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| | Business Summary: Royal Standard Minerals Inc., a mineral exploration company, engages in the acquisition, exploration, and development of precious metal properties in the United States. It explores for gold, silver, copper, lead, zinc, and coal. The company's properties are located in Nevada and Kentucky. | | | Address
3258 Mob Neck Road
Heathsville
, VA 22473-2306
Phone: 804-580-8107
Fax: 804-580-4132
Website: http://www.royalstandardminerals.com
| | Auditor |
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MSCM LLP
| | Transfer Agent |
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Equity Transfer & Trust Company
| | Founded: 1986
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| | Royal Standard Minerals Inc. engages in the acquisition, exploration, and development of coal and precious metal properties in the United States. It is focused on district scale gold-silver exploration and development programs in Nevada. The company has 100% interest in six advanced and exploration-stage projects in four districts in Nevada. In addition to gold and silver, Royal Standard Minerals also explores for copper, lead, zinc, and coal.
The company is active in the states of Nevada and Kentucky, with projects in Nye (the Gold Wedge and Manhattan projects), Elko (the Pinon and Dark Star projects) and Churchill (the Fondaway Canyon and Dixie-Comstock projects) Counties, Nevada; and Wolfe (Campton Project) County, Kentucky.
The company's Gold Wedge project is considered to be an advanced exploration development project that is fully permitted by the Nevada Department of Environmental Protection (NDEP) for a mine and mill. The company also intends to pursue additional advanced exploration extension drilling at the Fondaway project and to advance the property's state and federal development permits.
The Gold Wedge project is located in the Manhattan District. The company has completed construction of a processing plant on site which includes primary and secondary crushing facilities that feed a gravity recovery system. In addition, a heap leach pad, silt and fresh water ponds have been completed. The company has also commenced the underground development program which includes the exploration of defined mineralized zones concurrently with the second phase of decline development. | | History: INCORPORATED Canada July 23, 2007, as the continuance of a corporation organized in New Brunswick Jan. 4, 2002. The New Brunswick corporation was formed as the continuance of a corporation originally organized in Canada on Dec. 10, 1986, as Ressources Minieres Platinor Inc. Name changed to Royal Standard Minerals Inc. May 14, 1996. | | | | Subsidiaries: |
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Kentucky Standard Energy Company Inc.
Manhattan Mining Co.
| | | | | | Capital Expenditures, thousand. Canadian Dollars |
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| Year | Amount | | 2010 | 1,147 |
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Management
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| Officers | Position |
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| Roland M. Larsen | President & Chief Executive Officer | | J. Alan Ringler | Chief Financial Officer | | George Duguay | Secretary | | Kimberly L. Koerner | Treasurer | | Rich Kaiser | Investor Relations Contact |
| | Directors |
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| James B. Clancy | | Kimberly L. Koerner | | Roland M. Larsen | | J. Alan Ringler | | Paul G. Smith | | | |
| | | | Capitalization as of 01/31/2010: | | | | | Authorized Shares | Outstanding Shares |
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| Common no par | Unlimited | 83,853,825 |
| | | | LONG TERM DEBT: None. | | | | Common no par | | | | UNITS SOLD PRIVATELY: February 3, 2004, the company closed a private placement of 1,075,000 units at Canadian Dollar (C$) 0.25 per unit for gross proceeds of C$268,750. Each unit consisted of one Common share and one-half Common share purchase warrant. Each whole purchase warrant entitled the holder to subscribe for one additional Common share at C$0.30 until Feb. 2, 2005.
April 16, 2004, the company closed a private placement of 6,320,000 units at C$0.35 per unit for gross proceeds of C$2,212,000. Each unit consisted of one Common share and one-half Common share purchase warrant. Each whole purchase warrant entitled the holder to subscribe for one additional Common share at C$0.50 until Apr. 15, 2006.
March 31, 2005, the company closed a private placement by issuing 8,750,000 units at C$0.35 per unit for gross proceeds of C$3,062,500. Each unit consisted of one Common share and one-half Common share purchase warrant. Each whole warrant entitled the holder to subscribe for one additional Common share at C$0.50 per share until Mar. 31, 2007.
April 26, 2005, the company issued 1,500,000 units at C$0.35 per unit for gross proceeds of C$525,000. Each unit consisted of one Common share and one-half Common share purchase warrant. Each warrant entitled the holder to subscribe for one additional share at C$0.50 per share until Apr. 26, 2007.
May 5, 2005, the company closed a private placement by issuing 1,831,000 units at C$0.35 per unit for gross proceeds of C$640,850. Each unit consisted of one Common share and one-half Common share purchase warrant. Each whole warrant entitled the holder to subscribe for one additional share at C$0.50 per share until May 5, 2007.
