Welcome!

News Feed Item

Touchstone Gold Limited: Results for the Years Ended December 31, 2013 and 2012

LONDON, UNITED KINGDOM -- (Marketwired) -- 04/01/14 -- Touchstone Gold (TSX:TCH)(AIM:TGL) reported its financial results for the years ended December 31, 2013 and 2012. The consolidated financial statements for the years ended December 31, 2013 and 2012and notes thereto, as well as the Management's Discussion and Analysis and the Annual Information Form are available at www.sedar.com and www.touchstonegold.com. Unless otherwise noted, all financial information is expressed in US dollars.

Highlights

--  For the year ended December 31, 2013 the Company recorded a net loss of
    $18,720,512 or $0.09 per share compared with a loss of $10,171,565 or
    $0.08 per share for the year ended December 31, 2012.  
    
--  As previously announced and outlined in the interim update announcement
    on September 20 2013, the Board undertook a number of measures to
    significantly reduce overall working capital requirements as it
    considered funding and strategic opportunities. The Company currently is
    not involved in any exploration expenditure, and does not have any
    exploration programmes planned in the short term. Additionally, none of
    the current directors receive any cash remuneration, and other corporate
    overhead has been reduced significantly. 

The Board has been reviewing a number of options with the objective to secure financing that will provide a stronger platform for future growth. Following extensive consideration, the Board has concluded that in the absence of additional funding, the Company will be unable to meet its obligations with respect to scheduled payments to vendors of its concession contracts. In the event that Touchstone does not make these required payments, the concession contracts could be ceded back to the vendors and Touchstone may lose all or part of its interest in those of the concessions to which the non-payment relates.

The Company continues to be engaged in a number of strategic conversations with the intention of reviewing possible transactions that might be accretive in value for all shareholders. A further announcement will be made as appropriate.

--  As previously announced during 2013, the Company commenced its Stage 4
    drilling program as well as identified a new target zone (the "Bern"
    zone). The program was to focus on three zones; the 1141 Zone, Tagual
    Zone and the Bern zone, however, only the 1141 zone saw drilling.
    Additionally, the Company achieved positive results from metallurgical
    tests conducted on several samples, Pepas #1 and Pepas #2. Initial
    results indicated recoveries from 87.9% to 95% gold in floatation
    concentrate with Cyanide leaching providing recoveries ranging from
    40.5% to 90.7%.  

As previously announced, during 2013, the Company made a surface discovery of a new gold zone 350m west of the Pepas and Filodehombre trends.

                                                                            
------------------------------------------------------- --------------------
                                     As at December 31,   As at December 31,
U.S. Dollars                                       2013                 2012
                                   -------------------- --------------------
Statements of financial position                                            
Cash and cash equivalents                       $12,025           $4,087,940
Deposits                                       $160,000                   $-
Total current assets                           $207,397           $4,251,847
Total assets                                   $207,397          $19,464,508
Total current liabilities                      $631,041           $1,044,485
Total liabilities                              $631,041           $1,520,337
Total equity attributed to common                                           
 shareholders                               $ (423,644)          $17,944,171
Total liabilities and equity                   $207,397          $19,464,508
----------------------------------------------------------------------------
                                                                            
U.S. Dollars except per share                                               
 amounts                                    For the years ended December 31,
Statements of Operations                           2013                 2012
                                   -------------------- --------------------
Exploration expenditures                  $ (1,901,678)        $ (4,363,258)
Impairment of mineral interests            (15,025,645)                    -
Share-based payment expense                   (381,109)          (2,383,284)
Depreciation                                  (106,852)            (112,608)
Professional and consulting fees              (841,746)          (2,320,817)
Travel                                        (151,944)            (206,369)
Office and sundry expenses                     (42,725)            (109,186)
Salaries                                      (365,827)            (391,284)
Other operating costs                         (180,020)            (394,643)
Other financial income                          277,034              109,884
                                   -------------------- --------------------
Net loss                                  $(18,720,512)        $(10,171,565)
                                   -------------------- --------------------
                                   -------------------- --------------------
                                                                            
                                                                            
Net loss per share attributed to                                            
 common shareholders                                                        
                                                                            
Basic                                           $(0.09)             $ (0.08)
Diluted                                         $(0.09)             $ (0.08)
----------------------------------------------------------------------------

Contacts:
Touchstone Gold Limited
Brian Morales
Tel: +1 647 925 2713

finnCap Ltd
Matthew Robinson/Simon Hicks
Tel: +44 20 7220 0500

Peterhouse Corporate Finance Limited
Lucy Williams
Tel: +44 20 7469 0936

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
FinTechs use the cloud to operate at the speed and scale of digital financial activity, but are often hindered by the complexity of managing security and compliance in the cloud. In his session at 20th Cloud Expo, Sesh Murthy, co-founder and CTO of Cloud Raxak, showed how proactive and automated cloud security enables FinTechs to leverage the cloud to achieve their business goals. Through business-driven cloud security, FinTechs can speed time-to-market, diminish risk and costs, maintain continu...
Docker containers have brought great opportunities to shorten the deployment process through continuous integration and the delivery of applications and microservices. This applies equally to enterprise data centers as well as the cloud. In his session at 20th Cloud Expo, Jari Kolehmainen, founder and CTO of Kontena, discussed solutions and benefits of a deeply integrated deployment pipeline using technologies such as container management platforms, Docker containers, and the drone.io Cl tool. H...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera MyS...
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
In his session at Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to maximize project result...
The Founder of NostaLab and a member of the Google Health Advisory Board, John is a unique combination of strategic thinker, marketer and entrepreneur. His career was built on the "science of advertising" combining strategy, creativity and marketing for industry-leading results. Combined with his ability to communicate complicated scientific concepts in a way that consumers and scientists alike can appreciate, John is a sought-after speaker for conferences on the forefront of healthcare science,...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...