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[August 2009]
Black Bull Resources Announces Interims
Black Bull Resources Inc (Shelburne, Nova Scotia, Canada) has released its Interim Report including the Financial Statements and Management's Discussion & Analysis for the third fiscal quarter ended 30 June 2009.The company recorded a net and comprehensive loss for the three month period of $318,405 versus a loss of $767,673 for the same period in 2008. Allowing for non-cash operating expense of $164,487 compared to $210,829 for the same quarter in 2008, the company's operational cash flow was minus $153,918 as against minus $556,845 last time. During the quarter as part of its plan the company sold redundant assets that resulted in a positive cash flow for the period of $323,287 versus a cash loss of $1,131,423 for the same period in 2008.
On a year to date basis, the company recorded a net and comprehensive loss of $2,458,627 versus a loss of $2,598,304 for the nine-month period ended 30 June 2008. Allowing for non-cash operating expense of $1,807,166 compared to $628,888 for the same period last year, the company's operational cash flow was minus $651,461 as against minus $1,969,416 last time. The change from the previous year includes a write down of redundant capital assets of $1,250,000 to reflect the anticipated selling price of these assets, which was posted in March 2009.
"We have begun to implement our plan to focus on selling unprocessed (‘damp’) quartz stone and, potentially, kaolin clay from our unique quarry. Our high quality ore deposit is our unique competitive advantage," said Richard Shearer, President and CEO. "Completing the sale of a sizable portion of our redundant assets and significantly reducing our costs allows us the time and cash resources to implement our new strategy."
Black Bull Resources Inc owns the White Rock Mine near Shelburne. The mine produces a unique, bright, white, high-purity quartz, marketed under the Scotia White™ trademark which is used in a range of value-added, specialty products.
The White Rock Property also contains an identified resource of kaolin and mica.
www.blackbullresources.com
ENDS