Williams Creek Explorations Limited Reports Quarterly Profit
September 28 2010 - 4:00PM
Marketwired
Williams Creek Explorations Ltd. (TSX VENTURE: WCX), ("Williams
Creek," or "the Company") is pleased to report that it turned a
profit for the second quarter of its fiscal year, ended July 31,
2010.
Williams Creek's operations during the 3 months ended July 31,
2010 produced net income of $19,473 ($0.00 per share) as compared
to a net loss of $16,176 ($0.00 per share) for the 3 month period
ended July 31, 2009.
The Company's profit was attributable entirely to gains realized
through sale of investments of $18,326, unrealized gains on
investments of $118,733, and interest income of $25,870.
"I am very happy to report that Williams Creek has turned a
profit for the first time in at least a decade," said Williams
Creek Chairman and CEO Michael Sonnenreich. "It is rare for an
exploration stage company to turn a profit, and yet, that is
exactly what we have done. We hope to build on this success."
Williams Creek's cash position improved during the quarter,
leaving it with $5,046,375 in cash as of July 31, 2010 compared to
cash of $19,585 as of July 31, 2009. Williams Creek also announced
on September 12, 2010 that it closed a financing for gross proceeds
of $1,783,702.
"The improvement in the Company's cash position will give it
more options and allow it to increase the pace of its activities,"
said James W.F. Tutton, CFO of Williams Creek.
In light of the improved cash position of the Company, Williams
Creek is pursuing permits for a drill program on its Barkerville
claims in order to continue with the exploration initiatives last
pursued in 2006.
"These results are an early validation of Williams Creek's
twofold strategy," said Mr. Sonnenreich. "Williams Creek does two
things: first, it explores its holdings in the Barkerville and
Kamloops areas as well as its working interest in its Northwest
Territories diamond exploration project. Second, WCX participates
broadly in the gold subsector of the natural resource sector
through equity and joint venture investments as well as royalty and
financing activities. The results of the Company's second fiscal
quarter, particularly with respect to its accumulating cash balance
and its appreciating investments, are an early indication of the
way in which we plan to engage in those pursuits."
About WCX:
Visit http://www.WilliamsCreek.ca to learn more about Williams
Creek Explorations Ltd.
Williams Creek Explorations Ltd. is a Canadian company with the
primary purpose of participating broadly in the natural resource
sector, with an emphasis on the gold sub-sector, through
exploration, joint ventures or other equity investments.
The Company owns twenty-eight crown granted mineral claims in
the Cariboo Mining Division and three crown granted mineral claims
in the Kamloops Mining Division. The Company also has a net 30%
interest in the ATW diamond property in the MacKenzie Mining
District of the Northwest Territories.
This news release may contain forward-looking statements
including management's assessments of future plans and operations,
and expectations of future production. These statements are based
on current expectations that involve a number of risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not
limited to, the risks associated with the mining and exploration
industry (e.g. operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production and the uncertainty of the availability of
capital). The assumptions used in the preparation of such
statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
The TSX Venture Exchange has not reviewed nor accepted
responsibility for the adequacy or accuracy of this news release
which has been prepared by management.
Contacts: Williams Creek Explorations Limited Michael
Sonnenreich 514.393.3232 Williams Creek Explorations Limited Dov
Zigler 514.393.3232