Golden China Releases Third Quarter Results..TORONTO, May 15 /CNW Telbec/ - Golden China Resources Corporation
(GCX: TSX; ASX) today released its unaudited financial results for the three months ended March 31, 2007. All figures are expressed in Canadian dollars unless otherwise noted.
For the third quarter ended March 31, 2007, Golden China incurred a net loss of $2,144,000 or $0.04 per share, resulting in a net loss for the year to date of $5,279,000 or $0.18 per share. These figures compare with net losses of $3,286,000 ($0.20 per share) and $5,970,000 ($0.36 per share) respectively for the corresponding periods of 2006.
During the quarter, Golden China experienced notable progress at its
BioGold processing facility in Shandong province and its Beyinhar gold project in Inner Mongolia, China - the focal points of the company's medium term growth strategy.
On February 7, a new off-take agreement was signed with Hellas Gold for the purchase of an additional 100,000 tonnes of gold concentrates over three years, which will generate an additional 25,000 ozs of gold per annum at BioGold.
The expansion of the company's bacterial oxidation plant at BioGold,anticipated for completion by the end of 2007, will enable Golden China to process the significantly expanded volumes secured under this new long-termagreement. Anticipated for completion by the end of 2007, the expansion is expected to increase treatment capacity two fold from a current 100 tonnes per day (TPD) to 200 TPD.
Early in the quarter, Golden China released its first resource statement on its Beyinhar gold project in Inner Mongolia, identifying measured and indicated resources of 475,000 ounces and an inferred resource of 130,000 ounces. As well, the company confirmed continuity of a high-grade sulphide gold zone at Golden China's Beyinhar gold project.
Subsequent to the quarter's end (on April 12, 2007), Golden China announced very positive results associated with a scoping study on the oxide resource. The full study, which will soon be available, will be followed by a revised resource statement in October 2007 and a feasibility study by the end of the current calendar year.
For an in depth analysis of Golden China's operational and financial
results for the third quarter ended March 31, 2007, please refer to the company's Management's Discussion and Analysis, and financial statements and notes thereto, available on Golden China's website (www.goldenchina.ca), SEDAR(www.SEDAR.com), and the Australian Stock Exchange (www.ASX.com).
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