, 2007. The loss widened in Q1 2008 due to the commencement of active exploration activities late in December 2007.
Overview of the first three months of 2008:
-
Completed first phase of a diamond drilling program on the Tocantins concession
-
Commenced first phase of a diamond drilling program on the Lavras concession
-
Exploration expenditures conducted throughout Q1 2008 on the Company's gold projects aggregated to £442,070
-
Oscar Yokoi was appointed Vice President Exploration in February 2008
-
Administrative expenses increased quarter over quarter due to increased salaries and office set-up costs associated with ramping exploration activities in the Brazilian subsidiaries
- The Company ended the period with a working capital position of £6,091,485
About Amazon
Amazon is listed on the TSX Venture exchange and is a mineral
exploration company engaged in acquiring and developing gold
exploration properties in Brazil. Its strategic focus is to acquire
projects with demonstrated potential for
hosting gold deposits and to define resources through exploration and
drilling
campaigns.
On behalf of the Board of
Directors of Amazon Mining Holding Plc
Cristiano Veloso, President & Chief Executive Officer
For additional information please contact:
Cristiano Veloso, President & Chief Executive Officer
Tel: +44 (0) 20 8133 7607;
Nadine Williams, Investor Relations
Tel: (416) 866-2966; Fax: (416) 867-9393;
Email: nw@amazonplc.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release and the information contained
herein.
adequacy or accuracy of this release and the information contained
herein.
This press release contains certain “forward looking statements”,
which include but is not limited to, statements with respect to the
future financial or operating performance of the Company, its
subsidiaries and its projects, statements regarding use of proceeds,
exploration prospects, identification of mineral reserves, costs of and
capital for exploration projects, exploration expenditures, timing of
future exploration and permitting, requirements for additional capital,
government regulations of mining operations, environmental risks,
reclamation expenses, title disputes or claims, and limitations of
insurance coverage. Forward looking statements can generally be
identified by the use of words such as “plans”, “expects”, or “does not
expect” or “is expected”, “anticipates” or “does not anticipate”, or
“believes”, “intends”, “forecasts”, “budget”, “scheduled”, “estimates”
or variations of such words or phrases or state that certain actions,
event, or results “may”, “could”, “would”, “might”, or “will be taken”,
“occur” or “be achieved”. Forward looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by said statements. There can be no
assurances that forward-looking statements will prove to be accurate,
as actual results and future events could differ materially from those
anticipated in said statements. Accordingly, readers should not place
undue reliance on forward-looking statements.
which include but is not limited to, statements with respect to the
future financial or operating performance of the Company, its
subsidiaries and its projects, statements regarding use of proceeds,
exploration prospects, identification of mineral reserves, costs of and
capital for exploration projects, exploration expenditures, timing of
future exploration and permitting, requirements for additional capital,
government regulations of mining operations, environmental risks,
reclamation expenses, title disputes or claims, and limitations of
insurance coverage. Forward looking statements can generally be
identified by the use of words such as “plans”, “expects”, or “does not
expect” or “is expected”, “anticipates” or “does not anticipate”, or
“believes”, “intends”, “forecasts”, “budget”, “scheduled”, “estimates”
or variations of such words or phrases or state that certain actions,
event, or results “may”, “could”, “would”, “might”, or “will be taken”,
“occur” or “be achieved”. Forward looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by said statements. There can be no
assurances that forward-looking statements will prove to be accurate,
as actual results and future events could differ materially from those
anticipated in said statements. Accordingly, readers should not place
undue reliance on forward-looking statements.