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Second Quarter 2013 Financial Results
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thizsukz
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August 14, 2013 - 8:58 pm
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White Tiger Announces the Filing of its Second Quarter 2013 Financial Results
TORONTO, Aug. 14, 2013, 2013 (Canada NewsWire via COMTEX) --White Tiger Gold Ltd. ("White Tiger" or the "Company") (TSX: WTG) announced the filing of its interim financial statements ("Financial Statements") and management's discussion and analysis ("MD&A") for the three month period ended June 30, 2013. All figures are quoted in Canadian dollars unless otherwise indicated.

Commenting on the interim financial results, Sergey Yanchukov, CEO of White Tiger, said, "The Company is disappointed with the operating results for the second quarter of fiscal 2013. The Company is continuing its discussions with VTB Capital plc ("VTB") to obtain a waiver or amend the terms of the VTB Facility. To date, the Company has not received any notice from VTB regarding any intent to realize its security under the VTB Facility."

Highlights for Q2 2013 include:

-- Net loss for the period from continuing operations of $7.9
million compared to a net loss from continuing operations of
$8.6 million for the corresponding period in the previous year;
-- Revenue of $3.9 million for the second quarter of fiscal 2013
compared to revenue of $3.4 million in the second quarter of
the previous year;
-- Gross profit of $0.5 million compared to a gross profit of $0.8
million for the corresponding period in the previous year;
-- Gold poured of 3,813 ounces compared to 3,169 ounces for the
second quarter last year; and
-- Cash cost per ounce sold for the second quarter of $891
compared to $510 for the second quarter last year.

Financial Results for the Quarter ended June 30, 2013

The Company reported an operating loss from continuing operations of $1,958,000 for the three months ended June 30, 2013 compared with an operating loss from continuing operations of $3,326,000 for the three months ended June 30, 2012. Gross profit for the three months ended June 30, 2013 decreased to $474,000 from $814,000 for the three months ended June 30, 2012. Administrative costs for the three months ended June 30, 2013 decreased to $1,757,000 from $3,354,000 for the corresponding period ended June 30, 2012. Net loss from continuing operations after tax and finance costs was $7,869,000 for the three month period ended June 30, 2013, while the Company's net loss from continuing operations after tax and finance costs for the three month period ended June 30, 2012 was $8,636,000.

The decrease in net loss after tax and finance costs from continuing operations for the three months ended June 30, 2013 compared with the corresponding period of 2012, resulted from reduced administrative expenses and reduced foreign exchange loss, offset by a lower gross profit and higher finance costs. During the three months ended June 30, 2013, the Company incurred financial expenses of $2,894,000 (2012 - $1,634,000) on its loans and borrowings, the most significant increase being interest charges with respect to the VTB Facility and the Unique loans.

For the three months ended June 30, 2013, the Company reported a net loss from discontinued operations of nil, resulting from the deconsolidation of Century. The loss from discontinued operations in the comparable period of 2012 was $168,140,000.

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