| ||April 26, 2004|
MBA GOLD REVIEWS FISCAL 2004 AND LOOKS AHEAD TO 2005
| ||MBA Gold Corp. (TSX Venture: MBA-V) today announced its financial results for the fiscal year ended January 31st 2004. |
Fiscal 2004 was a year of transition for MBA Gold Corp. during which time the Company achieved a number of critical milestones towards the goal of building a North American based, mid-tier gold mining company. During the year MBA:
• Completed the acquisition of our initial mineral property interest -- the World Beater Gold Project;
• Raised $1,275,000 pursuant to an equity financing completed with Bolder Investment Partners;
• Completed an aggressive 29 hole drilling program at World Beater that significantly extended the previously identified high grade, shallow gold deposit; and
• Initiated the ongoing process of developing strong ties with some of the most significant players in the mining industry and in the mining finance sector.
As a result of the equity financing completed in Q2, the Company substantially strengthened its balance sheet. On January 31st, 2004 the Company had net assets of $1,144,418 and working capital of $33,323. This compared with net assets of $175,200 and a working capital deficit of $4,152 at January 31, 2003. During the fiscal 2004 year, the Company received no revenue and continued to incur costs relating to the acquisition, financing and exploration of the World Beater Gold property. These costs increased during the year as a result of increased activity associated with the Bolder financing, the reactivation of the Company and the World Beater exploration program. As a result, the Company incurred a loss for the fiscal 2004 year of $402,748 ($0.04 per share). This compared with a loss of $167,206 ($0.03 per share), for the fiscal 2003 year. All share and per share numbers have been adjusted to reflect the three-for-one share capital consolidation completed in February 2002.
Cameron White, President of MBA Gold Corp stated:
"Having laid the ground work in fiscal '04, MBA Gold Corp. is now positioned to take a number of aggressive steps towards the achievement of our corporate objectives. As we approach the end of the 1st quarter of fiscal 2005, we are pleased to say that we have already made some very important moves.
On April 15, 2004 we appointed George Young to our Board of Directors. Mr. Young holds a PhD in law as well as a degree in Engineering and has nearly 30 years of experience in the mining industry. George played a significant role in the acquisition, development, financing or operation of seventeen mining projects in North and South America. During the early 1990's, Mr. Young served as Vice President-Law of Canyon Resources Corporation (AMEX: CAU) where he had a significant role in the permitting and construction of the Briggs Mine, located less than 10 miles from MBA's World Beater Gold project.
We have also initiated an aggressive search for new mining properties that will add substantial value to the Company. Our strategy is to systematically acquire a portfolio of precious metals properties that will ultimately form our "pipeline" to the future. In other words, we intend to acquire properties that are either currently generating cash flow, or that have the potential to generate cash flow.
Unquestionably the most significant achievement at this early stage in the year is the announcement last week that we have appointed Endeavour Financial to provide us with financial advisory services with respect to strategic direction and corporate development. With offices in Vancouver, Georgetown and London, Endeavour has provided financial advisory services to the mining industry for over 15 years. During the last 18 months alone Endeavour has assisted its clients with the completion of financings valued at over US$1Billion.
Our goal is simple -- to create shareholder value."
MBA Gold Corp. is a precious metals development company whose strategy is to acquire a portfolio of resource properties that have indicated mineral resources and require further exploration or development work. MBA Gold will add value to these projects by providing capital, exploration expertise and where justified, development and production planning.
For more information, contact Mr. Cam White at 604-707-0373.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy or the adequacy of this press release.
Visit our website at www.mbagold.com
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