RE: Uneasy Feeling about these guys.Is this what you are referring to?
Mar 09, 2010 15:56 ET
Encore Renaissance Comments on Cease Trade Order
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2010) - ENCORE RENAISSANCE RESOURCES CORP. (TSX VENTURE:EZ), (FRANKFURT:OUH1), (PINK SHEETS:ERRCF)Encore Renaissance Resources Corp. (the "Company" (TSX VENTURE:EZ) has not completed the Audited Annual Financials due to the complexity of the company's acquisition plan that it instituted over the past year.
The company would like to assure shareholders, however, that it will be completing the shipping of its mined bulk sample to the Kinross mill in the next few weeks as planned, in anticipation of its early April scheduling to run the sample.
The company's acquisition plan, which included the company acquiring producing oil and gas properties (when oil prices were below $50 a barrel), acquiring the Bonaparte Property and proceeding with a 10,000 tonne bulk sample exploration program, acquiring a significant property position in the new gold discovery area of the Yukon territory and a very prospective lithium brine property in Alberta, was instigated by company management to ensure shareholders would benefit from the company's activities. As well the company continued to maintain its copper silver property in the Dolly Varden area of eastern Nevada.
These actions which have just started to bear fruit, were completed in a very fragile financing market and integrating a corporate acquisition (Yukon gold and Alberta lithium exploration projects), an exploration/development project (Bonaparte project) and the oil and gas acquisition has been more complex than for a normal junior exploration mining company (like most listed on the TSX Venture exchange and regulated by the BCSC).
Despite the tremendous economic challenge facing junior companies as a result of the world-wide financial economic meltdown of 2008/2009, the company is confident that its projects will bode well for the company and is working diligently with the auditor to complete the Financial Statements in a timely manner to meet the regulatory requirements. The company is continuing operations, especially the completion of the Bonaparte Project initial bulk sample.
Given the extremely tough year for junior companies in BC, which still see major obstacles in raising exploration and development funds, and with markets still languishing 30-40% off their 2008 highs, management is confident that the audited annual financial statements will be filed and cleared very shortly.
Management would like to apologize for its lack of foresight into the complex nature of some of these acquisitions and thank shareholders for their understanding and continued support.
Michael Mulberry, President and Director
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the content of this press release.