Arianne Phosphate (TSXV:DAN,FWB:JE9N,OTCBB:DRRSF) highlighted that the company was recognized as a 2014 TSX Venture 50, and the scoping and market study commissioning in its corporate and financial results for Q1 of 2014. Arianne Phosphate CEO Brian Kenny said, “Our work in Q1 2014 speaks to our commitment in advancing Lac à Paul and maximizing its economic potential.”
As quoted in the press release:
Q1 2014 Corporate & Financial Highlights
- Commenced a new drilling program and metallurgical test program aimed at increasing the mineral resources and finalizing the process flow sheet;
- Recognized as a 2014 TSX Venture 50, a ranking of the top performing companies on the TSX.V;
- Commissioned a scoping and market study on the feasibility of processing Arianne’s phosphate rock into merchant grade acid (MGA) or MAP/DAP fertilizer products
- Finalized a study on the local socio-economic benefits of the Lac à Paul Project;
- Confirmed Lac à Paul would create $12B of economic benefits, with the majority of the spin-offs in the Saguenay region, marking the largest economic impact of any mining project in Quebec in over a decade.
In Q1 2014, Arianne did not generate revenue or positive cash flows as the Company is still a development-stage entity. In the three months ended March 31, 2014, the Company incurred a net loss of $1.4 compared to a loss of$2.2M in the same period in the 2013. The Company’s net loss and cash burn are consistent with our budget.