TORONTO, Nov. 15 /CNW/ - Metalore Resources Limited (MET-TSX) reports a six month net profit of six cents per share for the period ended September 30, 2010, compared to three cents for the corresponding period of the previous year. Lower natural gas prices (forecast) are expected to reduce production revenues for the second half of the fiscal year; however, this will be partly offset by gains on our investment portfolio.
The Company's Second Quarter MD&A states under "CURRENT BUSINESS STRATEGY"
During the six month period reported herein Metalore staked an additional 172 mining claim units1, more than doubling our land position in the Cedartree Lake area, Northwestern Ontario, where an accelerated two year exploration program is well underway.
From July through September we forged some six kilometers of "buncher" access into remote locations in wilderness territory and conducted geophysics and power stripping on select targets along the way. We also exposed the projected extension of the main gold zone on surface for an additional two hundred meters with power stripping. Early in October we commenced detailed geological and structural mapping of the main gold zone and by mid-October we resumed diamond drilling (for the first time since March 2008).
Metalore will be applying the optimum of human, technical and financial resources to expediently bring this key project to a definitive, successful conclusion.
On December 17, 2010, Metalore will pay its 11th consecutive annual dividend to shareholders of record on November 26. This payment will be six cents per share.
The entire MD&A and related financial statements referred to herein may be viewed on SEDAR. November 15, 2010
1 Each claim unit measures approximately 40 acres.
%SEDAR: 00010087E
For further information: For further information:
George Chilian, President, (519) 428-2464; John Ryan, CFO & Director, (519) 428-5327
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