VAL D'OR, QUEBEC - (April 22, 2009) - Hinterland Metals Inc. (TSX VENTURE:HMI) is pleased to report that as at December 31, 2008, it had working capital of $639,975 based on current assets and liabilities as follows:
For the year ended December 31, 2008, Hinterland invested $442,564 in exploration expenditures of which $271,342 was spent on the Ebay PGE property.
A net loss for 2008 of $994,980 was relatively high compared to 2007 largely due to two factors. First as the stock market crumbled late in 2008, an unfavorable change of $271,335 in value of listed shares held for trading was recorded. Secondly, Hinterland aggressively wrote-off acquisition and exploration expenses of $676,506 for a number of properties where exploration results were below expectations and it was determined that there was little chance of recovering the investments made. Administrative expenses were kept under relatively tight control at $292,330.
Hinterland is well positioned financially to continue corporate activities, maintain its property portfolio and evaluate new opportunities but will require additional financing to advance its exploration projects. The expected exploration budget for 2009 is $350,000. This will be mostly spent on the Company's gold properties in the Abitibi region of Quebec and Ontario.
Mark Fekete, President and CEO of Hinterland Metals will record a "Yahoo! Small Cap Show" Interview on the Company's official Investor Relations Site at http://agoracom.com/ir/hinterland. The recording is expected to be available on or after April 27th, 2009. Furthermore investors are encouraged to review the annual financial statements and management discussion and analysis posted on SEDAR and on the Company's website for more detail.
This release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company's periodic reports including the annual report or in the filings made by the Company from time to time with securities regulators. The Company undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of an unanticipated event.
Shares Issued 47,685,401
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact
Hinterland Metals Inc.
Mark Fekete
President
Toll Free: 1-877-874-8182
info@hinterlandmetals.com
www.hinterlandmetals.com
