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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 AND 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the Month of___________________________________________________________________________April 1998
DESERT SUN MINING CORP.
(Name of Registrant)
65 Queen Street West, Suite 810, P.O. Box 67, Toronto ,Ontario, Canada M5H 2M5
Executive Offices
1. Press Releases: 4/14, 4/22, 5/22, 5/25, 6/23, 7/31, 9/17, 10/19, 10/23, 11/13 (1998)
2. BC Form 61-901F Quarterly Report and Interim Financial Statements,
Second Quarter Ended February 28, 1998, filed 4/29/1998
3. BC Form 61-901F Quarterly Report and Interim Financial Statements,
Third Quarter Ended May 31, 1998, filed 6/30/1998
Indicate by check mark whether the Registrant files annual reports under cover of Form 20-F or Form 40-F. Form 20-Fxxx Form 40-F ___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Indicate by check mark whether the Registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under Securities Exchange Act of 1934. Yes ___ Noxxx
SEC 1815 (11-2002)
Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
DESERT SUN MINING CORP.
610-650 West Georgia Street, Vancouver, British Columbia, Canada, V6B 4N7
Tel: (604) 685-2542n Fax: (604) 685-6880
TOLL FREE: 1-800-786-0895 TRADING SYMBOLS
VANCOUVER STOCK EXCHANGE: DSM.V
NASDAQ ELECTRONIC BULLETIN BOARD: DSUNF
April 9, 1998
NEWS RELEASE
The Company announces that it granted Incentive Stock Options on 1,263,900 shares of the Company's capital stock, exercisable up to April 8, 2003, at a price of $0.23 per share, which price is the average closing price of the Company's shares for the ten trading days immediately preceding April 9, 1998.
The Options granted may not be exercised until Vancouver Stock Exchange approval has been obtained.
DESERT SUN MINING CORP.
Thomas R. Tough,
President
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
DESERT SUN MINING CORP.
610-650 West Georgia Street, Vancouver, British Columbia, Canada, V6B 4N7
Tel: (604) 685-2542 Fax: (604) 685-6880
TOLL FREE: 1-800-786-0895 TRADING SYMBOLS
VANCOUVER STOCK EXCHANGE: DSM.V
NASDAQ ELECTRONIC BULLETIN BOARD: DSUNF
April 22, 1998
NEWS RELEASE
The private placement of 400,000 units at a price of $0.26 per unit announced in the Company's News Release of February 27, 1998, has been cancelled as a result of the placee having withdrawn from the private placement.
DESERT SUN MINING CORP.
Thomas R. Tough,
President
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
DESERT SUN MINING CORP.
610-650 West Georgia Street, Vancouver, British Columbia, Canada, V6B 4N7
Tel: (604) 685-2542 Fax: (604) 685-6880
TOLL FREE: 1-800-786-0895 TRADING SYMBOLS
VANCOUVER STOCK EXCHANGE: DSM.V
NASDAQ ELECTRONIC BULLETIN BOARD: DSUNF
May 21, 1998
NEWS RELEASE
Desert Sun Mining Corp. (the “Company”) announces that on May 20, 1998, it has agreed to a $488,750 private placement of its securities which will consist of the sale of 2,125,000 units at $0.23 per unit. Each unit consists of one common share and one two-year non-transferable share purchase warrant with each such share purchase warrant entitling the holder to purchase one additional common share of the Company for $0.23 during the first year of the warrant and for $0.26 during the second year of the warrant.
The proceeds from the private placement will be used for funding the Company’s exploration and development of the Batangas Gold Project in the Philippines as well as general working capital.
A finder's fee of up to $44,150 is payable in connection with the private placement and will be paid in the form of either cash or shares at the election of the finder.
The private placement is subject to its acceptance for filing by the Vancouver Stock Exchange.
The Company also wishes to announce that Patrick Normoyle has tendered his resignation from the Board of Directors effective May 13, 1998.
DESERT SUN MINING CORP.
Thomas R. Tough,
President
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
DESERT SUN MINING CORP.
610-650 West Georgia Street, Vancouver, British Columbia, Canada, V6B 4N7
Tel: (604) 685-2542 Fax: (604) 685-6880
TOLL FREE: 1-800-786-0895 TRADING SYMBOLS
VANCOUVER STOCK EXCHANGE: DSM.V
NASDAQ ELECTRONIC BULLETIN BOARD: DSUNF
May 21, 1998
NEWS RELEASE
Desert Sun Mining Corp. (the “Company”) announces that on May 20, 1998, it has agreed to a $488,750 private placement of its securities which will consist of the sale of 2,125,000 units at $0.23 per unit. Each unit consists of one common share and one two-year non-transferable share purchase warrant with each such share purchase warrant entitling the holder to purchase one additional common share of the Company for $0.23 during the first year of the warrant and for $0.26 during the second year of the warrant.
