BEIJING, April 17, 2013
/PRNewswire-FirstCall/ -- China Shen Zhou Mining &
Resources, Inc. (the "Company") (NYSE Amex: SHZ), announced on
April 16, 2013 that the Company would
be unable to file its annual report for the year ended December 31, 2012 on Form 10-K by the extended
April 16, 2013 deadline.
On April 2, 2013, the Company
filed a Form 12b-25 with the Securities and Exchange Commission
disclosing that it was unable to file with the SEC its annual
report on Form 10-K for the year ended December 31, 2012 by April
1, 2013 and that it expected to file its annual report as
soon as practicable.
The Company has been working with great diligence to complete
the filing, but will require additional time due to ongoing
discussions with the SEC concerning the accounting treatment for
certain development costs incurred at the Company's mines. The
resolution concerning the accounting treatment may impact and
require a restatement to the Company's 2011 financial
statements. The potential restatement would be to reverse
approximately $2,287 thousands in
development costs which were capitalized and expense them in the
year ended December 31, 2011. As
filed in our 2011 Form 10-K, the Company reported net income from
operations of $2,249 thousands. If it
is determined that we improperly capitalized these development
costs our net income would have decrease by $2,287 thousands, resulting in a net loss from
operations of $38 thousands.
At this time, the outcome of this matter cannot be predicted,
however the Company is committed to proper financial reporting and
will comply with all requirements in order to resolve this
issue.
At this time the Company cannot provide an estimate on when it
expects to file the 10-K.
Estimated preliminary financial information as of and for the
year ended December 31, 2012 is
listed in the following table:
The Company cautions that all of these results are preliminary
and subject to change following the completion of the discussions
with the SEC and our audit. Financial results for such period and
the preliminary and unaudited financial information provided herein
does not represent all of the information that would normally be
included in an annual report on Form 10-K with respect to the
Company's financial results.
Estimated preliminary financial information is as follows (in
thousands):
|
Net loss
for the year ended December 31, 2012
|
$
14,484 – 17,492
|
|
Total
assets as of December 31, 2012
|
$
88,247 – 100,255
|
|
Total
liabilities as of December 31, 2012
|
$
40,176 – 42,184
|
|
Total
stockholders' equity as of December 31, 2012
|
$
48,071 – 58,071
|
About China Shen Zhou Mining & Resources, Inc.
China Shen Zhou Mining & Resources, Inc., through its
subsidiaries, is engaged in the exploration, development, mining,
and processing of fluorite and nonferrous metals such as zinc, lead
and copper in China. The Company
has the following principal areas of interest in China: (a) fluorite extraction and processing
in the Sumochaganaobao region of Inner Mongolia; (b) fluorite
extraction and processing in Jingde County, Anhui Province; (c) zinc/copper/lead
processing in Wulatehouqi of Inner Mongolia; and (d) zinc/copper
exploration, mining and processing in Xinjiang.
For more information, please visit http://www.chinaszmg.com/
Safe Harbor Statement
This press release may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements. Forward-looking statements can be identified by the use
of forward-looking terminology such as "will", "believes",
"expects" or similar expressions. These forward-looking statements
may also include statements about our proposed discussions related
to our business or growth strategy, which is subject to change.
Such information is based upon expectations of our management that
were reasonable when made but may prove to be incorrect. All of
such assumptions are inherently subject to uncertainties and
contingencies beyond our control and upon assumptions with respect
to future business decisions, which are subject to change. We do
not undertake to update the forward-looking statements contained in
this press release. For a description of the risks and
uncertainties that may cause actual results to differ from the
forward-looking statements contained in this press release, see our
most recent Annual Report filed with the Securities and Exchange
Commission (SEC) on Form 10-K, and our subsequent SEC filings.
Copies of filings made with the SEC are available through the SEC's
electronic data gathering analysis retrieval system (EDGAR) at
http://www.sec.gov.
Contact Information
Ziming Li
Investor Relations
China Shen Zhou Mining & Resources, Inc
Tel: 86-10-88909976
Investors@chinaszky.com
SOURCE China Shen Zhou Mining & Resources, Inc.