Lakota Resources Announces Default in Filing Financial Statements And Resignation of its Chief Financial Officer



    LAK: TSX-V

    TORONTO, May 1 /CNW/ - Lakota Resources Inc. ("Lakota" or the "Company")
(TSX-VE: LAK) wishes to advise that it will be late filing its audited
financial statements and MD&A for the year ended December 31, 2008 (the
"Financial Disclosure") which were to be filed on or before April 30, 2009
pursuant to relevant securities laws.
    The delay in filing the year end statements and the resulting default are
due primarily to a lack of available funding. The Company has been trying to
raise funds to provide much needed working capital and to pay the auditor to
perform the audit but was unable to do so before the financial statements were
finalized.
    To correct this situation the Company has been endeavouring to raise
additional capital and/or complete a transaction that will provide the Company
with additional liquidity.
    Should the Company fail to SEDAR file the Financial Disclosure on or
before April 30, 2009, it is anticipated that the OSC will impose a cease
trade order that all trading in securities of the Company cease for such
period specified in the OSC order.
    The Company is not subject to any insolvency proceeding and there is no
other material information concerning the affairs of the Company that has not
been generally disclosed.
    Lakota also announces today that its Chief Financial Officer, Mr. Gaetan
Chabot has resigned from the Company. We wish to thank Mr. Chabot for his
assistance with the Company during his tenure.

    About the Company

    Lakota Resources Inc. is a junior mineral exploration company. For
complete details on the Company, and its partners, management encourages
investors and interested parties to view its public documents filed on SEDAR
at www.sedar.com.

    CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

    The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information contained
herein. All statements, other than statements of historical fact, in this news
release are forward-looking statements that involve various risks and
uncertainties, including, without limitation, statements regarding the future
plans and objectives of Lakota Resources Inc. There can be no assurance that
such statements will prove to be accurate. Actual results and future events
could differ materially from those anticipated in such statements. These and
all subsequent written and oral forward-looking statements are based on the
estimates and opinions of management on the dates they are made and are
expressly qualified in their entirety by this notice. Lakota Resources Inc.
assumes no obligation to update forward-looking statements should
circumstances or management's estimates or opinions change.
    Certain information contained in this Press Release, including any
information as to our future financial, operating or exploration performance
and other statements that express management's expectations or estimates of
future performance, constitute "Forward-Looking Statements" within the meaning
of Section 21E of the United States Securities Exchange Act of 1934, as
amended and "Forward Looking Information" within the meaning of applicable
Canadian securities legislation..
    All statements, other than statements of historical fact, are
forward-looking statements. The words "believe", "expect", "will",
"anticipate", "contemplate", "target", "plan", "continue', "budget", "may",
"intend", "estimate" and similar expressions identify forward-looking
statements. Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by management, are
inherently subject to significant business, economic and competitive
uncertainties and contingencies.
    The Company cautions the reader that such forward-looking statements
and/or forward looking information involve known and unknown risks,
uncertainties and other factors that may cause the actual financial results,
performance or achievements of the Company to be materially different from the
Company's estimated future results, performance or achievements expressed or
implied by those forward-looking statements and, the forward-looking
statements are not guarantees of future performance. These risks,
uncertainties and other factors include, but are not limited to: changes in
the worldwide price of gold, or other commodities (such as, fuel and
electricity); fluctuations in currency markets; changes in interest rates or
gold lease rates; risks arising from holding derivative instruments; ability
to successfully complete announced transactions and integrate acquired assets;
legislative, political or economic developments in the jurisdictions in which
the Company carries on business; operating or technical difficulties in
connection with exploration, development or mining activities; employee
relations; availability and increasing costs associated with exploration or
mining inputs and labour; the speculative nature of exploration and
development, including the risks of obtaining necessary licenses and permits
and diminishing quantities or grades of reserves; adverse changes in our
credit rating, contests over title to properties, particularly title to
undeveloped properties; and the risks involved in the exploration, development
and mining business. Accordingly, readers should not place undue reliance on
forward-looking statements and/or forward looking information
    The Company disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise, except as required by applicable law.
    Neither 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.





For further information:

For further information: Ian Kennedy, President and CEO, Tel: (416)
598-7700

Organization Profile

LAKOTA RESOURCES INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890