VANCOUVER, BRITISH COLUMBIA (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.
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For the three months ended
March 31, March 31,
2008 2007
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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
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As at
March 31, December 31,
2008 2007
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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
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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.
Contacts: Aurora Energy Resources Inc. Mark O'Dea President
& CEO (604) 632-0110 or (709) 726-2223 Aurora Energy Resources
Inc. Paul Coombs Chief Financial Officer (604) 632-0110 or (709)
726-2223 Website: www.aurora-energy.ca
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