Goldstrike Resources Ltd.
TSX VENTURE : GSR
PINK SHEETS : APRAF
FRANKFURT : KCG1

Goldstrike Resources Ltd.

October 05, 2011 14:00 ET

Goldstrike Files Amended Interim Financial Statements/MD&A

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 5, 2011) - Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINK SHEETS:APRAF)(FRANKFURT:KCG1) -

As a result of a review by the British Columbia Securities Commission, the Company is issuing the following press release to clarify its disclosure.

The Commission recently advised the Company that it had reviewed the Company's March 31, 2011 and June 30, 2011 interim financial statements (the "Interim Statements") and the related Management's Discussion and Analysis (the "Interim MD&A") (collectively the "Disclosure Documents") relating to the Company's transition to International Financial Reporting Standards ("IFRS"), and provided comments directed at helping the Company to comply with securities regulation and to improve the quality of disclosure provided to the Company's shareholders and other investors. The Company has amended its Disclosure Documents to address the Commission's comments and has filed the amended Disclosure Documents on SEDAR.

The following is a summary of the Commission's comments:

  • The Interim Statements did not include certain detailed information required by International Auditing Standards ("IAS"), and did not include reconciliations from generally accepted Canadian accounting principles ("GAAP") to IFRS;
  • The Interim Statements did not include explanations of certain changes in financial positions, included notes that were not required and included errors in amounts reported;
  • The Interim MD&A did not contain all information required by NI 51-102 to explain various changes from the preceding period(s), did not indicate the accounting principles with which the financial information was prepared – either GAAP or IFRS – and did not, in respect of related party disclosure, include the identity of the related party, the business purpose of the transaction and the recorded amount of the transaction;
  • The June 30, 2011 MD&A did not identify the qualified person who prepared or approved the technical / geological information in the MD&A, or his relationship to the Company;
  • The June 30, 2011 MD&A did not contain the level of disclosure required by NI 43-101 in respect of the exploration work completed during the quarter and overall results received, and reported various mineral resources for adjacent properties without the details of resource category, tonnes and grade required by NI 43-101.

The amended Interim Statements and Interim MD&A may be reviewed on SEDAR at sedar.com. For more detailed information on these properties, refer to Goldstrike's web site at goldstrikeresources.com.

ON BEHALF OF THE BOARD

Reimar Koch, President

Neither 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.

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