Golden Tag Resources Ltd.: Overview of Operations-Cost Reductions
2014年3月12日 - 9:30PM
Marketwired
Golden Tag Resources Ltd.: Overview of Operations-Cost Reductions
MONTREAL, QUEBEC--(Marketwired - Mar 12, 2014) - Golden Tag
Resources Ltd. (the "Company") (TSX-VENTURE:GOG) wishes to provide
an overview of operations including cost reductions in 2013 and
going forward into 2014. In an effort to conserve funds, the
Company in 2013 significantly reduced direct operating expenses
(unaudited) by an amount of $198,383 or 48% from $413,683 in 2012
to $215,300 for the same period in 2013. Also, Golden Tag announces
that it has signed two executive service contracts, which provide
for significantly reduced current compensation to the Company's
President/CFO and its CEO in light of market conditions. The
President's agreement provides that from January 1, 2013 the
historical compensation of $145,000 year is reduced to a base fee
of$65,000 unless and until the Company has a minimum of $100,000 in
unallocated working capital. The $80,000 is not accrued during any
period when the minimum working capital is not in-hand but would be
accrued if the agreement is terminated without cause by the Company
before its 5 year term expires. There is a 36 month change of
control severance based on the historical level reflective of 23
years of service to the Company. The CEO has been reduced to a base
Fee of $20,000 per year and a per diem during periods of
exploration activity. The CEO is entitled to a lump sum of $200,000
if there is a change of control within the three year term of the
agreement reflective of 8 years of service.
Cash and Receivables at December 31, 2013 (unaudited) were
$506,471 including $409,186 of receivables, $406,317 of which is
related to VAT (IVA) owed for expenditures incurred by the Company
for operations in Mexico. The Company recently received $215,900 of
this amount. Accounts Payable at the same date was $44,695.
The Company completed an updated 43-101 Resource report in 2013
(see company news release of February 26, 2013), which can be
viewed at Golden Tag's website together with a presentation on the
San Diego project. Also, as previously announced (see Golden Tag
news release of July 13, 2013), the Company was granted a one year
extension from March 2014, to March, 2015 to complete the required
remaining approximate $US1 million of exploration expenditures on
its San Diego Mexico project to earn an additional 10% interest in
the property from its current 50% to a 60% interest. The purpose of
the extension was to give the Company more flexibility in terms of
time to raise the required funds to complete the earn-in.
The Company is presently planning for the next phase of
exploration work including a focus to the near surface environment
on the property and particularly the portion of present resources
contained within 150 to 200 metres from surface.
Shares issued and outstanding, which are the original shares
dating back to the incorporation of the company in 1982, are
53,426,558.
Cautionary Statement: Statements in the release that are
"forward looking statements" are based on current expectations and
assumptions that are subject to risks and uncertainties. Actual
results could differ materially. For a discussion of the risk
factors that are inherent in the Mining Industry see our public
filings at www.sedar.com.
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.
Marc A. Carrier, President and C.F.O.Phone (514) 426-8542Fax
(514) 426-8543Email pres@goldentag.cawww.goldentag.ca
Golden Tag Resources (TSXV:GOG)
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Golden Tag Resources (TSXV:GOG)
過去 株価チャート
から 6 2023 まで 6 2024