Royal Oak Announces Third Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2011) - Royal Oak Ventures Inc. ("Royal Oak" or the "company") recorded a comprehensive loss of $1.1 million for the quarter ended September 30, 2011, which consists of net income and other comprehensive loss, compared to comprehensive income of $4.1 million in the same period in the prior year. The current period loss was primarily the result of a $1.2 million unrealized loss on the company's marketable securities, which are recorded at fair value.

The company reported net income of $0.1 million or $nil per common share for the quarter ended September 30, 2011 compared to $6.1 million or $0.04 per common share in the corresponding period of 2010. Net income in the current quarter decreased compared to the same period in the prior year which included a $4.9 million disposition gain as well as a $1.7 million special distribution received on one of the portfolio investments.

The company recorded an unrealized loss of $1.2 million in other comprehensive loss during the three months ended September 30, 2011 (2010 - $2.0 million), as a result of a decrease in the fair value of the company's marketable securities portfolio.

The company is seeking approval of the listing application for its common voting and non-voting shares. Pending approval, the company's common voting and non-voting shares will be relisted and admitted to trading.

Statements of Operations
				Three months ended September 30							Nine months ended September 30
Thousands, except per share amounts			2011			2010			2011			2010
Revenue
	Investment income
	Interest and dividend income	$	217		$	1,999		$	662		$	2,796
	Disposition gains and other income		-			4,933			-			4,933
			217			6,932			662			7,729
Expenses
	General and administrative expense		76			332			456			704
	Interest expense		-			179			-			535
			76			511			456			1,239
			141			6,421			206			6,490
Foreign currency revaluation			129			(47	)		138			252
Income before income taxes			270			6,374			344			6,742
Deferred income tax expense			(173	)		(260	)		(164	)		(199	)
Net income		$	97		$	6,114		$	180		$	6,543
Net income per share		$	-		$	0.04		$	-		$	0.04

Changes in Net Book Value
The net book value of the company's common shares as at September 30, 2011 was $0.20 per share. The information in the following table shows the changes in net book value for the three and nine months ended September 30, 2011 and 2010.
	Three months ended September 30									Nine months ended September 30
		2011					2010				2011					2010
Thousands, except per share amounts		Total		Per Share (1)		Total		Per Share (1)		Total		Per Share (1)			Total		Per Share (1)
Net book value, beginning of period (2)	$	34,410	$	0.21	$	29,497	$	0.18	$	34,212	$	0.21		$	28,684	$	0.17
Net income		97		-		6,114		0.04		180		-			6,543		0.05
Other comprehensive loss		(1,164	)	(0.01	)	(1,987	)	(0.01	)	(1,049	)	(0.01	)		(1,603	)	(0.01	)
Comprehensive (loss) income		(1,067	)	(0.01	)	4,127		0.03		(869	)	(0.01	)		4,940		0.04
Net book value, end of period (2)	$	33,343	$	0.20	$	33,624	$	0.21	$	33,343	$	0.20		$	33,624	$	0.21

(1) As at September 30, 2011 there were 162,496,456 common shares issued and outstanding (2) Net book value is a non-IFRS measure

Statements of Financial Position
The information in the following table has been extracted from the company's statements of financial position as at September 30, 2011 and December 31, 2010.
			(Unaudited)
		September 30		December 31
Thousands			2011		2010
Assets
Current Assets
	Cash and cash equivalents	$	7,537	$	9,038
	Marketable securities		21,927		22,541
	Accounts receivable		275		320
			29,739		31,899
Non-current assets
	Loans receivable		4,117		3,915
		$	33,856	$	35,814
Liabilities and equity
Current liabilities
	Accounts payable and accrued liabilities	$	513	$	1,602
Shareholders' Equity			33,343		34,212
		$	33,856	$	35,814
Net book value per share(1)(2)		$	0.20	$	0.21

(1)	Net book value is a non-IFRS measure
(2)	As at September 30, 2011 there were 162,496,456 common shares issued and outstanding