Press release from Marketwire
Williams Creek Gold Limited Releases Q2 Financial Statements and Management's Discussion and Analysis
Monday, October 01, 2012
Williams Creek Gold Limited Releases Q2 Financial Statements and Management's Discussion and Analysis09:52 EDT Monday, October 01, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2012) - Williams Creek Gold Limited ("Williams Creek," or the "Company") (TSX VENTURE:WCX) is pleased to announce the release of its unaudited Financial Statements as well as its Management's Discussion and Analysis for the second quarter ended July 31, 2012. These financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS).For the second quarter, the Company is reporting a net loss of $322,889 compared to a net loss of $21,386 in the prior year's quarter. The Company recorded a net loss of $577,280 for the first six months of fiscal 2013, compared to a net loss of $171,274 in the prior year's period. The increase in the loss relates to the unrealized loss on investments of $192,764 over the six months of fiscal 2013, compared to a $44,177 gain in the preceding period of fiscal 2011. The Company ended the quarter with $1.7 million in cash and cash equivalents, and continues to hold a strong balance sheet with $8.7 million in assets and $90,961 in liabilities. The Company incurred $365,109 in exploration expenditures over the first six months, and remains focused on completing the evaluation of its British Columbia properties. The Company is also committed to fulfilling the terms of its Joint Venture agreement with Tyhee Gold Corp. to earn a 50% interest in the Big Sky Property. The Company incurred $121,229 in exploration expenditures on its Big Sky joint venture in the second quarter. Exploration activities on Big Sky continued through September.Fiscal 2013 Highlights:The Company announced positive results from its geological reconnaissance and sampling program at the Big Sky property (News Release WCX12-11, September 18, 2012). The Company incurred $121,299 in exploration expenditures on the Big Sky Property in the second quarter. Williams Creek completed a Phase I trenching program on the Pine Property (News Release WCX12-10, August 28, 2012). The Company incurred $22,500 on exploration on the Pine Property in the quarter.The Company commenced a soil sampling program on its 100% owned Ahbau Lake Property. Williams Creek acquired a 100% interest in the Ahbau Creek and Chubby Bear Properties in the B.C. Central Interior from New Gold Inc. for $40,000 cash and incurred $45,759 in exploration expenditures on these properties during the quarter (News Releases WCX12-03, March 7, 2012 and WCX12-07, June 12, 2012).Two remote sensing satellite surveys were conducted on the Ahbau Creek and Chubby Bear Properties acquired from New Gold Inc. (News Releases WCX12-03, March 7, 2012 and WCX12-07, June 12, 2012). A remote sensing satellite survey was also completed on the Big Sky Property (News Release WCX12-06, May 31, 2012).Williams Creek began follow up exploration and due diligence on several projects in the United States, with the emphasis on joint ventures or partnerships on mid- to late-stage prospects, primarily in Nevada (News Release WCX12-08, June 20, 2012)."Williams Creek is pleased with the second quarter exploration progress on its Big Sky and Ahbau Lake Projects," stated Chairman and CEO Michael R. Sonnenreich. "With these ongoing projects, as well as additional work started on Ahbau Creek and Chubby Bear in August, we expect the next quarter to be equally promising. The Company has also been actively seeking advanced to late-stage exploration opportunities in the United States as a means of increasing shareholder value."The unaudited Financial Statements and Management's Discussion and Analysis (MD&A) are available on the Company's website (www.williamscreek.ca) under "Company Filings" and will be available shortly on Sedar (www.sedar.com).*The above news release was originally disseminated on September 28, 2012, and although it had mentioned documents (Q2 financial statements and MD&A), they were inadvertently not released or filed on SEDAR on the corresponding date. This re-release is to notify investors that these documents have now been filed on SEDAR as of October 1, 2012. 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 subsector, through exploration, joint ventures or other equity investments, royalty and finance agreements.Williams Creek Gold Limited owns twenty-eight Crown Granted mineral claims known as the Barkerville Project in the immediate vicinity of Barkerville, BC in the Cariboo mining division. The Cariboo gold belt and the Barkerville Camp have a long history of gold production dating back to the 1800s. Historically the Barkerville Camp has reported gold production of 3.8 million ounces, including 2.6 million ounces from surface placer and 1.2 million ounces from lode mining. When placer gold production peaked in the late 1890s, Williams Creek Gold's Black Jack (District Lot 1B), Home Stake (District Lot 4B), Cornish (District Lot 1F) and Wintrip (District Lot 32F) Crown Granted mineral claims were among the first acquired in the early search for lode gold.Williams Creek Gold Limited also owns a block of four mineral claims 17km west of Barkerville known as the Pine Properties. The Company has three Crown Granted mineral claims in the Kamloops Mining Division, two of which are adjacent to New Gold's New Afton project. Williams Creek Gold Limited also owns the Ahbau Creek, Chubby Bear and Ahbau Lake claim groups in Central British Columbia, as well as the BOPS claims in Nevada. Williams Creek Gold is earning a 50% interest through a joint venture with Tyhee Gold Corp. in the Big Sky Property north of Yellowknife, NWT. Additionally, Williams Creek Gold Limited has a net 30% interest in the ATW diamond property in the MacKenzie Mining District of the Northwest Territories. Williams Creek also holds the BOPS Project consisting of 32 unpatented lode-mining claims in Pershing County, Nevada.On behalf of the Board of Directors,Michael R. Sonnenreich, Chairman and CEOWilliams Creek Gold LimitedThis 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.FOR FURTHER INFORMATION PLEASE CONTACT: Michael R. SonnenreichWilliams Creek Gold Limited778.370.1393www.WilliamsCreek.caNeither 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.