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CIC Energy Corp. ("CIC Energy" or the "Company") (TSX: ELC, BSE: CIC Energy) reported a net loss for the three month period ended May 31, 2009 of $2.12 million or $0.04 per share (basic and diluted), compared to a loss of $2.61 million or $0.05 per share (basic and diluted) for the same period last year.
The net loss for the six month period ended May 31, 2009 was $1.85 million or $0.04 per share (basic and diluted) compared to a loss of $4.09 million or $0.08 per share (basic and diluted) for the same period last year.
The losses for the three and six month periods improved due to a combination of the reduction in stock based compensation and higher than normal gain on foreign exchange, primarily attributable to the substantially higher gain in foreign exchange for current period as a result of the strengthening of the Canadian dollar versus the Botswana Pula and the South African Rand, the functional currencies of the operating companies.
Capital expenditure on exploration properties amounted to $142,407,000 with capitalized exploration costs for the six month period in 2009 totaling $17,523,000.
Consolidated Interim Financial Statements for the three and six months ended May 31, 2009, along with the Company's Management's Discussion and Analysis ("MD&A"), have been filed on SEDAR and are available at www.sedar.com.
SOURCE: CIC Energy Corp.
on CIC Energy and its projects visit the Company's website at www.cicenergy.com or contact: Erica Belling, CFA, P.Eng., VP Investor Relations, Tau Capital Corp., Tel: (416) 361-9636 x 243, Email: ebelling@taucapital.com
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