Blue Gold Reports Third-Quarter Financial Results - Blue Gold Reports Third-Quarter Financial Results -

Friday, May 18, 2012

Blue Gold Reports Third-Quarter Financial Results -

Blue Gold Reports Third-Quarter Financial Results -

Blue Gold Mining Inc. (TSX VENTURE:BGX) reports financial results for the three and nine months ended March 31, 2012, and provides a brief update on our corporate activities. All amounts are presented in Canadian dollars unless otherwise stated.


Business Development Activities

  --  The Company has reviewed a large number of projects and companies for     potential acquisition, and continues to review submisisons and seek out     opportunities. As of the date of this press release, Blue Gold     management has no firm commitments to acquire any project.  --  On May 9, 2012, the company executed a non-binding Letter of Intent with     Paget Minerals Corporation ("Paget Minerals"), to enter into a     transaction whereby Blue Gold may option, on a joint venture basis,     certain claims within Paget Minerals Ball Creek project. Refer to the     company's news release dated May 17, 2012 for further details.   

Exploration Activities

  --  Data compilation from the recent airborne geophysical (magnetometer and     electromagnetic) survey on the Titan gold-copper property and assessment     report writing were completed during the third quarter. We intend to     evaluate the results of the survey and complete follow-up geological     work to define specific target areas for drilling.   


The following selected financial data is derived from our financial statements for the three and nine months ended March 31, 2012 and 2011, as prepared in accordance with International Financial Reporting Standards ("IFRS").

  --------------------------------------------------------------------------- ---------------------------------------------------------------------------                                 Three months ended     Nine months ended                                         March 31              March 31                                              2012      2011         2012       2011 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Loss for the period             ($616,140) ($44,020) ($3,897,201) ($116,495) Loss per share - basic and                                                   diluted                           ($0.01)   ($0.01)      ($0.08)    ($0.03) --------------------------------------------------------------------------- ---------------------------------------------------------------------------                                                                As at                                                                  March 31    June 30                                                             2012       2011 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Cash                                                 $24,107,057 $2,189,899 Current assets                                       $24,407,113 $2,210,425 Non-current assets                                      $256,445    $36,704 Current liabilities                                     $281,421    $38,029 Non-current liabilities                                      $ -        $ - Shareholders' equity                                 $24,382,137 $2,209,100 --------------------------------------------------------------------------- ---------------------------------------------------------------------------  --  For the three and nine months ended March 31, 2012, the Company recorded     a net loss of $616,140 and $3,897,201, compared to net losses of $44,020     and $116,495 for the three and nine month periods ended March 31, 2011.     The net loss through the current period includes significant non-cash     items. The increase in net loss of $3,780,706 through March 31, 2012 was     primarily due to a $2,443,675 increase in stock-based compensation     expense for the nine months ended March 31, 2012 compared to the same     period in 2011, a $697,772 increase in professional and consulting fees     for project review, and an increase of $548,105 in wages and benefits     expenses.   --  Working capital of $24,125,692 at March 31, 2012 includes $24,187,057 in     cash and short term investments and $220,056 in receivables and prepaid     expenses, net of $281,421 in accounts payable and accrued liabilities.   --  Non-current assets of $256,445 is comprised predominantley of     exploration and evaluation assets reflecting activity relating to the     Company's Titan property.   

Details of the Company's financial results are described in the condensed interim financial statements and corresponding Management's Discussion and Analysis for the three and nine months ended March 31, 2012. These and further details on Blue Gold's project and activities can be found on the Company's website at and on SEDAR at

This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

© Marketwire 2012

Manulife Financial LPGA Classic adds 4 more stars to field - Examiner
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  • European financial woes push markets lower - Atlanta Journal Constitution

    The Associated Press

    LONDON — Concerns that Europe's debt crisis could drag down parts of the continent's banking system rattled global markets on Friday, while the IPO of social network Facebook failed to buoy spirits on Wall Street.

    Ratings agency Moody's downgraded 16 Spanish banks late Thursday, three days after downgrading 26 Italian lenders, noting they are vulnerable to huge losses on government debt.

    In Spain's case, the lenders are also exposed to tens of billions of euros (dollars) in soured investments in the country's imploded real estate market. Their bad loans have hit an 18-year high, according to new figures compiled by the Bank of Spain.

