Sep 01, 2010
IFR announces second quarter results
International Frontier Resources Corporation ("IFR" or "the Company" -- TSX-V) has released interim operating and financial results for the quarter ended June 30, 2010.
The net loss for the quarter ended June 30, 2010 was $658,925 ($0.01 per share) compared with a loss of $6,573,405 ($0.11 per share) for the three months ended June 30, 2009. For the six months ended June 30, 2010 a net loss of $929,040 ($0.01 per share) was recorded compared with a loss of $8,751,900 ($0.15 per share) for the six months ended June 30, 2009. At August 31, 2010 the Company had 59,578,965 common shares issued and no debt.
Working capital at June 30, 2010 was $7,310,610 compared with $7,865,635 at December 31, 2009. At June 30, 2010 the Company has restricted cash securing letter's of credit on refundable deposits in the Northwest Territories in the amount of $640,670 (December 31, 2009 - $640,670). Net oil revenue for the six month period ending June 30, 2010 was $217,130 (June 30, 2009 - $260,070).
International Frontier holds an interest in three Significant Discovery Licenses, three Exploration Licenses and in three Freehold parcels covering an area of approximately 735,000 gross acres, 133,830 net acres located in the Central Mackenzie Valley, Northwest Territories, Canada. For additional information please visit www.internationalfrontier.com or contact:
"Neither 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 release."
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