News Feed Item

CB Gold Announces Financial and Operating Results for the Third Quarter Ended September 30, 2012

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/29/12 -- CB Gold Inc. (TSX VENTURE:CBJ) ("CB Gold" or the "Company") provides an update of exploration activities and reports financial results for the three and nine months ended September 30, 2012.

Details of financial results for the three and nine months ended September 30, 2012 are included in the Unaudited Consolidated Financial Statements and corresponding Management's Discussion and Analysis ("MD&A") available on SEDAR at www.sedar.com. These documents are also available on our website, www.cbgoldinc.com. In this release, we provide a comparative summary of the quarter's operational and financial highlights. All amounts are in Canadian dollars, unless otherwise indicated.

Update on Exploration Activities

CB Gold continues to focus on drilling at its 100% owned Vetas Gold Project. The success of the 2011 geophysics surveying at Vetas and La Vereda has resulted in additional targets being added to the drilling program, which will continue to define the potential and dimension of the Vetas Project through testing of known and potential new zones of mineralization.

During the nine months ended September 30, 2012, the Company has completed more than 25,000m of drilling and more than 60,000m of drilling since the program commenced in 2010. Further drill results will be released upon receipt of the final assay certificates.

Corporate Developments and Exploration Results

On January 18, 2012 the Company released drilling results from its Real Minera property at its Vetas Gold Project, including intercepts of 16.87m at 17.07 g/t Au (hole 56) and 10.48m at 2.31 g/t Au (hole 56).

On January 26, 2012, CB Gold Inc. received the registration of the concession contract for its 100% owned Real Minera property in Vetas. The Real Minera property was converted to a concession contract with an initial 20 year tenure, securing the long-term development potential of the property. The duration of the concession contract can be extended for an additional 20 years after the initial 20 year term.

On February 1, 2012, the Company reported summary geochemical and geophysical survey results at the newly acquired La Vereda concession at its Vetas Gold Project, identifying a major anomaly characterized by high chargeability and low resistivity (3-D images and plan view sections can be viewed at www.cbgoldinc.com). The geophysics anomaly at La Vereda is approximately 2,000 meters long and up to 700 meters wide and is interpreted as an extension of the epithermal style mineralization found at surface, with the high chargeability indicating the presence of potential sulphide mineralization at depth. The anomaly strikes northeast/southwest, similar to many mineralized structures in the Vetas - California District.

On February 27, 2012, the Company released drilling results from its Vetas Gold Project, including intercepts of 23.76m at 1.28 g/t Au (hole 67) and 13.72m at 1.45 g/t Au (hole 67) and 1.78m at 211.82 g/t Au (hole 62).

On May 23, 2012, the Company released additional drilling results from the 2011 and 2012 drilling program at its Vetas Gold Project, including intercepts of 4.75m at 29.42 g/t Au (hole 81), 15.24m at 1.48 g/t Au (hole 78) and 3.70m at 10.37 g/t Au (hole 88).

On May 24, 2012, Hernan Martinez was appointed to the Company's Audit Committee. Mr. Martinez has been a Director of CB Gold since 2010 and has significant experience both as a Director and as a senior executive of public and private resource companies. The appointment of Mr. Martinez to the Audit Committee will further strengthen the Company's corporate governance practices.

On June 1, 2012, the Company released the findings of a structural study undertaken by SRK Consulting that was commissioned by the company at the end of 2011. The study was undertaken to gain a better understanding of the structural controls and tectonic settings at the project to assist the drilling program and confirmed the key focus of the Company's drilling program.

On August 20, 2012, the company released drilling results from the 2011 and 2012 drilling programs at its Vetas Gold Project, including intercepts of 1.43m at 36.41 g/t Au (hole 97), 1.88m at 7.14 g/t Au and 404.13 g/t Ag (hole 90) and 0.86m at 93.55 g/t Au (hole 91).

