For the three months ended March 31, 2013, we reported a net loss of $2.51 million compared to a net loss of $1.46 million for the three months ended March 31, 2012. The loss per share for the three months ended March 31, 2013 was $0.03 (three months ended March 31, 2012: $0.02). The most significant contributors to the losses for the three months ended March 31, 2013 were non-cash stock based compensation ($1.11 million) and the cost of wages and benefits ($0.49 million). These costs were offset by interest earned on our cash deposits of $0.12 million. The most significant contributor to the comparative period loss was stock based compensation and wages offset by changes in the fair value of the Company's financial instruments.
The net balance of other comprehensive loss for the three months ended March 31, 2013 was $1.07 million (March 31, 2012: income of $0.32 million). The three months ended March 31, 2013 includes a $1.08 million loss (March 31, 2012: gain of $0.47 million) from the impact of exchange gains and losses arising from exchange differences further to the translation of our foreign operations with a non-United States dollar functional currency, and a net value gain on financial assets of $0.01 million during the three months ended March 31, 2013 (three months ended March 31, 2012, loss of $0.15 million) relating to the revaluation of our available-for-sale investments. The impact from exchange differences will vary from period to period depending on the rate of exchange; in the period between January 1, 2013 and March 31, 2013, there was a 2% change in the exchange rate between the United States and Canadian dollars.
Liabilities at March 31, 2013 and at December 31, 2012 reflect primarily accounts payable and accruals recorded at period end arising from ongoing activities.
This press release should be read in conjunction with Pilot Gold's unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the quarter ended March 31, 2013. These documents can be found on the Company's website (www.pilotgold.com) or on SEDAR at www.sedar.com. All amounts are presented in United States dollars unless otherwise stated.
AGM VOTING RESULTS
Pilot Gold is also pleased to announce voting results from the Company's Annual General Meeting of Shareholders held on Thursday, May 9, 2013. A total of 47,242,198 common shares were voted, representing 54.40% of the votes attached to all outstanding common shares. Shareholders voted in favor of all items of business before the meeting, including the election of all director nominees as follows:
Dr. Mark O'Dea 98.30%Mr. Matthew Lennox-King 98.64%Mr. John Dorward 98.31%Mr. Donald McInnes 93.51%Mr. Robert Pease 94.36%Mr. Sean Tetzlaff 93.08%
Voting results are released in accordance with Toronto Stock Exchange requirements. Detailed voting results for the meeting are available on SEDAR at www.sedar.com.
Moira Smith, Ph.D., P.Geo., Chief Geologist, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and validated that the scientific and technical information contained in the release is accurate.