Bolivar reports US$205k profit

Toronto-based Bolivar Gold (TSX: BGC) reported a second quarter 2003 net profit of US$205,000, compared to a loss of US$136,000 in same-period last year. As the company is still in a pre-production state, the profit is a result of the strengthening of the Canadian dollar, in which Bolivar's surplus cash is invested, relative to the US dollar, in which the company reports its financial results, it said in a statement. Bolivar Gold has a 70% interest in the Choco 4 and 10 properties in eastern Venezuela's Bolivar state where a feasibility study is scheduled for completion in October and production start-up forecast for mid-2004.