MONTREAL, Nov. 24 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is pleased to report its unaudited interim financial statements for the third quarter ended September 30, 2009 with comparative figures for 2008.
Financial highlights for the third quarter and nine-month period
For the third quarter ended September 30, 2009, the Company reported a net loss of $259,132 ($0.01 per share) compared with a net loss of $191,030 ($0.00 per share) for the same quarter of 2008. Also, on July 17, 2009, the Company sold its mining rights in properties located in province of Quebec for a cash consideration of $150,000 plus a 1% net smelter return (NSR) royalty, resulting in a gain on sale of mining interests of $146,728 net of legal fees of $3,272.
For the nine-month period ended September 30, 2009, the Company reported a net loss of $875,732 ($0.02 per share) compared with a net income of $345,477 (net income of $0.01) for the same period in 2008. The net income realized during the nine-month period last year, is mainly attributable to income tax recovery of $1,285,387 as a result of renunciation by the Company to tax deductions totalling $4,532,083, which was raised through the issuance of flow-through shares in 2006 and 2007, in favour of the investors.
As of September 30, 2009, the Company holds approximately $1,773,000 in cash and short-term investments and $230,000 as security deposit for mine closure.
The Company's exploration efforts are presently focused on the Magino property. Last quarter we stated that we would look to both improve the geologic certainty of our resource by infill drilling and increase the overall resource by continuing to step out in directions where the resource remains open.
Initated scoping work on the existing resource envelope
On September 2nd, the Company announced that it had retained the services of independent consulting firm InnovExplo Inc. of Val-d'Or, Quebec, to carry out a NI 43-101-compliant Scoping Study for the Magino gold project near Wawa, Ontario. The Company intends to use the study as a basis for future exploration works within the current resource envelope, with the objective to develop an underground operation with ore trucked to regional mill for processing. The Company expects to receive the final study report by the end of March 2010.
Explore outside the current resource envelope
Over the recent past, the Company has recompiled a lot of historical information into an exploration database. This recompilation has allowed us to review historical geophysics in light of the drilling information that we have which has lead to the identification of several high potential targets.
We have done geochemical analysis in the western part of the property to evaluate the scale of the system in that area as historical data refers to mineralized outcrops some of which we have identified. This system is more than 5km from mine infrastructure and hence represents a longer term exploration target. The Company's future efforts there will be based on the results and will not interfere with progress on the initiatives nearer to project infrastructure, unless warranted by new results.
We have done more detailed geophysical work within a 3km radius of the current resource envelope to better understand structural controls in the area.
We have identified and ground checked several high potential targets in both to the west in the intrusive and to the south where historical mineralized intercepts in the volcanic rock will be followed up.
On November 4th, the company announced that it will commence a 3,000 m drilling campaign on the property. The program was begun on November 14th.
ABOUT GOLDEN GOOSE RESOURCES
Golden Goose Resources Inc. is a Canadian public company listed on the TSX Venture Exchange under the symbol GGR. The Company is principally engaged in mineral exploration and acquisition and has a portfolio of gold, platinum group metals, and nickel properties in Ontario and Quebec.
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