The proceeds from the private placement will be used for funding the Company’s exploration and development of the Batangas Gold Project in the Philippines as well as general working capital.
The private placement is subject to its acceptance for filing by the Vancouver Stock Exchange.
The Company also wishes to announce that Patrick Normoyle has tendered his resignation from the Board of Directors effective May 13, 1998.
DESERT SUN MINING CORP.
Thomas R. Tough,
President
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
DESERT SUN MINING CORP.
610-650 West Georgia Street, Vancouver, British Columbia, Canada, V6B 4N7
Tel: (604) 685-2542 Fax: (604) 685-6880
TOLL FREE: 1-800-786-0895 TRADING SYMBOLS
VANCOUVER STOCK EXCHANGE: DSM.V
June 23, 1998
NEWS RELEASE
Desert Sun Mining Corp. wishes to announce that Mr. John C. Loretto, P.Eng. has consented to join the board of directors of the Company. Mr. Loretto is a graduate of the Royal School of Mines, London, UK, and has been active in the mining industry for over 40 years.
The Company is awaiting final approval from the Bureau of Mines of the MPSA application and the subsequent permitting. The permitting will allow the Company to carry out the drilling of some 24 recommended drill holes totalling 3,350 metres to test the auriferous Ulanin breccia/stockworks zone outlined by previous and recent geological mapping and sampling, trenching, soil sampling and a geophysical survey.
On Behalf of the Board of Directors,
“THOMAS R. TOUGH”
Thomas R. Tough, P.Eng.
President.
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
DESERT SUN MINING CORP.
610-650 West Georgia Street, Vancouver, British Columbia, Canada, V6B 4N7
Tel: (604) 685-2542 Fax: (604) 685-6880
TOLL FREE: 1-800-786-0895 TRADING SYMBOLS
VANCOUVER STOCK EXCHANGE: DSM.V
NASDAQ ELECTRONIC BULLETIN BOARD: DSUNF
Dated: July 31, 1998
NEWS RELEASE
Further to a news release dated May 21, 1998, Desert Sun Mining Corp. (“Desert Sun”) announces the completion of its private placement pursuant to which Desert Sun raised $26,450 through the sale of 115,000 units. The securities issued pursuant to the private placement are subject to a hold period in British Columbia expiring on November 8, 1998.
DESERT SUN MINING CORP.
Thomas R. Tough,
President
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
DESERT SUN MINING CORP.
610-650 West Georgia Street, Vancouver, British Columbia, Canada, V6B 4N7
Tel: (604) 685-2542 Fax: (604) 685-6880
TOLL FREE: 1-800-786-0895 TRADING SYMBOLS
VANCOUVER STOCK EXCHANGE: DSM.V
NASDAQ ELECTRONIC BULLETIN BOARD: DSUNF
September 17, 1998
NEWS RELEASE
The Company announces that it granted Incentive Stock Options on 50,000 shares of the Company's capital stock, exercisable up to September 16, 2003, at a price of $0.20 per share, which price is the average closing price of the Company's shares for the ten trading days immediately preceding September 17, 1998.
The Options granted may not be exercised until Vancouver Stock Exchange approval has been obtained.
DESERT SUN MINING CORP.
“Nav Badyal”
____________________________________
Nav Badyal,
Director
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
DESERT SUN MINING CORP.
610-650 West Georgia Street, Vancouver, British Columbia, Canada, V6B 4N7
Tel: (604) 685-2542 Fax: (604) 685-6880
TRADING SYMBOL: DSM.V
16 October 1998
NEWS RELEASE
Desert Sun advises that it is progressing with its Batangas Gold Project in the Philippines for which it is awaiting final approval from the Philippine Mines and Geosciences Bureau of the MPSA application and subsequent permitting. At this time Desert Sun is in the process of submitting a formal response to comments from the MGB requesting supplementary information concerning Desert Sun’s Environmental Work Program, the financial status of Batangas Exploration and Development, and evidence of financial capability to proceed with the project. Desert Sun hopes to commence its recommended diamond drilling program as soon as possible after the MPSA award.
Management of Desert Sun have also determined, in light of the delays that have been experienced with the Batangas project, to implement a program of diversifying risk through the evaluation and participation in additional international exploration and development projects. Resource opportunities reviewed to date have included projects in the Philippines, Indonesia, Africa, and Chile. At this time, Desert Sun is pleased to announce that it has negotiated to acquire a 50% interest in a diamond exploration joint venture in Namibia, Africa. Terms of the joint venture provide for Desert Sun to acquire its interest in consideration for financial commitments of a minimum of $250,000 a year over a 4 year earn-in period and the financing of a processing plant. Participation is subject to the negotiation, settlement, and execution of formal documentation, completion of a satisfact ory due diligence review of the venture, the Vancouver Stock Exchange accepting notice of the transaction for filing, and Desert Sun establishing the financial capability to proceed with the project. A finder’s fee is not payable incidental to the transaction.
