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RED EAGLE EXPLORATION LIMITED V.XR

"Red Eagle Exploration Ltd is engaged in the exploration, development and permitting of mineral properties. It owns the California Gold, Vetas Gold and Santa Ana Silver projects."


TSXV:XR - Post by User

Post by clarkk3nton Apr 29, 2011 5:19pm
241 Views
Post# 18509546

CBJ - 2010 Audited F/S Press Release

CBJ - 2010 Audited F/S Press Release

VANCOUVER, BRITISH COLOMBIA--(Marketwire - 04/29/11) - CB Gold Inc. (TSX-V:CBJ - News) ("CB GOLD" or the "Company) will, on April 29, 2011, file on www.sedar.com its Audited Consolidated Financial Statements, Management Discussion and Analysis ("MD&A") and Annual Information Form for the year ended December 31, 2010 as well as post same on our website www.cbgoldinc.com. In this release, we provide a comparative summary of the year's operating and financial highlights. Readers are advised that due to the summary nature of this release, the highlights should be read in conjunction with our Audited Consolidated Financial Statements, Management Discussion and Analysis ("MD&A") and Annual Information Form, once available.

Summary of Operating and Financial Highlights:

The following table shows selected comparative consolidated financial information for the year ended December 31, 2010 and the period ended December 31, 2009:

  

From Incorporation
Year ended May 11, 2009 to
December 31, 2010 December 31, 2009
--------------------------------------------
(audited) (audited)
Balance Sheet:
Cash and cash equivalents,
short term investments and
restricted investments $ 20,187,229 $ 2,058,420
Mineral properties 15,337,706 778,322
Total Assets 36,010,896 2,929,828
Total Liabilities 4,576,578 534,994
Total Equity 31,434,318 2,394,834

Operations:
Exploration expenditures 2,239,736 282,465
Management and administrative
fees 617,910 272,560
Office and general 523,069 44,317
Professional and consulting
fees 1,156,863 377,983
Stock-based compensation 1,543,591 -

Net loss $ 6,305,765 $ 1,170,958
Basic and diluted loss per
share $ 0.08 $ 0.03

The following items summarize the key operating and financial highlights for the year ended December 31, 2010:

  

-- On August 30, 2010, Mr. Hernan Martinez, former Colombian Minster of
Mines and Energy, joined the Board of Directors of CB Gold. Mr. Martinez
brings significant business and institutional experience to the Board.

-- On October 27, 2010, the Company completed a private placement of
59,234,086 subscription receipts issued at a price of
.45, for
aggregate gross proceeds of $26,655,339. Each subscription receipt is
made up of one share and one-half warrant.

-- On October 28, 2010 the Company completed their amalgamation with First
Source Resources Inc. With the successful completion of the
amalgamation, CB Gold commons shares began trading on the TSX Venture
Exchange ("TSX-V").

-- On November 3, 2010, the Company announced that SRK Consulting (U.S.),
Inc. has been appointed to provide technical advisory services to CB
Gold, including compliance of the geological work to Canadian Institute
of Mining and Metallurgy ("CIM")guidelines for future incorporation into
NI 43-101 reports, modeling the data produced from the drilling,
surface, and underground sampling campaigns and applying preliminary
economic parameters to the future resource to produce a scoping study
level preliminary economic assessment.

-- On November 17, 2010 the Company began its first drilling campaign of up
to 13,000 meters on the Real Minera property, which forms a part of CB
Gold's Vetas Gold Project. All necessary permits to carry out the
drilling program have been received and the Company signed a contract
with Kluane Drilling Colombia Ltda to initially provide two diamond
drill core rigs.

-- During fiscal 2010 the Company signed eight acquisition agreements for
mineral properties at their Vetas Gold Project, Colombia, and by year
end had received registration of the title transfer to CB Gold of four
of the properties.

Subsequent Events:

Mining Properties

Subsequent to year-end, mining titles on two additional properties were successfully transferred and registered in the name of the Company which now owns 100% of the mining titles on six properties as a result. Two remaining mining titles previously acquired are in the process of being transferred and registered in the name of Leyhat. Subsequent to year-end 2010 the company has signed an additional acquisition offer for a new mining title part of the Vetas Gold Project, which the Company expects to transfer and register during the 2011 fiscal year upon the fulfillment of certain conditions being met by the vendors. In total, the project lands cover a total area of approximately over 1,000 hectares and the project itself is directly and indirectly involving over 100 people of which 11 are geologists.

Geophysics

In February 2011 a geophysics survey program comprising of approximately 63.2 line kilometers was started at Vetas. The company expects to have the result of the geophysics survey in May 2011.

Drill Program

On February 15, 2011 the company announced a summary of its initial drilling program at its Vetas Gold Project, and the discovery of gold-copper-molybdenum porphyry mineralization in three of the first five holes, including DDH10-001, which ended with a 20m interval with a weighted average of 1.38 g/t gold and 1.02 g/t silver. This mineralization was not reported previously in the Vetas - California mining district and was considered a new discovery in the region.

The Company is pursuing a number of different target areas at the Vetas Gold Project, including zones of high grade veins and a main stockwork zone which covers an area estimated to be at least 600m x 300m with up to 300m of vertical extent.

CB Gold Inc. intends to drill a further 15,000 to 20,000m during 2011, and will be increasing the number of rigs at the Vetas Gold Project to target additional areas of mineralization.

Outlook for 2011:

At our Vetas Gold Project we are aggressively pursuing the due diligence and acquisition of the remaining properties that we have under option, as well as working with the mining authorities to consolidate the various titles and permits relating to these properties.

In the upcoming year, we will continue our exploration work - drilling, sampling, mapping and geophysical surveys as well as consolidation of the data generated and will begin preparation for the modelling and technical work required to assess any potential 43-101 compliant resources at the Project.

Given the success to date and the anticipated expansion in exploration activities, as well as the review of a small scale producing operation at the Vetas Gold Project, we will be expanding the CB Gold team to include more technical and financial staff.

With regards to the Norte de Santander Gold Project, CB Gold is in the last phase for the transfer of the remaining concessions under the name of Leyhat Colombia Sucursal. The Company has already discarded some of areas which are deemed to be of insufficient potential, reducing the future costs of land fees and insurance. We will continue with the exploration program started in 2009 and with the assessment of the geological potential of the areas.

In line with the core strategy of consistent growth and development, CB Gold will also evaluate any opportunity in line with our strategy of acquiring and developing precious metal projects that can potentially add value to the Company and its shareholders.

Cautionary Note Regarding Forward-Looking Statements

The securities of CB Gold described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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