Monroe Minerals reports 2006 results



    CALGARY, April 24 /CNW/ - Monroe Minerals Inc. (TSX Venture: MMX)
reported today its financial results and operational highlights for 2006.
    Commenting on the year, Monroe CEO and President Derek Moran said, "The
Board's review of opportunities resulted in the decision to form a second
division within Monroe focused on uranium exploration, and the Company is
working towards the assembly of a portfolio of uranium properties. Commodity
markets remained strong in 2006 and the medium to long-term diamond price
outlook remains favourable. In view of the uncertainty surrounding the
continuation of the London Mine in South Africa following government's refusal
of mining rights, the Company recognized a write-down of the carrying value."
    Summary financial highlights are set out in tabular form below. Monroe
recorded a loss for the year of $3,443,796 (2005: loss $592,326), of which
$2,177,404 (2005: $nil) was the write-down of mineral interests. No diamond
sales were recorded (2005: $2,080,000) as activities at the London Mine were
suspended pending receipt of mining rights. General and administrative costs,
before reduction for capitalized items, amounted to $1,224,379
(2005: $928,890).

    
    -------------------------------------------------------------------------
                                             2006         2005         2004
                                               $            $            $
    -------------------------------------------------------------------------
    Working capital                         53,430      465,398      439,951
    -------------------------------------------------------------------------
    Mineral interests                      306,135    2,332,410    2,162,911
    -------------------------------------------------------------------------
    Total assets                         1,251,257    3,903,417    3,307,994
    -------------------------------------------------------------------------
    Total long-term financial
     liabilities                           720,669      679,134      992,100
    -------------------------------------------------------------------------
    Shareholders' equity                   105,456    2,585,074    1,578,094
    -------------------------------------------------------------------------
    Loss for the year                    3,443,796      592,326      858,668
    -------------------------------------------------------------------------
    Loss per share                           (0.05)       (0.01)       (0.02)
    -------------------------------------------------------------------------
    Shares outstanding(*)               70,162,194   62,079,118   47,827,618
    -------------------------------------------------------------------------
    (*) All figures in Canadian dollars except for Shares outstanding.
    

    Operational highlights

    The Company's application, made in November 2005 pursuant to new minerals
rights legislation in South Africa, to the Department of Minerals and Energy
("DME") for a mining right for the London Mine was rejected in December 2006.
The rejection was related to a misunderstanding at the DME regarding Monroe's
Black Economic Empowerment credentials. A new application was accepted in
January 2007 for exclusive consideration by the DME. Normally the review
process takes thirteen months although it is expected that a decision my come
sooner given the circumstances.
    Significant progress was made on the Cangandala Concession in Angola in
the fourth quarter. A successful field trip was concluded, despite
unfavourable weather conditions, that allowed for a program of field works to
be planned; the Company opened its office in Luanda in December 2006; and the
receipt of various approvals eased equipment import arrangements.
    Details of the Skaapkop Project, a regional kimberlite exploration
program in Northwest Province in South Africa, were announced in the second
quarter. The Project will be conducted in two phases over three years.
    The Company completed an extensive review of its portfolio of diamond
properties in Southern Africa and concluded that it will focus on large-scale
diamond projects to the exclusion of all of its smaller-scale projects. A
write-off of the Allandale and Middle Orange River projects totalling $241,081
was recognized in 2006.
    The Annual Report, Proxy and Information Circular were mailed to
shareholders on April 19, 2007. The Annual and Special Meeting is scheduled
for May 16, 2007. The complete Annual Report, including financial statements
and Management Discussion and Analysis, is available on
www.monroeminerals.com. The financial statements are also available on SEDAR.

    Monroe is engaged in the exploration and development of gem quality
diamond properties in Southern Africa and the assembly of an international
portfolio of uranium projects. Its strategy is well defined: enhancing
shareholder value by combining Monroe's recognized twin strengths of technical
expertise and professional management to advance mining projects to profitable
long term production. Monroe's shares trade on the TSX Venture Exchange under
the symbol MMX.

    
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       The TSX Venture Exchange does not accept responsibility for the
                  adequacy or accuracy of this News Release
    

    Forward-looking statements: Except for statements of historical fact, all
statements in this news release, without limitation, regarding new projects,
acquisitions, future plans and objectives are forward-looking statements which
involve risks and uncertainties. There can be no assurance that such
statements will prove to be accurate; actual results and future events could
differ materially from those anticipated in such statements.

    %SEDAR: 00007777E




For further information:

For further information: Derek J. Moran, President and CEO, Monroe
Minerals Inc., 27 82 440 3426; Robin Cook, Account Manager, CHF Investor
Relations, (416) 868-1079 ext. 228, robin@chfir.com

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