Sino Vanadium Inc.
TSX VENTURE : SVX

Sino Vanadium Inc.

November 13, 2009 12:01 ET

Sino Vanadium Inc. Restates Pre-Qualifying Transaction Financial Statements and Files Updated Technical Report on Daquan Property

TORONTO, ONTARIO--(Marketwire - Nov. 13, 2009) - Sino Vanadium Inc. (TSX VENTURE:SVX) (the "Corporation") announces that it has filed a restatement of the previously filed financial statements of its subsidiary Wellkan Resources Inc. ("Wellkan") for the year ended December 31, 2008 and the quarter ended March 31, 2009 (collectively, the "Restated Statements"). The annual statements of Wellkan were included in the Corporation's Filing Statement dated May 29, 2009 regarding the Corporation's qualifying transaction and the interim statements of Wellkan were filed on June 26, 2009 as part of the Corporation's disclosure requirements following its qualifying transaction. The Restated Statements are being filed to rectify non-cash accounting errors relating to the reporting of long term non-interest bearing loans and accrued wages. The restatements are detailed in note 3 of the Restated Statements and the effect of these restatements have already been addressed in the consolidated financial statements of the Corporation for the period ended June 30, 2009 and is reflected in note 3 thereof.

The Restated Statements relate solely to the financial situation of Wellkan prior to the acquisition of Wellkan by the Corporation on June 16, 2009 and as such the Restated Statements were prepared by Wellkan and are being filed by the Corporation for the purpose of meeting legislative disclosure requirements. 

Further, the Corporation announces that it has filed the updated National Instrument 43-101 technical report regarding its Daquan Property the results of which were press released on September 30, 2009. The report is now available at www.sedar.com.

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