MONTREAL, QUEBEC--(Marketwire - May 15, 2009) - Canadian Royalties Inc. (the "Company") (TSX:CZZ) announces that it has filed today its financial results for the three months ended March 31st, 2009.
For the three months ended March 31, 2009, the Company reported a net loss of $4.1 million or $0.04 per share compared to a loss of $1.9 million or $0.019 per share in 2008. The higher loss for the first quarter 2009 as compared to the first quarter of 2008 can be attributed to accrued interest on the convertible debentures, issued in late March 2008, partially offset by the recognition of a $1.2 million future tax recovery following the renunciation of its exploration expenditures to subscribers of a June 30, 2008 $6.1 million flow through issue.
Highlights for the Company's financial position are as follows:
March 31, 2009 December 31, 2008
Cash 23,417,000 24,570,000
Working Capital 32,424,000 44,367,000
Total Assets 111,085,000 125,644,000
About Canadian Royalties and the Nunavik Nickel Project
Canadian Royalties is a mineral exploration company whose principal active area is along the South Trend, in the Raglan mining district of Northern Quebec's Nunavik Region. Since 2001, the company has discovered and delineated several potentially mineable nickel-copper-cobalt-platinum-pallad... deposits which collectively form the Nunavik Nickel Project. The Company has completed a Bankable Feasibility Study (BFS) and has received its Environmental Certificate of Authorization and Mine Leases for four sites. An Impact Benefits Agreement (IBA) was negotiated and constitutes a formal commitment by the Company to ensure the fair distribution of the economic benefits arising from the Project with the three (3) Inuit communities impacted as well as Makivik Corporation, the non-profit legal representative of the Inuit. Development was initiated in 2007, but the Project was put on care and maintenance during the 2008 global financial crisis. The Company's goal is to develop and exploit the mineral resources of the Nunavik Nickel Project either independently or in partnership. |