April 27, 2006, the company completed a private placement of 12,975,967 units at C$1.15 per unit for gross proceeds of C$14,922,362. Each unit consisted of one Common share and one-half Common share purchase warrant. Each whole warrant entitled the holder to buy one Common share at C$1.75 per share until Apr. 26, 2008. | | | | |
Transfer Agent: Equity Transfer & Trust Company
Toronto
, Ontario | | | | OTC Bulletin Board( Primary): RYSMF | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2009 | 0.4500 | 0.0300 | | OTC Bulletin Board | 2008 | 0.7000 | 0.0300 | | OTC Bulletin Board | 2007 | 0.8500 | 0.3000 | | OTC Bulletin Board | 2006 | 1.3400 | 0.6000 | | OTC Bulletin Board | 2005 | 0.8500 | 0.2030 | | TSX Venture Exchange | 2004 | 0.3700 | 0.1800 | | TSX Venture Exchange | 2003 | 0.4400 | 0.2050 | | TSX Venture Exchange | 2002 | 0.4800 | 0.0700 | | Canadian Venture Exchange | 2001 | 0.3000 | 0.0400 | | Montreal Exchange | 2000 | 0.3900 | 0.0300 |
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| | | | RECENT DIVIDENDS: Common no par: No cash. | | | | | |
| | Annual Report |
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| | | Income Statement | |
| 2010 | 2009 | 2008 |
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| Expenses |
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| | General and administrative | $656,001 | $456,487 | $872,321 | | Consulting fees and payroll expenses | 444,159 | 324,963 | 482,123 | | Stock option compensation | 311,471 | -- | 853,953 | | General exploration | -- | -- | 59,784 | | Amortization | 1,282 | 1,788 | 2,132 | | Interest income | 9,630 | 115,822 | 396,294 | | Gain on sale of exploration property | 583,199 | -- | -- | | Fgn. currency transl. | (1,020) | (205,565) | 1,180,034 | | Write-off of exploration props. | -- | -- | 145,460 | | Net income | (821,104) | (872,981) | (839,445) | | Share earns. basic | ($0.01) | ($0.01) | ($0.01) | | Share earns. diluted | ($0.01) | ($0.01) | ($0.01) |
| | | | Balance Sheet | |
| 2010 | 2009 |
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| Assets |
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| | Current assets |
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| | Cash and cash equivalents | 745,779 | 1,701,148 | | Marketable securities | 60,500 | 200,000 | | Sundry receivables and prepaids | 24,537 | 46,643 | | Total current assets | 830,816 | 1,947,791 | | Due from related parties | 121,740 | 100,307 | | Reclamation bond | 534,984 | 391,434 | | Mineral properties | 19,799,686 | 19,007,396 | | Equipment, net | 725,906 | 1,059,744 | | Total assets | 22,013,132 | 22,506,672 | | Liabilities- |
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| | Current liabilities |
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| | Accounts payable and accrued liabilities | 301,381 | 190,288 | | Total current liabilities | 301,381 | 190,288 | | Asset retirement obligation | 232,010 | 232,010 | | Shareholders' Equity |
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| | Share capital | 28,098,264 | 28,095,521 | | Shares to be cancelled | - | (42,257) | | Contributed surplus | 10,076,866 | 9,765,395 | | Deficit | (16,669,265) | (15,848,161) | | Accumulated other comprehensive income | (26,124) | 113,876 | | Total Stockholders' Equity | 21,479,741 | 22,084,374 | | Total Liabilities and Stockholders' Equity | 22,013,132 | 22,506,672 |
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| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2008 |
2 | Nil | | 2008 |
3 | Nil | | 2007 |
1 | Nil | | 2007 |
2 | Nil | | 2007 |
3 | Nil | | 2007 |
Full Year
| Nil | | 2006 |
1 | Nil | | 2006 |
2 | Nil | | 2006 |
3 | Nil | | 2006 |
Full Year
| Nil | | 2005 |
Full Year
| Nil | | 2004 |
1 | Nil | | 2004 |
Full Year
| Nil |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | (140,000) | | 2008 |
2 | (220,000) | | 2008 |
3 | (120,000) | | 2008 |
Full Year
| (2,020,000) | | 2007 |
2 | (1,080,000) | | 2007 |
3 | 520,000 | | 2007 |
4 | (1,720,000) | | 2007 |
Full Year
| (5,430,000) | | 2006 |
1 | (860,000) | | 2006 |
2 | (4,440,000) | | 2006 |
3 | (460,000) | | 2006 |
Full Year
| (1,611,100) | | 2005 |
1 | (340,000) | | 2005 |
2 | (300,000) | | 2005 |
3 | (370,000) | | 2005 |
Full Year
| (481,700) | | 2004 |
Full Year
| (554,600) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2009 |
1 | Nil | | 2009 |
2 | Nil | | 2009 |
3 | Nil | | 2008 |
2 | (.01) | | 2008 |
3 | .01 | | 2008 |
4 | (.02) | | 2008 |
Full Year
| (.02) | | 2007 |
1 | (.01) | | 2007 |
2 | (.06) | | 2007 |
3 | (.01) | | 2007 |
Full Year
| (.11) | | 2006 |
1 | (.01) | | 2006 |
2 | (.01) | | 2006 |
3 | (.01) | | 2006 |
Full Year
| (.03) | | 2005 |
Full Year
| (.01) | | 2004 |
1 | Nil | | 2004 |
Full Year
| (.02) |
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