DESERT SUN MINING CORP.
“Thomas R. Tough”
____________________________________
Thomas R. Tough, P. Eng.
President
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
DESERT SUN MINING CORP.
610-650 West Georgia Street, Vancouver, British Columbia, Canada, V6B 4N7
Tel: (604) 685-2542 Fax: (604) 685-6880
TRADING SYMBOL: DSM.V
October 23, 1998
NEWS RELEASE
Desert Sun Mining Corp. announces that it has agreed to a $300,000 private placement to consist of the sale of 1,200,000 shares at $0.25 per share. The proceeds from the private placement will be used for exploration and development and general working capital. A finder's fee of up to $30,000 is to be paid in connection with the private placement. The private placement is subject to its acceptance for filing by the Vancouver Stock Exchange.
The securities offered will not be or have not been registered under the US 1933 Securities Act, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
DESERT SUN MINING CORP.
“Thomas R. Tough”
____________________________________
Thomas R. Tough, P. Eng.
President
This news release contains forward-looking statements regarding anticipated agreements and financing. Forward-looking statements address future events and conditions based on the opinions and estimates of management and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements.
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
DESERT SUN MINING CORP.
610-650 West Georgia Street, Vancouver, British Columbia, Canada, V6B 4N7
Tel: (604) 685-2542 Fax: (604) 685-6880
TRADING SYMBOL: DSM.V
Dated: November 13, 1998
NEWS RELEASE
Desert Sun advises that it has been unable to settle in a timely manner the formal documentation for its diamond exploration joint venture in Namibia previously announced on October 16, 1998. As a consequence, Desert Sun will not be proceeding at this time with transaction or the private placement announced October 23, 1998.
Desert Sun intends to continue to implement a diversification program, is proceeding with its Batangas Project in the Philippines, and hopes to announce presently the award of the MPSA therefor.
DESERT SUN MINING CORP.
“Thomas R. Tough”
Thomas R. Tough, P. Eng.
President
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
FORM 61 | ||
QUARTERLY REPORT - SCHEDULE B AND C | ||
ISSUER DETAILS | ||
NAME OF ISSUER | Desert Sun Mining Corp. | |
ISSUER'S ADDRESS | #610 - 650 West Georgia Street Vancouver, BC V6B 4N7 | |
ISSUER TELEPHONE NUMBER | 1-604-685-2542 | |
ISSUER FACSIMILE NUMBER | 1-604-685-6880 | |
CONTACT PERSON | Thomas R. Tough | |
CONTACT'S POSITION | Director | |
CONTACT TELEPHONE NUMBER | 1-604-685-6880 | |
FOR QUARTER ENDED | 28 February 1998 | |
DATE OF REPORT | 29 April 1998 | |
CERTIFICATE | ||
The two schedules required to complete this quarterly report is attached and the disclosure contained therein has been approved by the Board of Directors. A copy of this quarterly report will be provided to any shareholder who requests it. | ||
"THOMAS R. TOUGH" | 98/04/29 | |
NAME OF DIRECTOR | DATE SIGNED (YY/MM/DD) | |
"PATRICK NORMOYLE" | 98/04/29 | |
NAME OF DIRECTOR | DATE SIGNED (YY/MM/DD) | |
DESERT SUN MINING. | ||||
SCHEDULE B - SUPPLEMENTARY INFORMATION | ||||
1. YEAR TO-DATE REQUIREMENTS | ||||
(a) | Deferred cost, exploration and development: | |||
See interim financial statements | ||||
(b) | General and administrative: | |||
See interim financial statements | ||||
(c) | Expenditures to non-arm length parties: | |||
Management fee paid to an officer and director | $ 30,000 | |||
Consulting fee paid to a company controlled by an officer and director | 13,285 | |||
Legal fees paid to a director of a subsidiary company | 2,542 | |||
$ 45,827 | ||||
2. FOR THE QUARTER ENDED 28 FEBRUARY 1998 | ||||
(a) | Securities issued: | |||
None | ||||
(b) | Options granted: | |||
None | ||||
3. AS AT28 FEBRUARY 1998 | ||||
(a) | Authorized and issued share capital: | |||
Authorized: 50,000,000 common shares without par value | ||||
Issued and fully paid | Number of | |||
Shares | Amount | |||
Balance - Beginning of period | 12,639,063 | $ 6,604,407 | ||
Issued during the period: | ||||
None issued | - | - | ||
Balance - End of period | 12,639,063 | $ 6,604,407 |
(b) | Summary of options, warrants and convertible securities outstanding: | |
