Tagish Lake Gold Corp. - Creditors Protection Extended to November 3, 2010
10 September 2010 - 6:24AM
PR Newswire (Canada)
VANCOUVER, Sept. 9 /CNW/ -- VANCOUVER, Sept. 9 /CNW/ - Tagish Lake
Gold Corp. (TSX-V: TLG) ("Tagish" or the "Company") On April 9,
2010, Tagish Lake Gold Corp. ("Tagish Lake" or the "Company")
commenced proceedings (the "CCAA Proceeding") in the Supreme Court
of British Columbia (the "Court") pursuant to the Companies'
Creditors Arrangement Act (Canada) and obtained the Initial Order
for protection from its creditors until May 7, 2010. Pursuant to
the Initial Order, Grant Thornton Limited was appointed as the
Monitor for the Company. That order has now been extended to
November 3, 2010. The Company will use the Extension to proceed
with the Claims Process, negotiate with its creditors and develop a
Plan of Compromise and Arrangement (the "Plan"), subject to the
approval of the Court and the Company's creditors. Tagish Lake
believes that the decision to seek creditor protection was in the
best interests of the Company and its stakeholders as it allowed
Tagish Lake to develop a Restructuring Plan and ultimately move
forward with the restructuring of its business. Additional
information filed by the Company or the Monitor relating to the
CCAA Proceeding is available on the Monitor's website at:
http://www.grantthornton.ca/services/reorg/bankruptcy_and_insolvency/creditor_updates/tagish
About Tagish Lake Gold Corp. Tagish Lake Gold Corp. explores for
and develops high grade gold-silver mineral deposits in the Yukon
Territory of Canada. The Company is currently focused on its wholly
owned, 178 km(2) Skukum Mineral District located 80 km by road
south of Whitehorse. The Skukum Mineral District hosts the Skukum
Creek gold-silver deposit, the Goddell Gully and the Mt. Skukum
gold deposits. 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 news release. This news release does not
constitute an offer to sell or a solicitation of an offer to buy
any of the securities in the United States. The securities of the
Company have not been registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available. Certain statements contained
in this news release using the terms "may", "expects to",
"projects", "estimates", "plans", and other terms denoting future
possibilities, are forward-looking statements in respect to various
issues including upcoming events based upon current expectations
which involve risks and uncertainties that could cause actual
outcomes and results to differ materially. The future conduct of
the Company's business and the feasibility of its mineral
exploration properties are dependent upon a number of factors and
there can be no assurance that the Company will be able to conduct
its operations as contemplate and the accuracy of these statements
cannot be guaranteed as they are subject to a variety of risks that
are beyond our ability to predict or control and which may cause
actual results to differ materially from the projections or
estimates contained herein. The risks include, but are not limited
to, the risks described in the above press release; those risks set
out in the company's disclosure documents and its annual, quarterly
and current reports; the fact that exploration activities seldom
result in the discovery of a commercially viable mineral resource
and are also significant amounts of capital to undertake and the
other risks associated with start-up mineral exploration operations
with insufficient liquidity, and no historical profitability. The
Company disclaims any obligation to revise any forward looking
statements as a result of information received after the fact or
regarding future events. Tagish Gold Lake Corp., Graham Dickson,
President & CEO, 408 - 688 West Hastings Street, Vancouver, BC,
V6B 1P1, T: 604-688-9427
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