Arctic Gold AB (ARCT): Annual report 2010

Arctic Gold's annual report for the fiscal year of 2010 is as of today available on the company's web site www.arcticgold.se. The printed version of the annual report will be distributed to those so requesting in the beginning of May.

English Summary:

Important Events 2010

  • Acquisition of the Bidjovagge mine field
  • A new gold mineralization in the Bidjovagge field was shown in the northern field, with an estimated tonnage of 80,460 tons with 0.87g/t Au and 1.35% copper (thereby showing a total of 160,000 tons with 4.1 g/t Au and 1.52% copper in the northern field)
  • Verified ore heaps of 300,00 tons with 1.79 gram/ton gold and 0.60 % copper
  • Estimations of the mineral resources in Bidjovagge carried out by Outotec Oy according to JORC standard showed 1.36 million tons indicated resource with 2.74 g/t gold and 1.21 % copper and 30,000 tons of inferred resource with 2.2 g/t gold and 1.1 % copper
  • Concentrating tests on the marginal ore heaps were carried out with preliminary good yields of both gold (just over 80%) and copper (around 90%)
  • The company signs agreement with the Norwegian Sami Parliament and reindeer farming Samis at Bidjovagge
  • The general meeting made resolution of name change to Arctic Gold
  • Arctic Gold approved for trading on NASDAQ OMX First North from November 29
  • Tomas Björklund elected as new Director of the Board
  • New stock issues have been carried out during the year, adding a total of 27.9 mkr to the company after cost of issue.

P/L summary

KSEK       2010        2009       2008
Net turnover - - -
Capitalized work for own account    6 059 2 929 7
Operating costs -10 640 -4 518 -239
Operating Profit/Loss -4 569 -1 576 -232
Net, finance 5 2 -34
Profit/Loss of fiscal period -4 564 -1 574 -265

 

Balance sheet summary 

KSEK                                                 2010        2009       2008
Fixed assets 39 611 6 100 3171
Current assets 786 499 27
Cash and equivalents 23 649 3 469 17
Total assets 64 046 10 068 3 215
   
Equity 58 440 9 031 2 710
Short-term non-interest liabilities 5 606 1 038 505
Total equity and liabilities 64 046 10 068 3 215

 

 

For further information, please contact the company's CEO and Qualified Person as per SweMin as well as Europe Geologist

Lars-Åke Claesson
CEO
Arctic Gold AB
46 18 156423
46 70 6733294
claesson@arcticgold.se
www.arcticgold.se

Arctic Gold's business concept is to engage in exploration activities to discover and demonstrate commercially extractable gold and base metal deposits in Scandinavia; The strategy is primarily to carry out exploration work and either sell the project within a few years or to establish mining activities under the company's own control or through a partnership with other companies. Arctic Gold focuses mainly on the Bidjovagge project in northern Norway and current gold and base metal permits in Västerbotten and Norrbotten.

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