TORONTO, March 26 /CNW/ - Eurasia Gold Inc. ("Eurasia" or, the "Company")
(TSX: EGX) is announcing today that as a result of increased time needed to
complete its annual financial statements and hence the audit thereof, Eurasia
advises that there will be a delay in filing of the annual financial
statements, management discussion and analysis ("MD&A") and annual information
form for year ended December 31, 2006 as required by National Instrument
51-102 Continuous Disclosure Obligations ("NI 51-102").
The delay is caused by procedures required to finalize the accounting
under Canadian GAAP of the business combination of Charaltyn JSC and Eurasia
that occurred in May 2006 and its effect on comparative information as well as
quarterly information for 2006, MD&A and annual information form. This is
aimed primarily for a better understanding of the results of its operations on
a combined basis for the users of financial information under Canadian GAAP.
Eurasia is working with its auditors as expeditiously as possible to
complete the audit of its annual financial statements for year ended
December 31, 2006. Management expects this to be completed by April 20, 2007.
Pending the filing of its annual audited financial statements and MD&A,
Eurasia intends to satisfy the alternative information guidelines recommended
by Ontario Securities Commission ("OSC") Policy 57-603 and Canadian Securities
Administrators ("CSA") Staff Notice 57-301. If the Financial Statements and
MD&A are not filed by May 31, 2007, the Ontario Securities Commission ("OSC")
may impose a cease trade order. The Company will request from the OSC, that a
management cease trade order related to Eurasia's common shares be imposed
against some or all of the persons who have been directors, officers or
insiders of Eurasia instead of against all securities of the Company. Such an
order would not generally affect the ability of persons who have not been
directors, officers or insiders of Eurasia to trade Eurasia's securities.
This news release contains forward-looking statements contained that are
not historical facts. Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results, performance, prospects and
opportunities to differ materially from those expressed or implied by such
forward-looking statements. Forward looking statements in this news release
include, but are not limited to, timing of completion of the annual audit and
the time for filing of Eurasia's annual audited financial statements and
accompanying MD&A. Factors that could cause actual results to differ
materially from these forward-looking statements include those risks set out
in Eurasia's public documents filed on SEDAR. Although Eurasia believes that
the assumptions and factors used in preparing the forward-looking statements
are reasonable, undue reliance should not be placed on these statements, which
only apply as of the date of this news release, and no assurance can be given
that such events will occur in the disclosed time frames or at all. Eurasia
disclaims any intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise.
No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
For further information:
For further information: Baltabek Mukashev, President and CEO, + 7 3272
37 83 06, firstname.lastname@example.org; Eurasia Gold Inc., (416)