Fundy Minerals
LSE : FUND

June 26, 2009 02:00 ET

Final Results

                                                    FUNDY MINERALS LTD
                                                        (PLUS: FUND)

                                                        FINAL RESULTS  

The Board of Fundy Minerals Ltd ("Fundy" or "the Company"), the Canadian and West African exploration company, is
pleased to announce audited final results for the 12 month period to 31 January 2009. 

Highlights 

-       Fundy received  its Liberian Mineral Exploration License Permits over the Sehnkweh Cestos claim, an area of
        circa 1,000 sq. km.  Permits are granted for an initial 3 years and are subject to a potential 2 year
        extension.

-       Fundy received full payment from Minex Technologies (Minex) of the outstanding loan of CAD$433,179. The 
        receipt of that payment completely satisfies the terms of the loan. Minex has also repaid the loan of
        £74,831.25, which was outstanding to World Mining Services; Fundy's spin-off Company. This loan repayment
        completes the terms of the loan outstanding and WMS will maintain a 10% equity stake in Minex. 

-       Fundy has now completed circa 30 kilometers of grid cutting, in preparation of mag and vlf geophysical surveys
        over its County Line, Marigold, and Taylor Brook claims, and conductivity EM surveys at Flatlands

-       Fundy identified the anomalous presence of molybdenum along the Carter gold zone at Sand Brook. Samples ranged
        with anomalous readings of 2560 ppm (sample S3) to a high of 4530 ppm (sample S4) in rock samples along the
        intensive shearing zone.

-       Subsidiary World Mining Services Ltd successfully listed on PLUS 

Chairman's Statement 

2008  brought us a broad palate of market woes and fiscal concerns.  Fundy has kept its head up and shoulder to the
grindstone progressing on many fronts.  It is the opinion of the Board that well focused activity will serve our 
shareholders best.  

Liberia

Fundy has received the Liberian Mineral Exploration License Permits over the Sehnkweh Cestos claim, an area of circa 
1,000 sq. km. As a result of this license process Fundy's exploration territory reduces by approximately 50% from 
2,000 sq km. This reduction is a normal occurrence/ transition from a Reconnaissance Permit (first stage). The new 
License Permits are granted for an initial 3 years and are subject to a potential 2 year extension. Fundy is one of 
the first companies to be issued a permit since the moratorium was imposed by the Liberian government. 

New Brunswick

Another difficult winter with record snowfall and rain has trimmed our available work season considerably. Despite
these uncontrollable difficulties, work on our most northern project, Flatlands Limestone has solidly progressed with 
the assistance of Conestoga Rovers & Associates. The Company has identified seven new potential zones (post this 
reporting period) which has given the Board confidence in the commercial viability of further drilling that is 
expected to lead to an extraction permit.

Progress on Sand Brook and County Line are expected this season as guidance is taken from the geophysical results 
obtained. 

WMS

WMS was incorporated in October 2006 in the Isle of Man, UK. The genesis of the Company was a result of a spin-off of
Fundy's interest in Minex Technologies Limited, a company in which WMS has a 10% stake. World Mining Services Limited 
has been established primarily to own, operate and license technologies that can be used in enhanced mineral 
extraction in the mining industry. WMS will also look to invest in operations that are within the resources sector and 
relate to improved handling techniques. 

The company's main assets are as follows: 

(a) Afri-Pal - a 78% equity holding in a company that employs a patented process that briquettes coal fines for use in
    the residential and commercial market. 
(b) Minex Technologies Limited - a 10% equity holding in a company which owns a proprietary vapour process for 
    metallic extraction 
(c) True North Drilling & Geological Services Ltd. - a 100% equity holding. True North will provide drilling services
    and geological services to the mining industry in New Brunswick.  

