Vaaldiam Reports 2011-Q2 Financial Results

Vaaldiam Mining Inc. (TSX:VAA) reports it has recorded a net loss of $855,000 and $8,496,000.

The press release is quoted as saying,

Vaaldiam ended the period with a cash position of $4.2 million and a working capital deficit of $1.8 million, reflecting an amount of US$5.3 million due on the Brauna transaction discussed below. Vaaldiam also holds 10.6 million shares in Flemish Gold Corp. (‘Flemish’), which is focused on gold exploration in sub-Saharan Africa, marketable securities valued at approximately $1.7 million and royalties on two major exploration and development projects. Vaaldiam holds 51% of the Braúna diamond project in Bahia, Brazil as well as two diamond mines, Duas Barras in Minas Gerais, Brazil and Chapada in Mato Grosso, Brazil, both of which are on care and maintenance, as well as 100% interest in the gold deposit at Braúna and other kimberlite projects.

For the complete press release, click here.