Williams Creek Gold Limited Releases Q1 Financial Statements and Management's Discussion and Analysis
28 July 2011 - 5:15AM
Marketwired
Williams Creek Gold Limited (TSX VENTURE: WCX) ("Williams Creek",
"WCX", or the "Company") is pleased to announce the release of its
unaudited Financial Statements as well as its Management's
Discussion and Analysis for the three month period ended April 30,
2011. Williams Creek reports a loss of $149,888 mainly as a result
of increased exploration activity on the Company's Barkerville
Prospect. The Company derived a trading gain of $58,983 on the sale
of investments which was offset by an unrealized holding loss of
$132,927 on share warrants. The Company also completed the
acquisition of the Pine Properties, Cariboo Mining Division British
Columbia, and continued with exploration work on its Barkerville
Prospect. At the end of the quarter, current assets were $7.05
million and long-term investments were $1.99 million against total
current liabilities of $0.22 million.
The unaudited Financial Statements and Management's Discussion
and Analysis are available on the Company's website
(www.williamscreek.ca) under "Company Filings" and will be
available shortly on Sedar (www.sedar.com).
The quarter marked Williams Creek's transition to International
Financial Reporting Standards ("IFRS"), resulting in various
changes to the way in which the Company reports its financial
information. The changes are summarized in note 15 of the Company's
Financial Statements. One significant difference is that under
Canadian GAAP Williams Creek was due to recognize a gain of
$1,052,000 on its long-term investment in Tyhee Gold Corp.
("Tyhee") during the quarter ended April 30, 2011. Under IFRS,
however, that gain was recognized during the quarter ended January
31, 2011. As a result, while the way in which Williams Creek
accounts for the value of the Tyhee investment did not change, the
date at which the appreciation of the Tyhee investment was
recognized did in fact change. Under Canadian GAAP, Q1 earning
would have been buttressed by the gain on the investment in
Tyhee.
"I am very pleased to see the rate at which the Company is
accelerating its exploration activity in Barkerville," said Michael
Sonnenreich, Chairman and CEO of Williams Creek. "These financial
statements show that we are responsibly managing costs while
ramping up our exploration activities. The Company is nearing the
completion of Phase I of its exploration program on its Barkerville
Prospect and its Pine Property, and, as these financial statements
show, is doing it on a carefully managed budget."
About Williams Creek Gold Limited (WCX)
Visit http://www.WilliamsCreek.ca to learn more about Williams
Creek Gold Limited.
Williams Creek Gold 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.
Williams Creek Gold Limited owns twenty-eight Crown Granted
mineral claims in the immediate vicinity of Barkerville, BC in the
Cariboo mining division. The Cariboo gold belt and the Barkerville
Camp have a long history of gold production dating back to the
1800s. Historically the Barkerville Camp has reported gold
production of 3.8 million ounces, including 2.6 million ounces from
surface placer and 1.2 million ounces from lode mining. When placer
gold production peaked in the late 1890s, Williams Creek Gold's
Black Jack (District Lot 1B), Home Stake (District Lot 4B), Cornish
(District Lot 1F) and Wintrip (District Lot 32F) Crown Granted
mineral claims were among the first acquired in the early search
for lode gold.
Williams Creek Gold Limited also owns a block of four mineral
claims 17km west of Barkerville known as the Pine Properties. The
Company has three Crown Granted mineral claims in the Kamloops
Mining Division, two of which are adjacent to New Gold's New Afton
project. Additionally, Williams Creek Gold Limited 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 and CEO
This News Release contains forward-looking statements.
Forward-looking statements are statements which relate to future
events and conditions and therefore involve inherent risks and
uncertainties. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors that may
cause our or our industry's actual results, levels of activity,
performance or achievements to be materially different from any
future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements. While
these forward-looking statements, and any assumptions upon which
they are based, are made in good faith and reflect our current
judgment regarding the direction of our industry, actual results
will almost always vary, sometimes materially, from any estimates,
predictions, projections, assumptions or other future performance
suggested herein. Except as required by applicable law, the Company
does not intend to update any of the forward-looking statements to
conform these statements to actual results. All phases of the
Company's operations are subject to environmental regulation and
governmental approval and permits and there can be no assurance
that the Company will obtain all the requisite permits for future
development. Mining is an inherently risky business with large
capital expenditures and cyclical metals markets.
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.
Contacts: Williams Creek Gold Limited Michael R. Sonnenreich
Chairman and CEO (778) 370-1393 (604) 688-1320 (FAX)
www.WilliamsCreek.ca
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