West Red Lake Gold Mines Inc. Issues Restated 2012 and 2013 Financial Statements
21.08.2013 | FSCwire
West Red Lake Gold Mines Inc. Issues Restated 2012 and 2013 Financial Statements
Toronto, Ontario CANADA, August 21, 2013 /FSC/ - West Red Lake Gold Mines Inc. (RLG - CNSX),(the "Company"), issued today its restated audited financial statements for the financial year ended September 30, 2012, its restated interim financial statements for the six month period ended March 31, 2012, nine month period ended June 30, 2012, three month period ended December 31, 2012 and six month period ended March 31, 2013, and the related restated management's discussion and analysis for these periods. The Company previously announced its intention to restate and re-file such documents on August 1, 2013.
Upon inquiry by an investor of the Company regarding certain exploration expenditures for the Company's Mount Jamie Mine property, the Company has reviewed its financial statements and, upon consultation with its auditors, determined that $263,552 in exploration expenses which is currently accrued to the three month period ended December 31, 2012 should have been accrued to the six month period ended March 31, 2012. The reallocation of the aforementioned expenses resulted in an increase in stated assets and an increase in stated liabilities of $263,552 as at March 31, 2012, June 30, 2012 and September 30, 2012. Due to the aforementioned restatements, the previously issued financial statements and related management's discussion and analysis for the affected periods should not be relied upon.
The text of the restated financial statements and management's discussion and analysis can be viewed or printed from the Company's SEDAR reference page at www.sedar.com.
About West Red Lake Gold Mines Inc.
The Company is a Toronto-based mineral exploration company focused on the gold exploration and development business in the prolific Red Lake Mining District of Northwestern Ontario, Canada. The Company has assembled a significant property position totaling approximately 3,500 hectares in west Red Lake. The Mount Jamie Mine and Red Summit Mine properties are 100% owned by the Company and the Rowan Lake Mine property is held in a 60%-owned joint venture with Red Lake Gold Mines, a partnership of Goldcorp Inc. and Goldcorp Canada Ltd. The properties cover a 12-kilometer distance along the West Red Lake Trend, containing 3 former producing gold mines, and the Company continues to explore these properties both along strike and at depth. To find out more about the Company, please visit our website at http://www.westredlakegold.com.
For more information, please contact:
Daniel Crandall, Chief Financial Officer
Phone: (416) 848-9407
Email: dcrandall@marrellisupport.ca
or
Michael Dehn, Director and Member of Audit Committee
Phone: (647)-477-2382
Email: michael@avantimac.com
To view the press release as a PDF file, please click on the following link:
http://www.usetdas.com/pr/westred08212013.pdf
Source: West Red Lake Gold Mines Inc. (CNSX: RLG) www.westredlakegold.com
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