Crown Resources

March 04, 2005 17:26 ET

Crown to Restate Its Financial Statements


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CROWN RESOURCES

OTC Bulletin Board SYMBOL: CRCE

MARCH 4, 2005 - 17:26 ET

Crown to Restate Its Financial Statements

DENVER--(CCNMatthews - Mar 4, 2005) -

Crown Resources Corporation ("Crown") announced today that it determined
during the preparation of its annual financial statements for 2004 and
the development of its deferred tax accounts related thereto, that it
had incorrectly provided income tax benefits on variable plan stock
option compensation, with respect to certain outstanding incentive stock
options in Crown's 2003 Form 10-K and its quarterly reports on Form 10-Q
filed during 2004 ("Crown's Financial Statements").

Upon discovery of the error, Crown's management and audit committee
discussed this matter and its effects on Crown's Financial Statements.
On March 4, 2005 Crown's audit committee concluded that Crown needs to
restate its accounting for taxes related its variable plan stock option
compensation since January 1, 2003, and, that investors should not rely
on Crown's Financial Statements or on the related auditor's report for
the year ended December 31, 2003. The Company will restate its 2003
financial statements in Crown's 2004 Form 10-K and will restate its
quarterly reports prospectively.

Crown is a U.S.-domiciled gold exploration company whose major asset is
the Buckhorn Mountain Project located in north-central Washington State.
Crown is traded on the OTC Bulletin Board under the trading symbol CRCE.

This press release includes certain "Forward-Looking Statements" within
the meaning of section 21E of the United States Securities Exchange Act
of 1934, as amended. All statements, other than statements of historical
fact, included herein, including without limitation, statements
regarding Crown's financial statements for its fiscal year ended
December 31, 2003, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements. Any
restatement of historical financial statements is dependant on the
outcome of the completion of Crown's Annual Report on Form 10K and Crown
does not know what that outcome will be. Other important factors that
could cause actual results to differ materially from Crown's
expectations are disclosed under the heading "Risk Factors" and
elsewhere in Crown's documents filed from time to time with the United
States Securities and Exchange Commission and other regulatory
authorities.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Crown Resources Corporation
    James R. Maronick, 303-534-1030 Ext. 13
    or
    Christopher E. Herald, 303-534-1030 Ext. 14
    http://www.crownresources.com