RNS......26 Mar 2015 07:18
Dalradian Announces 2014 Year-end Results
PIM
Dalradian Announces 2014 Year-end Results
TORONTO, ONTARIO--(Marketwired - March 26, 2015) - Dalradian Resources Inc. (TSX:DNA)(AIM:DALR) ("Dalradian" or
the "Company") announced results for the year ended December 31, 2014, including cash and cash equivalents of
$29.8 million. During the third quarter of 2014, the Company began a fully-funded $30 million work program at
its Curraghinalt gold project in Northern Ireland, including underground exploration (the "Underground
Program") consisting of 1,100 metres of development and 20,000 metres of drilling, a mineral resource update, a
pre-feasibility study (the "PFS") and an environmental impact assessment (the "EIA"). The work program is
progressing well toward completion by the end of 2015. All amounts are in Canadian dollars unless otherwise
noted.
Corporate and operational highlights of 2014 and subsequent period
-- Closed three financings for gross proceeds of $41.3 million during 2014
-- Updated mineral resource estimate at Curraghinalt resulting in a 114%
Increase in Measured and Indicated gold ounces during Q2
-- Launched Underground Program and PFS for Curraghinalt during Q3
-- Appointed environmental consultant and commenced EIA during Q4
-- Announced new Preliminary Economic Assessment with 36.2% after-tax IRR
using US$1,200 gold for Curraghinalt during Q4
-- Commenced trading on the AIM market of the London Stock Exchange during
Q4
-- Subsequent to year-end appointed Eric Tremblay as COO
-- Subsequent to year-end, received gross proceeds of $11.3 million through
a private placement with Ross Beaty and a further $8.6 million from
warrant exercises
Financial highlights of 2014 and subsequent period
-- Cash and cash equivalents were $29.8 million at December 31, 2014
compared with $6.9 million at December 31, 2013.
-- Net loss of $6.8 million was lower than the same period in 2013 of $21.8
million, primarily due to the impairment charges of $16.3 million
related to exploration and evaluation assets and equipment in Norway
during 2013.
-- Spending on asset evaluation, which includes development planning,
permitting and other activities associated with the Underground Program,
in 2014 was $6.5 million compared with $2.3 million during 2013 due to
an increase in planning activities related to commencement of the
Underground Program.
-- Exploration expenditures of $1.9 million in 2014 compared with $6.2
million in 2013. The lower level of spending this year is primarily due
to completion of the drill program in Q2 2013, with no comparable level
of activity in 2014. The main focus for the exploration team during 2014
was completion of the updated resource.
-- As of March 24, 2015 Dalradian had 162,959,110 Co
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