Golden Goose Resources Inc. (TSX-V: GGR) is pleased to report its audited financial statements for the year ended December 31, 2007 with comparative figures for 2006.
Golden Goose took advantage of the opportunities offered by the strong market in 2007 to develop the potential of the Magino gold project in Ontario and Lac Levac nickel - copper - PGM project in Quebec. The Company drilled some 10,000 metres on each of the projects, funded by $5.8 million raised during the year through private placements. Excellent drill results were obtained on both properties.
2007 Operating results
For the year ended December 31, 2007, the Company had a net loss of $1,377,262 or $0.03 per share compared with 2006's net loss of $928,898 or $0.03 per share. This increase in net loss for the year is mainly due to an increase in general and administrative expenses from $576,082 last year to $983,436 this year. Stock-based compensation amounted to $677,142 in 2007 compared to $660,600 in 2006. Interest revenues increased from $74,459 in 2006 to $144,411 in 2007. This increase in interests earned during the year is mainly attributable to higher short-term investments balances across the year 2007 compared to 2006.
Liquidity and Capital Resources
As at December 31, 2007, total assets were at $17,062,365 compared with $11,417,458 for the previous year. Mining interests increased from $8,784,501 to $11,977,223 during the year due to exploration activities at the Magino and Lac Levac properties. Short-term investments, including exploration funds to be spent on the Company's exploration properties in Ontario and Quebec, increased from $2,300,000 to $4,200,000 due to cash flows generated by financing activities in 2007. Working capital improved, amounting to $4,044,402 at year-end compared to $2,237,389 last year. Available liquidities at year end are sufficient for 2008 exploration budget and general and administrative expenses.
Fourth Quarter Results of Operations
For the last three months of 2007, the Company reported a net loss of $401,493 (loss of $0.01 per share) compared with a net loss of $69,209 (loss of $0.01 per share) for the same quarter of the preceding year. The increase in net loss is attributable to an income tax recovery of $295,000 accounted for in the fourth quarter of last year compared to an income tax of $22,890 this year and is due to timing in flow-through shares expenditures renouncement by the Company. -- www.cnxmarketlink.com
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