TORONTO, April 25 /CNW/ - Silk Road Resources Ltd. (TSX-V; SIL) ("Silk
Road" or the "Company") today announced financial results for the year ended
December 31, 2006. Net Loss for the year was $1,431,745. Working capital as at
December 31, 2006 was $2,726,752. The Net Loss per share was $0.06. The
complete financial statements and the Company's management discussion and
analysis can be viewed at www.sedar.com.
The year ended December 31, 2006 was an active one for the Company.
In May, 2006, the Company completed a private placement of
3,796,000 units consisting of one common share and one warrant at a price of
$1.25 per unit for aggregate gross proceeds of $4,745,000.
The Company received the business license on August 10, 2006 for the
Jiaxin Minerals Company Limited, Silk Road's 70% owned Chinese Joint Venture
Corporation. Upon receipt of the business license, the joint venture agreement
became effective. As a result of receiving this business license, the
exploration licenses with respect to the Bulagou Property were transferred.
Silk Road's exploration team accomplished a significant amount of work
during the 2006 exploration season, compiling geochemical and magnetic survey
results and identifying large gold in soil anomalies. The Company's assay
results received in December 2006 were very encouraging on the Yidi and
Labuzaika prospects located on the Bulagou Property in Gansu Province. All the
results of the drilling program can be viewed on www.sedar.com.
The Company plans on focusing its exploration program in 2007 on the
Forward Looking Statements
Certain information regarding the Company set forth in this press
release, including management's assessment of the Company's future plans and
operations contains forward looking statements that involve substantial known
and unknown risks and uncertainties. These forward looking statements are
subject to numerous risks and uncertainties, some of which are beyond the
Company's and management's control, including but not limited to, the impact
of general economic conditions, industry conditions, fluctuation of commodity
prices, fluctuation of foreign exchange rates, imperfection of reserve
estimates, environmental risks, industry competition, availability of
qualified personnel and management, stock market volatility, timely and cost
effective access to sufficient capital from internal and external sources. The
Company's actual results, performance or achievement could differ materially
from those expressed in or implied by, these forward looking statements and
accordingly, no assurance can be given that any of the events anticipated to
occur or transpire from the forward looking statements will provide any
benefits to the Company.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Allen J. Palmiere, President & CEO, 155
University Avenue, Suite 750, Toronto, ON, M5H 3B7, Tel: (416) 363-6045, Fax: