During the quarter and to date in the fiscal year, Ventura achieved the following highlights:
The Company also announced that it is actively seeking partners to pursue potential business combinations that involve gold-silver projects and that provide diversification in properties, country risk, exploration/production stage, etc. to complement the Company’s staff, assets and shareholder base.
During the three-month period ended December 31, 2008, the Company incurred a net loss of $894,000 primarily as a result of a non-cash, unrealized loss on securities held for trading ($218,000), a foreign exchange loss ($356,000) and administrative expenses ($76,000). During the same period last year, the Company incurred a net loss of $483,000 which resulted primarily from a non-cash loss in the value of securities held for trading and normal quarterly operating expenses partially offset by a non-cash foreign exchange gain.
During the nine-month period ended December 31, 2008, the Company incurred a net loss of $2,134,000 primarily due to increased administrative expenses ($238,000) arising from a significant acceleration of on-going exploration activities together with a non-cash, unrealized loss on securities held for trading ($730,000) and foreign exchange losses ($427,000). During the same period last year, the Company incurred a net loss of $524,000 which resulted primarily from normal quarterly operating expenses partially offset by interest earned on its cash accounts and a foreign exchange gain.
By March 19, 2009 the Company expects to be notified by Hochschild as to whether Hochschild will exercise its back-in right to acquire an additional 11% interest in the Inmaculada project (60% Hochschild in total). Depending on the outcome of the Hochschild back-in right, the Company will evaluate its position and all options available for the Inmaculada Project.
The Company will reassess its financial position following Hochschild’s back-in right decision and determine the work needed to advance the Inmaculada Project. In regards to the strategic equity investment aspect of the Company’s business plan, the Company continues to monitor its investments (public and private companies) and will be highly selective in making any significant new investments in the current environment, in order to preserve cash to advance its Inmaculada Project. The Company does not anticipate any of its private company holdings to proceed with an Initial Public Offering until the general equity markets improve.
The Company is actively seeking partners to pursue potential business combinations and is pursuing partners to farm out or joint venture its US properties (Cottonwood Peak, Gold Gulch and Del Oro).
The Company is pursuing precious metals exploration and development opportunities and continues to focus on its two-fold business plan: