|By Marketwired .||
|December 27, 2013 07:01 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/27/13 -- 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, 2013. 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 $42,265 compared to a net loss of $506,465 in the prior year's quarter. The decrease in loss relates to a reduction in operating expenses, totaling $69,467 for the third quarter of fiscal 2014, compared to $137,251 during the same period of fiscal 2013. The Company recorded a net loss of $616,366 for the first nine months of fiscal 2014, compared to a net loss of $1,083,745 in the prior year's period. The Company ended the quarter with $407,102 in cash and cash equivalents, and continues to hold a strong balance sheet with $7.2 million in assets and $36,289 in liabilities.
The Company incurred $12,441 in exploration expenditures during the third quarter, and remains focused on completing the evaluation of its British Columbia properties. "With the current state of the gold mining industry, we will take an opportunistic view in making additional strategic investments. We remain confident Williams Creek is well-positioned to benefit from an upturn in the current gold environment," stated Chairman and CEO James Wyant.
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 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, 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.
On behalf of the Board of Directors,
James Wyant, Chairman and CEO
Williams Creek Gold Limited
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.
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.
Williams Creek Gold Limited
Chairman and CEO