CALGARY, June 1 /CNW/ - Monroe Minerals Inc. (TSX Venture: MMX) today
reported its 2007 first quarter financial results and operational highlights.
The Company is still in the exploration and development stage of its
operations and recorded a net loss for the period of $269,260, compared with a
loss in the comparable period of 2006 of $199,550. The increase in the net
loss is due to a decrease in the proportion of expenses capitalized in 2007
(21%), as compared to the comparative period in 2006 (53%).
General and administration expenses prior to capitalization decreased to
$309,569 from $371,223. Salaries and benefits decreased by $54,817, finance
and administration by $5,420 and travel and marketing by $7,877, while audit
and legal expenses increased by $5,070.
Cash outflow from operating activities in the first quarter of 2007
amounted to $261,304, against cash outflows in the first quarter of 2006 of
$265,667. Cash overdraft at the end of the period amounted to $67,656 and
mineral interests to $369,368. Subsequent to the quarter's end, on April 4,
2007, the Company completed a private placement for a total cash consideration
The Company made progress in the assembly of a portfolio of uranium
properties and remains on track to complete this on schedule by the end of the
third quarter. Several properties in Canada and Africa are undergoing
technical review and announcements will be made as this process is completed
and terms agreed.
Work on the Skaapkop Kimberlite Project in South Africa focused on the
continuing identification of anomalies through synthesizing the substantial
database that has been accumulated. Progress was made mapping the complex
drainage patterns in the area, resulting in the isolation of high priority
basins. The overlay of soil and silt sampling results on these basins is
expected to result, inter alia, in airborne gravity surveys, more detailed
soil sampling and drilling.
As foreshadowed, weather conditions prevented any field operations on the
Cangandala Concession in Angola. The Company noted that despite progress on
various administrative matters connected with the Concession, a repeat of
delays experienced during 2006 would not be unexpected.
The Company submitted its new application for full mining rights for the
London Mine in South Africa to the Department of Minerals and Energy (DME) in
January. This application was accepted by the DME for exclusive consideration.
Since then, the Company has met the remaining reporting requirements and
responded to all enquiries from the DME.
Additional information relating to Monroe, including Monroe's quarterly
report, management's discussion and analysis and unaudited financial
statements for the quarter ended March 31, 2007 is available on SEDAR at
Monroe is engaged in the exploration and development of gem quality
diamond properties in Southern Africa and the assembly of an international
portfolio of uranium projects. Its strategy is well defined: enhancing
shareholder value by combining Monroe's recognized twin strengths of technical
expertise and professional management to advance mining projects to profitable
long term production. Monroe's shares trade on the TSX Venture Exchange under
the symbol MMX. For more information please visit www.monroeminerals.com.
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Forward-looking statements: Except for statements of historical fact, all
statements in this news release, without limitation, regarding new projects,
acquisitions, future plans and objectives are forward-looking statements which
involve risks and uncertainties. There can be no assurance that such
statements will prove to be accurate; actual results and future events could
differ materially from those anticipated in such statements.
For further information:
For further information: Derek J Moran, President, Monroe Minerals Inc.,
27 82 440 3426; Robin Cook, Account Manager, CHF Investor Relations, (416)