| ||April 01, 2003|
Manele Bay Ventures Inc. Announces Fiscal 2003 Results
| ||Manele Bay Ventures Inc. ("Manele Bay") (TSX Venture Exchange - MBA.T) today announced its financial results for the fiscal year ended January 31st 2003. All share and per share numbers have been adjusted to reflect the three-for-one share capital consolidation completed in February 2002.|
Fiscal 2003 was a pivotal year for Manele Bay, during which the Company initiated and substantially implemented its transition to a precious metals mining company. Following the appointment of Dr. Peter Guest as the Company's President and CEO on May 30th, the Board formulated a set of criteria for targeting mineral properties and began an extensive search. In November, the Company announced the acquisition of an interest in the World Beater Gold property located in Inyo County, California. Since then, the Company has focused its efforts on reviewing the extensive exploration history of the World Beater property, planning the 2003 exploration program for World Beater, and arranging the necessary financing. The Company is currently negotiating a financing arrangement that, if successfully concluded, will provide funding for the Company's exploration budget and working capital requirements for 2003. The completion of this financing will also represent the final stage of the Company's formal reactivation process.
During fiscal 2003, the Company substantially strengthened its balance sheet through a series of equity financings that raised aggregate proceeds of $390,000. On January 31st, 2003 the Company had net assets of $175,200 and a working capital deficit of $4,152. At the end of fiscal 2002, the Company had a working capital and net asset deficiency of $53,691 (excluding certain private placement proceeds that were held in trust at year end). The Company's net loss for fiscal 2003, comprised primarily of general and administrative costs, was $167,206 ($0.06 per share), as compared to a loss of $163,410 ($0.10 per share) in fiscal 2002.
Manele Bay is a precious metals mining company whose strategy is to acquire a portfolio of resource properties that have indicated mineral resources and require further exploration or development work. Manele Bay will add value to these projects by providing capital, exploration expertise and where justified, development and production planning.
For more information contact Cameron White, Chairman, at 1-604-707-0373 or email@example.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or the adequacy of this press release.
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