RE:RE:RE:RE:NEWS !!!!!Yes it's true very bad news ......... :( never again ... this company
05/05/2015
Results of Operations
Overall, the Company recorded a consolidated net loss of $483,331 ($nil per common share) for the six months ended February
28, 2015 as compared to a consolidated net loss of $1,231,413 ($0.01 per common share) for the six months ended February 28,
2014.
INDONESIAN PROJECTS
In Indonesia, the exploration expenditures were $222,047 (2014 - $447,578), with majority of the expenditures on the Miwah
and Sangihe projects detailed below and in the Exploration Activities:
For Miwah and Tangse projects, based on identified indicators of impairment that result from a downturn in the mining
industry, in particular, unfavourable changes in the property or project economics, inability to raise financing necessary to
continue exploration or develop a property, significant decreases in the current or expected future prices of mineral resources,
an inability to access the site and environmental restrictions on development, the Company recorded an impairment write-off
of $21,752,359 for Miwah and $696,514 for Tangse to $nil as at August 31, 2014. For the six months ended February 28,
2015, the Company incurred costs of $149,747 which were written off..