    Worries over Spain were reignited in the past two weeks by the prospect that Greece might leave the 17-country euro union. Anti-bailout political parties made huge gains in general elections on May 6, though that ballot proved inconclusive. Another election will be held on June 17, and the radical left party Syriza is forecast to make gains, possibly becoming the biggest party.

    Syriza rejects the international bailout — and the related austerity measures — that the former government negotiated.

    But without that rescue package, Greece will likely default and have to leave the eurozone. That would result in financial disaster for Greece and send shockwaves through European markets, destabilizing other weak countries.

    Fitch ratings agency downgraded Greece to the lowest possible grade for a country not in default on Thursday, noting that if the next elections do not produce a government that supports the bailout, Greece's exit from the eurozone "would be probable."

    After a day of volatile trading, Britain's FTSE 100 closed 0.7 percent lower at 5,267.62 while Germany's DAX dropped 0.6 percent to 6,271.22. France's CAC-40 shed 0.1 percent to 3,008.

    Spain's main stock index recovered 0.2 percent from heavy losses on Thursday, thanks mainly to a bounce back in the shares of state-controlled lender Bankia, which had plummeted on Thursday on reports of an increase in deposit withdrawals. They rose 23.5 percent on Friday, more than making up for a 14 percent drop the previous day.

    Wall Street tracked European stocks lower on Friday after Facebook shares failed to sustain early gains on their first day of trading. The stock surged 10 percent before falling back to trade around $39, just above the $38 initial offer price.

    The Dow Jones industrial average was down 0.4 percent at 12,397.69 and the S&P 500 lost 0.4 percent to 1,299.88.

    In Asia, Japan's Nikkei 225 tumbled 3 percent to close at 8,611.31, its lowest finish in four months as signs of weakness in the U.S., a critical export market for Japanese companies, battered some of the country's behemoth manufacturers.

    Hong Kong's Hang Seng dropped 1.3 percent to 18,951.85 and Australia's S&P/ASX 200 slid 2.7 percent to 4,046.50. South Korea's Kospi tumbled 3.4 percent to 1,782.46. Benchmarks in Singapore, Taiwan and New Zealand also fell.

    Mainland Chinese shares lost ground, with the benchmark Shanghai Composite Index losing 1.4 percent to 2,344.52. The Shenzhen Composite Index fell 1.5 percent to 940.91.

    Benchmark oil for June delivery was down 77 cents to $91.79 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 25 cents to settle at $92.56 in New York on Thursday.

    In currencies, the euro fell to $1.2711 from $1.2714 late Thursday in New York. The dollar rose slightly to 79.32 yen from 79.28 yen.


    Pamela Sampson in Bangkok and Fu Ting in Shanghai contributed to this report.


    May 18, 2012 12:21 PM EDT

    Copyright 2012, The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

    Mr Money: 20 per cent discounts should be the norm - Daily Telegraph

    * If you’ve got £23,000 and you’re looking for a last-of-the-line but brand new and unique piece of motoring history, sign up for one of just 26 hand-finished, right-hand-drive Saab 9-3 Convertibles that are now on sale.

    Three levels of specification are available – SE, Aero and Independence Edition. The all-turbo powertrain range comes with a 160bhp or 180bhp, 1.9-litre twin-turbo diesel or a 2.0-litre petrol engine with 163bhp or 220bhp.

    The Independence Edition has the 180bhp diesel with a six-speed automatic gearbox as standard. Amber Orange metallic paint and a limited edition serial number etched into the rear side windows make it a car for collectors.

    The last of the Saabs start at £22,750. Full details from one of 87 authorised Saab repairers, or via

    * The total cost of pothole damage to motorists over the last 12 months is £739 million, claims Kwik Fit. That’s 56 per cent up on the previous year. The average cost of repairing cars damaged by these flawed road surfaces is £150, it says.

    * A reminder that from July 1 anyone driving in France is required to carry a single-use disposable breathalyser kit. They’re £2.25 (excluding VAT) each from the Freight Transport Association website, or call 08717 111111.

    Financial Market Fears Overwhelm Facebook IPO Optimism - DailyFx

    The volatility surrounding initial public offerings (IPO) is notorious; but when large companies come into the market, there is often a draw of fresh capital to get a piece of the action. Attracting new investors into the market is an especially appealing consideration now. Since the 2008 financial crisis, there has been evidence that suggests that retail level investors have not contributed significantly to strong recovery in US equities. The chart below tallies domestic net capital flow in to / out of equity mutual funds measured by Investment Company Institute (ICI).

