White Tiger Gold Reports 2011 Second Quarter and Six-Month Financial Results
TORONTO, ONTARIO -- (Marketwire) -- 08/16/11 -- White Tiger Gold Ltd. (TSX: WTG) ('White Tiger Gold' or the 'Company') announced today the Company has filed its interim financial statements and management's discussion & analysis ('MD&A'), for the three-month and six-month period ended June 30, 2011 and can be found on White Tiger Gold's website at www.whitetigergold.com and will be available on SEDAR at www.sedar.com.
Financial Highlights for the six-months ended June 30, 2011:
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$ millions (except For the Six months ended For the Six months ended
earnings per share) June 30, 2011 June 30, 2010
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Q2-11 Q2-10
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Net revenue $4.1 $2.4
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Cost of Sales -$2.9 -$2.1
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Operating Margin S1.2 S0.3
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Exceptional/ Share Issue
Costs -$5.2 0
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Net Loss -$5.8 -$1.0
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Loss per share -$0.03 -$0.54
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Cash used in Operation
Activities -$10.5 -$3.9
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Cash used in Investing
Activities
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Cash used in Financing
Activities
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Financial Position $ millions
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Cash $3.5
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Working Capital $15.3
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Total Assets $77.3
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Second Quarter 2011 Operational Highlights:
-- Confirmed a major zone of gold mineralization located immediately to the
southwest of the current open pit operation on the 100%-owned Savkino
heap leach gold operation located in south Siberia, Russian Federation;
-- Commenced 40,000 m drill program on the Nasedkino Project and Uryum
licence areas located in southern Siberia, Russian Federation;
-- Commissioned a new CH 430 Sandvik cone crusher on the Savkino Project;
-- On target for planned production of 20,000 ounces of gold in 2011 on
Savkino Project;
-- Profitable open-pit production on the Savkino Project.
'We remain on target for planned production of 20,000 ounces of gold in 2011 on the Savkino Project. With the Savkino Project generating positive cash flow we are able to accelerate the planned development of the Nasedkino Project. The ramp up of exploration and development activities is well underway with infill, exploration, geotechnical drilling for a total length of 24,100 meters, metallurgical testing, and an environmental baseline study to be completed by the end of this year,' said Dr. Geoffrey Cowley, CEO of White Tiger Gold Ltd.
About White Tiger Gold
The Company is a TSX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation. The Company currently operates the Savkino heap leach gold operation located in southeastern Siberia. Plans are underway to expand gold production at Savkino and to develop a second gold-copper mine at the Company's Nasedkino property situated in Chita Region in southeast Siberia. The Company also holds three additional early-stage gold exploration licences in prospective geological environments located in central and northeast Siberia.
Contacts:
White Tiger Gold Ltd.
Dr. Geoffrey Cowley
Chief Executive Officer
info@whitetigergold.com