GBN: TSX Venture Exchange
SASKATOON, Aug. 27 /CNW/ - Golden Band Resources Inc. (the "Company")
reported today that it has filed the Company's 2009 Annual Audited Financial
Statements and Management Discussion and Analysis on SEDAR. On the advice of
the Company's new external auditor, PricewaterhouseCoopers LLP, the April 30,
2009 Audited Financial Statements of the Company restate the 2008 comparative
figures to reflect certain changes for the years ended 2007 and 2008 to
properly indicate the future income tax expense and liability associated with
expenditures renounced to shareholders who invested in flow-through shares in
2007 and 2008. The previously issued interim and year-end financial statements
are not required to be recalled, as the restatement will be disclosed within
the 2008 comparative figures provided in the April 30, 2009 Audited Financial
Statements. The restatement was made because the 2008 financial statements did
not fully reflect the impact of renouncing the Canadian Exploration Expense on
future income tax expenses where the Company may be taxable. The restatement
does not affect current cash, current cash flow, or operational expenses.
Future tax losses and Canadian Exploration Expenses may reduce this future tax
liability.
The Company's financial statements as previously published and filed in
respect to the periods noted above should no longer be relied upon with regard
to the above noted matters. The following financial information represents
management's best estimate of the effects of the restatement. The effect on
net earnings for the 2007 and 2008 fiscal years is:
Year Net Earnings Impact Basic EPS Impact
---- ------------------- ----------------
2007 ($1,176,360) ($0.012)
2008 ($468,847) ($0.003)
About Golden Band
Golden Band Resources Inc., already Saskatchewan's leading gold explorer,
is now poised to also become a gold producer. Golden Band is a
Saskatchewan-based, publicly listed company (GBN: TSXV) whose focus is the
long-term, systematic exploration and development of its 100%-owned La Ronge
Gold Belt properties. Since 1994, Golden Band has assembled, through staking
and strategic acquisition, a land package of more than 750 km(2), including 12
known gold deposits, five former producing mines, and a licensed gold mill.
Golden Band's key value drivers are the methodical and systematic targeting of
primary to advanced-stage exploration while progressing along a parallel path
to becoming a sustainable gold producer. The Company is aggressively pursuing
its near-term goal of commercial production of its Bingo, Komis, and EP
deposits with processing at the 100%-owned Jolu mill.