On September 4, 2012, the Company released drilling results from the 2012 drilling program which show continued intercepts of high grade mineralization at the Vetas Gold Project, including 15.50m at 17.29 g/t Au, 3.31m at 78.14g/t Au (hole 119), and 12.62m at 0.98 g/t Au (hole 113).

As at September 30, 2012, the Company through the completion of acquisition agreements (the "Acquisition Agreements"), has acquired eleven mineral properties which form part of the Vetas Gold Project. Seven of the mineral properties acquired were already registered in the name of the Company before the National Mining Registry. The mining authority has issued resolutions approving the transfer of the remaining four mineral properties to Leyhat and the Company expects the registration before the National Mining Registry to be completed during the current and next fiscal years while the remaining payments are subject to certain conditions to be met by title holders.

On October 15, 2012, the Company released additional drilling results from the 2012 drilling program including 8.25m at 31.35 g/t Au (hole 121) and 3.37m at 19.83 g/t Au (hole 106A).

On November 19, 2012 CB Gold entered into an agreement with BMO Nesbitt Burns Inc. ("BMO Capital Markets"), under which BMO Capital Markets agreed to buy on a bought deal basis by way of a short form prospectus 11,120,000 Common Shares at a price of $0.90 per common share for gross proceeds of $10,008,000. In addition, CB Gold has agreed to grant BMO Capital Markets an option, exercisable at any time until 30 days following the closing of the offering, to purchase up to an additional 1,668,000 Common Shares to cover over-allotments, if any. In the event that the option is exercised in its entirety, the gross proceeds of the offering to CB Gold will be $11,509,200.

The offering is expected to close on or about December 10, 2012 and is subject to customary conditions and receipt by CB Gold of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

Selected Financial Data

The following items summarize the key operating and financial highlights for the three and nine months ended September 30, 2012, and 2011:

In thousands of Canadian dollars                                           
                                                        September  December
Financial Position                                       30, 2012  31, 2011
Cash and cash equivalents                                $  5,317  $ 15,297
Mineral properties                                         17,454    17,801
Total Assets                                               23,163    33,455
Total Liabilities                                           1,937     1,451
Total Equity                                               21,226    32,004
In thousands of Canadian dollars                                           
                                     Three months ended   Nine months ended
                                    September September September September
Operations                           30, 2012  30, 2011  30, 2012   30,2011
Exploration                          $  2,784  $  2,960  $  9,748  $  7,385
General and administrative expenses       583       614     2,170     1,776
Professional and consulting fees          254       149       773     1,062
Share-based payments (non-cash)           368       330     1,185       983
Capital tax expense                         -         -         -       445
Net loss, being comprehensive loss                                         
 for the period                         3,930     4,047    13,863    11,627
Basic and diluted loss per share     $   0.03  $   0.03  $   0.10  $   0.09

About CB Gold Inc.:

CB Gold is a mineral exploration company headquartered in Vancouver, British Columbia. CB Gold, through its wholly-owned subsidiary, Leyhat Colombia Sucursal, is actively pursuing the exploration and development of mineral properties in the Republic of Colombia. The Vetas Gold Project consists of a number of existing mines (operations currently suspended) and exploration concessions, and its exploration and development activities are not affected by the proposed Regional Natural Park Paramo de Santurban.

For more information on CB Gold please visit our web site at www.cbgoldinc.com.

Cautionary Note Regarding Forward-Looking Statements

The securities of CB Gold described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

Neither the 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 news release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
SYS-CON Events announced today that Cloudbric, a leading website security provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
The Open Connectivity Foundation (OCF), sponsor of the IoTivity open source project, and AllSeen Alliance, which provides the AllJoyn® open source IoT framework, today announced that the two organizations’ boards have approved a merger under the OCF name and bylaws. This merger will advance interoperability between connected devices from both groups, enabling the full operating potential of IoT and representing a significant step towards a connected ecosystem.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU’s GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
SYS-CON Events announced today that Enzu will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and...