(15-20 min delay)
Mega Uranium Ltd.
211 Yonge Street, Suite 502
Toronto, Ontario, Canada
2004 News Releases
Maple Mineral Corp.'s Results For The Year Ended September 30, 2003 And First Quarter Ended December 31, 2003
February 9, 2004
For the year ended September 30, 2003 (compared with September 30, 2002):
Operating, general, and administrative expenses decreased to $36,344 in 2003 as compared to $46,050 in 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 $470,712 for the year ended September 30, 2003 as compared to $28,546 for the year ended September 30, 2002;
During the year, 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 $507,056 ($0.084 per share) for the year ended September 30, 2003 (due primarily to the write-down of the Joburke property) as compared to $76,895 ($0.014 per share) for the year ended September 30, 2002. For the three months ended December 31, 2003 (compared with three months ended December 31, 2002):
Interest income increased to $1,550 for the three months ended December 31, 2003 as compared to nil for the three months ended December 31, 2002;
Operating, general, and administrative expenses increased to $47,455 for the three months ended December 31, 2003 as compared to $3,577 for the three months ended December 31, 2002;
There were no properties that lapsed or were abandoned during the three months ended December 31, 2003 as compared to write-off of mineral properties and related expenditures of $4,758 for the three months ended December 31, 2002;
Net loss was $45,905 ($0.006 per share) for the three months ended December 31, 2003 as compared to $8,335 ($0.001 per share) for the three months ended December 31, 2002.
During the three months ended December 31, 2003, the Company received working capital as follows:
400,000 options were exercised at prices ranging from $0.10 to $0.20 for proceeds of $51,700. The Company reallocated $6,000 in contributed surplus to share capital that was expensed in previous periods;
On October 28, 2003, the Company completed private placements and issued 2,500,000 units at $0.25 per unit for proceeds of $625,000. Each unit was comprised of one common share of the Company and one-half common share purchase warrant, each whole common share purchase warrant entitling the holder to acquire one common share of the Company at $0.50 on or before October 28, 2005;
The Company issued 480,950 common shares to Brownstone Ventures Inc. (a reporting issuer and shareholder of the Company) to settle all outstanding debt of $192,380;
The Company granted 5,000 stock options to an employee exercisable at $0.60 per share on or before November 9, 2008 and 300,000 stock options to a director exercisable at $0.75 per share on or before November 24, 2008.
As a result of the shares issued upon the exercise of options, the settlement of debt, and private placements, the Company has 9,395,214 shares outstanding for $10,386,803 as at December 31, 2003.
Maple Minerals Corp. is a Toronto based resource company whose common shares are quoted on the TSX Venture Exchange (TSXV) under the symbol “MPM”.
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Maple’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Maple disclaims any intent or obligation to update these forward-looking statements.
The TSX Venture Exchange does not take responsibility for the adequacy or accuracy of this release.
Luigi M. Falzone