Amazon Mining Holding Plc
TSX VENTURE : AMZ

Amazon Mining Holding Plc

August 27, 2009 16:30 ET

Amazon Releases Results for the Quarter Ended June 30, 2009

TORONTO, ONTARIO--(Marketwire - Aug. 27, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Amazon Mining Holding Plc (TSX VENTURE:AMZ) ("Amazon" or the "Company") announced today its unaudited interim consolidated financial statements for the three month period ended June 30, 2009 and provides the following corporate update.

During, the three-month period ended June 30, 2009 there was a net loss of Pounds Sterling 584,998 compared to a loss of Pounds Sterling 2,205,719 for the three-month period ended June 30, 2008. The loss was primarily due to the currency exchange losses (Pounds Sterling 339,389), as the company holds the majority of its cash in Canadian dollars which underperformed the British pound, the reporting currency, during the period. This trend reversed itself somewhat in the current quarter. The Company's operating loss included a non-cash charge of Pounds Sterling 126,934 related to the acquisition of Uaua Pesquisa Mineral Ltda (see press release June 21, 2009).

The operating loss was reduced from Pounds Sterling 2,277,223 for the three-month period ended June 30, 2008 to Pounds Sterling 256,606 for the corresponding three-month period ended June 30, 2009, attesting to the Company's successful cost reduction efforts.

Amazon currently has a working capital position of approximately Pounds Sterling 4.0MM (Cdn$7.2MM). In recent months Amazon has been concentrating on advancing the Cerrado Verde project. This has involved work undertaken by specialists already experienced with Amazon's potash rock. The work will include analysis of pyro-metallurgical options to create ThermoPotash as well as an alternative hydrometallurgical processes to produce conventional potash salt. Amazon also announced joining the ROCKAPL Sugarcane taskforce with EMBRAPA (The Brazilian Agricultural Research Corporation) and local ethanol producers, announced August 4, 2009.

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.

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)867-9393 (FAX)
    jed@amazonplc.com
    www.amazonplc.com