FinancialsTORONTO, ONTARIO--(Marketwire - May 3, 2010) - Amazon Mining Holding Plc(TSX VENTURE:AMZ) ("Amazon" or the "Company") released its auditedconsolidated financial statements for the year ended December 31, 2009and provides the following corporate update.
For the twelve-month period ended December 31, 2009 Amazon incurred anet loss of GBP 767,486 compared to a net loss of GBP 2,509,249 for thetwelve-month period ended December 31, 2008. As the Company remainsengaged in exploration activity, no revenues are presently generatedfrom its operations. The smaller loss in 2009 was primarily because ofthe smaller exploration expenditure following the work slow downinitiated in mid 2008. Through 2009 Amazon held most of its cash inCanadian dollars, so it has benefited from the relative weakness of theBritish Pound. Amazon currently has a working capital position ofapproximately GBP 4.1MM (Cdn$6.2MM).
During 2009, Amazon focused its efforts on the Cerrado Verde potashproject. The company successfully transitioned from strictly explorationto business development, changing the board, attracting government andprivate sector development partners, and building investment marketinterest.
In the months since year-end the company has continued to make progressin the development of the Cerrado Verde project. The company received aninitial National Instrument (NI) 43-101 compliant inferred mineralresource estimation for its project of 105.1MM t at 10.3% K2O using a7.5% cut-off grade.
The company is undertaking market and engineering studies to understandthe potential market penetration and economics of its proposedThermoPotash product, and is continuing metallurgical studies to developsecond generation potash products.
Commenting President & CEO, Cristiano Veloso, said, "The plannedwork at Cerrado Verde, should create value for Amazon shareholders,establishing our project as a primary solution to the problem ofBrazil's dependence on imported potash."
Other Matters
Amazon has issued a total of 285,000 stock options exercisable at $1.64per share, expiring April 30, 2015 to consultants and staff.
About Amazon
Amazon Mining is a mineral exploration and development company foundedby Brazilians in 2005. The company is focused on the development ofCerrado Verde project. Cerrado Verde is source of a potash rich rockfrom which Amazon plans to produce a slow-release, non-chloride,multi-nutrient, fertilizer product. Amazon Mining is a UK public companywith shares listed on the Toronto Stock Exchange since November 2007.
On behalf of the Board of Directors of Amazon Mining Holding Plc, JedRichardson, Vice President of Corporate Development
Cautionary Language and Forward Looking Statements
THIS PRESS RELEASE CONTAINS CERTAIN "FORWARD LOOKING STATEMENTS", WHICHINCLUDE BUT IS NOT LIMITED TO, STATEMENTS WITH RESPECT TO THE FUTUREFINANCIAL OR OPERATING PERFORMANCE OF THE COMPANY, ITS SUBSIDIARIES ANDITS PROJECTS, STATEMENTS REGARDING USE OF PROCEEDS, EXPLORATIONPROSPECTS, IDENTIFICATION OF MINERAL RESERVES, COSTS OF AND CAPITAL FOREXPLORATION PROJECTS, EXPLORATION EXPENDITURES, TIMING OF FUTUREEXPLORATION AND PERMITTING, REQUIREMENTS FOR ADDITIONAL CAPITAL,GOVERNMENT REGULATIONS OF MINING OPERATIONS, ENVIRONMENTAL RISKS,RECLAMATION EXPENSES, TITLE DISPUTES OR CLAIMS, AND LIMITATIONS OFINSURANCE COVERAGE. FORWARD LOOKING STATEMENTS CAN GENERALLY BEIDENTIFIED BY THE USE OF WORDS SUCH AS "PLANS", "EXPECTS", OR "DOES NOTEXPECT" 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 ANDUNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THEACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BEMATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE ORACHIEVEMENTS EXPRESSED OR IMPLIED BY SAID STATEMENTS. THERE CAN BE NOASSURANCES THAT FORWARD-LOOKING STATEMENTS WILL PROVE TO BE ACCURATE, ASACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSEANTICIPATED IN SAID STATEMENTS. ACCORDINGLY, READERS SHOULD NOT PLACEUNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS.
The potential grades detailed in this release are conceptual in nature.There has been insufficient exploration to define a mineral resource andit is uncertain if further exploration will result in the targets beingdelineated as a mineral resource.
Readers are cautioned not to rely solely on the summary of suchinformation contained in this release and are directed to the completeset of drill results posted on Amazon's website (www.amazonplc.com) andfiled on SEDAR (www.sedar.com) and any future amendments to such.Readers are also directed to the cautionary notices and disclaimerscontained herein.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (ASTHAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.