Weda Bay announces financial results for period ended June 30, 2000
Saturday, August 26 2000 - 04:00 AM WIB
Weda Bay Minerals (TSE:WDA) today announced their financial results for the period ended June 30, 2000. During the quarter the Company received the first portion of funding from OM Group (NYSE:OMG) for the feasibility study on its high-grade nickel and cobalt deposits in Halmahera, Indonesia. These funds were received by way of a subscription of 5,061,552 treasury shares of Weda Bay at C$1.35 that was completed on April 28, 2000.
"We are making significant progress in the feasibility study," said Lou Clinton, President and CEO of Weda Bay Minerals. "Our current exploration activities are fully funded and moving forward as planned. This is especially significant in light of the fact that the company had recently announced an updated indicated and inferred resource of 202.3 million dry
tonnes of 1.37% nickel and 0.12% cobalt."
For the six months ended June 30, 2000 the Company incurred a net loss of $296,334 or $0.01 per share compared to a loss of $206,755 or $0.01 per share for the same period of 1999.
Working capital for the six-month period rose to $5,716,246, compared to $984,082 over the same period last year principally due to funds received for the feasibility study. This includes a cash position of $6,918,802 at June 30, 2000 versus $937,240 on June 30, 1999.
Administrative expenses increased to $1,050,454 in 2000 from $351,279 in 1999 as a result of legal fees and other costs associated with the completion of the OMG strategic partnership.
About Weda Bay:
Weda Bay Minerals Inc. is a Canadian base metals exploration and development company focused on its nickel/cobalt laterite project in Halmahera, Indonesia. The project is held under a Contract of Work between the Government of Indonesia and PT Weda Bay Nickel (90% owned by WDA's wholly owned Singapore subsidiary and 10% owned by PT Aneka Tambang Tbk., (a public listed mining company majority owned by the Government of Indonesia). The company is conducting a feasibility study in support of project financing.
Investor relations contacts:
Doug Fosbrooke, Telephone: (604) 687-6223 or 1-888-933-2646 Facsimile: (604) 608-6163
Ian Shaw Telephone: (416) 260-2771 Facsimile: (416) 352-5534
Vancouver Office: 1000 -- 355 Burrard Street, Vancouver, British Columbia, Canada V6C 2G8 Telephone: (604) 687-6223 Facsimile: (604) 608-6163 (*)