Copper Lake Resources Ltd. Provides Corporate Update
TORONTO, Apr 6, 2016 - Copper Lake Resources Ltd. (TSX VENTURE:CPL) (FRANKFURT:W0I) ("Copper Lake" or the "Company") is pleased to provide the following update on the Company. The TSX Venture Exchange had suspended trading in the Company's securities on March 10, 2016 as a result of a cease trade order ("CTO") issued by the British Columbia Securities Commission on March 8, 2016. The CTO was issued due to the Company's inability to file its annual audited financial statements and Management's Discussion and Analysis by February 29, 2016.
On March 22, 2016 the Company filed its annual audited financial statements for the year ended October 31, 2015 and its related Management's Discussion and Analysis and Chief Executive Officer and Chief Financial Officer certifications.
On March 22, 2016 the British Columbia Securities Commission revoked the CTO to permit trading in the securities of Copper Lake Resources.
On March 28, 2016 the Company filed its interim financial statements for the three months ended January 31, 2016 and its related Management's Discussion and Analysis and Chief Executive Officer and Chief Financial Officer certifications.
On March 29, 2016 the Company submitted an application to the TSX Venture Exchange for reinstatement. The Company has been informed the Exchange is currently reviewing the Company's application.
On April 5, 2016 the Company announced that it will hold its Annual General Meeting on June 21, 2016 at 2:00 pm at 2100 - 1 Adelaide Street East, Toronto, Ontario.
Effective April 6, 2016 Mr. David Speck has resigned as a Director and as CFO of the Company. Dr. Elliot Strashin has been appointed as Interim CFO. Dr. Strashin is Chairman and Director of White Metal Resources Corp. and a Director of DynaCERT Inc. and is CEO and President of Strashin and Sons Limited, a real estate development company that specializes in certified, green building. Dr. Strashin brings to the Company over 30 years' experience in the mining industry. The Board wishes to thank Mr. Speck for his contributions.
About Copper Lake Resources:
Copper Lake Resources Ltd. is a Canadian company currently focused on advancing two significant properties located in Ontario, Canada:
- The Marshall Lake VMS copper, zinc, silver and gold property is an advanced exploration stage property located 120 km north of Geraldton, Ontario.
- The Norton Lake copper, nickel, PGM property is located approximately 100 km north of the Marshall Lake property.
On behalf of Copper Lake Resources Ltd.
"Terrence MacDonald," Interim CEO
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release. This news release includes certain statements that may be deemed "forward-looking statements". All statements, other than statements of historical facts, that address such matters as future exploration, drilling, exploration activities, potential mineralization and resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.
Contact
Copper Lake Resources Ltd.
Terrence MacDonald
778-867-9533