Following correspondence and discussions with the SEC, the Company has determined that the financial statements contained in the Form 10-KSB and the Q2 Form 10-QSB should no longer be relied upon, and that by extension, the financial statements contained in the Company's Quarterly Report on Form 10-QSB for the quarterly period ended
The SEC's review resulted in the Company's adoption and implementation of two changes to its accounting policies and procedures, which will be reflected in restated financial statements contained in amendments to the Filings that the Company will file with the SEC, and in future reports filed by the Company with the SEC.
First, the Company has adopted EITF 04-02, which will result in the recognition of previously expensed mineral rights as an asset of the Company, reflected in the Company's restated financial statements as a cumulative diminution of loss of approximately
An authorized officer of the Company has discussed the matters disclosed herein with the Company's independent accounting firm. In addition, the Company has prepared restated financial statements for each period covered by the Filings, and has submitted such restated financial statements to the Company's independent accountants for their review. Upon receiving notification from the SEC that it has concluded its review of the Form 10-KSB and the Q2 Form 10-QSB, and following completion of such restated financial statements, the Company will promptly prepare and file amendments to each of the Filings to include the corresponding restated financial statements and to address the SEC's comments arising out of its review.
COMPLETION OF PRIVATE PLACEMENT
The Company further announces that, on
AMENDMENT TO EXERCISE PRICE OF WARRANTS
The Company further announces that in
About the Company
Silverado Gold Mines Ltd., a publicly traded company, is an exploration-stage enterprise focused on the exploration of gold properties, with some past production, and the development of new environmentally friendly low-rank coal water fuel technology. The Company has gold properties located throughout
Forward-Looking Statements
This news release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release that are forward-looking statements are based on the current expectations, beliefs, assumptions, estimates and forecasts about the Company's business and the industry and markets in which it operates. Such forward-looking statements involve risks and uncertainties regarding the market price of gold, availability of funds, government regulations, common share prices, operating costs, capital costs, outcomes of test mining activities and other factors. Forward-looking statements are made, without limitation, in relation to operating plans, property exploration activities, including test mining activities, availability of funds, environmental reclamation, operating costs and permit acquisition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", or "continue", and the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risks detailed in the Company's filings with the Canadian Securities Authorities and the US SEC. These factors may cause the Company's actual results to differ materially from any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
SOURCE Silverado Gold Mines Ltd.