Chart usGOLD   Chart usSILVER  
 
Food for thought
The first duty of a man is the seeking after and the investigation of truth.
Cicero  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1232.901.44
Silver 17.330.15
Platinum 1250.751.75
Palladium 782.907.10
WORLD MARKETS
DOWJONES 16678210
NASDAQ 445370
NIKKEI 15292153
ASX 539929
CAC 40 4139-18
DAX 8993-54
HUI 1850
XAU 760
CURRENCIES (€)
AUS $ 1.4379
CAN $ 1.4200
US $ 1.2674
GBP (£) 0.7895
Sw Fr 1.2059
YEN 136.9260
CURRENCIES ($)
AUS $ 1.1347
CAN $ 1.1205
Euro 0.7891
GBP (£) 0.6230
Sw Fr 0.9515
YEN 108.0460
RATIOS & INDEXES
Gold / Silver71.14
Gold / Oil15.19
Dowjones / Gold13.53
COMMODITIES
Copper 3.060.01
WTI Oil 81.14-0.61
Nat. Gas 3.60-0.02
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Admiral Bay Provides Corporate Update
Published : November 28, 2012
( 0 vote, 0/5 ) Print article
     
Tweet

CENTENNIAL, COLORADO--(Marketwire - Nov. 28, 2012) - Admiral Bay Resources Inc. (News - Market indicators) ("Admiral Bay" or the "Company") has been cease traded since December 2011 when it was unable to file its financial statements for the year ended 2011. In order to apply to have the cease trade order lifted, the Company must, among other things, get its financial filings up to date and hire a Chief Financial Officer. Since December 2011 the Company has been reviewing its strategic alternatives and provides the following update on these activities.

The Company has not been able to find a suitable transaction to allow it to continue as a going concern. It does not have sufficient funds to prepare and file its outstanding financial statements and has not been able to attract a CFO. It continues to attempt to resolve its outstanding litigation with a former officer of the Company and contest a tax ruling by the State of Kansas while winding up its operations in Pennsylvania and Kansas.

At the Revloc Project in Pennsylvania, Admiral Bay has plugged all seven of its wells as required by state law. This plugging will allow the Company to recover certain performance bonds and cease to be an operator in the State of Pennsylvania. The Company has also been successful in selling certain of its coal assets and is attempting to sell the remainder of its assets in Pennsylvania.

Because of the significant potential liability for taxes with the State of Kansas, uncertainty about the outcome of a lawsuit with its former officer and the Company's inability to find a suitable strategic alternative to remain a going concern, management has decided to wind down the Company, attempt to sell the remaining Pennsylvania and Kansas assets, with the proceeds pay all creditors and settle with the Kansas Department of Revenue. Any monies remaining will be distributed to the shareholders.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Admiral Bay Resources Inc.
Steven Tedesco
President & C.E.O.
(303) 350-1255
(303) 708-1861 (FAX)
info@admiralbay.com
www.admiralbay.com
Tweet

Admiral Bay Resources

CODE : ADB.V
ISIN : CA 0071311058.
CUSIP : 007131105
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Email Alert Add to Watchlist Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy
Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Option Grants of Admiral Bay Resources
3/14/2011Grant of 450,000 stock options to 3 board members
Corporate news of Admiral Bay Resources
11/28/2012Provides Corporate Update
7/3/2007PROVIDES UPDATES ON REVLOC AND DEVON PROJECTS
6/26/2007 Provides Update
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (ADB.V)Other OTC (ADBRF)
0.08000.010+0.00%
TSX-V
CA$ 0.080
12/05 11:10 -
0%
Prev close Open
0.080 0.080
Low High
0.080 0.080
Year l/h YTD var.
0.080 -  0.080 -%
52 week l/h 52 week var.
0.080 -  0.080 -%
Volume 1 month var.
0 -%
24hGold TrendPower© : -37
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
TOP NEWSRELEASES
Annual variation
DateVariationHighLow
20120.00%0.080.08
2011-66.67%0.330.08
2010500.00%0.700.10
 
5 years chart
 
3 months chart
 
3 months volume chart