Metalore Resources Limited - News release



    TORONTO, Aug. 8 /CNW/ - Selected excerpts from Metalore Resources Limited
first quarter report, ended June 30/ 07, are as follows:

    
                         METALORE RE

SOURCES LIMITED FIRST QUARTER FINANCIALS (2008 Fiscal Year) For the three months ended June 30, 2007 with comparative figures for the three months ended June 30, 2006 (unaudited) STATEMENT OF INCOME AND RETAINED EARNINGS 2007 2006 ---- ---- $ $ Revenue Natural gas production 416,782 472,315 Royalties 1,111 1,977 Investment & interest income 24,806 12,269 ----------- ----------- 442,699 486,561 ----------- ----------- Expenses Production expenses 87,839 83,859 Royalties 41,600 47,718 Amortization, depletion 50,000 58,500 Administrative expenses 48,250 40,819 ----------- ----------- 227,689 230,896 ----------- ----------- Income before taxes 215,010 255,665 Future income taxes (note 4) 64,500 81,810 Current - minimum corporation taxes 10,000 12,500 ----------- ----------- Net income 140,510 161,355 Retained earnings, beginning of period 9,248,397 8,847,374 ----------- ----------- Retained earnings end of period 9,388,907 9,008,729 ----------- ----------- ----------- ----------- Earnings per share 0.08 0.09 Capital Resources & Liquidity ----------------------------- ----------------------------------- Quarter Y/E Y/E Jun 30/07 Mar 31/07 Mar 31/06 ------------------------------------------------------------------------- Cash $ 441,929 $ 321,016 $ 251,200 ------------------------------------------------------------------------- Current Assets (including cash) 1,306,822 1,219,438 874,775 ------------------------------------------------------------------------- Current Liabilities 481,883 430,546 373,706 ------------------------------------------------------------------------- Excess of Current Assets over Current Liabilities 824,939 788,892 501,069 ------------------------------------------------------------------------- Forward Contracts for Natural Gas --------------------------------- As of June 30, 2007, Metalore Resources Limited has one forward contract in place. ----------------------------------------------------------------- Contract Period Minimum Contract Price (in US$) Quantity per MMBTU ----------------------------------------------------------------- April 07 through Oct 07 7,000 MMBTU per month $ 8.02 ----------------------------------------------------------------- Quarterly Report Information ---------------------------- To obtain all quarterly and/or other information please visit the SEDAR or company website after August 10, 2007 (www.metaloreresources.com) The TSX Exchange does not accept responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further information:

For further information: George Chilian, President & CEO, Metalore
Resources Limited, Phone (519) 428-2464

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METALORE RESOURCES LIMITED

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