Oracle Mining Corp. (the “Company” or “Oracle Mining”), formerly Gold Hawk Resources Inc., graduated to the TSX under the symbol “OMN” on January 12, 2012. It was previously listed on the TSX Venture Exchange, and is a company incorporated under the Canada Business Corporations Act and a reporting issuer under the jurisdiction of British Columbia. The Company is engaged in the acquisition, exploration, development and exploitation of mineral resource projects.
The Company?s head office, principal address and registered office is #1550-666 Burrard Street, Vancouver, British Columbia, V6C 3E1.
In September 2010, the Company acquired the Oracle Ridge copper property near Tucson, Arizona. The Company has started exploration and development activities on this property and expects to bring the property into production in 2013. In accordance with the Company? s accounting policy, all exploration and evaluation expenditures are expensed until such time as a technical feasibility study has been completed and commercial viability is demonstrable.
These condensed consolidated interim financial statements are prepared on the basis of a going concern which assumes the realization of assets and satisfaction of liabilities in the normal course of business. During the three months ended March 31, 2012, the Company incurred a net loss of $4,889,000 and at March 31, 2012 has working capital of $10,553,000. The continuation of the Company as a going concern is dependent on its ability to obtain necessary financing as required, to complete exploration and development activities on the Oracle Ridge copper property and ultimately the achievement of profitable operations. These material uncertainties cast significant doubt upon the Company?s ability to continue as a going concern.
