Mega Uranium Ltd. Releases Unaudited Results For The Three Months Ended December 31, 2012
Thursday, February 14, 2013 at 6:08PM
Uranium Stocks

Mega Uranium Ltd (TSX: “MGA”) announces its results for the three months ended December 31, 2012 the highlights are listed below:


SUMMARY FINANCIAL RESULTS

As at December 31, 2012, the Company had mineral properties and related expenditures of $126.9 million as compared to $129.1 million as at September 30, 2012. Long term investments at fair value totaled $6.7 million as compared to long term and short term investments of $16.6 million as at September 30, 2012. Also as at December 31, 2012 Company had cash and cash equivalent of $6 million as compared to $2 million as at September 30, 2012.  

Summary results for the three months ended December 31, 2012, as compared to the three months ended December 31, 2011:

Consolidated statement of financial position Highlights December 31, 2012  September 30, 2012
Cash and cash equivalents $       6,001 $     2,022
Short term investments Nil 9,719
Long term investments  6,766 6,852
Mineral properties and deferred exploration expenditure 126,930 129,116
Total assets      

Total liabilities
Share capital, warrants and broker warrants
and share option reserve
Accumulated other comprehensive income
Deficit
151,312

1,593
369,325

5,369
(224,975)
151,420

1,832
369,105

3,821
(223,338)
Working capital 5,749 11,921

 

During the three months ended December 31, 2012, the Company spent $5.6 million on exploration and evaluation assets as compared to $2.6 million during the three months ended December 31, 2011. During the three months ended December 31, 2012, Mega completed the sale to NexGen Energy Ltd. (“NexGen”) of the Company’s uranium projects located in the Athabasca Basin, Saskatchewan, and the Thelon Basin, Nunavat, for total consideration of $8,751, in the form of 21,876,265 shares of NexGen.

..........................

With gold, silver and Uranium stocks being out of favor one must decide if this is a problem or an opportunity. We have steadfastly refused to buy gold and silver mining stocks for the last two years and as evidenced by the HUI we feel that our decision to hold back has been vindicated. The damage done to the mining sector may not be over yet but this demise is starting to offer up some exciting opportunities in my view.

Great care will be needed in the selection process in order to generate a reasonable profit and that’s where our new venture begins. ‘Stock Trader’ has begun trading on behalf of ourselves and our much valued subscribers, all exciting stuff which we are really looking forward to, if you wish to join us then please subscribe below;

Subscribe for 12 months with recurring billing - $199

Buy 12 months of subscription time - $199

Don’t forget if you are new to investment in the precious metals sector then you can subscribe of our FREE newsletters regarding gold stockssilver stocks and uranium stocks, just click on the links and enter your email address and we will email you our articles along with other interesting posts.

Article originally appeared on Uranium Stocks (http://www.uranium-stocks.net/).
See website for complete article licensing information.