Options | ||
687,210 | shares exercisable at $0.42 per share on or before December 06, 2000 | |
100,000 | shares exercisable at $0.81 per share on or before November 05, 1998 | |
150,000 | shares exercisable at $1.01 per share on or before January 28, 1999 |
DESERT SUN MINING CORP. SCHEDULE B - SUPPLEMENTARY INFORMATION (continued) 3. AS AT 28 FEBRUARY 1998 (continued) | ||
(b) | Summary of options, warrants and convertible securities outstanding:(continued) | |
Warrants | ||
100,000 | shares exercisable at $0.91 per share on or before August 07, 1998 | |
100,000 | shares exercisable at $0.72 per share on or before January 10, 1999 | |
320,000 | shares exercisable at $1.00 per share on or before March 06, 1998 |
(c) | Shares in escrow or subject to pooling: |
749,980 shares are held in escrow. | |
(d) | List of directors: |
Thomas R. Tough | |
Jane Tough | |
Patrick Normoyle | |
Navdip Badyal |
SCHEDULE C - MANAGEMENT DISCUSSION
DESERT SUN MINING CORP.
Quarterly Report to February 28, 1998
SCHEDULE C
REVIEW OF OPERATIONS
During the quarterly period from November 30, 1997 to February 28, 1998:
The Company has been carrying out surface exploration consisting of geological mapping and sampling in the area of the northeastern extension along the strike of the Ulanin breccia and stockworks zone. In conjunction with the mapping and sampling a GPS survey has been utilized to locate drill sites along a strike length of some 1.4 kilometres. In the course of the work four small scale mining operations were encountered to the to the northeast of the property boundary.
The drill sites are those proposed by the Company=s consultant, Mr. John Perry, P.Geo., in his report dated February 4, 1998. Mr. Perry has recommended a program comprising 24 drill holes totalling a length of some 3,350 metres. The drilling forms Phase I of his recommended drill program proposed in his 1997 report. The purpose of the drilling is to test the Ulanin area for its potential to host bulk mineable resources within the auriferous breccia/stockworks zone identified by results obtained from soil/eluvium geochemistry, surface rock sampling , an IP/resistivity geophysical survey, all recently carried out by Desert Sun Mining Corp., and from previous trenching and pitting carried out during the early 1990's.
Surface grab samples which assayed gold values ranging from 0.03 gm. Au/tonne to 15.86 gm. Au/tonne in the grid area over the Ulanin Zone and the gold soil anomalies support the possibility of an eastward extension to the breccia/stockworks zone along much of its length.
Drill contractors have been visiting the Ulanin site in order to submit their bids for the drill contract to be let.
The Company has been doing all that can be done to expedite the approval of the Mineral Processing Sharing Agreement (MPSA) application by the Bureau of Mines. The MPSA is an agreement made with the government of the Republic of the Philippines.
The Company has filed a Form 20F with the United States Securities and Exchange Commission, which is a requirement to maintain the Company=s listing on the NASDAQ Electronic Bulletin Board.
The Company has also filed an Annual Information Form (AIF) with the British Columbia Securities Commission.
FINANCIAL
The Company arranged a private placement, subject to the approval of the Vancouver Stock Exchange, of 400,000 units at a price of $0.26 per unit. Each unit will consist of one common share of the Company and one (1) one-year non-transferable share purchase warrant. Each warrant will entitle the holder to purchase an additional one common share of the Company at a price of $0.26 per share if exercised within the first year. Each warrant will entitle the holder to purchase an additional one common share of the Company at a price of $0.30 per share if exercised within the second year. The placee withdrew from the private placement which was then subsequently cancelled.
The investor relations activities are presently conducted by Mark Tytherleigh.
Subsequent to the quarterly period ended February 28, 1998 to date:
The Company granted Incentive Stock Options on 1,263,000 shares of the Company's capital stock, exercisable up to April 8, 2003. The granting was filed with, and approved by, the Vancouver Stock Exchange.
