TORONTO,
May 8, 2015 /CNW/ - Atlanta Gold
Inc. (TSXV: ATG; OTC Pink: ATLDF) (the "Company") announces
that, further to its news release dated April 29, 2015, the Ontario Securities Commission
has issued a temporary management cease trade order which is in
effect until May 22, 2015. This order
provides that all trading in and all acquisitions of the securities
of the Company, whether direct or indirect, by William Ernest Simmons (CEO) and Peili Miao (CFO) shall cease for a period of 15
days from today's date. This order is a result of the Company's
application for a management cease trade order for the delay in
filing its 2014 annual audited financial statements, and its
related Management's Discussion and Analysis, and Chief Executive
Officer and Chief Financial Officer certifications (collectively,
the "Required Filings"), which were required to be filed on or
before April 30, 2015.
Further to the Corporation's news release dated
April 29, 2015, it is expected that
the Company will be able to close a financing next week in an
amount sufficient for, among other things, its commitment to the
Company's auditors. It is then anticipated that the auditors will
be able to complete the audit and the Company will be able to file
the Required Filings prior to the end of May.
Other than as disclosed in this press release,
there are no material changes to the information contained in the
default announcement of April 29,
2015. The Company confirms that it intends to satisfy the
provisions of the alternative information guidelines described in
section 4.3 and 4.4 of National Policy 12-203- Cease Trade
Orders for Continuous Disclosure Defaults, for so long as it
remains in default of the requirement to file the Required
Filings.
About the Company
Atlanta Gold Inc. holds through its 100%
owned subsidiary, Atlanta Gold Corporation, leases, options or
ownership interests in its Atlanta
properties which comprise approximately 2,159 acres (8.74 square
kilometres) located 90 air kilometers east of Boise, in Elmore
County, Idaho. A long history of mining makes Atlanta very suitable for development of new
mining projects. The Company is focused on advancing its core
asset, Atlanta, towards mine
development and production.
The Company is also focused on advancing its
exploration and processing methods on the Neal Property, which is
located approximately 15 miles from Boise, Idaho and comprises approximately 192
acres (0.78 square kilometres). The Neal Property's geology is
similar to that of the Atlanta Project and it provides the Company
with all-season access to further refine the processing equipment
and procedures. In June 2014, Knife
River assigned certain of its rights and obligations under its
lease with the owner of the Neal Property to AGC. AGC staked an
additional seven contiguous claims on public land that was open to
mineral entry.
Forward-Looking
Information
This news release contains
forward-looking information and forward-looking statements
(collectively "forward-looking statements") within the meaning of
applicable securities laws with respect to the completion of
additional financings, the time necessary to complete and the
completion of the filing of its annual financial statements and
related documentation and the issuance of a management cease trade
order beyond May 23, 2015. Such
are based upon various assumptions and other factors that
management believes to be reasonable, including that the Company
will reach agreement with potential investors on a timely basis.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results
to differ materially from those expressed or implied by the
forward-looking statements. Risks and uncertainties that may
cause actual results to vary include the ability to conclude in a
timely manner a financing on terms acceptable to the Company;
fluctuations in the gold price and currency exchange rates; changes
in general economic conditions and in the financial markets; as
well as other risks and uncertainties which are more fully
described in the Company's annual and interim management's
discussion and analysis and other filings by the Company with the
securities regulatory authorities, which are available under the
Company's profile at www.sedar.com. Should one or more risks
and uncertainties materialize or should any assumptions prove
incorrect, then actual results could vary materially from those
expressed or implied by the forward-looking statements and
accordingly, readers should not place undue reliance on the
forward-looking statements. Readers are cautioned that the
foregoing lists of risks, uncertainties, assumptions and other
factors are not exhaustive. The forward-looking statements
contained herein are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements contained herein or in any other
documents filed with securities regulatory authorities, whether as
a result of new information, future events or otherwise, except in
accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Atlanta Gold Inc.