MONTREAL, May 26 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is pleased to report its unaudited interim financial statements for the first quarter ended March 31, 2010 with comparative figures for 2009.
2010 First quarter operating results
For the first quarter ended March 31, 2010, the Company reported net loss of $34,037 ($0.00 per share) compared with a net loss of $195,560 ($0.00 per share) for the same quarter of 2009. The net loss realized during the first quarter of this year is mainly attributable to income tax recovery of $237,906 as a result of renunciations in favour of the investors by the Company to tax deductions totalling $1,178,600, which was raised through the issuance of flow-through shares in 2009.
The loss before income tax amounted to $271,943 compared with $195,560 in the first quarter of last year. The increase in the loss before income tax is mainly due to higher salaries, consulting fees and investor relations costs. On January 15, 2010, the Company sold the Lac Levac nickel, copper & PGM property in Québec to Exploration Nemaska Inc. ("Nemaska") and recorded a gain on disposal of mining interests of $187,909. Also, at quarter end, the Company recorded an unrealized loss on held-for-trading financial instruments of $158,475 representing the fluctuation in the fair value of Nemaska shares and warrants received as part of the consideration at closing of the transaction.
Additional information in regards to the first quarter ended March 31,
The financial information in regards to the first quarter ended March 31, 2010 should be read in conjunction with the Company's unaudited interim financial statements and management and discussion analysis dated May 25, 2010. These documents are available at www.sedar.com
ABOUT GOLDEN GOOSE RESOURCES
Golden Goose Resources Inc. is a Canadian public company listed on the TSX Venture Exchange under the symbol GGR. The Company is principally engaged in mineral exploration and acquisition and has a portfolio of gold properties in Ontario and Quebec.
Disclaimer in regards to Forward-Looking Statements
Certain statements included herein, including those that express management's expectations or estimates of our future performance constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward looking statements.
"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 accuracy of this release."
For further information: For further information: Renmark Financial Communications Inc.: Dan Symons, firstname.lastname@example.org; Jason Roy, email@example.com; Media: Guy Hurd, firstname.lastname@example.org, (514) 939-3989, (416) 644-2020; www.renmarkfinancial.com; Golden Goose Resources Inc.: François Perron, President and Chief Executive Officer, email@example.com; www.goldengooseres.com, 1-888-928-4667, Fax: 1-888-494-5371