Thursday, 30th August 2007 (2034 views)

US-based exploration company Ventura Gold has announced its latest quarterly results, generating net income of around $273,600 (£135,700) in the three months to June 30th.

The firm finished the quarter with $4.4 million in cash and positive working capital of $4.2 million. It recorded non-cash foreign exchange gains of approximately $324,000.

Strategic investments in two exploration companies led to an increase of $740,900 in long term investments over the period, bringing the total to $1.35 million.

Going forward Ventura Gold is to begin surface mapping and sampling at its Inmaculada silver-gold project in southern Peru during the third quarter of 2007.

The company hopes to invest around $1.5 million in exploration during the fiscal year ending March 31st 2008, focusing on the Inmaculada and Gold Gulch projects.

It commenced drilling at the Gold Gulch project earlier this month with the aim of testing multiple copper-gold targets. The programme is expected to be completed by October.

 

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