Welcome!

Agile Computing Authors: Elizabeth White, APM Blog, Progress Blog, LeanTaaS Blog, Yeshim Deniz

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.

Contacts:
CB Gold Inc.
Orin Baranowsky
V.P. Investor Relations
+1 (416) 847-1845
[email protected]
www.cbgoldinc.com

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.

@ThingsExpo Stories
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics gr...