Lexam Explorations Inc.: Third Quarter 2010 Financial Results
November 10 2010 - 6:30PM
Marketwired
(All amounts expressed in Canadian dollars)
LEXAM EXPLORATIONS INC. (TSX VENTURE: LEX) today reported
financial results for the Third Quarter, 2010. The Company recorded
a net profit of $779,924 ($0.02 per share) versus a net profit of
$8,418,804 ($0.17 per share) for the respective period, 2009.
During the Third Quarter Lexam announced its intention to
amalgamate with VG Gold Corp., which is 42% owned by Lexam. This
transaction allows Lexam shareholders to realize full value for the
company's financial assets and participate in an exciting
exploration company that is well situated in the Timmins mining
district.
FINANCIAL RESULTS
The Company recorded net income of $779,924 ($0.02 per share)
during the three months ended and $348,210 ($0.01 per share) for
the nine months ended September 30, 2010, compared to income of
$8,418,804 ($0.17 per share) and $8,347,995 ($0.17 per share)
during the corresponding period in 2009.
Three months ended Nine months ended
September 30, September 30,
------------------------ ------------------------
2010 2009 2010 2009
----------- ------------ ----------- ------------
(Restated) (Restated)
Net income $ 779,924 $ 8,418,804 $ 348,210 $ 8,347,995
Net income per share
-basic and diluted $ 0.02 $ 0.17 $ 0.01 $ 0.17
The net income for the three and nine months ended September 30,
2010 was primarily the result of the gains arising from the sale of
available-for-sale securities in the amount of $1,477,370 and
$1,681,919, which was partially offset by provisions for taxes of
$526,518 and $541,437, respectively. The decrease in net income for
the comparative three and nine months ended September 30, 2010, was
primarily the result of an unrealized gain on equity accounted
investment warrants of $6,754,064 net of taxes in 2009.
Lexam's working capital at September 30, 2010 was approximately
$9.5 million compared to $10.7 million at September 30, 2009. The
Company's cash balance at September 30, 2010 was approximately $9.9
million compared to $7.9 million at December 31, 2009. The Company
has no significant contractual obligations. At September 30, 2010
Lexam's outstanding common shares remained unchanged at
48,499,287.
The complete Third Quarter, including management's discussion
and analysis, financial statements, and notes can be found on the
Company's website at www.lexamexplorations.com and on SEDAR at
www.sedar.com.
CAUTIONARY STATEMENT
Some of the statements contained in this release are
"forward-looking statements". Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause our actual results, performance or achievements to
differ materially from the anticipated results, performance or
achievements expressed or implied by such forwardlooking
statements. Factors that could cause actual results to differ
materially from anticipated results include risks and uncertainties
such as: ability to raise financing for further exploration and
development activities; risks relating to estimates of reserves,
deposits and production costs; extraction and development risks;
the risk of commodity price fluctuations; political, regulatory and
environmental risks; and other risks and uncertainties in the
reports and disclosure documents filed by Lexam from time-to-time
with Canadian securities regulatory authorities. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The complete Third Quarter and Annual
report including management's discussion and analysis, financial
statements and notes can be found on our Company's website at
www.lexamexplorations.com and on SEDAR at www.sedar.com.
Contacts: Lexam Explorations Inc. Daniela Ozersky Manager,
Investor Relations (647) 258-0395 or Toll Free: (866) 441-0690
(647) 258-0408 (FAX) info@lexamexplorations.com
www.lexamexplorations.com Lexam Explorations Inc. Corporate Head
Office 99 George Street, 3rd Floor Toronto, ON M5A 2N4
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