Amazon Releases Results for the Quarter Ended March 31, 2010
June 01 2010 - 11:07AM
Marketwired Canada
Amazon Mining Holding Plc (TSX VENTURE:AMZ) ("Amazon" or the "Company") reported
its unaudited interim consolidated financial statements for the three month
period ended March 31, 2010 and provides the following corporate update.
Amazon has changed its reporting currency to Canadian dollars from British
pounds. During, the three- month period ended March 31, 2010 there was a net
loss of $248,932 compared to a net loss of $310,220 for the three-month period
ended March 31, 2009. Amazon currently has a working capital position of
approximately $6.2MM.
In the months since year-end, Amazon has focused its efforts on advancing the
Cerrado Verde project. Amazon announced the completion of a resource
confirmation drilling program which revealed a massive glauconite zone, grading
10-13% K20 (see January 21, 2010 press release). The company received an initial
NI 43-101 Inferred Resource of 105.1 million tonnes grading 10.3% using a
cut-off grade of 7.5% (see release March 8, 2010). Amazon also announced an
agreement with Sekita Agronegocios ("Sekita"), a leading Brazilian based
agribusiness company. Sekita plans to test ThermoPotash in real world conditions
for use with various vegetables (see release March 22, 2010). Amazon is
currently seeking opportunities to further develop additional partnership
agreements to aid in the projects progress.
Subsequent Period Summary
-- Bench scale agronomic tests are being completed using ThermoPotash that
has been processed at the company's pilot plant. Initial solubility
tests using concentrated nitric acid have shown the process has
succeeded in making 95.8% of the contained potassium (K2O) soluble and
potentially available to plant roots in trial versions of the fertilizer
product, made from the insoluble verdete rock.
-- Lab scale tests are advancing on the generation of muriate (KCl),
sulphate (K2SO4) and carbonate (K2CO3) of potash from our verdete ore.
Other Matters
Amazon has issued 250,000 stock options exercisable at $1.40 per share, expiring
May 31, 2015 to new staff.
About Amazon
Amazon Mining is a mineral exploration and development company founded by
Brazilians in 2005. The company is focused on the development of Cerrado Verde
project. Cerrado Verde is source of a potash rich rock from which Amazon plans
to produce a slow-release, non-chloride, multi-nutrient, fertilizer product.
Amazon Mining is a UK public company with shares listed on the Toronto Stock
Exchange since November 2007.
On behalf of the Board of Directors of Amazon Mining Holding Plc, Jed
Richardson, Vice President of Corporate Development
Cautionary Language and Forward Looking Statements
THIS PRESS RELEASE CONTAINS CERTAIN "FORWARD LOOKING STATEMENTS", WHICH INCLUDE
BUT IS NOT LIMITED TO, STATEMENTS WITH RESPECT TO THE FUTURE FINANCIAL OR
OPERATING PERFORMANCE OF THE COMPANY, ITS SUBSIDIARIES AND ITS PROJECTS,
STATEMENTS REGARDING USE OF PROCEEDS, EXPLORATION PROSPECTS, IDENTIFICATION OF
MINERAL RESERVES, COSTS OF AND CAPITAL FOR EXPLORATION PROJECTS, EXPLORATION
EXPENDITURES, TIMING OF FUTURE EXPLORATION AND PERMITTING, REQUIREMENTS FOR
ADDITIONAL CAPITAL, GOVERNMENT REGULATIONS OF MINING OPERATIONS, ENVIRONMENTAL
RISKS, RECLAMATION EXPENSES, TITLE DISPUTES OR CLAIMS, AND LIMITATIONS OF
INSURANCE COVERAGE. FORWARD LOOKING STATEMENTS CAN GENERALLY BE IDENTIFIED BY
THE USE OF WORDS SUCH AS "PLANS", "EXPECTS", OR "DOES NOT EXPECT" OR "IS
EXPECTED", "ANTICIPATES" OR "DOES NOT ANTICIPATE", OR "BELIEVES", "INTENDS",
"FORECASTS", "BUDGET", "SCHEDULED", "ESTIMATES" OR VARIATIONS OF SUCH WORDS OR
PHRASES OR STATE THAT CERTAIN ACTIONS, EVENT, OR RESULTS "MAY", "COULD",
"WOULD", "MIGHT", OR "WILL BE TAKEN", "OCCUR" OR "BE ACHIEVED". FORWARD LOOKING
STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS
WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY
TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS
EXPRESSED OR IMPLIED BY SAID STATEMENTS. THERE CAN BE NO ASSURANCES THAT
FORWARD-LOOKING STATEMENTS WILL PROVE TO BE ACCURATE, AS ACTUAL RESULTS AND
FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SAID STATEMENTS.
ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING
STATEMENTS.
The potential grades detailed in this release are conceptual in nature. There
has been insufficient exploration to define a mineral resource and it is
uncertain if further exploration will result in the targets being delineated as
a mineral resource.
Readers are cautioned not to rely solely on the summary of such information
contained in this release and are directed to the complete set of drill results
posted on Amazwwwon's.amazonplcwebs.com)iteand filed(on SEDAR (www.sedar.com)
and any future amendments to such. Readers are also directed to the cautionary
notices and disclaimers contained herein.
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