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Message: Williams Creek Announces Profit for its Quarter Ending October 31, 2010
VANCOUVER, BRITISH COLUMBIA, Dec. 16, 2010 (Marketwire) -- Williams Creek Explorations Limited ("Williams Creek", "WCX", or "the Company") (TSX VENTURE:WCX) is pleased to report the results from operations for its financial quarter ended October 31, 2010.
Williams Creek is reporting net earnings of $476,755 (2009 net loss - $24,085) for the three month period ended October 31, 2010. The increase in the Company's earnings is attributable to interest income of $26,566, realized gain on sale of its investments of $513,317, and unrealized holding gains on its investment portfolio of $234,850.
Exploration costs amounted to $46,730 during the current quarter, all attributable to Williams Creek's exploration of its holdings in the Barkerville area. General and Administrative expenses were $135,047 largely attributable to one-off expenses pertaining to Transfer Agent Fees incurred during the issuance of new equity and increased costs attributable to increased activity within the Company.
"For the past 9 months, we at Williams Creek have said that we would do three things: explore, engage in equity and joint venture agreements, and engage in financing and royalty agreements," said Michael Sonnenreich, Chairman and CEO of Williams Creek. "This quarter's encouraging results are showing that there is strong merit to our strategy, and we intend to continue progressing with all three aspects of our plan."
Williams Creek's full financial statements are available for viewing on SEDAR.
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 subsector, 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.
Williams Creek is reporting net earnings of $476,755 (2009 net loss - $24,085) for the three month period ended October 31, 2010. The increase in the Company's earnings is attributable to interest income of $26,566, realized gain on sale of its investments of $513,317, and unrealized holding gains on its investment portfolio of $234,850.
Exploration costs amounted to $46,730 during the current quarter, all attributable to Williams Creek's exploration of its holdings in the Barkerville area. General and Administrative expenses were $135,047 largely attributable to one-off expenses pertaining to Transfer Agent Fees incurred during the issuance of new equity and increased costs attributable to increased activity within the Company.
"For the past 9 months, we at Williams Creek have said that we would do three things: explore, engage in equity and joint venture agreements, and engage in financing and royalty agreements," said Michael Sonnenreich, Chairman and CEO of Williams Creek. "This quarter's encouraging results are showing that there is strong merit to our strategy, and we intend to continue progressing with all three aspects of our plan."
Williams Creek's full financial statements are available for viewing on SEDAR.
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 subsector, 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.
Williams Creek Explorations Limited 514.393.3232 Williams Creek Explorations Limited 514.393.3232 www.WilliamsCreek.ca
Source: Marketwire Canada (December 16, 2010 - 9:17 AM EST)
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