VANCOUVER, June 30 /CNW/ - Zoloto Resources Ltd. ("Zoloto" or the
"Company") (TSX Venture: ZR) announces today that it continues to make
progress towards the completion of its annual consolidated financial
statements and related audit for the Company's financial year ended December
31, 2008. However, due to the nature of the procedures required to finalize
the consolidation of the Company's Russian subsidiaries and of the Company's
assets with Russian assets acquired in 2007, the completion of such financial
statements and related audit will not be completed by June 30, 2009, as
previously anticipated by the Company, and will require additional time.
The Company continues to work with its auditors to complete the audit of
its annual consolidated financial statements for year ended December 31, 2008
as expeditiously as possible and expects this to be completed by July 31,
2009. As a result of the additional time required to complete the Company's
annual consolidated financial statements and related audit, the filing of the
Company's interim financial statements and management's discussion and
analysis ("MD&A") for the Company's first quarter ended March 31, 2009 has
also been delayed. Management of the Company expects the Company's interim
financial statements and MD&A for the Company's first quarter ended March 31,
2009 will be completed by July 31, 2009.
Zoloto has confirmed that there was a material clerical error in the
calculation of the debt discount of the Company's acquisition liability in the
preparation of the Company's financial statements for the year ending December
31 2007. This will require a restatement of the financials from December 31,
2007 and its 2008 interim financial statements to ensure consistency of
reporting reflected across accounting periods.
In addition, during the interim audit work for the December 31, 2008
financial statements, the Company's audit firm has noted certain payments from
2007. The Company's audit firm has requested additional information to ensure
the December 31, 2007 financial statements are stated correctly. This may also
require a restatement of the financials from December 31, 2007.
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, the timing of completion of the
Company's annual audit, the expected time for filing Financial Statements,
MD&A and the Certificates. 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: please contact: Alan Tenenbaum, Yana
Bobrovskaya, Investor Relations, Zoloto Resource Ltd., Phone: (604) 608-0223,
Fax: (604) 608-0344