VANCOUVER, April 29 /CNW/ - Brazilian Gold Corporation (the "Company") (TSX.V: BGC) has released its audited consolidated financial results for the year ended December 31, 2009 together with the related management discussion and analysis, which are available on SEDAR. All dollar amounts are in Canadian dollars unless otherwise stated.
The company reported a net income of $4,559,740 for the year. The net income resulted from interest income of $207,751 and an unrealized gain on investment of $6,551,803, offset by operating expenses of $1,894,134 and foreign currency exchange loss of $305,680. Of the operating expenses, new projects evaluation amounted to $280,447 and stock based compensation amounted to $482,258.
During the year ended December 31, 2009, the Company incurred $3,272,220 on exploration expenditures and project acquisition costs.
As at December 31, 2009, the Company had cash and cash equivalent of $6,397,062 and investments of $8,534,750. Subsequent to year end the Company sold the investment in Kalahari Minerals plc common shares. Currently the Company has cash and cash equivalent of $11,400,000 and investment of $200,000.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this news release.
SOURCE Brazilian Gold Corporation
For further information: For further information: Brazilian Gold Corporation, Alvin Jackson, Chairman and Chief Executive Officer, Tel: (604) 602-8188; Investor Relations, Tom Hart, Tel: (403) 701-4278