TORONTO, Sept. 28 /CNW/ - Energentia Resources Inc. (TSXV: ENR) announced
today results for the three- and six-month periods ended July 31, 2007. For
the quarter, the Company reported a loss of $0.4 million or $0.01 per share.
For the six months ended July 31, 2007 the Company reported a loss of
$4.2 million or $0.07 per share. The loss in the second quarter principally
reflects general and administrative costs of $0.5 million to support the
expanded exploration and public company activities following the acquisition
and financing completed earlier in the year. The year-to-date loss reflects
the impact in the first quarter of non-cash stock-based compensation expense
and one-time acquisition and interest costs. There was no activity in the
comparative prior period. As at July 31, 2007, the Company had cash and cash
equivalents of $14.4 million.
The Company is in the process of applying for concessions in the Berlin
area of Colombia. Currently, the applications have not yet been processed by
Ingeominas as there was an overlapping application from Sociedad Kedahda S.A.,
a wholly-owned subsidiary of AngloGold Ashanti Limited. On September 18, 2007,
the Company signed an agreement with AngloGold pursuant to which AngloGold
will assign the prospective uranium portions of the overlapping Berlin areas
to the Company in consideration for the payment by the Company of US$500,000
and the assignment to AngloGold of the prospective gold portion of one of the
Company's Berlin applications. Now that the parties have reached agreement,
Ingeominas will be processing the applications of both parties so that the
various assignments can be effected. As a result, the Company will now have
access to five separate exploration concessions in the Berlin area totaling
The Company is currently reviewing the results from its stream sediment
sampling program at the Zapatoca property. Together with the results of
samples taken through radiometric transverses, the Company will determine the
initial drilling program to commence at Zapatoca at the beginning of 2008. The
Company has all permits and approvals in place to carry out the next phase of
its exploration program at Zapatoca. At the Berlin property, as noted above,
the Company is finalizing the formal title registrations and permits.
Following a similar approach to its exploration activities at Zapatoca, the
results of stream sediment sampling will enable the Company to commence its
drilling program on this property in early 2008 as well. Over the next few
months the Company will also be conducting an airborne geophysical survey over
its properties to collect additional data to support its future exploration
Complete Financial Statements and Management's Discussion and Analysis
are available on SEDAR at www.sedar.com.
Energentia is a uranium exploration and development company with
interests in a number of uranium exploration properties located in Colombia.
This press release contains forward-looking statements based on
assumptions, uncertainties and management's best estimates of future events.
Actual results may differ materially from those currently anticipated.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties. Important factors that could cause actual results to differ
materially from those expressed or implied by such forward looking statements
are detailed from time to time in the company's periodic reports filed with
the British Columbia Securities Commission and other regulatory authorities.
The company has no intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
For further information:
For further information: Michael Davies, Chief Financial Officer, (416)