Williams Creek Explorations Limited (TSX VENTURE: WCX) ("Williams
Creek", "WCX", or the "Company") is pleased to announce the release
of its Audited Financial Statements as well as its Management's
Discussion and Analysis for the three and twelve month periods
ended January 31, 2011.
The 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, 2011, Williams Creek
reports a net loss of $54,573 as compared to a loss of $162,035 for
the financial year ended January 31, 2010. The Company's income of
$594,789 was attributable entirely to gains realized through sale
of investments of $566,418 and interest income of $28,371. Net of
stock based compensation of $222,750 (a non-cash item) Williams
Creek recorded a gain of $168,177.
At January 31, 2011, Williams Creek had cash, cash equivalents,
and investments held for trading of $7,328,831 as compared to $956
for the financial year ended January 31, 2010. Its long-term
investments had a purchase value of $1,080,000 and a market value
of $1,728,000. The sum of Williams Creek's cash, cash equivalents,
investments held for trading, and the market value of its long-term
investments, was $9.05 million as compared $956 as of January 31,
2010. Current liabilities were $156,492 compared to $155,175 for
the financial year ended January 31, 2010.
"I am pleased to say that Williams Creek concluded the financial
year ended January 31, 2011 in a significantly stronger financial
position than it was in at the end of its previous financial year,"
said Michael R. Sonnenreich, Chairman of the Board and CEO of
Williams Creek. "We have greater financial strength, and therefore,
greater flexibility with which to pursue our operational
goals."
Operational highlights during the financial year ended January
31, 2011 included:
-- The addition of Michael R. Sonnereich as CEO and Chairman of the Board
of Directors.
-- The addition of Bryan Mitchell, Clark Lindley, and James Wyant to the
Board of Directors.
-- The substantial recapitalization of the Company through private
placements of common shares (83,095,562 common shares issued for gross
proceeds of approximately $7.46 million) and flow through shares
(2,783,783 flow through shares issued for gross proceeds of $1.03
million).
-- Williams Creek Contracted with a consulting geologist and chief of
regional operations in order to undertake a comprehensive exploration
program on the Company's holdings in the Barkerville, BC area.
-- The Company received a permit from the Ministry of Energy, Mines and
Petroleum Resources on October 18, 2010 allowing it to drill up to 72
holes at 29 different locations until December 31, 2011.
-- Williams Creek engaged in a thorough review of past geological work and
formulated an exploration plan to be conducted on the Company's Westport
Project holdings in the Barkerville region during the 2011 drilling
season.
-- Williams Creek Participated in the ATW Diamond Project in which Williams
Creek has a 30% interest.
-- The Company purchased 10,500,000 common shares in the Tyhee Development
Corporation.
Subsequent to the conclusion of the financial year ended January
31, 2011, the Company acquired four mineral claims 17km west of
Barkerville in the historic alluvial gold production area of
Stanley B.C. The claim block is known as the Pine Properties.
Williams Creek will be conducting initial exploration work there
during the spring/summer season.
Williams Creek has commenced an exploration program centered on
its holdings in the Barkerville area, including the Pine
Properties.
"The period since January 31, 2010 has been a busy one for
Williams Creek," said Mr. Sonnenreich. "The exploration program
that we planned and financed last year is currently underway, and I
hope to have a busy and successful year."
About WCX:
Visit http://www.WilliamsCreek.ca to learn more about Williams
Creek Explorations Limited.
Williams Creek Explorations Limited is a Canadian company with
the primary purpose of participating broadly in the natural
resource sector, with an emphasis on the gold subsector, through
exploration, joint ventures or other equity investments, royalty
and finance agreements.
The Company owns twenty-eight Crown Granted mineral claims known
as the Westport Project in the immediate vicinity of Barkerville,
BC and four Crown Granted mineral claims 17km west of Barkerville
known as the Pine Properties. Both are in the Cariboo Mining
Division. It also owns three Crown Granted mineral claims in the
Kamloops Mining Division. Additionally, the Company has a net 30%
interest in the ATW diamond property in the MacKenzie Mining
District of the Northwest Territories.
On Behalf of the Board of Directors
Michael R. Sonnenreich, Chairman of the Board of Directors and
CEO
Williams Creek Explorations Limited
This news release may contain forward-looking statements
including management's assessments of future plans and operations,
and expectations of future production. 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; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production 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.
The TSX Venture Exchange has not reviewed nor accepted
responsibility for the adequacy or accuracy of this news release
which has been prepared by management.
Contacts: Williams Creek Explorations Limited Michael R.
Sonnenreich 514.393.3232 Williams Creek Explorations Limited Dov
Zigler 514.393.3232 www.williamscreek.ca
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