FORM 61 | ||
QUARTERLY REPORT - SCHEDULE A | ||
ISSUER DETAILS | ||
NAME OF ISSUER | Desert Sun Mining Corp. | |
ISSUER'S ADDRESS | #610 - 650 West Georgia Street Vancouver, BC V6B 4N7 | |
ISSUER TELEPHONE NUMBER | 1-604-685-2542 | |
ISSUER FACSIMILE NUMBER | 1-604-685-6880 | |
CONTACT PERSON | Thomas R. Tough | |
CONTACT'S POSITION | Director | |
CONTACT TELEPHONE NUMBER | 1-604-685-2542 | |
FOR QUARTER ENDED | 28 February 1998 | |
DATE OF REPORT | 29 April 1998 | |
CERTIFICATE | ||
The one schedule required to complete this quarterly report is attached and the disclosure contained therein has been approved by the Board of Directors. A copy of this quarterly report will be provided to any shareholder who requests it. | ||
"THOMAS R. TOUGH" | 98/04/29 | |
NAME OF DIRECTOR | DATE SIGNED (YY/MM/DD) | |
"PATRICK NORMOYLE" | 98/04/29 | |
NAME OF DIRECTOR | DATE SIGNED (YY/MM/DD) | |
DESERT SUN MINING CORP. |
INTERIM CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE SIX MONTH PERIOD ENDED 28 FEBRUARY 1998 AND 1997 |
(UNAUDITED) |
DESERT SUN MINING CORP. | Statement 1 | ||
Interim Consolidated Balance Sheet | |||
As at 28 February | |||
(Unaudited) | |||
ASSETS | 1998 | 1997 | |
Current | Cash | $ 229,115 | $ 750,354 |
Accounts receivable | 13,285 | 2,104 | |
Prepaid expenses | 1,800 | 7,946 | |
Security deposit | 3,881 | 1,333 | |
248,081 | 761,737 | ||
Capital Assets | 22,050 | 6,608 | |
Resource Properties and Deferred | |||
Costs | 551,344 | 277,235 | |
$ 821,475 | $ 1,045,580 | ||
LIABILITIES | |||
Current | Accounts payable and accrued | ||
liabilities | $ 44,481 | $ 23,965 | |
Due to related parties | 93,572 | 27,000 | |
138,053 | 50,965 | ||
Non-Controlling Interest in Sun | |||
River Gold Philippines Inc | 7,080 | - | |
SHAREHOLDERS' EQUITY | |||
Share Capital | 6,604,407 | 6,284,407 | |
DeficitStatement 2 | (5,928,065) | (5,289,792) | |
676,342 | 994,615 | ||
$ 821,475 | $ 1,045,580 | ||
ON BEHALF OF THE BOARD: | |||
"THOMAS R. TOUGH" | , Director | ||
"PATRICK NORMOYLE" | , Director | ||
DESERT SUN MINING CORP. | Statement 2 | ||
Interim Consolidated Statement of Loss and Deficit | |||
For the Six Month Period Ended 28 February | |||
(Unaudited) | |||
1998 | 1997 | ||
General and Administrative | |||
Expenses | Amortization | $ 1,398 | $ 497 |
Administrative | 4,125 | - | |
Consulting | - | 3,325 | |
Listing and filing fees | 4,150 | 4,398 | |
Management fees | 30,000 | 18,291 | |
Office, telephone and miscellaneous | 5,752 | 3,487 | |
Outside property investigation | - | 9,719 | |
Professional fees | 37,487 | 11,662 | |
Rent | 11,736 | 6,742 | |
Shareholders= communication | 26,776 | 26,473 | |
Transfer agent fees | 2,528 | 6,156 | |
Travel and promotion | 1,444 | 2,002 | |
125,396 | 92,752 | ||
Loss Before the Undernoted | (125,396) | (92,752) | |
Resource property costs written off | (42,154) | - | |
Loss for the Period | (167,550) | (92,752) | |
Deficit - Beginning of period | (5,760,515) | (5,197,040) | |
Deficit - End of Period | $ 5,928,065 | $ 5,289,792 | |
DESERT SUN MINING CORP. | Statement 3 | |||
Interim Consolidated Statement of Resource Property Costs | ||||
For the Six Month Period Ended 28 February | ||||
(Unaudited) | ||||
1998 | 1997 | |||
Mineral | Violeta, Crisantemo, Anaconda, Grau | |||
Francia and Progreso Concessions | ||||
Bolivia, S.A. | ||||
Acquisition costs | - | 20,757 | ||
Amortization | - | 214 | ||
Geological | - | 7,500 | ||
Office and miscellaneous | - | 114 | ||
Professional fees | 6,979 | - | ||
Project management | - | 2,468 | ||
Survey | - | 33,379 | ||
Travel | - | 4,851 | ||
6,979 | 69,283 | |||
Batangas Gold Project | ||||
South Luzon Island, Philippines | ||||
Acquisition cost | 79,476 | 36,128 | ||
Amortization | 1,060 | - | ||
Assays | 11,563 | 41 | ||
Campsite | 32,690 | - | ||
Equipment rental | 16,027 | - | ||
Geological | 31,223 | 7,678 | ||
Legal | 2,542 | - | ||
Loss on foreign exchange | 28,320 | - | ||
Office and miscellaneous | 5,115 | 281 | ||
Survey | 212 | - | ||
Travel and promotion | 6,982 | 8,570 | ||
215,210 | 52,698 | |||
Oil and Gas | Oil and gas leases, Marion County | |||
Illinois, U.S.A. | ||||
Drilling | 35,175 | - | ||
Costs for the Period | 257,364 | 121,981 | ||
Balance - Beginning of period | 336,134 | 155,254 | ||
Resource Property Costs written off | (42,154) | - | ||
Balance - End of Period | $ 551,344 | $ 277,235 | ||
