Josephine Mining Corp. (TSX VENTURE: JMC) ("JMC" or the "Company")
recently released its interim financial statement for the 3 month
period ending March 31, 2011 (the " Interim Statements"). This
summary of selected information of the financial condition and
results of operations of the Company should be read in conjunction
with the Interim Statements In addition it is important to note
that in relation to the Interim Statements, the Company announced
that it had completed a Qualifying Transaction and related
transactions as outlined in its filing statement dated October 8,
2010, including a concurrent private placement that raised gross
proceeds of $7,000,000. The Interim Statements have been prepared
in accordance with International Financial Reporting Standards and
are expressed in Canadian dollars.
For the three months ended March 31, 2011 the Company generated
a net loss of $637,150, or $0.23 per share, compared to a net loss
of $211,768, or $0.19 per share, in the three months ended March
31, 2010. The primary reason for the increase in net loss was the
$458,329 public company listing expense incurred in conjunction
with the Qualifying Transaction and included in the calculation of
net loss for the three months ended March 31, 2011. The Company had
cash and cash equivalents of $6,222,342 compared to $16,022 on
December 31, 2010. Working capital as at March 31, 2011 was
$5,712,068 as compared to a working capital deficit of $533,038 as
at December 31, 2010. The improvement in working capital was
primarily a result of the financing and Qualifying Transaction
completed in March of 2011.
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JOSEPHINE MINING CORP.
(An exploration stage company)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Stated in Canadian dollars)
March 31, December 31, January 1,
2011 2010 2010
(unaudited) (unaudited) (unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $6,222,342 $16,022 $38,911
Other Current Assets 27,306 11,446 11,783
Total Current Assets 6,249,648 27,468 50,694
NON-CURRENT ASSETS
Property purchase option 1,137,541 1,129,760 739,319
Deposits 17,018 17,502 18,384
Mineral properties 2,243,293 0 0
Total Non-Current Assets 3,397,852 1,147,262 757,703
TOTAL ASSETS $9,647,500 $1,174,729 $808,397
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable/Accrued
Liabilities $537,580 $533,038 $120,999
Total Current Liabilities 537,580 533,038 120,999
STOCKHOLDERS' EQUITY
Share capital 8,048,468 1,760,755 1,207,151
Share issuance costs (800,031) 0 0
Contributed surplus 183,198 0 0
Warrants 3,504,149 46,825 46,825
Accumulated deficit (1,825,865) (1,165,889) (566,578)
Total Stockholders' Equity 9,109,919 641,691 687,398
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $9,647,500 $1,174,729 $808,397
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JOSEPHINE MINING CORP.
(An exploration stage company)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Stated in Canadian dollars)
Three month Three month
period ended period ended
March 31, 2011 March 31, 2010
(unaudited) (unaudited)
REVENUES 0 0
OPERATING EXPENSES
General and administrative $175,368 $57,057
Exploration 31,428 154,711
Public company listing (Note 3) 458,329 0
TOTAL EXPENSES 637,125 211,768
OTHER INCOME AND EXPENSES (24) 0
NET LOSS (637,150) (211,768)
OTHER COMPREHENSIVE INCOME (22,826) (17,468)
TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE
TO STOCKHOLDERS (659,976) (229,237)
NET LOSS PER COMMON SHARE,
BASIC AND DILUTED (0.23) (0.19)
WEIGHTED AVERAGE COMMON STOCK SHARES
OUTSTANDING, BASIC AND DILUTED 2,761,390 1,100,000
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JOSEPHINE MINING CORP.
