Metalore Resources Limited
TSX : MET

Metalore Resources Limited

June 21, 2005 19:06 ET

CORRECTION FROM SOURCE: Metalore Resources Limited Restates 2004 Earnings

SIMCOE, ONTARIO--(CCNMatthews - June 21, 2005) - This corrects and replaces the release sent out June 21, 2005 at 14:11PM ET; changes were made to the table titled: Statements of Income and Retained Earnings, in reference to the Net Income. The dollar amount was changed from 715,65 to 715,656. The complete and corrected release follows.

Subsequent to June 16, 2004, management of Metalore Resources Limited (TSX:MET) was advised by the Ontario Securities Commission that, in its view, substantially all of the renewable fuel (Ethanol) costs referred to in Metalore's financial statements for the year ended March 31, 2004, did not meet the deferral criteria set out in Section 3450 of the CICA handbook. The primary reason given for the Company not meeting the deferral criteria was that there had been no substantive expenditures incurred since 1999 and that this raised issues with respect to management's intention to pursue the project. Management has therefore revised its application of the accounting policy with respect to these costs and written-off all renewable fuel (Ethanol) costs (excluding the cost of $78,000 for land that has been retained) retroactive to March 31, 2004, as noted in the accompanying statements:



Statements of Income and Retained Earnings
Years Ended March 31

2005 2004
Revenue
Natural Gas Production $1,737,672 $1,724,024
Royalties 4,641 4,417
Interest - net and other investment income 32,854 14,398
Gain on sale of marketable securities 24,736 -
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1,799,903 1,742,839
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Expenses
Production 351,857 298,229
Administration 140,843 111,301
Royalties 167,677 161,828
Depletion 102,000 100,000
St1ock compensation expense - 15,850
Write-down of renewable fuel (Ethanol) costs - 849,811
Write-down of marketable securities (unrealized) 21,870 -

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784,247 1,537,019
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Income before taxes 1,015,656 205,820
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Provision for taxes (future income taxes) 300,000 110,000
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300,000 110,000
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Net Income 715,656 95,820
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Retained earnings, beginning of year 7,877,044 7,913,344
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Dividends paid (133,514) (132,120)
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Retained earnings, end of year $8,459,186 $7,877,044
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Basic and fully diluted earnings per share $0.41 $0.05
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Contact Information

  • Metalore Resources Limited
    George Chilian
    President & CEO
    (519) 428-2464
    (519) 428-2466 (FAX)