Click here to close now.


Microsoft Cloud Authors: Jordan Sanders, Carmen Gonzalez, Pat Romanski, Keith Mayer, Jayaram Krishnaswamy

News Feed Item

CB Gold Announces Financial and Operating Results for the Third Quarter Ended September 30, 2012

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/29/12 -- CB Gold Inc. (TSX VENTURE:CBJ) ("CB Gold" or the "Company") provides an update of exploration activities and reports financial results for the three and nine months ended September 30, 2012.

Details of financial results for the three and nine months ended September 30, 2012 are included in the Unaudited Consolidated Financial Statements and corresponding Management's Discussion and Analysis ("MD&A") available on SEDAR at These documents are also available on our website, In this release, we provide a comparative summary of the quarter's operational and financial highlights. All amounts are in Canadian dollars, unless otherwise indicated.

Update on Exploration Activities

CB Gold continues to focus on drilling at its 100% owned Vetas Gold Project. The success of the 2011 geophysics surveying at Vetas and La Vereda has resulted in additional targets being added to the drilling program, which will continue to define the potential and dimension of the Vetas Project through testing of known and potential new zones of mineralization.

During the nine months ended September 30, 2012, the Company has completed more than 25,000m of drilling and more than 60,000m of drilling since the program commenced in 2010. Further drill results will be released upon receipt of the final assay certificates.

Corporate Developments and Exploration Results

On January 18, 2012 the Company released drilling results from its Real Minera property at its Vetas Gold Project, including intercepts of 16.87m at 17.07 g/t Au (hole 56) and 10.48m at 2.31 g/t Au (hole 56).

On January 26, 2012, CB Gold Inc. received the registration of the concession contract for its 100% owned Real Minera property in Vetas. The Real Minera property was converted to a concession contract with an initial 20 year tenure, securing the long-term development potential of the property. The duration of the concession contract can be extended for an additional 20 years after the initial 20 year term.

On February 1, 2012, the Company reported summary geochemical and geophysical survey results at the newly acquired La Vereda concession at its Vetas Gold Project, identifying a major anomaly characterized by high chargeability and low resistivity (3-D images and plan view sections can be viewed at The geophysics anomaly at La Vereda is approximately 2,000 meters long and up to 700 meters wide and is interpreted as an extension of the epithermal style mineralization found at surface, with the high chargeability indicating the presence of potential sulphide mineralization at depth. The anomaly strikes northeast/southwest, similar to many mineralized structures in the Vetas - California District.

On February 27, 2012, the Company released drilling results from its Vetas Gold Project, including intercepts of 23.76m at 1.28 g/t Au (hole 67) and 13.72m at 1.45 g/t Au (hole 67) and 1.78m at 211.82 g/t Au (hole 62).

On May 23, 2012, the Company released additional drilling results from the 2011 and 2012 drilling program at its Vetas Gold Project, including intercepts of 4.75m at 29.42 g/t Au (hole 81), 15.24m at 1.48 g/t Au (hole 78) and 3.70m at 10.37 g/t Au (hole 88).

On May 24, 2012, Hernan Martinez was appointed to the Company's Audit Committee. Mr. Martinez has been a Director of CB Gold since 2010 and has significant experience both as a Director and as a senior executive of public and private resource companies. The appointment of Mr. Martinez to the Audit Committee will further strengthen the Company's corporate governance practices.

On June 1, 2012, the Company released the findings of a structural study undertaken by SRK Consulting that was commissioned by the company at the end of 2011. The study was undertaken to gain a better understanding of the structural controls and tectonic settings at the project to assist the drilling program and confirmed the key focus of the Company's drilling program.

On August 20, 2012, the company released drilling results from the 2011 and 2012 drilling programs at its Vetas Gold Project, including intercepts of 1.43m at 36.41 g/t Au (hole 97), 1.88m at 7.14 g/t Au and 404.13 g/t Ag (hole 90) and 0.86m at 93.55 g/t Au (hole 91).

On September 4, 2012, the Company released drilling results from the 2012 drilling program which show continued intercepts of high grade mineralization at the Vetas Gold Project, including 15.50m at 17.29 g/t Au, 3.31m at 78.14g/t Au (hole 119), and 12.62m at 0.98 g/t Au (hole 113).

As at September 30, 2012, the Company through the completion of acquisition agreements (the "Acquisition Agreements"), has acquired eleven mineral properties which form part of the Vetas Gold Project. Seven of the mineral properties acquired were already registered in the name of the Company before the National Mining Registry. The mining authority has issued resolutions approving the transfer of the remaining four mineral properties to Leyhat and the Company expects the registration before the National Mining Registry to be completed during the current and next fiscal years while the remaining payments are subject to certain conditions to be met by title holders.

On October 15, 2012, the Company released additional drilling results from the 2012 drilling program including 8.25m at 31.35 g/t Au (hole 121) and 3.37m at 19.83 g/t Au (hole 106A).

