The Annual Report was filed in two parts and can be accessed through these web links on the OTC Markets:
MANAGEMENT COMMENTARY ON ANNUAL RESULTS:
The Company recorded a loss of
It is the Company’s conservative policy to expense all acquisitions as an impairment charge and as such, to date, has not recognized any of its
An additional amount of
MANAGEMENT COMMENTARY ON POST
The Company post its
It is our accounting policy to expense all additional land claims staked and all other exploration work; and not to reflect them as assets on our Balance Sheet, at this time.
FILING OF THE FIRST QUARTERLY REPORT FOR THE THREE MONTHS ENDED
The Company intended to file its First Quarterly Report for the three months ended
Management and their Advisors have now elected to file this Report in the coming days of this week as they intend to redraft material aspects of this Report due to a large number of very material post balance sheet events that are clearly detailed in the Annual Report and on page numbers 125 and 126 of that Report.
It was simply not possible to complete this Filing this weekend if we are to ensure complete accuracy and provide full disclosure.
One of Management’s priorities is to complete the directions in respect of fair and reasonable accounting treatment of certain of our assets as per the guidance furnished to ourselves by external Counsel; and only insofar as our compliance with the
CURRENT OTC STATUS AND ATTORNEY’S LETTER:
The Company had to file its Annual Report and the accompanying Attorney’s Letter as well as the First Quarterly Report to regain its status as a Current Filer on the OTC Markets. The Attorney’s Letter in respect of the Annual Report and the filing in respect of the First Quarter ended
The Company’s Management will expedite both the filing of the Attorney’s Letter in respect of the Annual Report just filed as well as the filing of the First Quarterly Report; as it is considered critical to provide stockholders with up to date information and for the Company to be restored to that of a “Current Filer” on the OTC Markets.
FINAL CONVERSION PRICING IN RESPECT OF STOCK ISSUANCE ON
The Company filed on
PUBLICATION OF COMPREHENSIVE AND INITIAL REPORTS ON THE COMPANY’S VARIOUS MINING EXPLORATION GROUPS:
The Company’s Geologist,
Previous Assay Reports were filed by the Company in respect of “White Hills” as compiled by a former Geologist, previously responsible for these Properties; and can be accessed through this web link: http://www.otcmarkets.com/financialReportViewer?symbol=GNCP&id=114914
The Company’s other Geologist,
NO REVERSE SPLIT CONTEMPLATED ON THE COMPANY’S OUTSTANDING SHARES OF COMMNON STOCK:
The Company’s Management once again, reiterates that under no circumstances will it either contemplate nor will it authorize any Reverse Split of the Company’s issued and outstanding shares of Common Stock.
Management is of the opinion, that these Reverse Splits of Common Stock are highly detrimental to all stockholders in an Exploration Stage/Microcap company currently trading at a very low price per share in the market.
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's filings, which are on file with the OTC Markets Group.
N.E. “Ted” Blom – President & CEO
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