TORONTO, ONTARIO--(Marketwired - March 14, 2014) - Carpathian Gold Inc. (the "Company" or "Carpathian") (TSX:CPN) has determined that it will not be able to file its annual audited financial statements for the year ended December 31, 2013 and its related Management's Discussion and Analysis and Chief Executive Officer and Chief Financial Officer certifications (the "Required Filings") by the prescribed filing deadline of March 31, 2014 (the "Filing Deadline").
The Company is currently not in a position to timely file the Required Filings. The Company has identified possible irregularities associated with a third party service provider that formerly provided services to the Company's Brazilian operations. Despite its efforts, the Company requires additional time to investigate the irregularities before its financial statements for 2013 can be audited. The Company's Required Filings will be made as soon as its auditors deliver their Audit Report.
The Company has made an application to the Ontario Securities Commission for a management cease trade order ("MCTO"), which would restrict all trading in securities of the Company, whether direct or indirect, by the Interim Chief Executive Officer and Chief Financial Officer of the Company. There is no guarantee that an MCTO will be granted. The issuance of an MCTO does not generally affect the ability of persons who are not directors, officers or other insiders of Carpathian to trade in securities of the Company.
The Company intends to comply with the provisions of the alternative information guidelines as set out in the National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.
Carpathian is an exploration and development company whose primary business interest is developing near-term gold production at its 100% owned Riacho dos Machados Gold Project in Brazil. In addition, it is also focused on advancing its exploration and development plans on its 100% owned Rovina Valley Au-Cu Project located in Romania.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.