RE: News Release May 14, 2010 Financial StatementsInterim FS's do not require an auditor statement, either review or audit, and no one else uses one for interim FS's. They are only required for audited Annual Financial Statements, which in this case would be for 9/30/10, due in January 2011. If they ever tried to publish unaudited annual FS's trading would be halted. This wording is standard boiler plate type language, the same as all 43-101 notices:
"Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim consolidated financial statements, they must be accompanied by a notice indicating that the interim consolidated financial statements have not been reviewed by an auditor.
The accompanying unaudited interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company’s management.
The Company’s independent auditor has not performed a review of these unaudited interim consolidated financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of interim consolidated financial statements by an entity’s auditor."
Of course, the rest of the news isn't good either. Hope Bay, after all of the money spent, was only the portion of Miramar's property (sold out to Newmont) that was higher risk grassroots exploration. There are no resources here on BLG's option property, most of the intercepts were low grade or narrow ("uneconomic") widths of higher grade. They got into this option because they had some common directors with Miramar at one time.
The problem with BLG's main property before the Boily incident was that deep drilling is always higher risk and cost. The alternative, getting underground, is also expensive in that even if you have headframe, hoist, shaft, and development work, you have to dewater, get permitted, need certified UG managers, etc. before you can even start to drill.
What might help them is a published resource calc for Bear Lake combined with a raging gold price. Or if there is any gold on the Armistice end of the BLG property easily accessible via AZ's shaft they could bulk sample for some funding.