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TORONTO, ONTARIO -- (Marketwire) -- 02/12/13 -- Mega Uranium Ltd. ("Mega") (TSX: MGA) announces its results for the three months ended December 31, 2012.
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:
-- Net loss for the three months ended December 31, 2012 was $1.6 million ($0.01 per common share) compared to a net loss of $0.7 million for the three months ended December 31, 2011 ($0.00 per common share).-- Total general and administrative expenses for the three months ended December 31, 2012 from operations were $1.89 million, as compared to $1.9 million for the three months ended December 31, 2011.--------------------------------------------------------------------------------------------------------------------------------------------------------Consolidated statement of financial position December 31, September 30, Highlights 2012 2012----------------------------------------------------------------------------Cash and cash equivalents $ 6,001 $ 2,022Short term investments Nil 9,719Long term investments 6,766 6,852Mineral properties and deferred exploration expenditure 126,930 129,116Total assets 151,312 151,420Total liabilities 1,593 1,832Share capital, warrants and broker warrants and share option reserve 369,325 369,105Accumulated other comprehensive income 5,369 3,821Deficit (224,975) (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.
ABOUT MEGA URANIUM
Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Canada and Cameroon. Further information on Mega can be found on the company's website at www.megauranium.com.
