BVI Company Financial News

Last week, British Virgin Islands-registered and China-based company China Natural Resources, Inc. released unaudited interim financial results for the three and six month period ended June 30, 2011. For the three month period, company’s net sales were US$9,56 million, and gross profit was US$3,39 million. Average number of outstanding shares, both basic and diluted, was 22,748,141. In the three months ended June 30, 2011, the BVI company reported net loss in the amount of US$1,09 million.

The Chairman and CEO of the BVI company Mr. Feilie Li said in his comments on the 2011 interim results: “In view of the continuing economic growth in the PRC, we believe that demand for coal will continue to be robust in the foreseeable future. We are positive about the prospects for the coal mining industry in the PRC and we will continue to pursue growth through acquisition and consolidation of small to medium sized coal mines.”

Talon Metals Corp. announced financial results for the three month period ended September 30, 2011. For the third quarter of the year, the BVI company reported net loss from continuing operations in the amount of US$2.9 million or $0.03 per share (basic and diluted), – as compared to net loss of US$0.4 million, or US$0.01 per share reported for the third quarter of the previous year. For the nine month period, net loss from continuing operations was US$11.3 million, or $0.13 per share (basic and diluted), – as compared to net loss of US$5.8 million, or US$0.11 per share (basic and diluted) for the first nine months of last year.

For the third quarter of 2011, capitalized exploration excluding discontinued operations amounted to US$5.2 million, as compared to US$0.5 million for the same period of the last year. For the nine months ended September 30, 2010, capitalized exploration was US$11.5 million, compared to US$1.5 million for the nine month period last year.