BALTIC RESOURCES INC.
TSX VENTURE : BLR

BALTIC RESOURCES INC.

January 30, 2008 18:16 ET

Baltic Re-Files Financial Statements

TORONTO, ONTARIO--(Marketwire - Jan. 30, 2008) - Baltic Resources Inc. ("Baltic" or the "Company") (TSX VENTURE:BLR) announces that as a result of auditor review (the "Review") of the Company's Interim Consolidated Financial Statements, it has restated and re-filed its Interim Consolidated Financial Statements (the "Statements") and Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2007.

The Review was completed in connection with the inclusion of the Statements in the Company's Information Circular to be distributed to shareholders of the Company for its upcoming Special Meeting.

As a result of the Review, the Company has increased its cash and accounts receivable positions, with a corresponding decrease to mining interests, to account for funding allocated to its Webequie joint venture partner that was not expended as at September 30, 2007. Also, the Company's future income tax liability was decreased to account for losses incurred during the quarter ended September 30, 2007. Additional details regarding this re-filing may be found in the Company's Statements and MD&A, accessed by visiting the SEDAR website at www.sedar.com.

Contact Information

  • Baltic Resources Inc.
    Don McKinnon
    President and CEO
    (705) 268-9000
    or
    Baltic Resources Inc.
    Gordon McKinnon
    Manager Corporate Development
    (705) 268-9000
    (705) 268-5532 (FAX)
    Website: www.balticresources.ca