TORONTO, May 27, 2015 /CNW/ - Atlanta Gold Inc.
(TSXV: ATG; OTC Pink: ATLDF) provides this bi-weekly update in
accordance with National Policy 12-203 - Cease Trade Orders
for Continuous Disclosure Defaults ("NP 12-203").
On April 29, 2015, the Company
announced that it would be unable to file 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"), by
April 30, 2015 (the "Default
Announcement"). The Company made application for, and on
May 8, 2015, the Ontario Securities
Commission issued a temporary management cease trade order in
respect of the Company's Chief Executive Officer and Chief
Financial Officer.
On May 20, 2015, the Ontario
Securities Commission issued a permanent management cease trade
order (the "MCTO"), superseding the temporary management cease
trade order. The MCTO restricts all trading in securities of the
Company, whether direct or indirect, by the Company's Chief
Executive Officer and Chief Financial Officer until two full
business days following receipt by the Commission of the Required
Filings. The MCTO does not affect the ability of shareholders who
are not insiders of the Company to trade their
securities.
The Company's auditor is presently completing its 2014 audit
work and it is currently anticipated that the Company will be able
to file the Required Filings by June 1,
2015. It is also anticipated that the requisite filings by
the Company in respect of the quarter ended March 31, 2015 will be completed by June 1, 2015.
Pursuant to the provisions of the alternative information
guidelines specified in Section 4.4 of NP 12-203, the Company
reports that since the Default Announcement:
- There have been no material changes to the information
contained in the Default Announcement, other than referred to in
this news release and the Company's news release of May 13, 2015;
- There have been no failures by the Company to fulfill its
stated intentions with respect to satisfying the provisions of the
alternative reporting guidelines;
- There has not been, nor is there anticipated to be, any
specified default subsequent to the default which is the subject of
the Default Announcement; and
- There is no other material information respecting the Company's
affairs that has not been generally disclosed.
Until the Required Filings have been filed, the Company intends
to continue to satisfy the provisions of the alternative
information guidelines found in Section 4.3 and 4.4 of NP 12-203 by
issuing bi-weekly default status reports in the form of further
news releases, which will also be filed on SEDAR.
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 the filing of the Company's annual and
quarterly financial statements and related documentation.
Such are based upon various assumptions and other factors that
management believes to be reasonable, including that the audit will
be completed 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 a delay
by the Company's auditor in completing the audit, which in turn
would result in a delay in filing the annual audited financial
statements and in turn delay the filing of the financial statements
and related materials for the first quarter of 2015. 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.