Amazon Mining Holding Plc
TSX VENTURE : AMZ

Amazon Mining Holding Plc

May 03, 2010 07:30 ET

Amazon Releases Results for the Year Ended December 31, 2009

TORONTO, ONTARIO--(Marketwire - May 3, 2010) - Amazon Mining Holding Plc (TSX VENTURE:AMZ) ("Amazon" or the "Company") released its audited consolidated financial statements for the year ended December 31, 2009 and provides the following corporate update.

For the twelve-month period ended December 31, 2009 Amazon incurred a net loss of £767,486 compared to a net loss of £2,509,249 for the twelve-month period ended December 31, 2008. As the Company remains engaged in exploration activity, no revenues are presently generated from its operations. The smaller loss in 2009 was primarily because of the smaller exploration expenditure following the work slow down initiated in mid 2008. Through 2009 Amazon held most of its cash in Canadian dollars, so it has benefited from the relative weakness of the British Pound. Amazon currently has a working capital position of approximately £4.1MM (Cdn$6.2MM).

During 2009, Amazon focused its efforts on the Cerrado Verde potash project. The company successfully transitioned from strictly exploration to business development, changing the board, attracting government and private sector development partners, and building investment market interest.

In the months since year-end the company has continued to make progress in the development of the Cerrado Verde project. The company received an initial National Instrument (NI) 43-101 compliant inferred mineral resource estimation for its project of 105.1MM t at 10.3% K2O using a 7.5% cut-off grade.

The company is undertaking market and engineering studies to understand the potential market penetration and economics of its proposed ThermoPotash product, and is continuing metallurgical studies to develop second generation potash products.

Commenting President & CEO, Cristiano Veloso, said, "The planned work at Cerrado Verde, should create value for Amazon shareholders, establishing our project as a primary solution to the problem of Brazil's dependence on imported potash."

Other Matters

Amazon has issued a total of 285,000 stock options exercisable at $1.64 per share, expiring April 30, 2015 to consultants and staff.

About Amazon

Amazon Mining is a mineral exploration and development company founded by Brazilians in 2005. The company is focused on the development of Cerrado Verde project. Cerrado Verde is source of a potash rich rock from which Amazon plans to produce a slow-release, non-chloride, multi-nutrient, fertilizer product. Amazon Mining is a UK public company with shares listed on the Toronto Stock Exchange since November 2007.

On behalf of the Board of Directors of Amazon Mining Holding Plc, Jed Richardson, Vice President of Corporate Development

Cautionary Language and Forward Looking Statements

THIS PRESS RELEASE CONTAINS CERTAIN "FORWARD LOOKING STATEMENTS", WHICH INCLUDE BUT IS NOT LIMITED TO, STATEMENTS WITH RESPECT TO THE FUTURE FINANCIAL OR OPERATING PERFORMANCE OF THE COMPANY, ITS SUBSIDIARIES AND ITS PROJECTS, STATEMENTS REGARDING USE OF PROCEEDS, EXPLORATION PROSPECTS, IDENTIFICATION OF MINERAL RESERVES, COSTS OF AND CAPITAL FOR EXPLORATION PROJECTS, EXPLORATION EXPENDITURES, TIMING OF FUTURE EXPLORATION AND PERMITTING, REQUIREMENTS FOR ADDITIONAL CAPITAL, GOVERNMENT REGULATIONS OF MINING OPERATIONS, ENVIRONMENTAL RISKS, RECLAMATION EXPENSES, TITLE DISPUTES OR CLAIMS, AND LIMITATIONS OF INSURANCE COVERAGE. FORWARD LOOKING STATEMENTS CAN GENERALLY BE IDENTIFIED BY THE USE OF WORDS SUCH AS "PLANS", "EXPECTS", OR "DOES NOT EXPECT" OR "IS EXPECTED", "ANTICIPATES" OR "DOES NOT ANTICIPATE", OR "BELIEVES", "INTENDS", "FORECASTS", "BUDGET", "SCHEDULED", "ESTIMATES" OR VARIATIONS OF SUCH WORDS OR PHRASES OR STATE THAT CERTAIN ACTIONS, EVENT, OR RESULTS "MAY", "COULD", "WOULD", "MIGHT", OR "WILL BE TAKEN", "OCCUR" OR "BE ACHIEVED". FORWARD LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SAID STATEMENTS. THERE CAN BE NO ASSURANCES THAT FORWARD-LOOKING STATEMENTS WILL PROVE TO BE ACCURATE, AS ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SAID STATEMENTS. ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS.

The potential grades detailed in this release are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the targets being delineated as a mineral resource.

Readers are cautioned not to rely solely on the summary of such information contained in this release and are directed to the complete set of drill results posted on Amazon's website (www.amazonplc.com) and filed on SEDAR (www.sedar.com) and any future amendments to such. Readers are also directed to the cautionary notices and disclaimers contained herein.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Amazon Mining Holding Plc
    Cristiano Veloso
    President & Chief Executive Officer
    +44 (0) 20 8133 7607
    +44 (0) 20 7405 7773 (FAX)
    cv@amazonplc.com
    or
    Amazon Mining Holding Plc
    Jed Richardson
    VP Corporate Development
    +1 (416) 866-2966
    +1 (416) 866-8829 (FAX)
    jed@amazonplc.com
    www.amazonplc.com