2003 News Releases
Maple Minerals Corp.'s Results For The Nine Months Ended June 30, 2003
July 17, 2003
For the nine months ended June 30, 2003 (compared with June 30, 2002):
Operating, general, and administrative expenses decreased to $28,222 for the nine months ended June 30, 2003 as compared to $34,624 for the nine months ended June 30, 2002;
Effective April 1, 2003, the Company changed its accounting policy for writing down mineral properties. Mineral properties which the Company has no intention to develop and management believes has little or no value are now written down to $1. Mineral properties are written off if the properties are sold, allowed to lapse, or abandoned. This change has no effect on prior period financial statements.
Properties that were allowed to lapse or were abandoned resulted in a write-off of mineral properties and related expenditures of $4,758 for the nine months ended June 30, 2003 as compared to $28,546 for the nine months ended June 30, 2002;
During the period, the Company wrote-down the Joburke Property by $465,954 to $1. Management has no intention of developing the property and believes it has little or no value.
Net loss was $496,434 ($0.083 per share) for the nine months ended June 30, 2003 as compared to $65,469 ($0.012 per share) for the nine months ended June 30, 2002.
Maple Minerals Corp. is a Toronto based resource company whose common shares are quoted on the TSX Venture Exchange (TSXV) under the symbol “YMP”.
The TSX Venture Exchange does not take responsibility for the adequacy or accuracy of this release.
Luigi M. Falzone