Z-Gold Exploration Inc. (TSX-V: ZGG) Announces Delay in Filing Its 2009 Audited Annual Financial Statements and Related MD&A
April 27 2010 - 10:36AM
Marketwired
Z-Gold Exploration Inc. ("Z-Gold" or the "Corporation") (TSX
VENTURE: ZGG) announces that it has determined that it may be in
failure to comply with the requirement to file, on or before April
30, 2010 (the "Filing Deadline"), its audited annual financial
statements for the financial year ended December 31, 2009, the
management's discussion and analysis relating thereto and the
certificates of the Corporation's Chief Executive Officer and Chief
Financial Officer (collectively referred to as the "2009 Annual
Financial Statements and MD&A"), in accordance with National
Instrument 51-102 Continuous Disclosure Obligations and National
Instrument 52-109 Certification of Disclosure in Issuer's Annual
and Interim Filings.
Prior to the Corporation's Annual and Special Meeting of
shareholders held on February 26, 2010, the bookkeeping, accounting
and audit of the Corporation's business was made in Alberta.
Following the relocation of the Corporation's head office in
Rouyn-Noranda, Quebec, the Corporation's new management asked that
the documents required for the preparation and audit of the 2009
Annual Financial Statements and MD&A (the "Accounting Books")
be shipped to the Corporation's new auditors in Rouyn-Noranda,
Quebec (the "Successor Auditors"). Due to circumstances beyond the
Corporation's control, including difficulties by the firm in charge
of the Corporation's accounting and bookkeeping in Calgary to
retrieve the Accounting Books, the delivery of the Accounting Books
to Rouyn-Noranda, Quebec, was delayed, which postponed the
preparation and audit of the 2009 Annual Financial Statements and
MD&A.
The Corporation expects to receive the Accounting Books within
the next week and consequently, the Corporation expects to be able
to file the 2009 Annual Financial Statements and MD&A on or
before June 30, 2010.
The Corporation proposes to remedy the default to file the 2009
Annual Financial Statements and MD&A in accordance with the
following remediation plan: (i) a preliminary version of the annual
financial statements for the financial year 2009 has been prepared
by the Successor Auditors using the financial information available
as of the date of the Filing Deadline; (ii) upon receipt of the
Accounting Books, the Successor Auditors will complete and verify
the preliminary version of the annual financial statements based on
supporting documents contained in the Accounting Books; (iii) once
the Successor Auditors will have audited the annual financial
statements, an external auditor firm will go through the documents
and the Accounting Books for a cross checking of the financial
statements; and (iv) the Successor Auditor and the Corporation will
prepare the management's discussion and analysis based on the
audited annual financial statements.
The Corporation has submitted an application for a management
cease trade order ("MCTO") by the securities regulatory authorities
of Alberta, Ontario, British Columbia and Saskatchewan. The MCTO is
subject to the approval of the applicable securities regulatory
authorities.
The Corporation will comply with the alternative information
guidelines described in sections 4.3 and 4.4 of National Policy
12-203 Cease Trade Orders for Continuous Disclosure Defaults,
including bi-weekly default status reports issued by the
Corporation in the form of news releases for as long as the
Corporation will be in default to file the 2009 Annual Financial
Statements and MD&A.
About Z-Gold Exploration Inc.
The head office of Z-Gold is located at 15, rue Gamble East,
Suite 204, Rouyn-Noranda, QC J9X 3B6. Z-Gold Exploration Inc. is
exploring for gold in the Abitibi Greenstone Belt.
Z-Gold has acquired the Munro Gold property located in the
famous Timmins mining camp. Many gold showings need to be
investigated by geophysical surveys and diamond drilling program.
An airborne survey covered the property and successfully outlined
many structural features. The Munro Property consists of five
mining leases containing 85 claims (91 units) located approximately
86 kilometres east northeast of the city of Timmins in the Larder
Lake Mining Division, Ontario.
Z-Gold Exploration Inc. is a publicly listed company trading on
the TSX Venture (ZGG).
This press release was prepared by Z-Gold Exploration Inc.
Neither the TSX Venture Exchange Inc nor its Regulation Services
Provider (as that term is defined in the Policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this release.
This document may contain forward-looking statements relating to
Z-Gold's operations or to the environment in which it operates.
Such statements are based on operations, estimates, forecasts and
projections. They are not guarantees of future performance and
involve risks and uncertainties that are difficult to predict and
may be beyond Z-Gold's control. A number of important factors could
cause actual outcomes and results to differ materially from those
expressed in forward-looking statements, including those set forth
in other public filling. In addition, such statements relate to the
date on which they are made. Consequently, undue reliance should
not placed on such forward-looking statements. Z-Gold disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, save and except as may be required by applicable
securities laws.
Contacts: Rodrigue Tremblay President and CEO 1-800-388-8668
819-797-8668 zgoldexploration@gmail.com