DESERT SUN MINING CORP. | Statement 4 | ||
Interim Consolidated Statement of Changes in Financial Position | |||
For the Six Month Period Ended 28 February | |||
(Unaudited) | |||
Cash Resources Provided By (Used In) | 1997 | 1996 | |
Operating Activities | Loss for the period | $ (167,550) | $ (92,752) |
Items not affecting cash | |||
Amortization | 1,398 | 711 | |
Write off of Resource Property costs | 42,154 | - | |
Changes in non-cash working capital | 24,345 | (3,019) | |
(99,653) | (95,060) | ||
Financing Activities | Issuance of shares | - | 591,423 |
Advances to (from) related parties | 36,803 | (43,247) | |
36,803 | 548,176 | ||
Investing Activities | Acquisition of resource properties | (79,476) | (56,885) |
Acquisition of capital assets | (3,699) | (1,389) | |
Amortization | 1,060 | - | |
Exploration and development expenditures | (177,888) | (65,096) | |
(260,003) | (123,370) | ||
Net Increase in Cash | (322,853) | 329,746 | |
Cash - Beginning of period | 551,968 | 420,608 | |
Cash - End of Period | $ 229,115 | $ 750,354 | |
FORM 61 | |||
QUARTERLY REPORT - SCHEDULE B AND C | |||
ISSUER DETAILS | |||
NAME OF ISSUER | Desert Sun Mining Corp. | ||
ISSUER’S ADDRESS | #610 - 650 West Georgia Street Vancouver, BC V6B 4N7 | ||
ISSUER TELEPHONE NUMBER | 1-604-685-2542 | ||
ISSUER FACSIMILE NUMBER | 1-604-685-6880 | ||
CONTACT PERSON | Thomas R. Tough | ||
CONTACT’S POSITION | Director | ||
CONTACT TELEPHONE NUMBER | 1-604-685-6880 | ||
FOR QUARTER ENDED | 31 May 1998 | ||
DATE OF REPORT | 30 July 1998 | ||
CERTIFICATE | |||
The two schedules required to complete this quarterly report is attached and the disclosure contained therein has been approved by the Board of Directors. A copy of this quarterly report will be provided to any shareholder who requests it. | |||
“THOMAS R. TOUGH” | 98/07/30 | ||
NAME OF DIRECTOR | DATE SIGNED (YY/MM/DD) | ||
“NAVDIP BADYAL” | 98/07/30 | ||
NAME OF DIRECTOR | DATE SIGNED (YY/MM/DD) | ||
DESERT SUN MINING.
SCHEDULE B - SUPPLEMENTARY INFORMATION
1. YEAR TO-DATE REQUIREMENTS
(a)
Deferred cost, exploration and development:
See interim financial statements
(b)
General and administrative:
See interim financial statements
(c)
Expenditures to non-arm length parties:
Management fee paid to an officer and directory | $ 45,000 |
Geological fee paid to a company controlled by an officer and director | 29,406 |
Consulting fee paid to a company controlled by an officer | 12,500 |
Legal fees paid to a director of a subsidiary company | 4,119 |
$ 91,025 |
2. FOR THE QUARTER ENDED 31 MAY 1998
(a)
Securities issued:
None
(b)
Options granted:
1,263,900 shares at $0.23 per share, expire April 08, 2003
3. AS AT 31 MAY 1998
(a)
Authorized and issued share capital:
Authorized: 50,000,000 common shares without par value
Issued and fully paid | Number of | |
Shares | Amount | |
Balance - Beginning of period | 12,639,063 | $6,604,407 |
Issued during the period: | ||
On exercise of stock options | 250,000 | 57,500 |
Balance - End of period | 12,889,063 | $6,661,907 |
(b)
Summary of options, warrants and convertible securities outstanding:
Options
1,013,900
shares exercisable at $0.23 per share on or before April 08, 2003
DESERT SUN MINING CORP. SCHEDULE B - SUPPLEMENTARY INFORMATION(continued) 3. AS AT 31 MAY 1998 (continued) | ||
(b) | Summary of options, warrants and convertible securities outstanding:(continued) | |
Warrants | ||
100,000 | shares exercisable at $0.91 per share on or before August 07, 1998 | |
100,000 | shares exercisable at $0.72 per share on or before January 10, 1999 | |
(c) | Shares in escrow or subject to pooling: | |
749,980 shares are held in escrow. | ||
(d) | List of directors: | |
Thomas R. Tough | ||
Jane Tough | ||
Navdip Badyal | ||
SCHEDULE C - MANAGEMENT DISCUSSION
REVIEW OF OPERATIONS
During the quarterly period from February 28, 1998 to May 31, 1998:
The Company has been continuing to wait for the final Government review process to be completed and the approval of the Mineral Processing Sharing Agreement (MPSA) application by the Bureau of Mines. The Mineral Production Sharing Agreement (MPSA) covers an area encompassing 2,430 hectares which contains 12 known gold-bearing veins as well as the Ulanin epithermal gold-bearing breccia/stockworks zone. The Ulanin zone is some 200 metres wide and 1.5 kilometers long.
