This if from the MD&AThe activities of the Company include the acquisition, exploration and development of mining properties located in Quebec. Furthermore, on December 1st, 2013, the Company declared reaching the commercial production status for its Bachelor and Hewfran properties.
The recoverability of the amounts shown for mining properties is dependent upon the existence of economically recoverable ore reserves, the ability of the Company to obtain necessary financing to complete the exploration and development of its properties and the proceeds from the disposal of properties.
These financial statements were prepared on a going concern basis, using the historical cost, except for the financial assets accounted for at fair value through profit and loss.
The Company's ability to continue as a going concern depends on its ability to realize its assets and to obtain additional financing. While it has been successful in doing so in the past, there can be no assurance it will be able to do so in the future. Furthermore, the Company incurred a loss of $4,703,130 during the period ended December 31, 2014 and has a deficit of $67,755,736 at that date. The application of IFRS on a going concern basis may be inappropriate, since there is a doubt as to the appropriateness of the going concern assumption.
These financial statements do not reflect the adjustments to the carrying values of assets and liabilities, the reported amounts of revenues and expenses and the classification of statement of financial position items if the going concern assumption was deemed inappropriate, and these adjustments could be material.
Management did not take these adjustments into account as it believes in the validity of the going concern assumption.
The majority of its properties contain mineral resources. When further exploration will be incurred on the Bachelor Lake, Barry and Hewfran properties, Metanor will then determine if these properties contain economically profitable ore resources.
Quite different from anything written by Caesars or sectornewswire!