MONTREAL, QUEBEC -- (Marketwire) -- 02/26/13 -- Gimus Resources Inc. (TSX VENTURE: GIR) ("Gimus" or the "Company") is pleased to provide an update on its activities and results for the 2012 fiscal year.
The Company's audited financial statements and MD&A for its fiscal year ended September 30, 2012 have been posted on Sedar and disseminated to shareholders in due course in accordance with applicable securities regulations. The Company ended the year with working capital of $872,363. Its comprehensive loss for the year, calculated in accordance with IFRS, amounted to $197,513. The Company has the financial resources necessary to meet its commitments for the current year, including those towards subscribers of flow-through shares.
As of December 31, 2012, the Company has completed its field exploration program of its wholly owned Bouchard Base Metals Property. The program consisted of early-stage geological mapping and sampling, a 850 line-kilometers detailed and high resolution airborne Magnetic and Time-Domain Electromagnetic survey, prospecting of known and new base metals showings, outcrop stripping and trenching, and 2,000 meters of diamond drilling on the most prospective occurrences on the north part to test continuity, grade and size potential.
The program was completed by year end and enabled the Company to fulfill its commitment towards subscribers of flow-through shares.
Unfortunately, results of the drilling program on the north part were disappointing and the Company is presently reviewing the situation.
The southern portion of the Property remains however under explored and does have potential, with massive sulphide lenses occurrences within volcano-sedimentary sequences. These sulphides are linked to strong regional magnetic and electromagnetic signatures.
The Property consists of 64 claims totaling 3,587.84 hectares or 36 km2.
Annual Shareholders Meeting
The annual meeting of Gimus shareholders will be held on March 28, 2013 at 10:00 a.m. at the offices of Langlois Kronstrom Desjardins LLP, at 1002 Sherbrooke West, 28th Floor, Montreal, Quebec. All shareholders are invited to attend the meeting. Proxies and information circular have been mailed in due course in accordance with applicable securities regulations.
About Gimus Resources Inc.
Gimus is a mineral exploration company the common shares of which are listed for trading on the TSX Venture Exchange under the symbol "GIR". Gimus currently has 13,104,000 common shares outstanding and has reserved for issuance 750,000 additional common shares pursuant to stock options and 226,320 common shares pursuant to warrants and compensation options.
Quality Control and Assurance:
Jean Lafleur P. Geo., is the "Qualified Person", as defined by National Instrument 43-101, who has read and approved the technical and scientific information in this news release.
Statements in this press release contain forward-looking information within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Readers are cautioned that assumptions used in the preparation of forward-looking information may prove to be incorrect. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information.
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.
President and Chief Executive Officer
Most Popular Stories
- Bipartisan Budget Deal Gets Key Support in House
- Bitcoin Clones Lurch Onto Financial Scene
- Clinton to Keynote Annual Simmons Leadership Conference
- Selena Gomez, Shakira Among Top Hispanic Searches
- PhD Project Grooms Business Profs
- Futures Fall, Holiday Spending and Unemployment Up
- GM to Stop Making Autos in Australia
- Budget Deal Will Cut 220,000 Californians Out of Jobless Benefits
- Oil Nears $98 a Barrel
- Senate Not So Keen on Budget Deal