Golden Goose Resources (TSXV:GGR)
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MONTREAL, Aug. 27 /CNW/ --
MONTREAL, Aug. 27 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V:
GGR) (the "Company") is pleased to report its unaudited
interim financial statements for the three and six-month periods ended
June 30, 2010 with comparative figures for 2009.
2010 Second quarter operating resultsFor the three-month
period ended June 30, 2010, the Company reported a net income of
$158,362 ($0.00 per share) compared with a net loss of $421,040 (loss of
$0.01 per share) for the same period of 2009. An unrealized gain on held
for-trading financial instruments in the amount of $477,353, coming from
financial instruments received as consideration for the sale of Lac
Levac property, and a gain of $20,393 realized on the sale of marketable
securities was accounted for during the period. Also during the period,
general and administrative expenses were reduced from $380,218 to
$312,355 this quarter as a result of lower administrative salaries.
Interest income increased from $7,786 to $36,580 due to the 8%
convertible debenture received as part of the consideration for Lac
Levac.
For the six-month period ended June 30, 2010, the Company reported a net
income of $124,325 ($0.00 per share) compared with a net loss of
$616,600 (loss of $0.01) for the same period in 2009. The net income
realized during the six-month of this year is attributable to a gain of
$187,909 on the sale of Lac Levac property on January 15, 2010, to an
unrealized gain on held for-trading financial instruments in the amount
of $318,878 coming from financial instruments received as consideration
for the sale of Lac Levac property, and a realized gain of $20,393 on
the sale of marketable securities. Also during the six-month period,
Golden Goose recorded an income tax recovery of $237,906 as a result of
the reversal of valuation allowance mainly due to the renunciations in
favour of the investors by the Company to tax deductions totalling
$1,178,600, which was raised through the issuance of flow-through shares
in 2009.
Additional information in regards to the first quarter ended June 30,
2010
The financial information in regards to the three and six-month periods
ended June 30, 2010 should be read in conjunction with the Company's
unaudited interim financial statements and Management and Discussion
Analysis dated August 26, 2010. These documents are available at www.sedar.com
ABOUT GOLDEN GOOSE RESOURCESGolden Goose Resources Inc. is a
Canadian public company listed on the TSX Venture Exchange under the
symbol GGR. The Company is principally engaged in mineral exploration
and acquisition and has a portfolio of gold properties in Ontario and
Quebec.
Disclaimer in regards to Forward-Looking Statements
Certain statements included herein, including those that express
management's expectations or estimates of our future performance
constitute "forward-looking statements" within the meaning of applicable
securities laws. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered reasonable by
management at this time, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. Investors are
cautioned not to put undue reliance on forward looking statements.
"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."
p align="justify"bPLEASE CONTACT:/b/p pbRenmark Financial Communications Inc.br//bJason Roy: jroy@renmarkfinancial.combr/Arash Shahi: ashahi@renmarkfinancial.combr/bMedia -/bGuy Hurd: ghurd@renmarkfinancial.combr/Tel.: (514) 939-3989 or (416) 644-2020br/a href="http://www.renmarkfinancial.com"www.renmarkfinancial.com/a/p p/p table border="0" valign="top"trtd colspan="2" align="left" valign="top"bGolden Goose Resources Inc./b/td/tr trtd align="left"François Perron br/President and Chief Executive Officer br//td td align="left" valign="top"Email: a href="mailto:perron@goldengooseres.com"perron@goldengooseres.combr//aWebsite: a href="http://www.goldengooseres.com"www.goldengooseres.combr//aTel.: 1-888-928-4667 Fax: 1-888-494-5371 /td/tr/table br/