TORONTO, ONTARIO--(Marketwired - April 25, 2013) - Asia Now Resources Corp. (TSX VENTURE:NOW) ("ANR" or the "Company") announces that due to a clerical error, it filed on SEDAR yesterday, April 24, 2013, the incorrect draft version of the annual consolidated financial statements for the year ended December 31, 2012. As a result, at the Company's request, shares of the Company were halted at open of market today pending the filing of the correct version of the annual consolidated financial statements for the year ended December 31, 2012 which has now been filed on SEDAR. There were no changes to the corresponding Management's Discussion & Analysis for the year ended December 31, 2012 as filed on SEDAR on April 24, 2013.
The incorrect version of the financial statements filed showed a net loss and comprehensive loss for the year ended December 31, 2012 of $1,870,581. This omitted the write-down of exploration and evaluation assets on the Beiya project of $3,362,285 and the impairment of exploration and evaluation assets on the Habo project of $3,530,000, which results in an increase of the net loss and comprehensive loss for the year ended December 2012 to $8,762,866. The exploration and evaluation assets on the consolidated statements of financial position previously reported of $19,315,391 are reduced for the above two items, plus a sale of exploration rights of $7,985, to $12,415,121. Prepaid and sundry receivables increased from $110,827 by the sale of exploration rights of $7,985 to $118,812.
As a result, the Company's financial statements as filed on SEDAR on April 24, 2013 should not be relied upon and are replaced in their entirety with the correct financial statements filed today, April 25, 2013, as available on SEDAR at www.sedar.com.
About Asia Now Resources:
Asia Now Resources Corp. is a mineral exploration company active in China since 2002. The Company has established offices, joint ventures and a significant network with Chinese partners. Current projects include lead, copper, gold and silver at two major projects, Beiya and Habo, both in China. ANR currently holds an indirect 72% interest in the Beiya North Property with the option of increasing such indirect interest to 90%. The Beiya North Property consists of a joint venture with Yunnan Non-Ferrous Geology and Mineral Resources Company Limited. ANR is also earning a 70% indirect interest in the Habo South Property (with the possibility increasing such indirect interest to 88%) in a second joint venture with Yunnan Geology and Mineral Resources Company Limited. The Beiya North Property and the Habo South Property are the two key projects that ANR is exploring in China. For more information, please visit www.asianow.ca.
This news release contains certain forward-looking statements. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates", "believes", "estimates", "expects", "plans", "intends", "potential", "may" and other similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause ANR's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition or alteration to the information contained in this news release including such forward-looking statements, unless otherwise required under applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Harold Roy Shipes
President & Chief Executive Officer
1 (520) 490-8100
info@asianow.ca
www.asianow.ca