    Financial_Market_Fears_Overwhelm_Facebook_IPO_Optimism_body_Picture_5.png, Financial Market Fears Overwhelm Facebook IPO Optimism

    Source: Investment Company Institute

    Given the sell off so far this month, Facebook’s IPO presents a bright light for lost traders to find their way back – assuming they want to be drawn back in. With a listing price of $38/share, the company opened high and subsequently slid. As shares were worked in after the 11:00 AM EST initial trade, the stock showed the expected, exaggerated swings and even encouraged a boost in volatility for fell tech firm Apple. However, as we can see in the chart below, the highly publicized event couldn’t shake loose of the malaise of the broader market.

    Financial_Market_Fears_Overwhelm_Facebook_IPO_Optimism_body_Picture_6.png, Financial Market Fears Overwhelm Facebook IPO Optimism

    Source: FXCM Marketscope and Bloomberg

    Instead of the Facebook IPO tipping the balance back into the battered bulls’ favor by catalyzing a reversal from an ‘over-extended’ position and drawing new capital into the market, the pessimism of the broader market pulled the stock into its own wake. Through Friday’s close, the S&P 500 is down six consecutive days (the longest bear run since November 25) and has fallen 10 of the past 13 trading days. This is turning into a serious reversal without the ‘flash’ momentum that can quickly snuff a move out.

    Financial_Market_Fears_Overwhelm_Facebook_IPO_Optimism_body_Picture_7.png, Financial Market Fears Overwhelm Facebook IPO Optimism

    Source: FXCM Marketscope

    If a headline event like the United States’ third largest IPO can’t rouse enough interest for at least a stall, there is clearly something more fundamentally pressing for the markets to concern themselves with. What could that be?

    As stated above, the market recovery since the first half of 2009 has developed through dubious support. With a concerning lack of retail market participation (the bulk of speculative interest under normal conditions), brokers, institutions, hedge funds and governments / central banks (via stimulus) have to do the heavy lifting. Yet, this cumulative interest only stretches so far. Without greater interest from the broader investing community, the climb peters out as the backdrop starts to cloud. Among the concerns that are growing in prominence are the downturn in growth forecasts, expectations of a reduced stimulus safety net, rising correlations across various asset classes (making it difficult to diversify away risk) and a radiating financial crisis in the Eurozone.

    In the chart below, we can see the progress in the deteriorating financial conditions for the region just through this month alone. At this pace, the situation is clearly deteriorating more rapidly. As we have seen with the spread of the US-born, sub-prime troubles back in 2008; the transmission of fear and financial retrenchment can have crippling consequences.

    In tracking the intensity and breadth of selling pressure, a good read can be found through tracking the relative performance between the S&P 500 and EURUSD. The benchmark equity index is a reflection of the investing interests of a heavily-biased, long-only crowd. Given the heights the stock benchmarks have in particular scaled (with help from stimulus), a reversal can prove lasting.

    For contrast, EURUSD follows the primary catalyst for this particular global correction. The European sovereign and banking-level crisis is clearly reflected in the world’s second most liquid currency – especially when paired against the top reserve and safe haven currency, the US dollar. With the bounce from EURUSD and follow through decline for the S&P 500 through Friday’s close, we could see a fundamental pressure relief for Monday or evidence that selling pressure is now self-generating for the capital markets.

    Financial_Market_Fears_Overwhelm_Facebook_IPO_Optimism_body_Picture_8.png, Financial Market Fears Overwhelm Facebook IPO Optimism

    Source: FXCM Marketscope

    --- Written by: John Kicklighter, Senior Currency Strategist and Lujia Lin for

    To contact John, email Follow me on twitter at

    To be added to John’s email distribution list, send an email with the subject line “Distribution List” to

    Financial storm gathers pace - The Independent

    The euphoria around the highly-anticipated Facebook flotation was not enough to lift traders in London, where the FTSE 100 Index closed more than 1% lower at 5267.6.

    The top flight has lost more than 5% in one week, its biggest weekly fall since August and hitting its lowest level since November.

    Uncertainty on the continent heightened after Moody's Investor Service downgraded 16 Spanish lenders, including the UK arm of Banco Santander.

    However, a spokesman for Santander UK reassured customers that it was "completely autonomous" from its parent firm, adding that "money raised in the UK stays in the UK".

    And a joint statement from the Treasury, the Bank of England and the FSA said: "All UK banks are well capitalised and are regulated in the UK.