The Company’s consultant, Mr. John Perry, P.Geo., in his report dated February 4, 1998 has recommended a program comprising 24 drill holes totalling a length of some 3,350 metres. The drilling forms Phase I of his recommended drill program proposed in his 1997 report. The purpose of the drilling is to test the Ulanin area for its potential to host bulk mineable resources within the auriferous breccia/stockworks zone identified by results obtained from soil/eluvium geochemistry, surface rock sampling , an IP/resistivity geophysical survey, all recently carried out by Desert Sun Mining Corp., and from previous trenching and pitting carried out during the early 1990's.
Surface grab samples which assayed gold values ranging from 0.03 gm. Au/tonne to 15.86 gm. Au/tonne in the grid area over the Ulanin Zone and the gold soil anomalies support the possibility of an eastward extension to the breccia/stockworks zone along much of its length.
The Company has filed a Form 20F with the United States Securities and Exchange Commission, which is a requirement to maintain the Company’s listing on the NASDAQ Electronic Bulletin Board. Approval is anticipated soon.
FINANCIAL
The Company has entered into a private placement agreement to issue 115,000 units at a price of $0.23 per unit (issued) for total proceeds of $26,450 (received). Each unit consists of one common share of the Company and one share purchase warrant. Each warrant entitles the holder to purchase one additional non-transferable common share at a price of $0.23 per share on or before July 07, 1999 or at $0.26 per share on or before July 07, 2000.
Professional fees of $59,853 as shown on the consolidated financial statement consist of $14,260 in accounting fees and $45,593 in legal fees. Shareholder communication is made up of $35,750 paid to full time and temporary investor relations consultants and the balance of $3,144 is the for the internet service provided by Stock Research Group and the mailing of the AGM material etc.
The investor relations activities are presently conducted by Mark Tytherleigh.
Mr Patrick Normoyle resigned as director of the Company effective May 13, 1998.
Subsequent to the quarterly period May 31, 1998 to date:
Mr John Loretto has been appointed to the board of directors.
DESERT SUN MINING CORP. |
INTERIM CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE NINE MONTH PERIOD ENDED 31 MAY 1998 AND 1997 |
(UNAUDITED) |
DESERT SUN MINING CORP. | Statement 1 | ||
Interim Consolidated Balance Sheet | |||
As at 31 May | |||
(Unaudited) | |||
ASSETS | 1998 | 1997 | |
Current | Cash | $ 116,844 | $ 830,302 |
Accounts receivable | 20,200 | 6,173 | |
Prepaid expenses | 3,205 | 1,134 | |
Security deposit | 2,256 | 8,947 | |
142,505 | 846,556 | ||
Capital Assets | 20,786 | 20,979 | |
Resource Properties and Deferred | |||
Costs | 609,388 | 412,788 | |
$ 772,679 | $ 1,280,323 | ||
LIABILITIES | |||
Current | Accounts payable and accrued | ||
liabilities | $ 43,361 | $ 21,324 | |
Due to related parties | 74,501 | 23,667 | |
117,862 | 44,991 | ||
Non-Controlling Interest in Sun | |||
River Gold Philippines Inc | 7,080 | - | |
SHAREHOLDERS’ EQUITY | |||
Share Capital | 6,661,907 | 6,604,407 | |
DeficitStatement 2 | (6,014,170) | (5,369,075) | |
647,737 | 1,235,332 | ||
$ 772,679 | $ 1,280,323 | ||
ON BEHALF OF THE BOARD: | |||
“THOMAS R. TOUGH” | , Director | ||
“NAVDIP BADYAL” | , Director | ||
DESERT SUN MINING CORP. | Statement 2 | ||
Interim Consolidated Statement of Loss and Deficit | |||
For the Nine Month Period Ended 31 May | |||
(Unaudited) | |||
