BULLION RIVER GOLD CORP. REPORTS SECOND QUARTER, SIX-MONTH RESULTS FOR FISCAL 2007 & ANNOUNCES CONFERENCE CALL FOR INVESTORS
--Revenue produced totaled $922,533 during second quarter, up 162 percent from previous quarter --
RENO, NV—August 14, 2007—Bullion River Gold Corp. (OTCBB: BLRV) today announced its financial results for the second quarter of the 2007 fiscal year ending March 31, 2007. The company’s financial statements conform to accounting principles generally accepted in the United States (US GAAP). Currency amounts are expressed in U.S. dollars unless otherwise noted.
The company also announced that senior executives would discuss results from the second quarter during a telephone conference call for shareholders on Wednesday after the markets close. Details regarding the investor conference call can be found at the end of this release.
Bullion River reported revenue of $922,533 for the second quarter of 2007, up 162 percent from first quarter revenue of $352,610. During the second quarter, the company sold 1,382 ounces of gold at an average price of $663.33 and 426 ounces of silver at an average price of $13.30. In addition, inventories at June 30, 2007 stood at 1,089 ounces of gold, slightly lower than the inventory remaining at the end of the first quarter. All the revenue from the second quarter was produced at the French Gulch mine. For comparison purposes, there was no revenue produced during the second quarter of 2006 because the company was in the exploration phase at that time. For the second quarter of 2007, the company reported a net comprehensive loss of $6.4 million, or 10 cents per basic and diluted share, compared to a net comprehensive loss of $3.8 million or 7 cents per basic and diluted share for the second quarter of 2006.
For the six-month period, the company reported revenue of $1.3 million, compared to no revenue during the same period one year ago, and a net comprehensive loss of $11.1 million or 18 cents a share, compared to a loss of $6 million or 12 cents a share one year ago.
The company’s loss in the second quarter and six-month period increased from the year-ago period due to higher operational costs associated with ramping up production, compared to its relatively lower costs previously associated with the exploration phase, and an increase in interest expense mainly due to the issuance of convertible debt starting in the third quarter of 2006.
Commenting on the results, Peter M. Kuhn, president of Bullion River Gold Corp., said: “Second quarter revenues represent the best quarter yet for our company, and it’s a positive outcome considering that the mill was not operating for about a month during the quarter. But we are pushing hard to do better. We recently started production in the newly discovered vein in the Washington vein system, and we are moving to improve both production and the ore grade.”
The company’s other recent key accomplishments include:
Significant new development in the Lucky 7 veins. Accumulation of new gold assays samples in key veins that are well above the anticipated level of 1.00 ounce of gold per ton discussed in the independent technical report released in January. Discovery of a third vein system in the Washington access drift with samples that returned over 3.00 ounces of gold per ton across a sample width of at least five feet, and the start of production in this vein. Exploration for additional veins in the northern open ground, where outcrop areas have already been located on the surface.
Outlook Through Year-End 2007
The company will continue to make investments in equipment to increase production in the French Gulch mine. The company’s state-of-the-art crusher is now operating smoothly, and the company will continue investments in the mill that will more than double the 250-ton capacity. Extensive exploration at French Gulch will continue to increase the gold estimates on this property, and the current documented estimate of 257,800 ounces is expected to increase.
Conference Call Details
Shareholders are invited to listen to a live conference call with the company’s senior management at 1:30 p.m. Pacific time on Wednesday, August 15, 2007. Senior management will answer questions that have been submitted in advance via email or fax. Those dialing into the call will be in a listen-only mode, and no questions will be taken during the call.
For callers in the US and Canada, the toll-free conference dial-in number is: (888) 515-2179. For international callers outside Canada, the dial-in conference number is: (706) 634-9722.
Shareholders should submit questions via email or fax prior to 12 p.m. Pacific time on Wednesday, August 15. The email address is: info@bullionriver.com. The fax number is: (775) 324-7893.
Financial Statements
The financial statements of Bullion River Gold Corp. that are attached below were prepared by management, and they should be evaluated together with the related notes filed in our 10-QSB Quarterly Report filed with the Securities and Exchange Commission. Bullion River Gold Corp. Consolidated Balance Sheets As at June 30, 2007 and December 31, 2006
To read all the financial statements please go to: http://www.bullionrivergold.com/prs/pressrelease08-14-07.html About Bullion River Gold Corp Bullion River Gold Corp. is an American-based mineral exploration company focusing on regions containing gold-silver deposits predominantly located in the Western United States. The company has eight properties, five of which are located in Nevada. Two of the Nevada properties are considered advanced projects and three are considered grassroots projects. The three remaining properties are in California. All three of these properties are past producers.
For more information, contact Chris Marcus, Investor Relations at Bullion River Gold Corp. at (800) 540-BLRV (2578) or at chris@fyremarketing.com the Company's website at www.bullionriver.com or the U.S. Securities & Exchange Commission's website at www.sec.gov/ to review Bullion River's latest filings.
This release contains certain statements that are "forward-looking" statements (as the term is defined in the Private Securities Litigation Reform Act of 1995) including statements regarding SEC approval and the sufficiency of the funds raised. Any such forward-looking statements are inherently speculative and are based on currently available information, operating plans and projections about future expectations and trends. As such, they are subject to numerous risks and uncertainties, such as general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations, and other factors over which Bullion River Gold Corp. may have little or no control. Actual results and performance may be significantly different from expectations or trends expressed or implied by such forward-looking statements. Bullion River Gold Corp. expressly disclaims any obligation to update the statements contained in this release.
## ## Contact: Chris Marcus – Investor Relations Bullion River Gold Corp.
1-800-540-BLRV (2578) Office - (775) 324-4881
chris@fyremarketing.com www.bullionriver.com --------------------------------------------------
Bullion River Gold Corp. http://www.bullionriver.com 3500 Lakeside Court, Suite 200 Reno, NV 89509 USA
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