Mano River results in 1Q08

The Board of Mano River Resources Inc. releases the Accounts of the Company for the financial quarter ended March 31, 2008.

During the first quarter ended March 31, 2008, the Company realised a net loss of $745,653, or $0.002 cents per share as compared to a loss of $277,433 or $0.001 per share in the quarter ended April 30, 2007.

A “dilution gain” was recognised in the quarter amounting to $1,387,780 arising from the issue of further shares in majority owned Stellar Diamonds Ltd to private investors at a price higher than the initial price at which the Company transferred its diamond properties to Stellar Diamonds Ltd in 2007.

Expenses in the quarter at $2,649,633 are $2,364,428 higher than quarter last year. This increase has arisen for a number of reasons. First, certain costs, namely, the interest on the convertible debenture of $94,219 and depreciation of $151,746, did not feature in expenses in quarter one last year. In addition stock based compensation of $1,314,755 (2007:$104,554); directors and management fees of $311,356 (2007:$80,545); professional fees of $559,927 (2007:$98,869) and administrative expenses of $189,043 were all significantly higher than quarter one last year.

Professional fees included expenses related to the proposed listing of Stellar Diamonds Ltd on London’s Alternative Investment Market. Office expenses include the cost of the London office not in the figures last year. Directors and management fees are higher as a result of the reorganisation of the board and the recruitment of key new personnel in 2007. Income from interest during the quarter is $18,225 (2007: $7,772) and an unrealised gain on the convertible debentures was recognised in the period of $309,810.

Source : http://www.manoriver.com/

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