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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