Sterling Resources Ltd. (TSX-V:SLG) (“Sterling” or the “Company”) is pleased to announce financial and operating results for the year ended December 31, 2016 and reserves as at December 31, 2016. Unless otherwise noted, all figures contained in this release are denominated in US dollars.
As quoted in the press release:
The net loss for the year ended December 31, 2016 was $9.6 million ($0.04 per common share) compared to a net loss of $206.9 million ($0.51 per common share) for the year ended December 31, 2015. In 2015, the main factor driving the loss was the downward re-measurement of the deferred tax asset on the ground of lack of recoverability in the then low commodity price environment, whereas the net loss in 2016 was reduced due to a credit arising from a revaluation of the deferred tax asset, due to a forecast increase in UK net taxable income.