SOURCE: Sutcliffe Resources Ltd.

May 31, 2007 20:00 ET

Sutcliffe Resources Default Status Report

VANCOUVER, BC--(Marketwire - May 31, 2007) - Sutcliffe Resources Ltd. ("Sutcliffe" or the "Company") (TSX-V: SR) is announcing today that it continues to make progress towards the completion of its annual consolidated financial statements and related audit for the Company's financial year ended December 31, 2006. However, due to the nature of the procedures required to finalize the consolidation of the Company's assets with Russian assets acquired in 2006, the completion of such financial statements and related audit will require additional time and, therefore, the Company does not expect this will be completed by June 1, 2007, as previously anticipated. As a result of the additional time required to complete the Company's annual consolidated financial statements and related audit, there will also be a delay in the filing of the Company's interim financial statements and management's discussion and analysis ("MD&A") for the Company's first quarter ended March 31, 2007.

The Company continues to work with its auditors to complete the audit of such annual financial statements as expeditiously as possible and expects this to be completed by June 30, 2007. Management of the Company expects the interim financial statements for the Company's first quarter ended March 31, 2007 will be completed by June 30, 2007.

Pending the filing of its annual audited consolidated financial statements, the interim financial statements for the Company's first quarter ended March 31, 2007 and the related MD&A, the Company intends to satisfy the alternative information guidelines recommended by Ontario Securities Commission Policy 57-603 and Canadian Securities Administrators Staff Notice 57-301 ("CSA Staff Notice 57-301"), including the provisions of Appendix B (Default Status Reports) of CSA Staff Notice 57-301. If the annual audited consolidated financial statements, the interim financial statements for the Company's first quarter ended March 31, 2007 and the related MD&A are not filed by June 30, 2007, applicable securities commissions or regulators may impose a cease trade order. A cease trade order may be imposed sooner if the Company fails to file its Default Status Reports on time.

The Company is not subject to any insolvency proceeding and there is no material change in the information contained in the Company's press releases dated May 3 and 17, 2007 or its Notice of Default filed with applicable securities commissions or regulators other than as disclosed herein, and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

About Sutcliffe Resources

Sutcliffe, led by a management team with extensive experience in the Russia Federation, is a gold exploration company whose primary focus is to become a mid-tier gold producer through the advancement of its gold exploration properties in Russia. In addition, Sutcliffe's management will continue to evaluate acquisition opportunities within Russia. Sutcliffe's philosophy is to unlock shareholder value in a socially and environmentally responsible manner.

This news release contains forward-looking statements contained that are not historical facts. Forward-looking statements involve 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 statements. Forward-looking statements in this news release include, but are not limited to, timing of completion of the annual audit, the expected time for filing of the Company's annual audited financial statements, the interim financial statements and the related MD&A, the imposition of a cease trade order by applicable securities commissions or regulators and the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from these forward-looking statements 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 statements are reasonable, undue reliance should not be placed on these statements, which only apply 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 statement, whether as a result of new information, future events or otherwise, other than as required by law.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • For more information please contact:

    Robert Maddigan
    Director
    Sutcliffe Resources Ltd.
    Phone: (604) 608 0223
    Fax: (604) 608 0344
    Email: rmaddigan@sutclifferesources.com