NEWS!Calm before the storm. IMO
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Amazon Mining Holding PLC (C-AMZ) - News Release
Amazon Mining earns 234,974 pounds sterling in Q3
2009-11-30 12:08 ET - News Release
Shares issued 28,417,871
AMZ Close 2009-11-27 C$ 1.43
Mr. Cristiano Veloso reports
AMAZON RELEASES RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2009
Amazon Mining Holding PLC has released its unaudited interim consolidated financial statements for the three-month period ended Sept. 30, 2009, and has provided the following corporate update.
During, the three-month period ended Sept. 30, 2009, there was net income of 234,974 pounds sterling compared with a gain of 163,841 pounds sterling for the three-month period ended Sept. 30, 2008. The gain was primarily due to the currency exchange gains (436,449 pounds sterling), as the company holds the majority of its cash in Canadian dollars which outperformed the British pound, the reporting currency, during the period. Amazon currently has a working capital position of approximately 4.2 million pounds sterling ($7.4-million (Canadian)).
Subsequent period summary
- Amazon has commenced drilling at the Cerrado Verde project to delineate an initial NI-43-101 resource on the property. While the surface dimensions of the deposit are easily estimated by outcrop, and grade can be estimated from grab samples, this will be the first confirmation of thickness and first test of potassium grade at depth.
- Amazon has entered into an agreement with Phoster Tecnologia de Aglomeracoes to refine a process for the commercial manufacture of ThermoPotash fertilizer. The team at Phoster was responsible for development work on thermo-phosphate, a widely used premium fertilizer made from non-soluble phosphate rocks in Brazil. In addition, Phoster brings a great deal of experience working with the potash rich rocks from Cerrado Verde.
- Amazon has retained the services of Coffey Mining to begin a NI-43-101 preliminary economic assessment. Coffey Mining has 50 years of experience in supplying specialist services to the international mining industry. This will provide an independently verified look at the feasibility of Amazon's proposed ThermoPotash operations.
Commenting president chief executive officer, Cristiano Veloso, said: "The coming months will mark a significant acceleration in the development of our Cerrado Verde project. Amazon will seek to identify in detail the major challenges and risks involved in a project of this nature. This also marks a shift from the company's cost saving mode of the past 18 months to a more focused use of its finances. Our past cost saving efforts have put us in an enviable position; we have funds on hand to complete much of the Cerrado Verde development work required to determine its potential economic value."
Other matters
The 7.6 million warrants striking at $1.55 per share, issued in conjunction with the company's November, 2007, initial public offering have expired as of Nov. 23, 2009, without exercise.
Amazon has issued 5,000 stock options exercisable at 69 cents per share expiring Aug. 26, 2014, and 50,000 stock options exercisable at 95 cents per share expiring Nov. 11, 2014, to new consultants and staff.