TORONTO, Nov. 28 /CNW/ - Silk Road Resources Ltd. (TSX-V; SIL) ("Silk
Road" or the "Company") today announced financial results for the third
quarter ended September 30, 2008. Net Loss for the quarter was $314,000
compared to $317,000 for the second quarter of 2008. Working capital was
$401,000 compared to $437,000 as at June 30, 2008. The Net Loss per share was
$0.01 which was unchanged from the previous quarter. The complete financial
statements and the Company's management discussion and analysis can be viewed
at www.sedar.com.
As previously announced on October 24th, 2008, the Company is continuing
to take prudent financial steps to reduce expenditures and preserve working
capital. In addition to Mr. Palmiere and Mr. Bell forgoing salaries, the
Company also has reduced its overhead requirements, and is continuing to
explore avenues in order to further minimize expenditures.
Subsequent to the quarter end, on October 27th, 2008, the Company filed a
43-101 technical report on the Hemlo properties.
The Company remains optimistic during this current economic crisis and
continues to pursue financing opportunities in order to continue our
exploration activities in 2009.
Forward Looking Statements
Certain information regarding the Company set forth in this press
release, including management's assessment of the Company's future plans and
operations contains forward looking statements that involve substantial known
and unknown risks and uncertainties. These forward looking statements are
subject to numerous risks and uncertainties, some of which are beyond the
Company's and management's control, including but not limited to, the impact
of general economic conditions, industry conditions, fluctuation of commodity
prices, fluctuation of foreign exchange rates, imperfection of reserve
estimates, environmental risks, industry competition, availability of
qualified personnel and management, stock market volatility, timely and cost
effective access to sufficient capital from internal and external sources. The
Company's actual results, performance or achievement could differ materially
from those expressed in or implied by, these forward looking statements and
accordingly, no assurance can be given that any of the events anticipated to
occur or transpire from the forward looking statements will provide any
benefits to the Company.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
%SEDAR: 00012266E
