Williams Creek Gold Limited Releases Annual Financial Statements & Management's Discussion & Analysis for the Fiscal Year End...
May 30 2014 - 5:30PM
Marketwired
Williams Creek Gold Limited Releases Annual Financial Statements
and Management's Discussion and Analysis for the Fiscal Year Ended
January 31, 2014
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 30, 2014) -
Williams Creek Gold Limited ("Williams Creek," or the "Company")
(TSX-VENTURE:WCX) is pleased to announce the release of its audited
Financial Statements and its Management's Discussion and Analysis
for the fourth quarter and year ended January 31, 2014. These
financial statements have been prepared in accordance with the
International Financial Reporting Standards (IFRS).
These documents are available on the Company's website
(www.williamscreek.ca) under Company Filings and will be available
shortly on Sedar (www.Sedar.com).
For the fiscal year ended January 31, 2014, the Company is
reporting a net loss of $614,262 or a $0.01 loss per share,
compared to a net loss of $1,184,855 or a $0.01 loss per share in
the prior year. The comprehensive loss for the year is $498,505,
after accounting for an unrealized gain on long-term investments of
$115,757, versus a comprehensive loss of $1,301,279 in the prior
year. Operating expenditures of $437,971 and exploration and
evaluation expenditures of $342 were expensed in the year.
The Company capitalized $46,788, net of recoveries, in
exploration and evaluation costs for the year and has additional
work planned for the 2014/2015 fiscal year to continue the
evaluation of its British Columbia properties and the fulfillment
of the terms of its Joint Venture agreement with Tyhee Gold Corp.
Total investments made on acquisitions, loan receivable and
exploration and evaluation expenditures in the year were $382,617,
versus $1,336,313 in the previous year.
As at January 31, 2014, the Company had cash and cash
equivalents of $272,284, non-cash working capital of $172,450,
investments held for trading of $654,870 as well as long-term
investments of $2,661,110 and current liabilities of $56,076. No
financing activities were undertaken during the year ended January
31, 2014, as management believes current resources will be
sufficient for growth in the coming fiscal year.
HIGHLIGHTS AND DEVELOPMENTS FOR 2014
- The Company continued its review of its various prospects and
upcoming exploration programs and incurred a further $58,719 before
B.C. mining tax credits of $6,931 on its properties, details of
which are disclosed in the Company's consolidated financial
statements.
- The Company issued options to directors to acquire up to
1,000,000 shares of the Company, 600,000 at $0.21 per share and
400,000 at $0.10 per shares, exercisable to February 21 and
November 18, 2018, respectively.
- 1,350,000 options issued to its former Chairman and directors
expired unexercised following their resignation from the Board in
fiscal 2014.
- The Company completed its trenching program on its Barkerville
project.
- The Company acquired $178,899 in additional common shares of
other junior exploration companies.
· About Williams Creek
Gold Limited (WCX)
Visit http://www.WilliamsCreek.ca to learn more about Williams
Creek Gold Limited.
Williams Creek Gold Limited is a Canadian company with the
primary purpose of participating broadly in the natural resource
sector, with an emphasis on the gold sub-sector, through
exploration, joint ventures or other equity investments.
The Company owns various mineral interests in the Cariboo,
Kamloops and Omineca Mining Divisions in the province of British
Columbia. The Company also has a joint venture outside of
Yellowknife, NT, and a net 30% interest in the ATW diamond property
in the MacKenzie Mining District of the Northwest Territories.
The Company is engaged in the exploration of mineral properties,
an inherently risky business. There is no assurance that a mineral
deposit will ever be discovered and economically produced. Most
exploration projects do not result in the discovery of commercially
mineable ore deposits. The price of gold is affected by numerous
factors beyond the control of the Company and has been volatile
over short periods of time.
The Company is subject to the laws and regulations relating to
environmental matters in all jurisdictions in which it operates,
including provisions relating to property reclamation, discharge of
hazardous material and other matters. The Company may also be held
liable should environmental problems caused by former owners and
operators of its properties and properties in which it had an
interest be discovered. The Company believes it conducts its
mineral exploration activities in compliance with all local
legislation and regulation as well as all applicable environmental
protection legislation. The Company is not aware of any existing
environmental problems related to any of its current or former
properties that may result in material liability to the Company.
Environmental legislation is becoming increasingly stringent and
costs and expenses of regulatory compliance are increasing. The
impact of new and future environmental legislation on the Company's
operations may cause additional expenses and restrictions. If the
restrictions adversely affect the scope of exploration and
development on the mineral properties, the potential for production
on the property may be diminished or negated. Although, the Company
has taken steps to verify the title to mineral properties in which
it has an interest, in accordance with industry standards for the
current stage of exploration of such properties, these procedures
do not guarantee the Company's title. Property title may be subject
to unregistered prior agreements or transfers and title may be
affected by undetected defects. The Company has no revenues from
operations at present; the only sources of funds currently
available to the Company are the appreciation of assets held by the
company and their sale, the sale of equity capital, or the offering
of an interest in its projects to another party.
The Company is a reporting issuer in British Columbia, trading
on the TSX Venture Exchange under the symbol "WCX.V".
On behalf of the Board of Directors,
James Wyant, Chairman and interim CEO
Williams Creek Gold Limited
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release may contain forward-looking statements
including management's assessments of future plans and operations,
and the anticipated timing of meeting the terms of its joint
venture agreement obligations. These statements are based on
current expectations that involve a number of risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not
limited to, the risks associated with the mining and exploration
industry (e.g. operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures), and the
uncertainty of the availability of capital. The assumptions used in
the preparation of such statements, although considered reasonable
at the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on forward-looking
statements.
Williams Creek Gold LimitedJames Wyant514.983.6194