TORONTO, April 30, 2013 /CNW/ - (TSXV: GMN) GobiMin Inc. (the "Company" or "GobiMin") announces that the release of its financial and operating results of 2012 will be delayed after April 30, 2013.
The delay is the result of a re-consideration of the accounting for the sale of its Yanxi Copper Property in its year ended 2010 financial statements. This has no impact on the business substance of the transaction or changes in monies received from the transaction but, purely a difference in how the transaction was recognized and presented. The Company has received all the consideration related to the sale as scheduled, there may be an adjustment with respect to the period in which the sale should be reflected for financial reporting purposes. The Company and its auditors are reviewing the interpretation of this complex transaction and how it was presented in 2010. Unfortunately the issue came to light late in the audit process which has caused the delay in filing on time.
The Company apologizes for the delay in filing the Audited Financial Statements and wishes to assure its shareholders that it expects that its financial statements will be filed in a timely manner going forward.
The Company expects to be subject to temporary cease trade orders from the Alberta Securities Commission and the British Columbia Securities Commission, which shall remain in force until the results are released.
The Company will release the audited consolidated financial statements of the Group along with management's discussion and analysis and file them with SEDAR (www.sedar.com) as soon as possible.
"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."
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SOURCE: GobiMin Inc.
For further information:
Felipe Tan, Chief Executive Officer
Tel: (852) 3586-6500