Join our mailing list
Amazon Releases Q3 Results and Corporate Update
Amazon Mining Holding Plc (TSX-V symbol: "AMZ") ("Amazon" or the "Company") announced today its unaudited iterim consolidated financial statements for the three and nine-month period ended September 30, 2008 and provides the following corporate update.
Reports indicated for the three-month period ended September 30, 2008 there was a profit of £163,841 compared to a loss of £69,445 for the three-month period ended October 31, 2007. For the nine-month period ended September 30, 2008, the net loss incread to £2,502,585 from a loss of £199,655 for the nine-month period ended October 31, 2007. The loss widened during Q1 2008 due to the December 2007 commencement of active exploration activities. Subsequent to this period, the Company has substantially curtailed its exploration expenditures. The small profit reported in the quarter is due to Canadian dollar foreign exchange gains versus the British pound.
Q3 2008 and Subsequent Period Summary:
- Exploration expenditures for Q3-2008 aggregated to £192,764 significantly reduced from £799,468 spent in Q2-2008.
- Preliminary exploration success at Madeira Gold property: this determination arrived at due to initial reconnaissance work proving gold mineralization extending beyond banks of river;
- Staked the Cerrado Verde Potash Project;
- Discontinued exploration and property paymens at 3 projects: Tocantins, Lavras and Terra Branca projects were dropped saving a projected $6.5MM in planned exploration and property payments;
- Reduced full-time staff from 38 to 6 employees;
- Established technical advisory committee to assist management, consisting of Dr. Richard Garnett, Ysao Munemassa, and Persio Mandett, and
- Tim Slater replaced Manoel Cerqueira as interim CFO.
Amazon currently has a working cpaital position of approximately £5.0MM (Cdn$9.0MM) putting the Company in a strong position to advance its Madeira and Cerrado Verde project, whilst investigating new opportunities.
Commenting, President & Chief Executive Officer, Cristiano Veloso, said: "This past quarter marked a dramatic deterioration in global economic conditions negatively impacting many smaller exploration companies. Amazon has reacted promptly to preserve its working capital positioning the Company to benefit from the exceptional opportunities it believes will be afforded given current stressed markets".
Other Matters
Manoel Cerqueria and Oscar Yokoi resigned effective July 9, 2008. Mr. Cerqueira continued in his capacity as CFO until October 25, 2008 following which Tim Slater assumed the role and responsibility of interim CFO.
About Amazon
Amazon is listed on the TSX Venture Exchange and is a mineral exploration company engaged in creating shareholder value via cost effectively advancing the Madeira Gold Project and the Cerrado Verde Potash Project, while diligently assessing merger and acquisting opportunitiest. Given the current and foreseeable economic climate, Amazon is preserving cash and adopting a highly conservative approach to assessing opportunitiest.
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;Fax: +44(0)20 7405 777; Email: cv@amazonplc.com
OR
Jed Richardson, VP Corporate Development
Tel: +1(416) 866-2966; Fax: +1(416) 967-9393; Email: jed@amazonplc.com
www.amazonplc.com
Cautionary Language and Forward Looking Statements
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE 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.
Readers are cautioned not to rely solely on the summary of such information contained in this release and are directed to the complete set of drill results posted on Amazon’s website (www.amazonplc.com) and filed on SEDAR (www.sedar.com) and any future amendments to such. Readers are also directed to the cautionary notices and disclaimers contained herein.