BVI Company Financial News

Talon Metals Corporation, a mineral exploration company based in the British Virgin Islands, announced the financial results for the third quarter of 2009. In the Consolidated Interim Financial Statement for the three and nine month periods ended September 30, 2009, Talon Metals reported a net loss of $1,241,929 or $0.05 per share (basic and diluted) for the quarter period and net loss of  $3,891,204 or $0.14 per share (basic and diluted) for the first nine months of the year.

This is compared to net loss in the amount of $4,185,194 or $0.16 per share (basic and diluted),  reported by the company in the three months period ended September 30, 2008, and net loss of $3,891,204 or $0.14 per share (basic and diluted) for the first nine months of 2008.

For the reported periods ended September 30, 2009, capitalized exploration was $284,773 (for the third quarter period) and $917,177 (for the nine months period), – compared to capitalized exploration of $343,399 for the three months period ended September 30, 2008 and $1,279,240 for the nine months period of 2008. The capitalized exploration amount of this year’s three and nine months periods relates mainly to the acquisition by the company of the Sergipe Potash Project, while capitalized exploration amounts for the respective periods of the last year related to the Agua Branca project and Sao Jorge project.

Thunderbird Resorts Inc., a BVI-registered company limited by shares, has filed the Interim Management Statement for the third quarter of the year. The reported financial results of Thunderbird include US$44.3 million revenues – very close to the US$44.5 million result reported for the third quarter of 2008. Corporate costs in Q3 2009 were reduced from US$3.9 million for the same period in 2008 to US$2.0 million in 2009. Annual run rate for corporate costs currently makes approximately US$5.5 million, compared to US$12 million in 2008.

Also, for the third quarter of 2009 the BVI Group reported the decrease of adjusted Earnings before Interest and Tax from US$8.6 million in the same period of 2008 to US$8.2 million in 2009. Property Earnings before Interest and Tax in the third quarter of 2009 decreased to 23% (as a percentage of revenues) from 28% in the third quarter of 2008. 

Thunderbird Resorts continues to restructure certain loans, and is actively pursuing cash flow improvement options, and the consolidated revenue results for October 2009 show solid improvement over September results.

Thunderburd’s CEO and President Jack Mitchell commented on the results saying that regardless of the effects of the worldwide economic downturn on the markets, in the third quarter of 2009 the Group experienced stabilization in revenues in its existing operations, as compared to the previous reporting periods of 2009. He said, however, that the BVI Group reported a net loss of approximately US$12.1 million.

In September, Thunderburd launched public offering and private placement of up to 75,000,000 shares of its common stock, and on 19 October 2009 announced its termination. In light of difficult economic situation, the Group will continue to focus on its existing markets and operations, with less emphasis on new markets.