Arehada Mining Limited
TSX : AHD

Arehada Mining Limited

November 20, 2007 17:27 ET

Arehada Mining Limited Re-Files Finanical Statements and MD&A for the First and Second Quarter 2007 Due to Change in Accounting Policies

TORONTO, ONTARIO--(Marketwire - Nov. 20, 2007) - Arehada Mining Limited (TSX:AHD) (the "Company") today announced that the Company has re-filed its financial statements, MD&A and certificates for the three months ended March 31, 2007 and six months ended June 30, 2007 to reflect the adoption of the new accounting standards stated below.

We have performed a review of CICA Handbook section 3855 financial instruments - recognition and measurement, section 3861 financial instruments - disclosure and presentation, section 3865 Hedges and Section 1530 Comprehensive Income.

The Company has evaluated the impact of these new accounting standards on its unaudited interim consolidated financial statements issued for the period ended March 31, 2007 and for the period ended June 30, 2007 and determined that except for the reclassification noted below, the adoption of these new standards has had no impact on the financial statements of the Company.

Upon adoption of these new standards, the Company designated its cash and cash equivalents as held-for-trading, which are measured at fair value. Accounts receivable and loan receivable are classified as loans and receivables, which are measured at amortized cost. Accounts payable, accrued liabilities, other payable and bank loan are classified as other financial liabilities, which are measured at amortized cost, using effective interest rate method.

We had a cumulative translation adjustment recorded in the shareholders' equity section of the balance sheet which is now recorded as accumulated other comprehensive loss under new standard section 1530 - Comprehensive Income. In addition, as required, we have provided the presentation of a statement of comprehensive income or loss and its components.

We have also provided note disclosure under "change of accounting policies" on the adoption of these new accounting standards in our interim financial statements for the three months ended March 31, 2007 and for the six months ended June 30, 2007.

Contact Information

  • Arehada Mining Limited
    Christopher Harrop
    Chairman
    (416) 362-5466
    Email: porrah@gmail.com
    or
    Arehada Mining Limited
    Graham Warren
    Chief Financial Officer
    (416) 362-5466
    Email: g.warren@sympatico.ca