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Galantas Gold net loss widens

By BFN News | 03:11 PM | Wednesday 28 April, 2010


Galantas Gold Corporation posts a full year net loss of $6.36m - up from a restated loss of $2.45m in 2008. It says that when the net loss is adjusted for non-cash items, the cash generated from operating activities amounted to $545,828 for the year to the end of December compared to $39,670 in 2008. It said the primary reason for the increased loss was due to an impairment charge totalling $5,314,412 on both deferred development and exploration ($3,448,716) and property, plant and equipment costs ($1,865,676) during 2009. The company is restating the comparative figures in the current year's consolidated financial statements to reverse the future tax asset that had been recognised in the prior years. Revenues for the year totalled $5,409,913 - up from $4,402,965 in 2008. Story provided by Business Financial Newswire

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