Strata Minerals Releases Annual Audited Financial Statements and Announces Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - October 29, 2013) - Strata Minerals Inc. (TSXV: SMP) ("Strata" or the "Company") announces that it has filed on SEDAR its audited financial statements along with the associated Management Discussion and Analysis for the year ended June 30, 2013. Highlights from the filing include:
June 30, 2013 net working capital of $346,322
Exploration expenses for the fiscal year of $830,153
Shares outstanding as of June 30, 2013 totalled 80,806,620
October 29, 2013 working capital of approximately $125,000
The Company announces the completion of a desktop study of historical CRA Exploration (now Rio Tinto) and Electrolytic Zinc Company data in the north-west region of the Company's 80% owned Cardabia Phosphate Project ("Cardabia") located near Exmouth in Western Australia.
The study indentified a potential target for future exploration of phosphate that had previously been intersected by drill holes AC90CB068 and AC90CB071 conducted by CRA west of the Nabbewarra Syncline in 1989-90.
A modest program of follow up exploration was recommended in the study. However, given the early stage and speculative nature of the proposed program, Strata's Board of Directors has determined that it would not be in the best interests of the Company to pursue the proposed program at this time.
Strata remains focused on its objective to acquire and advance potential economic phosphate projects. In addition to Cardabia, the Company has identified, and is evaluating, other phosphate properties and projects, in Australia and elsewhere, for possible acquisition.
Strata further announces that it has completed a loan transaction under which the Company has borrowed $50,000 by way of a demand loan with interest on the loan accruing at the rate of 10% per annum, supplementing the Company's current working capital noted above. Payment of principal and interest is due on maturity. The lender is a director and officer of the Company. Proceeds of the loan will be used for general working capital purposes.
For further information, please contact:
Brent Lokash, EVP & CFO
Tel: 1 604 862-5190
About Strata Minerals Inc.
Strata Minerals Inc. is an emerging agricultural nutrient company exploring for commercial scale phosphate rock mineralization deposits. Armed with the objectives of becoming a supplier to the global fertilizer industry and generating wealth for its shareholders, Strata is currently advancing its Cardabia phosphate exploration project in Western Australia and investigating new opportunities for growth elsewhere in the world. All references to the Company in this release include the Company's wholly owned Australian subsidiary, Strata Minerals Pty Ltd. For further information, please refer to the Company's website at www.strataminerals.com.
Additional disclosure of the Company's financial statements, technical reports, material change reports, news releases and other information can be obtained on SEDAR at www.sedar.com.
Special Note Regarding Forward-Looking Statements
Certain statements included herein constitute forward-looking statements. The words "expect", "intend", "anticipate", "propose" and "may" and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding exploration results and the development and operation of Strata's mineral properties. Forward-looking statements are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management teams of Strata, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks and accordingly may not occur as described herein or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of 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.