CALGARY, March 29 /CNW/ - Oromonte Resources Inc. (ORR:TSX-V; OF6:FRA)
announces its financial results for the year-ended December 31, 2006.
Operating and general expenses were $956,937 for the year. Additional
extra-ordinary expenses resulted in a net loss of $1,190,620. This compares
with operating and general expenses for the same period in 2005 of $400,332
and a net loss of $262,332. The financial results for the year ended December
31, 2006 reflect the costs of property acquisitions, exploration expenses and
administrative costs for managing the Company's properties and associated
In 2006 the Company acquired a 100% interest in four additional mining
properties in southeast Ecuador, including the Goldstar Mine. During this
period, exploration drilling and sampling work was conducted at the Nambija
property. The Company has now initiated field exploration activities on its
Chimbuza and Pangui properties that are targeted for new drilling programs by
the summer of 2007 and early 2008, respectively. The Company restructured its
management in 2006 and completed a series of private placements that have
provided the Company with the capital resources required to advance activities
on its mining concessions.
Commercial production has not commenced on any resource properties and
the Company does not generate cash from commercial operations. The Company
accrued $243,236 in gold revenues for the year 2006, however the revenues have
been written off against deferred cost since the revenue arose during the
exploratory and testing phase within the Goldstar Mine. At the present time,
Oromonte finances exploration and development activities by raising equity.
The Company's working capital was $3,654,150 at December 31, 2006, as a
result of equity financing during the year. This is a significant improvement
over 2005 when the working capital was $24,008 at December 31, 2005.
The Company has sufficient working capital to meet all of its foreseeable
obligations based on its plans for the next twelve months.
The Company's annual Consolidated Financial Statements and Management
Discussion and Analysis (MD&A) for the year ended December 31, 2006 are
available at www.sedar.com.
The Company's website is currently under revision and re-construction.
When reactivated, you can visit the Company's website at:
www.oromonteresourcesinc.com. for further information about the Company and
The Company trades on the TSX Venture Exchange under the symbol ORR and
on the Frankfurt Stock Exchange under the symbol OF6.
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of, this release.
No stock exchange, securities commission or other regulatory authority
has approved nor disapproved the information contained herein. The News
Release includes certain "forward looking statements". All statements other
than statements of historical fact, included in this release, including,
without limitation, statements regarding potential mineralization and
reserves, exploration results, and future plans and objectives of Oromonte,
are forward looking statements that involve risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results to differ
materially from Oromonte's expectations are exploration risks detailed from
time to time in the filings made by Oromonte with securities regulations.
For further information:
For further information: Bruce Cottingham, CEO, Oromonte Resources Inc.,
Suite 525, 101- 6th Ave. S.W., Calgary, Alberta, Canada T2P 3P4, Tel: (403)
262-1816, Fax: (403) 262-1826