Published 22 February 2018
Copperstone Resources AB ("Copperstone" or "the Company") is pleased to announce the year-end and quarterly report (Q417) for the Company. A brief summary of the report follows:
Financial results for the period:
- Net revenue for the period was 11 (91) KSEK and loss before taxes amounted to -7,984 (-13,618) KSEK, of which -1,958 (-8,603) KSEK is for the fourth quarter.
- Earnings after tax per share were -0.04 (-0.12) SEK, and for the fourth quarter -0.01 (-0.05) SEK.
- The cash flow during the period was 25,557 (778) KSEK, of which 23,951 (1,756) KSEK is for the fourth quarter.
- Total assets at the end of the period was 78,642 (38,060) KSEK and a bank balance of 28,286 (2,729) KSEK.
- The closing balance of cumulative capitalized expenditure for exploration amounted to 39,151 (26,677) KSEK.
- At 31st December 2017 the Company has a strong projected cash position for all planned exploration geophysics and drilling objectives of the Company for 2018.
Significant events during the Q417 period
- Direct Issue of 30 million SEK raised for exploration of porphyry copper mineralisation.
- Award of the Eva K no. 1 exploitation concession and subsequent objection.
- Technical Report filed on the geophysical surveys carried out around Granliden.
- Norrlandsfonden support the Company with 2.6 million SEK debenture.
Significant events after the Q417 period
- Start of deep core drilling campaign in January 2018, targeting potential porphyry copper system and related mineralisation.
The complete year-end and Q417 report is attached.
For further information, please contact Chris McKnight (CEO) at +46(0)580-88890, or info@copperstone.se or refer to Copperstone webpage: www.copperstone.se.
This press release contains insider information which Copperstone Resources AB (publ) is obliged to publish according to the EU market abuse regulation (MAR). The information was delivered by the above mentioned contact for publishing 22nd February 2018 at 0800 CET.
About
Copperstone Resources AB is a public company trading as COPP B on NASDAQ First North (Stockholm). The Certified Adviser is Augment Partners AB. The Company is focused on base and precious metal exploration in the vicinity of the internationally-recognized mining region of the Skellefte-field in northern Sweden. The Copperstone project is situated on four contiguous exploration permits in Norrbotten County (Sandberget 100 (8074ha), Sandberget 200 (19ha), Sandberget 300 (19ha) and Svartliden 1001 (444ha). In addition the Company owns one exploitation concession within the same area, namely Svartliden K no. 1 (36ha) and an approved application for Eva k no. 1 (34ha) subject to an objection. The Company also owns the Tvistbogruvan K no. 1 (11ha) exploitation concession and the Såggården no. 1 (199ha) exploration permit in the Bergslagen mining region of central Sweden. Quoted surface areas are approximate to the nearest hectare. All exploration permits and exploitation concessions are 100% owned, either directly or through a subsidiary.
Qualified Person
All information in this press release has been reviewed and approved for publication by the appointed independent Qualified Person Mr Thomas Lindholm (M.Sc. Mining Engineering) of Geovista AB. Mr Lindholm is a registered Member of the Fennoscandian Review Board and has in excess of 35 years' experience in mineral exploration in Sweden and abroad and is a Qualified Person under the Nasdaq First North Stockholm rules. Mr Lindholm consents to the inclusion of the information in the form and context in which it appears.
Forward-looking Statement
News releases, presentations and public commentary made by the Company, and its Officers, may contain certain statements and expressions of belief, expectation or opinion which are forward-looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements. Accordingly, the reader should not rely on any interpretations or forward-looking statements; and save as required by the exchange rules of NASDAQ First North (Stockholm) for listed companies or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may re-interpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.
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