Gold Oil released a statement from Michael Burchell, chairman, as an interim report on the period from May 1, 2007 to Oct. 31, 2007.
According to the statement, Gold Oil had a cash balance of about $12 million, with a profit of $3.1 million.
After Gold Oil acquired nearly 25% of the Irish mineral company Minmet, Minmet decided against a joint plan to gain interest in Cuba while working with Gold Oil. As a result of this decision, Gold Oil sold some of its Minmet shares to a third party at about $35/share, which yielded a profit of about $5.1 million. The shares that were not sold were traded for 22.95 million shares that Gold Oil had previously given to Minmet. Gold Oil plans to continue ahead with ventures in Cuba alone.
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