Chaparral Gold Reports First Quarter Financial and Operating Results
15.05.2014 | CNW
SCOTTSDALE, AZ, May 15, 2014 /CNW Telbec/ - Chaparral Gold Corp. (TSX:CHL) ("Chaparral") announces that it has filed its unaudited interim condensed consolidated financial statements for its first fiscal quarter ended March 31, 2014, together with the management's discussion and analysis of operations for the same period. This information has been filed on SEDAR and is also available on Chaparral's website or by contacting Chaparral directly. All currency is reported in US dollars.
Items of significance for Chaparral for the quarter ended March 31, 2014 include the following:
- considered a number of strategic alternatives in order to enhance shareholder value in response to the hostile bid launched by Waterton Precious Metals Fund II Cayman LP on February 19, 2014 (the "Hostile Bid");
- continued to advance the permitting and other activities related to the ongoing development of the Gemfield project located at the Goldfield property in Nevada;
- announced an 18% increase in total measured and indicated ounces of contained gold at the Converse property in Nevada (see Chaparral's news release dated March 18, 2014);
- held cash and equivalents of $41.6 million and working capital of $53.6 million at March 31, 2014;
- reported total assets of $144.0 million, with no long-term debt; and
- incurred a net and comprehensive loss after tax for the quarter of $2.24 million (a loss of $0.02 per share), of which $0.93 million was directly attributable to the Hostile Bid.
About Chaparral Gold
Chaparral is a Nevada-focused precious metals company actively permitting the 100%-owned Gemfield deposit at the Goldfield property in central Nevada. In addition to the Goldfield property, Chaparral holds a 100% interest in the Converse property, also located in Nevada.
Cautionary Statements:
Some of the statements contained in this release are "forward-looking statements" within the meaning of Canadian securities law requirements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release may include estimates of the reported financial results, which by necessity contain certain material assumptions and estimates regarding costs, the carrying-value of its material assets, the outcome of the hostile bid launched by Waterton, the permitting process for the Gemfield project, and the estimate of mineral resources at the Converse property. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of the quantities of gold and silver reported in mineral resource estimates, the timeframe and degree of difficulty encountered in obtaining the necessary permits at Gemfield, other risks relating to obtaining mining and environmental permits for its developmental assets, existing and future prices of gold that adversely effects the economic viability of mineral resources, any possible amendments to the Waterton hostile bid and unforeseen political and regulatory risks. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact
Chaparral Gold Corp.
In North America: Nick Appleyard
Tel: 1 480 483 9932
Robert Thaemlitz
Renmark Financial Communications
Tel: 1 514 939 3989
In Europe: Oliver Holzer
Marketing Consultant
Tel: +41 44 853 00 47
Or email the Company at: info@chaparralgold.com
Web Site: www.chaparralgold.com