Candorado Operating Company Ltd.

Candorado Operating Company Ltd.

June 04, 2012 08:00 ET

Candorado Updates its Affairs

KELOWNA, BRITISH COLUMBIA--(Marketwire - June 4, 2012) - Candorado Operating Company Ltd. (TSX VENTURE:CDO) wishes to announce the following updates:

  1. the management transition has gone well and new accountants and lawyers have been retained;

  2. the new management team is evaluating the Company's multiple property interests and ongoing financing needs;

  3. an exploration team has recently taken soil and rock samples from the Company's Moffatt Property in order to further evaluate the property for future exploration;

  4. the Company's website will be updated shortly; and

  5. the recently filed financial statements for the period ended March 31, 2012 are being restated in order to recognize 2,400,000 common shares of GWR Resources Inc. as an asset. These shares were subject to a hold period on March 31 but are now free trading. IFRS requires the fair market value of these shares to be recognized at the end of each financial quarter. If the shares are valued on the basis of the most recent closing price prior to March 31, the aggregate value would be $576,000. The current value of these shares is approximately $468,000.

Further news will be issued as and when appropriate.

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

  • Candorado Operating Company Ltd.
    Responsible Officer: Irvin Eisler, CEO
    (250) 546-6559