On February 15th, Bayfield Ventures was recognized as a TSX Venture 50® company in 2011. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license. The TSX Venture 50® are the top 10 companies listed on the TSX Venture Exchange, in each of five major industry sectors -- mining, oil & gas, technology & life sciences, diversified industries and clean technology -- based on a ranking formula with equal weighting given to return on investment, market cap growth, trading volume and analyst coverage. All data was as of December 31, 2010.
Thu Sep 30, 2004 Third Quarter Report Ended July 31, 2004
Third Quarter Report
Bayfield Ventures Corp. has released its BC Form 51-901F Third Quarter Report containing unaudited financial statements in Canadian funds, for the period ended July 31, 2004 (the "Quarterly Report"). Pursuant to the requirements of National Instrument 54-102, this news release provides a summary of the information contained in the Quarterly Report. Concurrently with this news release the Company has filed the Quarterly Report with the regulatory authorities through SEDAR (www.sedar.com).
General
The Company is primarily a junior exploration company with no revenues from mineral producing operations. Activities include the process of exploring its mineral properties, reviewing and subsequently acquiring potential new mineral properties and conducting exploration programs to determine whether these properties contain ore reserves that are economically recoverable. Recoverability of the amounts shown for mineral properties and related deferred exploration expenditures is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain necessary financing to complete the exploration of the property, and upon future profitable production.
Results of Operations
For the nine months ended July 31, 2004, the Company had a net loss of $130,468 and total expenses of $130,496 as compared to a net income of $983 and total expenses of $75,928 in the same period of the previous year. Expenses increased by $54,568 in the current period as compared to the same period in the previous year. Shareholders' communication and promotion increased by $16,810 of which $15,000 related to an Investor Relations Agreement with Tangent Management Ltd. wherein, effective December 1, 2003, Tangent had agreed to provide the Company with investor relation services over a three-month term. The Company has also become more active and consequently expenses have increased accordingly. The $72,950 gain on sale of mineral property option resulted in income in the same period of the previous year.
Liquidity and Capital Resources
Working capital deficiency at July 31, 2004 was ($100,964) as compared to a working capital of $19,524 at October 31, 2003. Cash at October 31, 2003 was $6,783. Cash in the amount of $4,250 was received from the exercise of options, $32,500 from the exercise of warrants and $19,500 from share subscriptions receivable. As a result of expenditures incurred during the current period for general business expenses; $27,658 for acquisition costs relating to three new mineral exploration licenses in Mongolia and $1,500 in deferred exploration expenditures also in Mongolia; $10,000 towards Baird Township, Ontario acquisition costs; and the $96,596 increase in accounts payable, the Company's cash position at July 31, 2004 was $3,445.
Significant Events
Mineral properties - Gobi Region, Mongolia
On February 24, 2004 the Company announced that it had received final documentation from the Cadestral office of the Mineral Authority of Mongolia, regarding the acquisition and transferring of three (3) Mineral Exploration Licenses to the Company. This allows the Company the right to explore for all minerals in accordance with the regulations as set out in the Mineral Law of Mongolia. The three mineral licenses are located in the Hanbogd district, the Bayan Ovoo district, and Sevrei district, which are situated in the Gobi Region in south central Mongolia. The three newly acquired land packages total approximately 300,000 hectares (750,000 acres), and are located east and west of Ivanhoe Mine's Oyu Tolgoi copper gold deposit.
The company is now preparing for an initial phase of exploration. A field exploration program consisting of mapping, sampling, and data analysis will be the Company's first focus.
Consulting Services Agreement
On May 1, 2004 the Company renewed its consulting services agreement with a director of the Company for another 12 months. The terms of the agreement require the Company to pay a monthly fee of $1,000 per month for a period of 12 months, unless extended for a longer period by mutual agreement between the parties.
Stock Options
On May 15, 2004, incentive stock options to purchase 20,000 shares of the Company at $0.11 per share expired unexercised.
Subsequent Events
Private Placement
On September 20, 2004, the Company closed the first tranche of its 800,000 unit private placement announced August 18, 2004. The Company issued 455,000 Units at a price of $0.25 per Unit with each Unit consisting of one share and one share purchase warrant entitling the holder to purchase an additional share of the Company at a price of $0.30 until September 20, 2005. The Company also issued 28,000 units and paid the sum of $1,650 to finders in connection with this private placement. The shares issued and any shares to be issued upon exercise of the warrants will be subject to a hold period and will not trade before January 21, 2005.
ON BEHALF OF THE BOARD OF DIRECTORS
"Donald Huston"
__________________________________
DONALD HUSTON
President/Director
You can view the Next News Releases item: Fri Oct 8, 2004, Donald Myers Appointed Director
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