Skygold
Files Amended and Restated Financial Statements and MD&A for the Interim
Period ended March 31, 2008
June 11, 2008
Not for distribution to U.S. newswire services or
for U.S. dissemination
Skygold Ventures Ltd.
(SKV:TSX-V) (the �Company�) today has filed an amendment to its unaudited
interim financial statements and management�s discussion and analysis for the
three month periods ended March 31, 2008 and 2007, which were originally
filed by the Company on May 29, 2008.
There were two
significant changes that were made to the financial statements as follows:
- The
original filing by the Company did not include the necessary adjustments
for future income taxes on the renouncement of exploration expenditures
to the investors of flow-through shares during the respective prior
years. The effects for the three month period ended March 31, 2008
are the recognition of $946,462 (2007 - $2,078,400) of share issue costs
resulting in a reduction of capital stock, an increase in future income
tax liability of $817,588 (2007 - $30,000) and a future income tax
recovery of $128,874 (2007 - $2,048,000).
- Legal
fees for amounts unbilled by the Company�s legal counsel in the amount
of $48,526 to March 31, 2008 were accrued and are reflected in the
amended balance sheet under Current Liabilities. The legal
fees incurred were with respect to the Company�s proposed agreement with
Wildrose Resources Ltd.
As a result of the two adjustments
above, the net loss for the period declined from $581,194 (2007 - $112,309)
to $500,846 (2007 - net income of $1,936,090). Further, the changes
result in an increase in total liabilities of $866,114 (from $4,127,504 to
$4,993,618) and a corresponding reduction in shareholders� equity (from
$19,015,745 to $18,149,631) on the balance sheet as at March 31, 2008.
The Company�s audit
committee of the Company�s board of directors has determined that it is
necessary to restate the interim financial statements and management�s
discussion and analysis for the items as noted above. Accordingly, the
financial statements and management�s discussion and analysis as previously
published and filed in respect of such periods should no longer be relied upon.
SKYGOLD VENTURES
LTD
Brian Groves
Brian Groves. President
For more information
please refer to our website:
www.skygold.ca
or contact: Tim
Mikula (604) 484-6317
or B&D Capital
Partners (604) 685-6465
The TSX Venture
Exchange does not accept responsibility for the adequacy or accuracy of this
release.
Skygold Ventures
Suite 615 � 800 West
Pender St.
Vancouver , B.C. V6C
2V6
tel. (604)484.6317
Fax (604) 684-0279
www.skygold.ca
For more information contact B&D Capital
Partners 604.685.6465
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