Williams Creek Announces Profit for its Quarter Ending October 31, 2010
17 December 2010 - 1:16AM
Marketwired
Williams Creek Explorations Limited ("Williams Creek", "WCX", or
"the Company") (TSX VENTURE: WCX) is pleased to report the results
from operations for its financial quarter ended October 31, 2010.
Williams Creek is reporting net earnings of $476,755 (2009 net
loss - $24,085) for the three month period ended October 31, 2010.
The increase in the Company's earnings is attributable to interest
income of $26,566, realized gain on sale of its investments of
$513,317, and unrealized holding gains on its investment portfolio
of $234,850.
Exploration costs amounted to $46,730 during the current
quarter, all attributable to Williams Creek's exploration of its
holdings in the Barkerville area. General and Administrative
expenses were $135,047 largely attributable to one-off expenses
pertaining to Transfer Agent Fees incurred during the issuance of
new equity and increased costs attributable to increased activity
within the Company.
"For the past 9 months, we at Williams Creek have said that we
would do three things: explore, engage in equity and joint venture
agreements, and engage in financing and royalty agreements," said
Michael Sonnenreich, Chairman and CEO of Williams Creek. "This
quarter's encouraging results are showing that there is strong
merit to our strategy, and we intend to continue progressing with
all three aspects of our plan."
Williams Creek's full financial statements are available for
viewing on SEDAR.
About WCX:
Visit http://www.WilliamsCreek.ca to learn more about Williams
Creek Explorations Ltd. Williams Creek Explorations Ltd. is a
Canadian company with the primary purpose of participating broadly
in the natural resource sector, with an emphasis on the gold
subsector, through exploration, joint ventures or other equity
investments.
The Company owns twenty-eight crown granted mineral claims in
the Cariboo Mining Division and three crown granted mineral claims
in the Kamloops Mining Division. The Company also has a net 30%
interest in the ATW diamond property in the MacKenzie Mining
District of the Northwest Territories.
This news release may contain forward-looking statements
including management's assessments of future plans and operations,
and expectations of future production. These statements are based
on current expectations that involve a number of risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not
limited to, the risks associated with the mining and exploration
industry (e.g. operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production and the uncertainty of the availability of
capital). The assumptions used in the preparation of such
statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
The TSX Venture Exchange has not reviewed nor accepted
responsibility for the adequacy or accuracy of this news release
which has been prepared by management.
Contacts: Williams Creek Explorations Limited Michael
Sonnenreich 514.393.3232 Williams Creek Explorations Limited Dov
Zigler 514.393.3232 www.WilliamsCreek.ca
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