Outlook 

Fundy has had to weather the fiscal / market meltdown as has its peers.  The Company has chosen a strategy of 
arrowing focus and renewed vigor. Whilst Fundy is not immune to the effects of the current economic conditions, it has 
and will continue to seek out the opportunity this scenario presents. With a careful eye on expenditures, Fundy is 
taking definitive steps forward in both Liberia and Canada. Our WMS subsidiary has been profitable and is also 
gathering momentum which will translate to greater shareholder value across a diversified portfolio. 

Jeff Michel, 
Chairman 

OVERVIEW OF OPERATIONS

New Brunswick, Canada 

In northern New Brunswick, various field work in the past year was conducted, with highlights that included a 
magnetometer and VLF survey over grids cut on the County Line and Taylor Brook properties. The County Line and Taylor 
Brook properties have been of interest to Fundy as they regionally lie in between the past producing Heath Steel mine 
and the producing Xstrata Brunswick Mine #12.  Additionally the County Line claims are adjacent and abutting to the 
CNE past producing mine and significant results from new work by Stratabound Minerals Ltd on CNE claims, which 
extensive drilling of magnetic anomalies resulted in good intersections of various thicknesses of quality grade 
copper, cobalt and gold. 

Marigold and Violet gold claim 

In December 2008 Fundy cut grids and conducted 14.75 line kilometres of magnetometer and vlf surveys.  The grids were 
in 100 meter spacing with geophysical readings taken every 25 meters along each line. The survey generated a number of 
elongated mag anomalies. The most significant mag high areas indicate areas of interest measuring 100 meters x 125 
meters and 2 areas measuring in excess of 400 meters in width.  These areas of interest correlate well with past soil 
geochemistry survey highs and a past drill hole that intersected 0.508 ounces/tonne gold over 1 meter in width.  The 
mag anomalies appear to be associated with a north east trending fault known to pass along the north and south 
boundaries of the claim group. Given the proximal location of the Marigold claims to past producing gold mine, Cape 
Spencer and Armstrong Brook gold prospect, these mag targets are excellent drill targets for prospective gold 
occurrences.

Sand Brook Project 

Last year the Company signed an option agreement with Merrex Gold (MXI: TSX-V), which it announced in January 2008.
Merrex  paid C$134,280 for a 15% stake in the Sand Brook Gold project. In May 2009 Fundy re-acquired the   15% of 
Sandbrook held by Merrex Gold in exchange for a 1% Net Smelter Royal on any possible future gold production.  In May 
2009 Fundy initiated a 20 kilometer cut grid and Magnetometer and VLF survey at Sandbrook, which results are pending. 
In the past year the Brack gold zone and the Carter gold zone was tree cleared and excavated over several acres in 
area with a new access roads to both zones in preparation of future drilling. The Sand Brook property consists of 43 
claim blocks (circa 1720 acres) - with two gold zones that have been identified along a shear zone that extends more 
than two kilometers in length. Historical geochemical and geophysical work yielded coincidental anomalies along the 
shear zone. 

County Line 

The County Line claims are adjacent and abutting to the CNE past producing mine and significant results from new work 
by Stratabound Minerals Ltd on CNE claims, which extensive drilling of magnetic anomalies resulted in good 
intersections of various thicknesses of quality grade copper, cobalt and gold.  Similar to work by Stratabound, 
aeromag and ground survey mag anomalies were indicated in the surveys at Fundy's County Line claims.  These indicated 
anomalies present themselves as good drill targets.  The Company intends to complete further geophysical surveys over 
more claims within the 2 claim groups and to initiate a drilling program.

Liberia 

After a 27 month moratorium on new mineral license issuances in Liberia, Fundy received a new 3 year (extendable 
option to 5 years) Mineral Exploration Agreement "MEA" in June 2008, covering 1000 square kilometers, known as the 
Sinoe permit (or Sinoe Diamond Project).  New licensee holders in Liberia were told by the Ministry of Lands, Mines & 
Energy to not commence exploration activities until the proposed new mining regulations be enacted. These regulations 
have been delayed with opposition by the mining community and only recently was Fundy advised that we may initiate 
exploration activities in accordance to the Mining Act and Regulations of 2000.   

