Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM)(NYSE
Amex: AAU) announces that in its audited financial statements filed
in March, 2011 for the year ended December 31, 2011, in accordance
with recently updated Canadian auditing standards, the auditor's
report contained a paragraph titled "Emphasis of Matter":
Without qualifying our opinion, we draw attention to Note 1 in
the consolidated financial statements which indicates that the
Company incurred a net loss of $3.5 million during the year ended
December 31, 2010. These conditions, along with other matters as
set forth in Note 1, indicate the existence of material
uncertainties that may cast significant doubt about the Company's
ability to continue as a going concern.
Under the rules of the NYSE Amex Stock Exchange any such note in
an Auditor's Report is required to be announced. The Emphasis of
Matter paragraph is now required to be included in Canadian audit
reports for companies which do not have positive cash flows
presently or in the short term.
For greater clarification, the Company also notes that, as
previously announced, it has early adopted International Financial
Reporting Standards ("IFRS") effective January 1, 2010 and
therefore 2011 will be the second year in which Almaden has
prepared and reported its financial position and results of
operations under IFRS. The audited annual financial statements of
Almaden which were filed on SEDAR on March 31, 2011 were also
prepared under IFRS. In preparing these quarterly and annual
financial statements, management has amended certain accounting and
measurement methods previously applied in the financial statements
of the Company prepared under Canadian generally accepted
accounting principles. In the opinion of management, these
differences, which are described in Note 19 to the 2010 audited
annual consolidated financial statements of Almaden, did not result
in significant adjustments to the financial position and results of
operations of the Company other than the reclassification of
certain balances within shareholders' equity into specified reserve
accounts as certain account terminologies are different under
IFRS.
In addition, effective for the Company's year ended December 31,
2010, auditing standards in Ca nada changed from historic Canadian
auditing standards to Canadian Auditing Standards (CAS). With the
new CAS standards, came new guidance requiring an auditor to
include the "emphasis of matter" paragraph in the standard
auditors' report when an auditor concludes that the use of the
going concern assumption is appropriate in the circumstances but a
material uncertainty exists. Previous Canadian auditing standards
did not require this paragraph in the auditors' report when such
matters were adequately described in the notes to the financial
statement. As a result the auditors' report dated March 25, 2011 on
the Company's 2010 financial statements prepared under these new
standards includes this emphasis of matter paragraph as the Company
is an exploration stage enterprise and its liquidity is ultimately
dependent on its ability to obtain necessary financing as required,
developing or selling its exploration properties, and ultimately
achieving profitable operations.
Almaden's exploration model may never show financial statement
profitability but the Company has a history of success in other
ways which are more important for Almaden, that are reflected in
the Company's share price. By way of background, Almaden has no
debt, C$29.1 million in working capital at December 31, 2010 and
55.5 million common shares issued and outstanding. Almaden
Resources Corp., a predecessor to Almaden, was founded by Almaden
chairman Duane Poliquin and originally taken public in 1986. From
that time to present has successfully followed a prospecting
business model whereby the Company locates and acquires prospective
mineral properties and options them to other companies who can then
earn an interest in them by completing further exploration work at
their expense. By employing this business model Almaden has
continually been able to raise funds necessary to advance the
exploration projects and acquire new ones during this 25 year
history under the leadership of Chairman Duane Poliquin and CEO
Morgan Poliquin. During 2010, the Company expanded this business
model by more aggressively exploring several of its projects. This
resulted in a significant gold-silver discovery in Mexico at the
Company's 100% owned Ixtaca Property as indicated by drilling
results announced during the past six months. The Company has
announced a C$2 million drill program to explore and develop its
Ixtaca gold-silver project.
