TORONTO, May 5 /CNW/ - Win-Eldrich Mines Limited (TSXV- WEX) ("Win-Eldrich" or the "Company") announced that it has delayed the filing of its audited annual financial statements for the fiscal year ended December 31, 2009, the related management's discussion and analysis and related the CEO and CFO certifications beyond the April 30, 2010 deadline required by National Instrument 51-102 - Continuous Disclosure Obligations.
During the year ended December 31, 2009, the Company's wholly-owned Nevada subsidiary, Win-Eldrich Gold, Inc. ("WEG") became the 100% owner of Ashdown Project LLC (the "Project") by acquiring Golden Phoenix Minerals, Inc.'s ("GPM") majority interest in the Project. The Project, which owns the operating Ashdown molybdenum mine in northern Nevada, is the Company's principal asset. For prior fiscal years, since the Company had a minority interest in the Project, the Company's auditors relied on the audit performed by GPM's U.S. auditors in relation to the Project to perform their audit of the consolidated financial statements of the Company. The Company's auditors had not previously performed an audit of the Project. For the year ended December 31, 2009, as a result of the change of ownership of the Project, the Company's auditors were required to audit the Project in connection with their audit of the Company's financial statements. Due to complexities and complications associated with the initial audit of the Project by the Company's auditors, the time required to complete the audit of the Project was longer than originally estimated. As a result, the Company was unable to complete and file its annual filings by the required deadline.
Pursuant to National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), the Company has applied to its principal regulator, the Ontario Securities Commission, for a management cease trade order. The Company has confirmed to the security regulatory authorities of each jurisdiction in which the Company is a reporting issuer that it will comply with the alternative information guidelines described in sections 4.3 and 4.4 of NP 12-203 during its period of default. The principal regulator may impose a general cease trade order which would prevent any trading in securities of the Company. If the principal regulator issues a general cease trade order, the non-principal regulators in the other jurisdictions in which the Company is a reporting issuer will generally issue similar general cease trade orders.
The Company is making every effort to comply with its continuous reporting obligations and will endeavour to file the required filings as soon as reasonably possible, and in any event anticipates to be able to file the required filings on or before May 14, 2010.
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.
SOURCE WIN-ELDRICH MINES LIMITED
For further information: For further information: Perry Muller, President and Director of Win-Eldrich, at (402) 435-7206