On November 19, 2012 CB Gold entered into an agreement with BMO Nesbitt Burns Inc. ("BMO Capital Markets"), under which BMO Capital Markets agreed to buy on a bought deal basis by way of a short form prospectus 11,120,000 Common Shares at a price of $0.90 per common share for gross proceeds of $10,008,000. In addition, CB Gold has agreed to grant BMO Capital Markets an option, exercisable at any time until 30 days following the closing of the offering, to purchase up to an additional 1,668,000 Common Shares to cover over-allotments, if any. In the event that the option is exercised in its entirety, the gross proceeds of the offering to CB Gold will be $11,509,200.

The offering is expected to close on or about December 10, 2012 and is subject to customary conditions and receipt by CB Gold of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

Selected Financial Data

The following items summarize the key operating and financial highlights for the three and nine months ended September 30, 2012, and 2011:

In thousands of Canadian dollars                                           
                                                        September  December
Financial Position                                       30, 2012  31, 2011
Cash and cash equivalents                                $  5,317  $ 15,297
Mineral properties                                         17,454    17,801
Total Assets                                               23,163    33,455
Total Liabilities                                           1,937     1,451
Total Equity                                               21,226    32,004
In thousands of Canadian dollars                                           
                                     Three months ended   Nine months ended
                                    September September September September
Operations                           30, 2012  30, 2011  30, 2012   30,2011
Exploration                          $  2,784  $  2,960  $  9,748  $  7,385
General and administrative expenses       583       614     2,170     1,776
Professional and consulting fees          254       149       773     1,062
Share-based payments (non-cash)           368       330     1,185       983
Capital tax expense                         -         -         -       445
Net loss, being comprehensive loss                                         
 for the period                         3,930     4,047    13,863    11,627
Basic and diluted loss per share     $   0.03  $   0.03  $   0.10  $   0.09

About CB Gold Inc.:

CB Gold is a mineral exploration company headquartered in Vancouver, British Columbia. CB Gold, through its wholly-owned subsidiary, Leyhat Colombia Sucursal, is actively pursuing the exploration and development of mineral properties in the Republic of Colombia. The Vetas Gold Project consists of a number of existing mines (operations currently suspended) and exploration concessions, and its exploration and development activities are not affected by the proposed Regional Natural Park Paramo de Santurban.

For more information on CB Gold please visit our web site at

Cautionary Note Regarding Forward-Looking Statements

The securities of CB Gold described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data shows "less than 10 percent of IoT developers are making enough to support a reasonably sized team....
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningful and actionable insights. In his session at @ThingsExpo, Paul Turner, Chief Marketing Officer at...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, demonstrated examples of com...
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and technology requirements that will drive the Internet of Things from hype to reality.
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessions, I wanted to share some of my observations on emerging trends. As cyber security serves as a fou...
Continuous processes around the development and deployment of applications are both impacted by -- and a benefit to -- the Internet of Things trend. To help better understand the relationship between DevOps and a plethora of new end-devices and data please welcome Gary Gruver, consultant, author and a former IT executive who has led many large-scale IT transformation projects, and John Jeremiah, Technology Evangelist at Hewlett Packard Enterprise (HPE), on Twitter at @j_jeremiah. The discussion is moderated by me, Dana Gardner, Principal Analyst at Interarbor Solutions.
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound effect on the world, and what should we expect to see over the next couple of years.
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now all corporate assets – people, objects, and spaces – can share information about themselves and thei...
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNub’s Data Stream Network.
I recently attended and was a speaker at the 4th International Internet of @ThingsExpo at the Santa Clara Convention Center. I also had the opportunity to attend this event last year and I wrote a blog from that show talking about how the “Enterprise Impact of IoT” was a key theme of last year’s show. I was curious to see if the same theme would still resonate 365 days later and what, if any, changes I would see in the content presented.
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user experience, both offline and online. The focus of this talk was on IBM Cloudant, Apache CouchDB, and ...
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" in this scenario: microservice A (releases daily) depends on a couple of additions to backend B (re...
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true change and transformation possible.
There are over 120 breakout sessions in all, with Keynotes, General Sessions, and Power Panels adding to three days of incredibly rich presentations and content. Join @ThingsExpo conference chair Roger Strukhoff (@IoT2040), June 7-9, 2016 in New York City, for three days of intense 'Internet of Things' discussion and focus, including Big Data's indespensable role in IoT, Smart Grids and Industrial Internet of Things, Wearables and Consumer IoT, as well as (new) IoT's use in Vertical Markets.
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at, examined how Docker has evolved into a highly effective tool for application delivery by allowing increasingly popular Mobile Backend-as-a-Service (mBaaS) platforms to quickly crea...
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Yet a closer inspection at the data reveals less than half of these cloud projects involve production...