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                                                                           FUNDY MINERALS LTD.

                                                                   Consolidated Balance Sheet
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
January 31                                                              2009             2008
----------------------------------------------------------------------------------------------
ASSETS
CURRENT
 Cash                                                           $    319,887     $     93,180
 Accounts receivable                                                 151,986          175,671
 Loan receivable                                                           -          420,910
                                                                -------------    -------------
                                                                     471,873          689,761

LONG-TERM INVESTMENT                                                 441,175            9,891

CAPITAL                                                               60,529            3,433

MINERAL CLAIMS                                                     1,595,944        1,368,100
                                                                -------------    -------------
                                                                $  2,569,521     $  2,071,185
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LIABILITIES

CURRENT
 Accounts payable and accruals                                  $    319,493     $    371,390

NON-CONTROLLING INTEREST                                             162,451                -
                                                                -------------    -------------
                                                                     481,944          371,390
                                                                -------------    -------------

SHAREHOLDERS' EQUITY
SHARE CAPITAL 

Authorized
 500,000,000 common shares with a par value of $0.01
Issued and fully paid
  122,151,450 common shares (2008 - 85,076,450)                    1,221,515          850,764

CONTRIBUTED SURPLUS                                                5,315,997        4,642,203

DEFICIT                                                           (4,449,935)      (3,793,172)
                                                                -------------    -------------

                                                                   2,087,577        1,699,795
                                                                -------------    -------------

                                                                $  2,569,521     $  2,071,185

  

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                                                                           FUNDY MINERALS LTD.

                                                            Consolidated Statement of Deficit
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
For the Year Ended January 31                                           2009             2008
----------------------------------------------------------------------------------------------
BALANCE - BEGINNING OF YEAR                                     $ (3,719,501)    $ (2,916,572)

PRIOR PERIOD ADJUSTMENT                                              (73,671)               -
                                                                -------------    -------------

BALANCE - BEGINNING OF YEAR - AS RESTATED                         (3,793,172)      (2,916,572)

LOSS                                                                (656,763)        (876,600)
                                                                -------------    -------------

BALANCE - END OF YEAR                                           $ (4,449,935)    $ (3,793,172)

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                                                                           FUNDY MINERALS LTD.

                                                         Consolidated Statement of Operations
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
For the Year Ended January 31                                           2009             2008
----------------------------------------------------------------------------------------------

EXPENSES

 Amortization                                                   $      1,030     $      1,324
 General and administrative (includes stock based 
  compensation of ($178,142; 2008 - $393,872) 
  less interest income of $15,905; (2008 - $20,000)                  791,222          917,880
 Bad debts                                                           101,018                -
                                                                -------------    -------------

LOSS FROM OPERATIONS                                                (893,270)        (919,204)
                                                                -------------    -------------


OTHER INCOME

 Share of operating loss in associate                                (18,621)           2,127
 Gain on investments                                                 493,475           40,477
                                                                -------------    -------------
                                                                     474,854           42,604
                                                                -------------    -------------

INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST                     (238,347)               -
                                                                -------------    -------------

LOSS                                                            $   (656,763)    $   (876,600)

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LOSS PER SHARE                                                  $      0.006     $      0.012

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The Directors do not recommend the payment of a dividend for this period. The information contained within this
announcement has been extracted from audited information.

Scientific or technical information relating to Fundy's activity is based on direct supervision of, or has been 
reviewed by, Paul Lemmon, PGeo., Chief Geologist of the Company.

                     The Directors of the Issuer accept responsibility for this announcement. 

                                                       -ENDS-


For further information please contact: 

Fundy Minerals Ltd                         Tel. +1 416 238 0361 or +44 (0)207 669 4479

Jeff Michel, Chairman & CEO                info@fundyminerals.com 


Daniel Stewart & Company Plc               Tel. 020 7776 6550 

Stewart Dick

Contact Information

  • Fundy Minerals