    "Depositors in UK-regulated banks are fully protected up to £85,000 under the Financial Services Compensation Scheme."

    As Spain's woes deepened, investors continued to be troubled by political turmoil in Greece, where a caretaker government has stepped in to steer the debt-ridden country into repeat elections next month.

    Greece, which some fear will have to exit the euro if an anti-austerity party is elected in June, was also hit with a downgrade from ratings agency Fitch.

    The "heightened risk" that the political and economic crisis could drag the country out of the single currency prompted the move, Fitch said.

    Michael Hewson, analyst at CMC Markets, said: "Concerns remain about the fragility of the banking system across Europe overall, as concerns grow about further downgrades if contagion ripples spread."

    Britain's biggest banks took a battering on the markets with Barclays shedding 3%, Lloyds dropping 6% and RBS falling 5%.

    While Spain saw its implied borrowing costs pull back slightly, the yield on 10-year bonds still remained above 6%, in a sign that investors lack confidence in the country's finances.

    Moody's debt downgrade came after the Spanish government was forced to deny there had been a run on the country's fourth biggest lender, Bankia, amid reports that one billion euros (£800 million) had been withdrawn since it was nationalised last week.

    Bankia, which was bailed out last week when the government converted loans into a 45% stake, saw shares recover 30% today, following a 30% plunge yesterday.

    The Spanish government tried to reassure the markets by pledging an audit of the banking system but this failed to inspire much confidence.

    In the US, Facebook launched on the New York Stock Exchange with great pomp and ceremony, as founder Mark Zuckerberg opened the Nasdaq index remotely from his HQ in California.

    The social-networking site opened shares at 38 US dollars (£24) apiece, valuing it at more than 100 billion dollars (£66 billion), and in early trading it rose 10% to 42 US dollars.

    Chris Weston, institutional trader at IG Markets, hoped the listing would distract traders in the US and Asia from the gloom in Europe.

    He said: "Tonight is all about Facebook, and we thoroughly expect a good day's showing on its first day of trade.

    "One hopes a positive tape will lift spirits, if for no other reason than to give traders something other than Greece to think about."

    The developments came after David Cameron issued a call for action from eurozone states and institutions to support weaker economies such as Greece or see the single European currency break up.

    The Prime Minister said he would do "whatever it takes to keep Britain safe from the storm", but made clear that the UK could not be immune from the consequences of a collapse of the euro.

    World leaders will convene in the US for a G8 summit this weekend, where the eurozone crisis is expected to be high on the agenda.


    DEA Drug Tales: The Death of William Coyman and His Money - Opposing Views

    Everyone knows how it’s supposed to go – the DEA or other policing agency catches the bad guys and seizes their stuff. The news reports about drug interdiction usually list the amount of cash taken in the arrest. It’s the norm for goods and money taken to then go to the agency involved to fund further anti-drug operations.

    But what happens when there’s a counterclaim?

    In what may turn out to be an important test case, the DEA seized $180,000 with the claim it was drug money and the purported owners are taking them to court to get it back.

    This follows the heart attack death of William Coyman. He stepped off a train in NY and died on the platform. A search of the bag he had found $180,000 in cash. If that wasn’t suspicious enough, it turns out Mr. Coyman had previously been incarcerated for drug dealing and, at 75, was a retired union man – a union tied to organized crime.

    But what is really at issue is just how the DEA determined it was drug money, since no drugs were found on the dead man. They used a drug dog who was alerted to the cash.

    Further investigation found that Mr. Coyman was transporting the money for a production company in Boston. According to a report from MSNBC, the company, 180 Entertainment, is also under suspicion.

    They quote Mr. Coyman’s son, speaking about his father, “The people connected to that money are probably not good people. My dad was a great man. But clearly he had a colorful history.”

    The question is whether the dog’s testimony is enough to label the money as “illegal drug money” and subject to seizure. There have been no drug arrests, nor has any crime been alleged. And in 2009, CNN reported that 90% of US currency had traces of cocaine on it. How exactly does one tell, without other evidence, that money was used to purchase drugs?

    How this plays out in court will be instructive. 180 Entertainment wants their money back. If they survive the assumed investigation into their activities, it will come down to a dog’s nose.

    VO Financial Corporation Offers Consultation and Financial Services for Timeshare Consumers - Yahoo Finance

    NASHVILLE, Tenn., May 18, 2012 /PRNewswire/ -- VO Financial, the leading provider of financial and consultation services for timeshare consumers, has developed a unique solution for timeshare owners who are stuck in a financial nightmare due to lies, misrepresentations, and/or predatory lending practices.

