Aurora Energy Resources Inc. (the "Company") (TSX:AXU) reports its financial and
operating results for the three months ended March 31, 2008. Details of the
Company's financial results are described in the unaudited financial statements
and Management's Discussion and Analysis (MD&A) for the three months ended March
31, 2008. Further details on each of the Company's projects and activities can
be found on the Company's website http://www.aurora-energy.ca and on SEDAR at
http://www.sedar.com. All amounts are in Canadian dollars unless otherwise
stated.
Overview
The Corporation was incorporated on June 8, 2005, and operates in the mineral
resource industry. Its principle focus is on the exploration and development of
uranium projects in the Central Mineral Belt ("CMB") Labrador, Canada, one of
the most promising uranium districts in the world, as well as potential
evaluation and acquisition of opportunities throughout the world. Aurora is
committed to responsible development with lasting local benefits and the highest
standards of safety, health, and environmental protection.
Aurora's properties consist of a total of 223,074 acres in 28 licenses or groups
of mineral claims Aurora's summer work program includes an 11,250 metre infill
drill campaign at the Jacques Lake and Michelin deposits. The program, which is
expected to run from May until July, aims to enhance the value of the Michelin
and Jacques Lake deposits by converting pounds from the inferred to indicated
mineral resource category. Aurora also plans to continue with engineering
studies and plans to conduct a 3,750 metre geotechnical, environmental and
metallurgical drill program from May until August which is expected to provide
Aurora with valuable data for tailings studies and in moving the Michelin
Project towards development.
Operations
Selected Financial Data
This summary of selected unaudited and audited financial data should be read in
conjunction with the Management Discussion and Analysis ("MD&A") and the
unaudited and audited financial statements of the Corporation and related notes
thereto, for the periods indicated.
---------------------------------------------------------------------------
For the three months ended
March 31, March 31,
2008 2007
---------------------------------------------------------------------------
Loss and comprehensive loss for the
period $ 959,342 $ 2,966,503
Basic and diluted loss per share $ 0.01 $ 0.05
Cash invested in mineral properties $ 9,164,635 $ 2,106,370
Cash generated (used) by financing
activities $ 591,888 $ 1,583,156
---------------------------------------------------------------------------
---------------------------------------------------------------------------
As at
March 31, December 31,
2008 2007
---------------------------------------------------------------------------
Cash $ 120,824,470 $ 131,094,585
Working capital $ 120,457,935 $ 129,898,119
Exploration properties and deferred
exploration expenditures $ 66,755,258 $ 56,710,497
Total assets $ 193,031,815 $ 192,186,937
Shareholder's equity $ 180,991,782 $ 184,879,251
---------------------------------------------------------------------------
The Company's net loss for the three months ended March 31, 2008, was $959,342
or a loss per share of $0.01 compared to a net loss of $2,966,503 and loss per
share of $0.05 for the three months ended March 31, 2007. An increase in
interest income and reduction in stock-based compensation are the primary
factors for the improvement in the Corporation's net loss in 2008 vs. 2007.
The net loss for the three months ended March 31, 2008, consists primarily of
stock-based compensation expense of $771,440, wages and benefits of $406,533,
office and general expenses of $293,746, consulting fees of $195,513, Part XII.6
tax of $166,541 and investor relations, promotion and advertising expenses of
$142,506, offset by interest income of $1,232,644.
Exploration Projects
The Company incurred cash expenditures of $9,164,635 for the three months ended
March 31, 2008, on the development and exploration of its CMB uranium assets
(net of stock-based compensation of $545,932, amortization of $111,208 and
future income taxes of $222,986).
Liquidity
At March 31, 2008, the Company had cash on its balance sheet of $120,824,470 and
working capital of $120,457,935, as compared to cash of $131,094,585 and working
capital of $129,898,119 at December 31, 2007. The change in cash and working
capital of $10,270,115 and $9,440,184, respectively, is primarily related to the
use of funds for deferred development and exploration expenditures of $5,610,635
and $3,553,998, and the purchase of equipment of $250,615 offset by interest
income of $1,231,996 and receipt of $271,801 upon the exercise of stock options.
The Company currently has no operating revenues other than interest income and
relies primarily on equity financing as well as the exercise of warrants and
stock options to fund its exploration, development and administrative costs.
ABOUT AURORA
Aurora is a uranium exploration and development company focused on the Central
Mineral Belt in coastal Labrador. It owns 100% of one of Canada's largest
undeveloped uranium deposits. Aurora is committed to generating superior
shareholder value and responsible development, with lasting local benefits.
Aurora has offices in Postville, Makkovik, Happy Valley - Goose Bay, Labrador,
St. John's, Newfoundland, Toronto and Vancouver.
The Company will be hosting its annual general meeting on June 10, 2008 at The
Rooms in St. John's, Newfoundland.
Except for the statements of historical fact contained herein, certain
information presented constitutes "forward-looking statements". Such
forward-looking statements, including but not limited to the timing and level of
exploration activities, including drilling activities, the timing of completion
of a pre-feasibility study and anticipated results of the 2007 work program;
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievement of Aurora to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include, among others,
risks related to the actual results of current exploration activities,
conclusions of economic evaluations, uncertainty in the estimation of mineral
resources, changes in project parameters as plans continue to be refined, future
prices of uranium, economic and political stability in Canada, environmental
risks and hazards, increased infrastructure and/or operating costs, labor and
employment matters, and government regulation as well as those factors discussed
in the section entitled "Risk Factors" in Aurora's Annual Information Form on
file with the Canadian Securities Commissions. Although Aurora has attempted to
identify important factors that could cause actual results to differ materially,
there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ materially from
those anticipated in such statements. Aurora disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Accordingly, readers
should not place undue reliance on forward-looking statements.
Alexco Resource (TSX:AXU)
Historical Stock Chart
From Jun 2024 to Jul 2024
Alexco Resource (TSX:AXU)
Historical Stock Chart
From Jul 2023 to Jul 2024
