|By Marketwired .||
|July 2, 2014 02:11 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/02/14 -- Williams Creek Gold Limited ("Williams Creek," or the "Company") (TSX VENTURE:WCX) is pleased to announce the release of its audited Financial Statements and its Management's Discussion and Analysis for the first quarter ended April 30, 2014. These financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS).
For the first quarter, the Company is reporting net earnings of $195,447, compared to a net loss of $422,968 in the prior year's quarter. Unrealized gains on investments of $263,849 and realized gains of $14,009 accounted for the majority of the decrease in losses. As for expenses, general administration expenses decreased by $26,399 and stock-based compensation expenses decreased by $30,426. No exploration expenditures were incurred and no investing activities were undertaken this quarter. The comprehensive loss for the quarter is $308,706, after accounting for an unrealized loss on investments of $504,153 relating to the company's investment in Tyhee, versus a comprehensive loss of $1,077,475 for the same period in the prior year.
sAs at April 30, 2014, the Company has cash and cash equivalents of $260,404, investments held for trading of $885,128, and long-term investments of $2,128,889. The balance sheet remains strong, with assets of $7,745,782 and liabilities of $61,098.
Significant events occurring subsequent to the period end include changes to management on June 13th. Interim CEO and Chairman James Wyant resigned from the Board of Directors and Dr. Hans Peter Black was appointed interim CEO and Chairman.
About Williams Creek Gold Limited (WCX)
Visit http://www.WilliamsCreek.ca to learn more about Williams Creek Gold Limited.
Williams Creek Gold Limited is a Canadian company with the primary purpose of participating broadly in the natural resource sector, with an emphasis on the gold sub-sector, through exploration, joint ventures or other equity investments.
The Company owns various mineral interests in the Cariboo, Kamloops and Omineca Mining Divisions in the province of British Columbia. The Company also has a joint venture outside of Yellowknife, NT, and a net 30% interest in the ATW diamond property in the MacKenzie Mining District of the Northwest Territories.
The Company is engaged in the exploration of mineral properties, an inherently risky business. There is no assurance that a mineral deposit will ever be discovered and economically produced. Most exploration projects do not result in the discovery of commercially mineable ore deposits. The price of gold is affected by numerous factors beyond the control of the Company and has been volatile over short periods of time.
The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. The Company may also be held liable should environmental problems caused by former owners and operators of its properties and properties in which it had an interest be discovered. The Company believes it conducts its mineral exploration activities in compliance with all local legislation and regulation as well as all applicable environmental protection legislation. The Company is not aware of any existing environmental problems related to any of its current or former properties that may result in material liability to the Company. Environmental legislation is becoming increasingly stringent and costs and expenses of regulatory compliance are increasing. The impact of new and future environmental legislation on the Company's operations may cause additional expenses and restrictions. If the restrictions adversely affect the scope of exploration and development on the mineral properties, the potential for production on the property may be diminished or negated. Although, the Company has taken steps to verify the title to mineral properties in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company's title. Property title may be subject to unregistered prior agreements or transfers and title may be affected by undetected defects. The Company has no revenues from operations at present; the only sources of funds currently available to the Company are the appreciation of assets held by the company and their sale, the sale of equity capital, or the offering of an interest in its projects to another party.
The Company is a reporting issuer in British Columbia, trading on the TSX Venture Exchange under the symbol "WCX.V".
On behalf of the Board of Directors,
Hans Peter Black, Chairman and interim CEO
Williams Creek Gold Limited
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including management's assessments of future plans and operations, and the anticipated timing of meeting the terms of its joint venture agreement obligations. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures), and the uncertainty of the availability of capital. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Williams Creek Gold Limited
Hans P. Black
Chairman and interim CEO
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