Goldstake Explorations Inc.

Goldstake Explorations Inc.

May 01, 2009 16:17 ET

Goldstake Provides Second Default Status Report and Obtains Extension on Clay Property

TORONTO, ONTARIO--(Marketwire - May 1, 2009) - Goldstake Explorations Inc. ("Goldstake" or the "Company"), Toronto Stock Exchange (Symbol GXP), Frankfurt Stock Exchange (Symbol GOO) (TSX:GXP)(FRANKFURT:GOO), is providing this bi-weekly Default Status Report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On March 31, 2009, the Company announced that there would be a short delay in filing its Annual Audited Financial Statements ("Annual Financial Statements"), Management Discussion & Analysis ("MD&A") and Annual Information Form ("AIF") for the Company's financial year ended December 31, 2008 (collectively, the "Annual Materials") within the 90 day period prescribed for the filing of the Annual Materials for reasons disclosed within that announcement.

In accordance with NP 12-203, and as previously announced, the Company applied to the applicable securities commissions and regulators for a Management Cease Trade Order related to the Company's common shares to be imposed against certain of the Company's executive officers. On April 8, 2009, the Ontario Securities Commission (the "OSC") issued a temporary Management Cease Trade Order which imposes restrictions on the Chief Executive Officer and the Chief Financial Officer of the Company with respect to trading in and acquiring securities of the Company for a period of fifteen days. On April 20, 2009, the OSC issued a Management Cease Trade Order which extends the restrictions imposed on the Chief Executive Officer and the Chief Financial Officer of the Company until the Annual Materials are filed.

If the Annual Materials are not filed by May 31, 2009, the applicable securities commissions or regulators may impose a general Cease Trade Order. A general Cease Trade Order may be imposed sooner if the Company fails to satisfy the provisions of the Alternative Information Guidelines required pursuant to NP 12-203 (the "Alternative Information Guidelines").

The Company is working with its auditors to complete the audit of the Company's Annual Financial Statements as soon as possible and anticipates filing the Annual Materials by May 29, 2009. Until its Annual Materials are filed, the Company intends to satisfy the Alternative Information Guidelines by issuing bi-weekly Default Status Reports, each of which will be issued in the form of a press release. The Company intends, if applicable, to issue its next Default Status Report on May 15, 2009.

The Company reports that since its original announcement on March 31, 2009 (the "Notice") in respect of the delay in filing its Annual Materials, there have been no material changes to the information provided in the Notice other than as described herein nor any failure by the Company in fulfilling its stated intentions with respect to satisfying the Alternative Information Guidelines. In addition, there has not been any other specified default by the Company under NP 12-203, nor are any anticipated and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

Goldstake Obtains Extension of Clay Property

Transpacific Resources Inc., ("TRNP") has granted an extension of one (1) year until December 31, 2010 to the Company to complete the balance of the Company's expenditure requirement of $1,000,000 for an additional 15% interest in the Clay property at Virginiatown, Ontario.

In consideration of TRNP granting this extension, the Company will pay $75,000 in cash or equivalent in the Company's common shares to TRNP, the issue of common shares being subject to regulatory approval.

The Company has earned a 60% interest in the Clay property since 2003 based on expenditures by the Company of $1,780,000 ($375,000 of which was in the form of common shares of the Company issued to TRNP in 2003 and 2005).

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans and the Company's expectation with respect to the timing of completion of the Company's annual audit, the expected time for filing the Company's annual audited financial statements, related MD&A and the AIF and the imposition of a cease trade order by applicable securities commissions or regulators. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Contact Information

  • Goldstake Explorations Inc.
    Robert Cleaver
    (416) 201-9223
    Goldstake Explorations Inc.
    Charles McAlpine
    (416) 801-4221