Millstream to Restate 2014 Annual Financial Statement
18.06.2015 | Accesswire
TORONTO, ON / ACCESSWIRE / June 18, 2015 / Millstream Mines Ltd. (the "Company" or "MLM") (TSX-V:MLM )& (Frankfurt:NJD) today announced that the Audit Committee of its Board of Directors, after consultation with ND LLP, the company's independent registered public accounting firm, determined that Millstream's financial statement for the fiscal year ended August 31, 2014 can no longer be relied upon as being in compliance with generally accepted accounting principles (GAAP).The deficiencies in the reporting were the recognition of a future income tax asset that was not supported and the classification of a demand loan as a long term liability. The Millstream Audit Committee along with ND LLP are working diligently to restate these reporting insufficiencies found in its 2014 year end financials. It is expected that the corrected financial statement items will be viewable on SEDAR by the end of next week.
About Millstream Mines Ltd.:
Millstream Mines Ltd. is a Canadian-based mineral exploration company whose principle objective is to enhance and develop known mineral properties to production potential. The Company has projects in the Province of Ontario, Canada and in the State of Montana, USA. The past producing Potter Mine Property is host to a presently known quantity of eleven (11) copper-zinc-cobalt-gold-silver "stacked" mineralized zones located in the highly prolific Abitibi Greenstone Belt and more specifically in the Kidd-Munro Assemblage near the town of Matheson in north eastern Ontario. A published initial NI 43-101 compliant resource estimate on the Potter, utilizing only seven (7) of the eleven (11) total known mineralized zones, revealed an indicated resource of 3,028,767 tonnes at 1.45% copper, 1.19% zinc, 389.7 ppm cobalt, 11.1 ppm silver, and 127.5 ppb gold along with an inferred resource of 2,071,101 tonnes at 1.08 % copper, 1.05 % zinc, 301.4 ppm cobalt, 8.7 ppm silver, and 81.7 ppb gold. The Tamarack Gold Property, a high grade former gold producer in the Tobacco Root Mountains of south western Montana, is in an advanced stage of underground exploration and development operating under the Small Mines Exclusion Act of the State of Montana.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Millstream seeks safe harbour with regard to forward looking statements.
For further information contact:
Millstream Mines Ltd.
Mr. Ernest Harrison, EM, Chairman and CEO
Phone: 705-474-7282
Mr. Robert Chase, CFA, President and CFO
Phone: 647-800-8796
Email: info@millstreammines.com