(An exploration stage company)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Stated in Canadian dollars)
Three month Three month
period ended period ended
March 31, 2011 March 31, 2010
(unaudited) (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss ($637,150) ($211,768)
Stock compensation expense 8,972 -
Public company listing expense 458,329 -
Foreign currency translation (22,826) (17,468)
Change in investment in mineral properties (2,243,293) -
Changes in assets and liabilities:
Decrease in prepaid expenses 3,047 6,171
Increase in accounts receivable (18,907) -
Decrease in accounts payable (2,423) (25,995)
Increase (decrease) in accrued liabilities
- related parties (1,130) 27,715
Increase in accrued liabilities - other 8,095 -
Net cash provided by operating activities ($2,447,286) ($221,345)
CASH FLOWS FROM INVESTING ACTIVITIES
Change in property purchase option (7,781) (1,146)
Change in deposits 484 530
Net cash used by investing activities ($7,297) ($616)
CASH FLOWS FROM FINANCING ACTIVITIES
Equity financing - 195,224
Qualifying transaction and unit financing 8,660,903 -
Net cash provided by financing activities $8,660,903 $195,224
INCREASE/(DECREASE) IN CASH AND CASH
EQUIVALENTS $6,206,320 (26,737)
Cash, beginning of period 16,022 38,866
Cash, end of period $6,222,342 $12,129
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Outstanding Share Data
As of March 31, 2011 Josephine had 25,425,010 common shares
issued and outstanding. In addition 20,641,000 warrants and
incentive stock options were outstanding, each exercisable into
common shares at an average price of $0.72 per share.
The Company's main focus is to bring its Turner Gold Property
into production and grow through acquisition. Currently ongoing
work at Turner is focused on environmental, geotech and mine design
studies with a view to completing a preliminary feasibility study
in 2012. Additionally a 12,000 foot drilling program is also
currently underway to provide further confidence as to structure
and to increase reportable resources, and is expected to be
completed in 2011 (refer to press release dated May 10, 2011).
JMC is pleased with its accomplishments and progress to date,
having completed a Qualifying Transaction as well as a capital
raise. Robert L. Russell, President and CEO of Josephine Mining
Corp said, "Our team is executing a fast track program for the
development and production of Turner Gold. We remain committed to
maximizing shareholder value and look forward to providing
continuing updates on our progress at Turner Gold, as well as our
acquisition program."
The Corporation recently granted 400,000 options pursuant to the
Corporation's incentive stock option plan to a director,
exercisable at $0.60 for a period of 5 years.
For further information about the Company, please refer to the
Company's filings on SEDAR (www.sedar.com), particularly the
Interim Statements and the NI 43-101 report concerning the Turner
Gold Project in Josephine County, Oregon, USA.
For further information about the Company, please refer to the
Company's filings on SEDAR (www.sedar.com), particularly the
NI43-101 concerning the Turner Gold property in Josephine County,
Oregon, USA.
Disclaimer for Forward-Looking Information
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events, such as the statements that: (i) Diamond drilling
and geologic data are planned for Q2 and Q3, 2011. (ii) A
preliminary feasibility study will be completed in 2012.
Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Such
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the statements. No assurance can be given
that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them.
These forward-looking statements reflect management's current
views and are based on certain expectations, estimates and
assumptions which may prove to be incorrect. A number of risks and
uncertainties could cause our actual results to differ materially
from those expressed or implied by the forward-looking statements
such as the current economic conditions and the state of mineral
exploration and mineral prices in general. These risks and
uncertainties could cause actual results and the Company's plans
and objectives to differ materially from those expressed in the
forward-looking information. The Company can offer no guarantee
that its goals and objectives detailed above will be accomplished,
in part or at all.
These forward-looking statements are made as of the date of this
news release and, except as required by law, the Company assumes no
obligation to update these forward-looking statements, or to update
the reasons why actual results differed from those projected in the
forward-looking statements. Additional information about these and
other assumptions, risks and uncertainties are set out in the
"Risks Factors" section in the Filing Statement of the Company
dated October 10, 2010 and available on www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Josephine Mining Corp. Robert Russell President &
CEO (509) 343-3193 (509) 343-3194 (FAX) info@josephinemining.com
www.josephinemining.com
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