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
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...