General Properties Ltd.
TSX VENTURE : GPL

General Properties Ltd.

April 30, 2007 18:05 ET

General Properties Announces Annual Results for 2006

CALGARY, ALBERTA--(CCNMatthews - April 30, 2007) - General Properties Ltd. (TSX VENTURE:GPL) (the "Corporation") is pleased to announce the twelve and three month financial results for fiscal 2006 and 2005 as summarized below:



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Summary of Annual Result for the years ended
December 31, 2006 and 2005 2006 2005

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Revenues including rental income and gain
from discontinued operations $ 5,135,778 $ 1,731,763
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Net income (loss) $ 1,525,934 $ (128,803)
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Net income (loss) per share - basic $ 0.07 $ (0.01)
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Net income (loss) per share - diluted $ 0.06 $ (0.01)
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Total assets $ 5,807,460 $ 7,513,238
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Total liabilities $ 2,557,233 $ 6,001,770
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Dividends per share on preferred shares
- Series 4 $ 0.0120 $ 0.0120
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Summary of Quarterly Results for the quarters
ended December 31, 2006 and 2005 2006 2005

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Revenues, including net gain from sale of, and
operating income from, discontinued operations $ 2,758,601 $ 558,819
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Net income (loss) after tax $ (383,551) $ (104,762)
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Net income (loss) per share - basic $ (0.02) $ (0.01)
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Net income (loss) per share - diluted $ (0.02) $ (0.01)
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The per share calculations in the tables above include the deduction of dividend payments on preferred shares to reflect the portion of earnings available to holders of common shares.

The Corporation, after completing its previously announced "change of business" transaction on March 30, 2007, has transitioned to a mining exploration and development company operating in Alberta. The Corporation, through its newly acquired wholly owned subsidiary Clear Hills Iron Ltd., holds 32 metallic and industrial mineral permits in the Peace River area of Northern Alberta covering an area of approximately 213,206 hectares (823.2 square miles). The Corporation is currently assessing the results of the 2006 drilling program in order to set operational targets for 2007.

The Corporation's Annual Report is available at www.sedar.com.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release and has neither approved nor disapproved the contents of this press release.

Contact Information

  • General Properties Ltd.
    Robert B. Knight
    Chief Operating Officer and Chief Financial Officer
    (403) 531-2088 or Cell: (403) 804-5200
    (403) 531-2099 (FAX)
    Email: rbk@denro.ca