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
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Everyone wants to use containers, but monitoring containers is hard. New ephemeral architecture introduces new challenges in how monitoring tools need to monitor and visualize containers, so your team can make sense of everything. In his session at @DevOpsSummit, David Gildeh, co-founder and CEO of Outlyer, will go through the challenges and show there is light at the end of the tunnel if you use the right tools and understand what you need to be monitoring to successfully use containers in your...
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at Dell EMC, introduced a methodology for capturing, enriching and sharing data (and analytics) across the organization...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...