Vangold Releases Q2 2008 Results
9/4/2008 3:55:22 PM - Market Wire
VANCOUVER, BC, Sep 04, 2008 (MARKET WIRE via COMTEX News Network) --
Vangold Resources Ltd. (TSX-V: VAN) ("Vangold") published its 2008 second quarter unaudited consolidated financial and operating results on August 29, 2008. Complete financial statements may be reviewed at www.vangold.ca or www.sedar.com.
A summary of comparisons for the periods ending June 30, 2007 and June 30, 2008 are as follows:
-***- ----------------------------------------------
June 30, 2007 June 30, 2008
($) ($)
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Assets 15,068,722 20,201,315
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Working Capital 5,063,996 9,777,830
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Cash and Cash Equivalents 4,869,561 9,252,716
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Expenses 1,521,267 1,367,083
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Revenue* 1,020,250 390,871
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Net Loss** 501,017 844,163
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* Revenues decreased $629,769 as a result of the sale of the Killam North field.
** Net loss per share for the period ending June 30, 2008 was $0.01 compared with a loss of $0.01 per share for the same period in 2007.
Second quarter highlights include the following:
* Drill program started to drill Kafunjo property in Uganda;
* Vangold's geologists completed phase 1 of their reconnaissance work on the West Nile project in Uganda.
* The optionee, Rossland Resources Ltd earned a 50% interest in the Rossland joint venture.
* Vangold earned a 75% interest in the Feni Island project in Papua New Guinea.
To find out more about Vangold Resources Ltd. please visit our website at www.vangold.ca or contact Dal Brynelsen at 604-684-1974 or by email brynelsen@vangold.ca.
On Behalf of the Board of VANGOLD RESOURCES LTD. "Dal Brynelsen" Dal Brynelsen, President and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact: Dal Brynelsen 604-684-1974 email Email Contact www.vangold.ca Vangold Resources Ltd. Suite 1730, 650 West Georgia Street P.O. Box 11622 Vancouver, BC, V6B 4N9
SOURCE: Vangold Resources Ltd.
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