VANCOUVER, May 5 /CNW/ - Zoloto Resources Ltd. ("Zoloto" or the
"Company") (TSX Venture: ZR) announces, further to the Company's press release
issued on April 22, 2009, an application to the applicable securities
commissions or regulators for a management cease trade order related to the
Company's common shares has not been accepted. A general Cease Trade Order
against all securities of the Company has been issued from the British
Columbia Securities Commission effective May 4, 2009 for failure to file 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 late filing of the required statements is a result in a delay in 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.
Zoloto 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, or before, June 30, 2009.
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 applying to 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