VANCOUVER, Aug. 16, 2017 /CNW/ - Yellowhead Mining Inc.
("Yellowhead" or the "Company") (TSX-V: YMI), reports its
results of operations for the three months ended June 30, 2017.
For the full condensed consolidated interim financial statements
and management discussion & analysis for the second financial
quarter ended June 30, 2017, please
see SEDAR at www.sedar.com or the Company's website at
www.yellowheadmining.com.
Second Quarter 2017
During the second quarter of 2017, the Harper Creek Project
("Project") remained on care and maintenance, however, at the
present time, the Board of Directors of the Company continues to
investigate the potential of raising additional equity funds to
complete the EA Review process for the Project.
On June 9, 2017 the Company
consolidated 12 old shares for 1 new common share, and the share
records were adjusted retrospectively.
Accordingly, at June 30, 2017 the
Company had 10,313,088 common shares issued and outstanding
(December 31, 2016 – 10,313,088).
Summary of Second Quarter Results
(Amounts are expressed in thousands of Canadian dollars,
except per-share amounts)
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2017
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2016
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Quarter
Ended
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30-Jun
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30-Jun
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Administrative
expenses
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$
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135
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$
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134
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Exploration and
maintenance expenses
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101
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43
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Other
income
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(1)
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(2)
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Net loss and
comprehensive loss for the period
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235
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176
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Basic and diluted
loss per share for the period
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$0.02
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$0.02
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Note that the basic
and diluted loss per share has been adjusted retrospectively for
the 12 to 1 common share consolidation
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Yellowhead has no revenue from operations. Results can
fluctuate significantly from period to period due to the level of
development activities on the Project.
Review of Quarterly Results
In Q2 2017, under the care and maintenance program at the
Project site, as compared to Q2 2016:
- Administrative expenses remained constant, as they were
$135K in Q2 2017 as compared to
$134K in Q2 2016, and
- Exploration and evaluation expenses increased $59K, mostly due to $67K of environmental assessment charges incurred
during the quarter in preparation for the potential completion of
the environmental assessment for the Project.
Cash and Cash Equivalents
Working capital further decreased $235K in Q2 2017 from $421K at March 31,
2017 to $186K at June 30, 2017. Included in working capital
were cash and cash equivalents of $220K (December 31,
2016 - $618K).
Outlook
At the present time, the Board of Directors of the Company
continues to investigate the potential of raising additional equity
funds to complete the EA Review process for the Project.
About Yellowhead Mining Inc.
Yellowhead Mining Inc. is a development stage company with a
100% interest in the Harper Creek Project, located in the
North Thompson - Nicola region of
British Columbia, Canada.
Neither 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.
Forward Looking Statements
Except for statements of historical fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities laws. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are
made, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
statements, including, among others, the accuracy of mineral grades
and related assumptions, inherent operating risks, planned
expenditures, proposed exploration and development at the Harper
Creek Project, operating and economic aspects of the Harper Creek
Project, as well as those risk factors identified in the Company's
Annual Information Form filed under the Company's SEDAR profile.
Yellowhead undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions
should change except as required by law. The reader is cautioned
not to place undue reliance on forward-looking statements. More
detailed information about potential factors that could affect
projected results is included in the documents filed from time to
time with the Canadian securities regulatory authorities by
Yellowhead.
SOURCE Yellowhead Mining Inc.