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Goldstake Explorations Inc.: Goldstake Announces Delay in Filing Annual Financial Statements, MD&A and AIF

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^{Published in Business and Finance on Tuesday, March 31st 2009 at 19:34 GMT, Last Modified on 2009-03-31 19:35:15 by Market Wire}  

TORONTO, ONTARIO--(Marketwire - March 31, 2009) - Goldstake Explorations Inc. ("Goldstake" or the "Company"), (TSX:GXP)(FRANKFURT:GOO), announces that there will be a short delay in filing its Annual Audited Financial Statements, Management Discussion & Analysis ("MD&A") and Annual Information Form ("AIF") for the Company's financial year ended 31 December 2008, as required by National Instrument 51-102 Continuous Disclosure Obligations, and the CEO and CFO certificates required under National Instrument 52-109 (the "Certificates").

The delay has arisen due to the following reasons:

The Company's Australian division was delayed in finalizing its accounting records and forwarding them to the Company's Canadian auditors due to the involvement of a third party accounting firm. Due to this added layer of complexity, the auditors require additional time to complete their audit of this division, which must be reflected in the Company's consolidated audited financial statements as at and for the year ended December 31, 2008. Several tax issues also need to be resolved with the assistance of the auditors to reflect any potential liabilities to the Company, which will also need to be reflected in the Company's consolidated audited financial statements.

The Company will apply to the applicable securities commissions or regulators for a management cease trade order related to the Company's common shares to be imposed against some or all of the persons who have been directors, officers or insiders of the Company instead of a cease trade order being imposed against all securities of the Company. Such an order would not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade the securities of the Company. If the annual audited financial statements, related MD&A, the AIF and Certificates are not filed by May 31, 2009, the applicable securities commissions or regulators may impose a cease trade order. A cease trade order may be imposed sooner if the Company fails to satisfy the provisions of the Alternative Information Guidelines required pursuant to National Policy 12-203 Cease trade Orders for Continuous Disclosure Defaults (the "Alternative Information Guidelines").

The Company is working with its auditors to complete the audit of the Company's financial statements for the year ended 31 December 2008 as soon as possible and anticipates filing such financial statements and related MD&A and AIF by May 29, 2009. Until its annual financial statements and related MD&A and AIF are filed, the Company intends to satisfy the Alternative Information Guidelines, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a press release.

The Company is not subject to any insolvency proceeding and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans and the Company's expectation with respect to applying the applicable Securities commissions or regulators for a management cease trade order, the timing of completion of the Company's annual audit, the expected time for filing the Company's annual audited financial statements, related MD&A, the AIF and the Certificates, and the imposition of a cease trade order by applicable securities commissions or regulators. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.