Williams Creek Explorations Limited

Williams Creek Explorations Limited

September 28, 2010 16:00 ET

Williams Creek Explorations Limited Reports Quarterly Profit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 28, 2010) - Williams Creek Explorations Ltd. (TSX VENTURE:WCX), ("Williams Creek," or "the Company") is pleased to report that it turned a profit for the second quarter of its fiscal year, ended July 31, 2010.

Williams Creek's operations during the 3 months ended July 31, 2010 produced net income of $19,473 ($0.00 per share) as compared to a net loss of $16,176 ($0.00 per share) for the 3 month period ended July 31, 2009.

The Company's profit was attributable entirely to gains realized through sale of investments of $18,326, unrealized gains on investments of $118,733, and interest income of $25,870.

"I am very happy to report that Williams Creek has turned a profit for the first time in at least a decade," said Williams Creek Chairman and CEO Michael Sonnenreich. "It is rare for an exploration stage company to turn a profit, and yet, that is exactly what we have done. We hope to build on this success."

Williams Creek's cash position improved during the quarter, leaving it with $5,046,375 in cash as of July 31, 2010 compared to cash of $19,585 as of July 31, 2009. Williams Creek also announced on September 12, 2010 that it closed a financing for gross proceeds of $1,783,702.

"The improvement in the Company's cash position will give it more options and allow it to increase the pace of its activities," said James W.F. Tutton, CFO of Williams Creek.

In light of the improved cash position of the Company, Williams Creek is pursuing permits for a drill program on its Barkerville claims in order to continue with the exploration initiatives last pursued in 2006.

"These results are an early validation of Williams Creek's twofold strategy," said Mr. Sonnenreich. "Williams Creek does two things: first, it explores its holdings in the Barkerville and Kamloops areas as well as its working interest in its Northwest Territories diamond exploration project. Second, WCX participates broadly in the gold subsector of the natural resource sector through equity and joint venture investments as well as royalty and financing activities. The results of the Company's second fiscal quarter, particularly with respect to its accumulating cash balance and its appreciating investments, are an early indication of the way in which we plan to engage in those pursuits."

About WCX:

Visit http://www.WilliamsCreek.ca to learn more about Williams Creek Explorations Ltd.

Williams Creek Explorations Ltd. is a Canadian company with the primary purpose of participating broadly in the natural resource sector, with an emphasis on the gold sub-sector, through exploration, joint ventures or other equity investments.

The Company owns twenty-eight crown granted mineral claims in the Cariboo Mining Division and three crown granted mineral claims in the Kamloops Mining Division. The Company also has a net 30% interest in the ATW diamond property in the MacKenzie Mining District of the Northwest Territories.

This news release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

The TSX Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of this news release which has been prepared by management.

Contact Information

  • Williams Creek Explorations Limited
    Michael Sonnenreich
    Williams Creek Explorations Limited
    Dov Zigler