Gryphon Gold Announces Financial Results for 1st Quarter Ended June 30, 2011
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/15/11 -- Gryphon Gold Corporation (TSX: GGN)(OTCBB: GYPH) (the "Company") reported for the three months ending June 30, 2011 a net loss of $583,461 or $0.01 per share from continuing operations compared to a net loss of $1,028,301 or $0.01 per share from continuing operations and net income of $635,708 or $0.01 per share from discontinued operations in the same period in the prior year. Unless otherwise indicated, all dollars amounts are in United States dollars.
Operational highlights of the quarter ended June 30, 2011 include the following:
Subsequent to the quarter ended June 30, 2011:
Three months ended June 30, 2011 compared to three months ended June 30, 2010
For the three months ended June 30, 2011, we had a net loss of $583,461 or $0.01 from continued operations and nil from discontinued operations compared to a net loss of $1,028,301 or $0.01 from continued operations and net income of $635,708 or $0.01 from discontinued operations in the same period in the prior year.
Exploration expenses during the quarter ended June 30, 2011 were $90,896, or 16% of our total expenses, compared to $385,639, or 37% of our total expenses in the prior year. The decrease is due to Company resources being directed toward commencement of construction, with a majority of the costs incurred on the property being capitalized as construction in progress.
Management salaries and consulting fees in the quarter ended June 30, 2011 were $233,407 compared to $313,928 compared incurred in the quarter ended June 30, 2010. Total non-cash compensation expense due to the recognition of costs related to stock options was $18,508 compared to $40,139 in the quarter ended June 30, 2010. Management salaries and consulting fees during the quarter decreased due to lower consulting fees and the capitalization of engineering staff salaries as part of construction in progress. General and administrative costs increased by $200 over the prior years first quarter. Legal and audit fees for the period were $74,147 compared to $57,413 in the quarter ending June 30, 2010. These costs increased due to the level of legal services surrounding the exercise of the option to reduce the royalty and the increased activities in completing financing activities to fund the construction. Travel and accommodation costs during the quarter ended June 30, 2011 were $50,473, compared to $33,538 expended on travel in the prior year's comparable quarter. The increase in travel and entertainment cost is due primarily to travel costs incurred associated with the increased corporate activity.
Interest expense was $19,811 in the quarter ended June 30, 2011 compared to $593 in the same period in the prior year. This increase is due to the interest incurred on the promissory and convertible notes issued to reduce the potential future obligations under the royalty that was satisfied during the most recent quarter.
ABOUT GRYPHON GOLD:
Gryphon Gold is a Nevada-focused gold exploration company. The Company's principal property is its Borealis gold project located in the Walker Lane gold belt of western Nevada.
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of United States and Canadian securities laws, which may include, but are not limited to, statements relating to the Company's proposed use of proceeds from the sale of the Units. Such forward-looking statements and forward-looking information reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risk that additional financing for the development of the Borealis Oxide Heap Leach Project may be required and, if so, may not be available on terms satisfactory to the Company if at all, risks associated with the start up of mining operations, and the risks and uncertainties outlined under the section headings "Forward-Looking Statements" and "Risks Factors and Uncertainties" in the Company's annual report on Form 10-K for the year ended March 31, 2011, and interim report on Form 10Q for the period ended June 30, 2011, as filed with the SEC and Canadian securities administrators and in the Company's other reports, documents, and registration statements filed with the SEC (available at ) and with Canadian securities administrators (available at ). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. The Company does not undertake to update forward-looking statements or forward-looking information, except as may be required by law. Full financial statements and securities filings are available on the Company's website: and or .
Contacts:
Gryphon Gold Corporation
John L. Key
CEO and President
1-775-883-1456
Gryphon Gold Corporation
Lisanna Lewis
VP, Treasurer, Investor Relations
1-604-261-2229
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Datum: 15.08.2011 - 13:30 Uhr
Sprache: Deutsch
News-ID 46454
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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