1998 | 1997 | ||
General and Administrative | |||
Expenses | Administrative | $ 9,125 | $ 3,300 |
Amortization | 2,132 | 1,261 | |
Consulting | 12,500 | 2,500 | |
Listing and filing fees | 5,310 | 6,728 | |
Management fees | 45,000 | 25,791 | |
Office, telephone and miscellaneous | 10,810 | 24,709 | |
Professional fees | 59,853 | 36,681 | |
Property investigation | - | 9,719 | |
Rent | 19,544 | 13,409 | |
Shareholders’ communication | 38,894 | 34,273 | |
Transfer agent fees | 5,534 | 9,752 | |
Travel and promotion | 2,799 | 3,912 | |
211,501 | 172,035 | ||
Loss Before the Undernoted | (211,501) | (172,035) | |
Resource property costs written off | (42,154) | - | |
Loss for the Period | (253,655) | (172,035) | |
Deficit - Beginning of period | (5,760,515) | (5,197,040) | |
Deficit - End of Period | $ 6,014,170 | $ 5,369,075 | |
DESERT SUN MINING CORP. | Statement 3 | |||
Interim Consolidated Statement of Resource Property Costs | ||||
For the Nine Month Period Ended 31 May | ||||
(Unaudited) | ||||
1998 | 1997 | |||
Mineral | Violeta, Crisantemo, Anaconda, Grau | |||
Francia and Progreso Concessions | ||||
Bolivia, S.A. | ||||
Acquisition costs | - | 20,757 | ||
Amortization | - | 642 | ||
Geological | - | 7,500 | ||
Office and miscellaneous | - | 114 | ||
Professional fees | 6,979 | - | ||
Project management | - | 2,468 | ||
Survey | - | 33,379 | ||
Travel | - | 4,851 | ||
6,979 | 69,711 | |||
Batangas Gold Project | ||||
South Luzon Island, Philippines | ||||
Acquisition cost | 95,662 | 105,978 | ||
Amortization | 1,590 | 922 | ||
Assays | 11,562 | 41 | ||
Campsite | 37,060 | 1,430 | ||
Equipment rental | 17,428 | 1,886 | ||
Geological | 46,909 | 53,552 | ||
Legal | 4,119 | - | ||
Loss on foreign exchange | 29,428 | - | ||
Office and miscellaneous | 16,496 | 783 | ||
Survey | 212 | - | ||
Travel and promotion | 12,788 | 23,231 | ||
273,254 | 187,823 | |||
Oil and Gas | Oil and gas leases, Marion County | |||
Illinois, U.S.A. | ||||
Drilling | 35,175 | - | ||
Costs for the Period | 315,408 | 257,534 | ||
Balance - Beginning of period | 336,134 | 155,254 | ||
Resource Property Costs written off | (42,154) | - | ||
Balance - End of Period | $ 609,388 | $ 412,788 | ||
DESERT SUN MINING CORP. | Statement 4 | ||
Interim Consolidated Statement of Changes in Financial Position | |||
For the Nine Month Period Ended 31 May | |||
(Unaudited) | |||
Cash Resources Provided By (Used In) | 1998 | 1997 | |
Operating Activities | Loss for the period | $ (253,655) | $ (172,035) |
Items not affecting cash | |||
Amortization | 2,132 | 1,261 | |
Write off of Resource Property costs | 42,154 | - | |
Changes in non-cash working capital | 16,530 | (10,531) | |
(192,839) | (181,305) | ||
Financing Activities | Issuance of shares | 57,500 | 911,423 |
Advances to (from) related parties | 17,733 | (46,580) | |
75,233 | 864,843 | ||
Investing Activities | Acquisition of resource properties | (95,662) | (126,735) |
Acquisition of capital assets | (3,700) | (17,874) | |
Amortization | 1,590 | 1,564 | |
Exploration and development expenditures | (219,746) | (130,799) | |
(317,518) | (273,844) | ||
Net Increase in Cash | (435,124) | 409,694 | |
Cash - Beginning of period | 551,968 | 420,608 | |
Cash - End of Period | $ 116,844 | $ 830,302 | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Form 6-K to be signed on its behalf by the undersigned, thereunto duly authorized.
Desert Sun Mining Corp. -- SEC File No. 0-29610
(Registrant)
Date:October 20, 2003 By/s/ Stan Bharti_______________________________
Stan Bharti, President/CEO/Director