$2.12m Tax Credit - $10m in CASH & NO DEPT Anyone wonder why the SP is rising?
Balmoral Receives $2.12 Million Tax Credit Payment
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 22, 2013) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR) (OTCQX:BALMF) today reported it has received, from the offices of Revenu Quebec, a cash payment of $2.12 million. The payment represents the Quebec mineral exploration tax credit relating to the Company's 2011 exploration expenditures on its Detour Gold Trend and N2 properties located in Central Quebec. Eligible exploration expenditures on the Company's Quebec Properties qualify for a refundable provincial tax credit of 35%.
With receipt of the 2011 tax credit the Company currently has cash reserves of approximately $9.5 million, working capital of approximately $10.0 million and no debt.
About Balmoral Resources Ltd. - www.balmoralresources.com
Balmoral is a Canadian-based precious metal exploration and development company focused on high-grade gold discoveries along the Detour Gold Trend in Quebec, Canada. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold assets.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
"Darin Wagner"
President and CEO