SYS-CON MEDIA Authors: Roberto Medrano, Dmitriy Stepanov, Gilad Parann-Nissany, Srinivasan Sundara Rajan, Sean Houghton

News Feed Item

Touchstone Gold Limited: Results for the Years Ended December 31, 2013 and 2012

LONDON, UNITED KINGDOM -- (Marketwired) -- 04/01/14 -- Touchstone Gold (TSX:TCH)(AIM:TGL) reported its financial results for the years ended December 31, 2013 and 2012. The consolidated financial statements for the years ended December 31, 2013 and 2012and notes thereto, as well as the Management's Discussion and Analysis and the Annual Information Form are available at www.sedar.com and www.touchstonegold.com. Unless otherwise noted, all financial information is expressed in US dollars.

Highlights


--  For the year ended December 31, 2013 the Company recorded a net loss of
    $18,720,512 or $0.09 per share compared with a loss of $10,171,565 or
    $0.08 per share for the year ended December 31, 2012.  
    
--  As previously announced and outlined in the interim update announcement
    on September 20 2013, the Board undertook a number of measures to
    significantly reduce overall working capital requirements as it
    considered funding and strategic opportunities. The Company currently is
    not involved in any exploration expenditure, and does not have any
    exploration programmes planned in the short term. Additionally, none of
    the current directors receive any cash remuneration, and other corporate
    overhead has been reduced significantly. 

The Board has been reviewing a number of options with the objective to secure financing that will provide a stronger platform for future growth. Following extensive consideration, the Board has concluded that in the absence of additional funding, the Company will be unable to meet its obligations with respect to scheduled payments to vendors of its concession contracts. In the event that Touchstone does not make these required payments, the concession contracts could be ceded back to the vendors and Touchstone may lose all or part of its interest in those of the concessions to which the non-payment relates.

The Company continues to be engaged in a number of strategic conversations with the intention of reviewing possible transactions that might be accretive in value for all shareholders. A further announcement will be made as appropriate.


--  As previously announced during 2013, the Company commenced its Stage 4
    drilling program as well as identified a new target zone (the "Bern"
    zone). The program was to focus on three zones; the 1141 Zone, Tagual
    Zone and the Bern zone, however, only the 1141 zone saw drilling.
    Additionally, the Company achieved positive results from metallurgical
    tests conducted on several samples, Pepas #1 and Pepas #2. Initial
    results indicated recoveries from 87.9% to 95% gold in floatation
    concentrate with Cyanide leaching providing recoveries ranging from
    40.5% to 90.7%.  

As previously announced, during 2013, the Company made a surface discovery of a new gold zone 350m west of the Pepas and Filodehombre trends.


                                                                            
------------------------------------------------------- --------------------
                                     As at December 31,   As at December 31,
U.S. Dollars                                       2013                 2012
                                   -------------------- --------------------
Statements of financial position                                            
Cash and cash equivalents                       $12,025           $4,087,940
Deposits                                       $160,000                   $-
Total current assets                           $207,397           $4,251,847
Total assets                                   $207,397          $19,464,508
Total current liabilities                      $631,041           $1,044,485
Total liabilities                              $631,041           $1,520,337
Total equity attributed to common                                           
 shareholders                               $ (423,644)          $17,944,171
Total liabilities and equity                   $207,397          $19,464,508
----------------------------------------------------------------------------
                                                                            
U.S. Dollars except per share                                               
 amounts                                    For the years ended December 31,
Statements of Operations                           2013                 2012
                                   -------------------- --------------------
Exploration expenditures                  $ (1,901,678)        $ (4,363,258)
Impairment of mineral interests            (15,025,645)                    -
Share-based payment expense                   (381,109)          (2,383,284)
Depreciation                                  (106,852)            (112,608)
Professional and consulting fees              (841,746)          (2,320,817)
Travel                                        (151,944)            (206,369)
Office and sundry expenses                     (42,725)            (109,186)
Salaries                                      (365,827)            (391,284)
Other operating costs                         (180,020)            (394,643)
Other financial income                          277,034              109,884
                                   -------------------- --------------------
Net loss                                  $(18,720,512)        $(10,171,565)
                                   -------------------- --------------------
                                   -------------------- --------------------
                                                                            
                                                                            
Net loss per share attributed to                                            
 common shareholders                                                        
                                                                            
Basic                                           $(0.09)             $ (0.08)
Diluted                                         $(0.09)             $ (0.08)
----------------------------------------------------------------------------

Contacts:
Touchstone Gold Limited
Brian Morales
Tel: +1 647 925 2713

finnCap Ltd
Matthew Robinson/Simon Hicks
Tel: +44 20 7220 0500

Peterhouse Corporate Finance Limited
Lucy Williams
Tel: +44 20 7469 0936

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo – to be held June 9-11, 2015, at the Javits Center in New York City, NY – is now accepting Hackathon proposals. Hackathon sponsorship benefits include general brand exposure and increasing engagement with the developer ecosystem. At Cloud Expo 2014 Silicon Valley, IBM held the Bluemix Developer Playground on November 5 and ElasticBox held the DevOps Hackathon on November 6. Both events took place on the expo fl...
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.