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Press release from Marketwire

Williams Creek Gold Limited Releases Q3 Financial Statements and Management's Discussion and Analysis

Thursday, December 20, 2012

Williams Creek Gold Limited Releases Q3 Financial Statements and Management's Discussion and Analysis09:00 EST Thursday, December 20, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 20, 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 third quarter ended October 31, 2012. These financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS).For the third quarter, the Company is reporting a net loss of $506,465 compared to a net loss of $195,634 in the prior year's period. The Company recorded a net loss of $1,083,745 for the first nine months of fiscal 2013, compared to a net loss of $366,909 in the prior year's period. The increase in the loss relates to the unrealized loss on investments of $379,708 and property evaluation costs of $182,244 in the nine months of fiscal 2013, compared to a gain on investments of $8,137 and property evaluation costs of $46,020 in the preceding period of fiscal 2012. The Company ended the quarter with $991,000 in cash and cash equivalents, and continues to hold a strong balance sheet with $8.19 million in assets and $98,000 in liabilities. The Company incurred $845,000 in exploration and evaluation expenditures in the first nine 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 north of Yellowknife, Northwest Territories. The Company incurred $155,234 in exploration expenditures on its Big Sky joint venture in the third quarter with exploration activities on Big Sky continuing through September.HIGHLIGHTS AND DEVELOPMENTS FOR 2013The Company's short-term investments increased by $103,400 through the acquisition of additional equity securities during the quarter.The Company completed its 2011 exploration work on its Barkerville Project and incurred a further $26,094 in exploration expenditures on the properties during the quarter.The Company acquired a 100% interest in the Ahbau Creek and Chubby Bear properties in the B.C. Central Interior region from New Gold Inc. for $40,000 cash and a net smelter return of 2% and staked four new mineral claims units, known as the Ahbau Lake Group. The Company incurred $165,908 in exploration expenditures on these properties during the quarter.The Company incurred $155,234 during the quarter ($276,533 for the nine months) in exploration expenditures on its Big Sky Property, pursuant to a Joint Venture agreement with Tyhee Gold Corp. (Tyhee), to earn a 50% interest in the property. On September 18, 2012, the Company released the first results from its reconnaissance and sampling program conducted on the property (News Release WCX12-11). On October 15 2012, the Company released its final results from the 2012 program (News Release WCX12-13).The Company continued work on its Pine Properties and incurred an additional $13,762 in exploration expenditures during the period.Williams Creek continued 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 and Arizona (News Release WCX12-08, June 20, 2012)."Williams Creek is pleased with the exploration progress made in the third quarter, particularly the results on the Big Sky Project," Chairman and CEO Michael R. Sonnenreich stated. "With Big Sky ongoing, and the completed and ongoing work on Ahbau Creek and Chubby Bear, we anticipate Fiscal 2014 will be very encouraging." "Planning and budgeting is now underway for the 2013 field season and we look forward to completing the terms of our Joint Venture agreement with Tyhee Gold Corp. on the Big Sky Property, as well as continuing our work at both Barkerville and Ahbau Creek. The Company also remains committed to 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). 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. Williams Creek Gold is earning a 50% interest through a joint venture with Tyhee Gold Corp. in the Big Sky Property north of Yellowknife, NT. Additionally, Williams Creek Gold Limited has a net 30% interest in the ATW diamond property in the MacKenzie Mining District of the Northwest Territories. On behalf of the Board of Directors,Michael R. Sonnenreich, Chairman and CEOWilliams Creek Gold Limited 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. FOR FURTHER INFORMATION PLEASE CONTACT: 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. Contact Information: Williams Creek Gold LimitedMichael R. SonnenreichChairman and CEO778.370.1393www.williamscreek.ca