/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/
Trading Symbol: TSX-V: IG
CALGARY, June 30 /CNW/ - Infinito Gold Ltd. (the "Company") announces that it has released its Annual Audited Financial Statements and Management Discussion and Analysis for the Fiscal Year Ended March 31, 2010 (collectively the "Filings").
The Filings of the Company not only disclose the details of the Company's financial position and related information at March 31, 2010, but also disclose, in greater detail, that it has entered into a standstill agreement with Exploram Enterprises Ltd. ("Exploram") and Auro Investments Ltd. ("Auro") setting forth the terms on which Exploram and Auro have agreed to standstill in respect of existing defaults and certain anticipated events of default under the outstanding $50,500,000 Secured Convertible Notes (the "Notes") of the Company held by Exploram and Auro (together, the "Noteholders") until April 1, 2011, unless the standstill obligations expire at an earlier date under the agreement.
Furthermore, the Filings disclose that the Company has received $300,000 from its major shareholder on June 25, 2010, which is also secured under the existing security agreements in favour of the Noteholders securing the Company's obligations under the Notes. Interest is payable monthly in arrears on the outstanding balance of the demand promissory note at a rate of 19.0% per annum.
The Filings can be found at www.sedar.com or at www.infinitogold.com.
Caution Regarding Forward-Looking Information and Statements
Certain statements in this press release address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These factors include, among others, the timing related to the dissemination of the complete, detailed SALA IV decision and the nature of any conditions contained therein, the impact of the recent injunction on development at the site, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the possibility that all necessary governmental and regulatory approvals will not be received, and the availability of a qualified workforce and third party contractors necessary for the development and operation of a mine. These statements are made as of the date of this release but Company undertakes no obligation to update these forward-looking information or statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking information or statements.
INFINITO GOLD LTD.
"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."
SOURCE Infinito Gold Ltd.
For further information: For further information: INFINITO GOLD LTD., 216, 102 - 8th Avenue S.W., Calgary, Alberta, T2P 1B3, Telephone: (403) 444-5191