NELSON, BC, June 13 /CNW/ - Oromonte Resources Inc. ("Oromonte" or the
"Company") (ORR:TSX-V; OF6:FRA) announces the filing of its financial
statements and results for the three month period ended March 31, 2008.
Oromonte's exploration activities and performance continued to be affected by
the Ecuador government's initiation of radical change to the country's
constitution, taxation, environmental and mining laws. However, the Company
has begun to implement a pro-active development strategy outside Ecuador.
The Company recorded a loss of $86,570 for the three months ended March
31, 2008. The Company's working capital was $1,608,523 at March 31, 2008. The
Company has sufficient working capital to meet all of its foreseeable
obligations based on its plan for the next twelve months.
The financial results for the three month period ended March 31, 2008
reflect the costs of property acquisition, exploration expenses and
administrative costs for managing the Company's properties and associated
activities. Operating and general expenses were $133,751. Expenses for the
comparative period of 2007 were $204,875. The primary reasons for the change
in expenses are decreased exploratory activity for the period. Management and
consulting fees increased, as did legal costs and stock-based compensation,
the latter due to vesting (21,137 options in the current period and
10,430 options in the comparative period). Capitalized expenditures for the
quarter were $111,401 compared to $183,507 for the first quarter in 2007. The
decrease was due to a reduction of activities in Ecuador. Oromonte has
subsequently curtailed all its exploration activities in Ecuador until there
is more clarity and stability in the mining industry.
The Company's interim Consolidated Financial Statements and Management
Discussion and Analysis (MD&A) for the three months ended March 31, 2008 are
available at www.sedar.com. All material information and subsequent events
concerning the affairs of Oromonte has been disclosed to the public through
news releases and filed on SEDAR.
Oromonte Resources Inc. is a mineral exploration company engaged in the
acquisition, development and exploration of mining properties. The Company has
acquired mining concessions consisting of four consolidated properties in
Ecuador, namely: Chimbuza Property, Marissa Property, Pangui Property, and
Virgen del Cisne Property. The related projects are in early stage
development. The Company has also begun acquiring mining property interests
outside Ecuador. The Company trades common shares and warrants on the TSX
Venture Exchange under the symbol ORR and common shares on the Frankfurt Stock
Exchange under the symbol OF6.
For further information you can visit the Company's website at:
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority
has approved nor disapproved the information contained herein. The News
Release includes certain "forward looking statements". All statements other
than statements of historical fact, included in this release, including,
without limitation, statements regarding potential mineralization and
reserves, exploration results, and future plans and objectives of Oromonte,
are forward looking statements that involve risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results to differ
materially from Oromonte's expectations are exploration risks detailed from
time to time in the filings made by Oromonte with securities regulations.
For further information:
For further information: Bruce Cottingham, CEO, Oromonte Resources Inc.,
Suite 206, 507 Baker Street, Nelson, British Columbia, Canada, V1L 4J2, Tel:
(250) 352-9923, Fax: (250) 352-9926