Williams Creek Gold Limited: Releases Annual Financial Statements and Management's Discussion
Analysis for the Fiscal Year Ended January 31, 2014VANCOUVER, May 30, 2014 - Williams Creek Gold Ltd. ("Williams Creek," or the "Company") (TSX VENTURE:WCX) is pleased to announce the release of its audited Financial Statements and its Management's Discussion and Analysis for the fourth quarter and year ended January 31, 2014. These financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS).
These documents are available on the Company's website (www.williamscreek.ca) under Company Filings and will be available shortly on Sedar (www.Sedar.com).
For the fiscal year ended January 31, 2014, the Company is reporting a net loss of $614,262 or a $0.01 loss per share, compared to a net loss of $1,184,855 or a $0.01 loss per share in the prior year. The comprehensive loss for the year is $498,505, after accounting for an unrealized gain on long-term investments of $115,757, versus a comprehensive loss of $1,301,279 in the prior year. Operating expenditures of $437,971 and exploration and evaluation expenditures of $342 were expensed in the year.
The Company capitalized $46,788, net of recoveries, in exploration and evaluation costs for the year and has additional work planned for the 2014/2015 fiscal year to continue the evaluation of its British Columbia properties and the fulfillment of the terms of its Joint Venture agreement with Tyhee Gold Corp. Total investments made on acquisitions, loan receivable and exploration and evaluation expenditures in the year were $382,617, versus $1,336,313 in the previous year.
As at January 31, 2014, the Company had cash and cash equivalents of $272,284, non-cash working capital of $172,450, investments held for trading of $654,870 as well as long-term investments of $2,661,110 and current liabilities of $56,076. No financing activities were undertaken during the year ended January 31, 2014, as management believes current resources will be sufficient for growth in the coming fiscal year.<
HIGHLIGHTS AND DEVELOPMENTS FOR 2014
- The Company continued its review of its various prospects and upcoming exploration programs and incurred a further $58,719 before B.C. mining tax credits of $6,931 on its properties, details of which are disclosed in the Company's consolidated financial statements.
- The Company issued options to directors to acquire up to 1,000,000 shares of the Company, 600,000 at $0.21 per share and 400,000 at $0.10 per shares, exercisable to February 21 and November 18, 2018, respectively.
- 1,350,000 options issued to its former Chairman and directors expired unexercised following their resignation from the Board in fiscal 2014.
- The Company completed its trenching program on its Barkerville project.
- The Company acquired $178,899 in additional common shares of other junior exploration companies.
About Williams Creek Gold Limited (WCX)
Visit www.WilliamsCreek.ca to learn more about Williams Creek Gold Limited.
Williams Creek Gold Ltd. is a Canadian company with the primary purpose of participating broadly in the natural resource sector, with an emphasis on the gold sub-sector, through exploration, joint ventures or other equity investments.
The Company owns various mineral interests in the Cariboo, Kamloops and Omineca Mining Divisions in the province of British Columbia. The Company also has a joint venture outside of Yellowknife, NT, and a net 30% interest in the ATW diamond property in the MacKenzie Mining District of the Northwest Territories.
The Company is engaged in the exploration of mineral properties, an inherently risky business. There is no assurance that a mineral deposit will ever be discovered and economically produced. Most exploration projects do not result in the discovery of commercially mineable ore deposits. The price of gold is affected by numerous factors beyond the control of the Company and has been volatile over short periods of time.
The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. The Company may also be held liable should environmental problems caused by former owners and operators of its properties and properties in which it had an interest be discovered. The Company believes it conducts its mineral exploration activities in compliance with all local legislation and regulation as well as all applicable environmental protection legislation. The Company is not aware of any existing environmental problems related to any of its current or former properties that may result in material liability to the Company. Environmental legislation is becoming increasingly stringent and costs and expenses of regulatory compliance are increasing. The impact of new and future environmental legislation on the Company's operations may cause additional expenses and restrictions. If the restrictions adversely affect the scope of exploration and development on the mineral properties, the potential for production on the property may be diminished or negated. Although, the Company has taken steps to verify the title to mineral properties in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company's title. Property title may be subject to unregistered prior agreements or transfers and title may be affected by undetected defects. The Company has no revenues from operations at present; the only sources of funds currently available to the Company are the appreciation of assets held by the company and their sale, the sale of equity capital, or the offering of an interest in its projects to another party.
The Company is a reporting issuer in British Columbia, trading on the TSX Venture Exchange under the symbol "WCX.V".
On behalf of the Board of Directors
James Wyant
Chairman and interim CEO, Williams Creek Gold Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including management's assessments of future plans and operations, and the anticipated timing of meeting the terms of its joint venture agreement obligations. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures), and the uncertainty of the availability of capital. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Contact
Williams Creek Gold Ltd.
James Wyant
514.983.6194