The Company also maintains a large portfolio of 100% owned
exploration projects, option and joint venture agreements which
will be advanced in 2011. At present two of Almaden's exploration
projects, Caballo Blanco and Caldera, have drilling programs
underway that are being conducted by partners at their sole
expense. The Company also seeks to capitalise its mineral
properties where appropriate. On February 16th, 2011 Almaden
announced it had entered into an Asset Sale Agreement, subject to
regulatory approval, under which Beanstalk Capital Inc.
("Beanstalk") will acquire 100% of Almaden's wholly owned Elk gold
deposit, British Columbia (Almaden will retain a 2% NSR in the Elk
project). Under the terms of this Agreement, Almaden will receive
37 million common shares of Beanstalk. This transaction is
demonstrative of Almaden's ability to manage exploration risk and
create value through the development of its early stage properties
with management's technical expertise. The sale of Elk allows
management to focus time and resources on advancing the company's
Ixtaca gold-silver discovery.
By way of payments to Almaden under mineral property agreements,
Almaden holds marketable securities with a market value of C$1.85
million and an investment with a fair value of C$2.2 million, both
at December 31, 2010. Almaden also holds an investment in gold
bullion of 1,597 ounces of gold.
About Almaden
Almaden is a well-financed mineral exploration company working
in North America. The company has assembled mineral exploration
projects, including the Ixtaca Zone, through its grass roots
exploration efforts. While the properties are largely at early
stages of development they represent exciting opportunities for the
discovery of significant gold and copper deposits as evidenced at
Ixtaca. Currently six projects (Caldera, Caballo Blanco, Tropico,
Nicoamen River, Matehuapil and Merit), are optioned to separate
third parties who each have the right to acquire an interest in the
respective project from Almaden through making certain payments and
exploration expenditures. Four further projects are held in joint
ventures. Almaden also holds a 2% NSR interest in 11 projects.
Almaden's business model is to find and acquire mineral properties
and develop them by seeking option agreements with others who can
acquire an interest in a project by making payments and exploration
expenditures. Through this means the company has been able to
expose its shareholders to discovery and capital gain without the
capital that would be required if the company were to have
developed these projects without a partner. The company intends to
expand this business model, described by some as prospect
generation, by more aggressively exploring several of its projects
including the Ixtaca Zone.
Morgan Poliquin, Ph.D., P.Eng., a Qualified Person as defined by
National Instrument 43-101, and the President and CEO of Almaden,
has reviewed the technical information contained in this
release.
On Behalf of the Board of Directors
Morgan J. Poliquin, Ph.D., P.Eng., President, CEO and
Director
Almaden Minerals Ltd.
Except for the statements of historical fact contained herein,
certain information presented constitutes "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and Canadian securities
laws. Such forward-looking statements, including but not limited
to, those with respect to potential expansion of mineralization,
potential size of mineralized zone, and size and timing of
exploration and development programs, estimated project capital and
other project costs and the timing of submission and receipt and
availability of regulatory approvals involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievement of Almaden to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such
factors include, among others, risks related to international
operations and joint ventures, the actual results of current
exploration activities, conclusions of economic evaluations,
uncertainty in the estimation of mineral resources, changes in
project parameters as plans continue to be refined, environmental
risks and hazards, increased infrastructure and/or operating costs,
labour and employment matters, and government regulation and
permitting requirements as well as those factors discussed in the
section entitled "Risk Factors" in Almaden's Annual Information
form and Almaden's latest Form 20-F on file with the United States
Securities and Exchange Commission in Washington, D.C. Although
Almaden has attempted to identify important factors that could
cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Almaden
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, other than as required pursuant to
applicable securities laws. Accordingly, readers should not place
undue reliance on forward-looking statements.
Neither the Toronto Stock Exchange (TSX) nor the NYSE AMEX have
reviewed or accepted responsibility for the adequacy or accuracy of
the contents of this news release which has been prepared by
management.
Contacts: Almaden Minerals Ltd. Morgan J. Poliquin, Ph.D.,
P.Eng. President, CEO and Director 604.689.7644 604.689.7645 (FAX)
www.almadenminerals.com
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