VANCOUVER, April 24 /CNW/ - Red Dragon Resources Corp. (the "Company")
(TSX.V: DRA) has released its financial and operating results for the year
ended Dec. 31, 2008. The highlights provided in this release should be read in
conjunction with the company's year-end financial statements, and management
discussion and analysis, which are available on SEDAR. All dollar amounts are
in Canadian dollars unless otherwise stated.
The company's consolidated net loss for the year was $8,330,786, or 12
cents per share, including $5,372,883 for write-off of mineral interests.
The net loss is attributable to:
Expending $683,536 on project generation costs;
Expending $1,401,627 on corporate expenses;
Accounting for $6,719,619 on other non-cash accounting items;
Earning interest income of $473,996.
The company ended the year with $10,271,346 in cash and cash equivalents
which equates to 15 cents per share.
Company chairman and chief executive officer, Alvin Jackson, comments for
the past year: "Two thousand eight was a difficult year for Red Dragon
Resource Corp. The company not only tried to preserve the cash on hand but
also tried to increase the cash position by investing in a corporation with
undervalued assets, resulting in a healthy balance sheet of $10,271,346 cash
balance and of $ 2.3 million in the investments at year-end. These are
sufficient funds for the company to continue with our corporate development
activity and to seek attractive investment opportunities."
For Red Dragon Resources Corp, the focus has been to engage in projection
generation. The company believes it has the opportunity, particularly in the
current climate of low valuations for the junior resource companies, to
identify and invest in new projects to achieve a sound long-term investment
that has potential for significant appreciation in value from good project
fundamentals and strong fundamentals in physical demand.
Red Dragon Resources Corp. is looking to utilize its financial strength
and technical expertise for resource projects. The company has evaluated
approximately 40 opportunities to date and will continue to monitor carefully
value-driven opportunities and weigh these opportunities against the necessity
to conserve capital during the restricted financial markets.
The TSX Venture Exchange neither approved nor disapproved the contents of
this news release.
For further information:
For further information: Red Dragon Resources Corp., Alvin Jackson,
Chairman and Chief Executive Officer, Tel: (604) 602-8188; Harbour Financial
Inc., Brian N. Barbour, Tel: (403) 813-5832