    (Logo: )

    "The Debt Reduction Deed Replacement Program has shown over time to be a proven service where VO Financial consultants will work closely with clients assisting them towards the goal of eliminating existing timeshare obligations along with the facilitation of a new timeshare ownership that is affordable and debt-free," says Kevin Ulrich, Esq. -- General Counsel for VO Financial Corporation.

    As Section 1414 of the Federal Dodd-Frank Act permits, timeshare mortgages, as opposed to residential personal mortgages, are specifically permitted to utilize the non-judicial foreclose process i.e. a deed in lieu of foreclosure in addition to other state specific legislation permitting the same (FL Code Ch. 721, F.S.).  A deficiency judgment will not be entered against the person after receiving a deed in lieu so as to eliminate all obligations associated with the timeshare and the accompanying debt.

    VO Financial is the largest timeshare consulting firm in the country and the pioneer of providing resolutions to timeshare victims who have otherwise been trapped. Lee Acker -- Vice President of Nashville, TN says, "When a timeshare owner is stuck in between a rock and a hard place all we need is a jack hammer. We have the intellect and capability of rewinding the clock and placing a client back to a timeframe when they were happy with their ownership and felt it was an honest purchase."

    About VO Financial Corporation

    VO Financial Corporation specializes in helping victims of timeshare fraud, misrepresentation, and or predatory lending practices. VO Financial Corporation offers specialized retail installment financing options to consumers who have otherwise been denied. VO Financial Corporation is the largest timeshare consulting firm in the world and understands the difficulties of timeshare owners can face. We do not care about your past history because we focus our energies on providing you with a brighter future. VO Financial currently serves over 9000 clients in the US & Canada. For more information about VO Financial, visit its website at


    First Niagara Financial Group Inc. : First Niagara Completes HSBC Branch Acquisition - 4-traders (press release)

    Acquires Branches Throughout New York and Connecticut; Adds 1,200 New Team Members and More Than 500,000 New Customers

    Market Leading Position Across Upstate New York Strengthens Franchise and Provides Customers With Greater Access and Convenience

    BUFFALO, N.Y., May 18, 2012 (GLOBE NEWSWIRE) -- First Niagara Bank N.A., a subsidiary of First Niagara Financial Group, Inc. (Nasdaq:FNFG), today completed its acquisition of the Upstate New York and Connecticut branches from HSBC Bank USA, N.A., further enhancing the bank's regional franchise to 430 branches and 6,000 professionals, serving customers throughout New York, Pennsylvania, Connecticut and Massachusetts.

    The company will convert more than 100 former HSBC branches and transition all customer accounts over the weekend. Those locations will open as First Niagara branches Monday morning, May 21, with 1,200 new team members serving 500,000 new households. As a result of the acquisition, the Bank will now have more than 200 locations across New York and an expanded presence in Fairfield County, CT.   

    "We're incredibly proud to complete this transaction and welcome all of our new customers to First Niagara," said First Niagara President and Chief Executive Officer John R. Koelmel. "We also warmly welcome all of our new teammates. They're energized, fully engaged and now even more empowered to wow their customers and communities. We won't disappoint."

    Mark Rendulic, First Niagara Executive Vice President, Retail Banking, added, "We are very excited to open these branches under the First Niagara banner. The team has worked tirelessly to prepare and we look forward to welcoming our new customers on Monday with the same great team, a full array of products and services and our special commitment to make good things happen."

    First Niagara announced its plans to acquire 195 Upstate New York and Connecticut HSBC branches on July 31, 2011.  

    Customers with any questions about the transition of their accounts are encouraged to stop by any First Niagara branch and ask to speak to a team member during business hours; call the bank's Customer Contact Center at 1-800-421-0004; or visit

    Note to Editors: Please visit for a map of the First Niagara branch network.

    About First Niagara

    With the acquisition of HSBC branches now complete, First Niagara has an enhanced leadership position in the Northeast, with nearly 430 locations and more than 6,000 employees serving consumers, businesses and communities across New York, Pennsylvania, Connecticut and Massachusetts. First Niagara also has number-one retail market share across Upstate New York, and has virtually doubled its number of branches in New York State to more than 200, stretching from Buffalo to Albany and down through the Hudson Valley.

    Forward-Looking Statements

    Certain statements in this document are "forward

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