VANCOUVER, April 22 /CNW/ - Zoloto Resources Ltd. ("Zoloto" or the
"Company") (TSX Venture: ZR) announces that there will be a short delay in
filing its Annual Audited Financial Statements ("Financial Statements") and
related Management Discussion & Analysis ("MD&A") for the Company's financial
year ended December 31, 2008, as required by National Instrument 51-102
Continuous Disclosure Obligations, and the CEO and CFO certificates required
under National Instrument 52-109 (the "Certificates").
The delay has arisen due to the consolidation of the Company's Russian
subsidiaries and issues with respect to transporting the auditors to remote
regions in Russia. As a result, the auditors require additional time to
complete their audit.
The Company will apply to the applicable securities commissions or
regulators for a management cease trade order related to the Company's common
shares to be imposed against some or all of the persons who have been
directors, officers or insiders of the Company instead of a cease trade order
being imposed 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 the Company to trade the securities of the Company. If the
Financial Statements and MD&A and Certificates are not filed by June 30, 2009,
the applicable securities commissions or regulators may impose a cease trade
order. A cease trade order may be imposed sooner if the Company fails to
satisfy the provisions of the Alternative Information Guidelines required
pursuant to National Policy 12-203 Cease Trade Orders for Continuous
Disclosure Defaults (the "Alternative Information Guidelines").
The Company is working with its auditors to complete the audit of the
Financial Statements as soon as possible and anticipates filing the Financial
Statements and MD&A by June 30, 2009. Until Financial Statements and MD&A are
filed, the Company intends to satisfy the Alternative Information Guidelines,
including the issuance of bi-weekly default status reports, each of which will
be issued in the form of a press release.
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.
About Zoloto Resources
Zoloto is a gold exploration company whose primary focus is to become a
mid-tier gold producer through the advancement of its gold exploration
properties in the Russian Federation. In addition, Zoloto's management will
continue to evaluate acquisition opportunities within the Russian Federation.
Zoloto's philosophy is to unlock shareholder value in a socially and
environmentally responsible manner.
Chief Executive Officer
This news release contains forward-looking information which is not
comprised of historical facts. Forward-looking information involves risks,
uncertainties and other factors that could cause actual events, results,
performance, prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information. Forward looking
information in this news release includes, but is not limited to, the
Company's objectives, goals or future plans and the Company's expectation with
respect to applying the applicable securities commissions or regulators for a
management cease trade order, the timing of completion of the Company's annual
audit, the expected time for filing Financial Statements, MD&A and the
Certificates, and the imposition of a cease trade order by applicable
securities commissions or regulators. Factors that could cause actual results
to differ materially from such forward-looking information include, but are
not limited to, those risks set out in the Company's public documents filed on
SEDAR. Although the Company believes that the assumptions and factors used in
preparing the forward-looking information in this news release are reasonable,
undue reliance should not be placed on such information, which only applies 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. The Company
disclaims any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or
otherwise, other than as required by law.
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.
For further information:
For further information: Alan Tenenbaum/Yana Bobrovskaya, Investor
Relations, Zoloto Resources Ltd., Phone: (604) 608-0223, Fax: (604) 608-0344