L.G.R. Resources Ltd.

April 05, 2007 18:31 ET

L.G.R. Resources Ltd.: Notice of Default

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 5, 2007) - L.G.R. Resources Ltd. (CNQ:MHPT) -

The Company announces that the B.C. and Alberta Securities Commissions have issued temporary orders prohibiting certain directors, officers and insiders of the Company from trading in the securities of the Company because of the failure by the Company to file, within the prescribed period of time, its audited financial statements for the year ended November 30, 2006.

This restriction will remain in place until the Company's regulatory filings are brought up to date. In accordance with Appendix A of CSA Policy 57-301, the Company confirms the following:

1. The Company is unable to file financial statements within the time period set out by the securities regulatory authorities for the year ended November 30, 2006.

2. The Company was unable to file the financial statements on time due to the inability of the Company's auditor to issue its audit report pending receipt of outstanding confirmations with respect to certain of the Company's funds held in a foreign bank.

3. The Company expects to file the financial statements for the year ended November 30, 2006 by April 30, 2007.

4. May 30, 2007 is the date that is two months after the filing deadline. The securities commissions or regulators may impose an issuer cease trade order if the financial statements for the year ended November 30, 2006 are not filed by May 30, 2007. An issuer cease trade order may be imposed sooner if the Company fails to file its Default Status Reports on time.

5. The Company intends to satisfy the provisions of CSA 57-301- Appendix B Default Status Reports on a bi-weekly basis as long as it remains in default of the financial statement filing requirement.

6. The Company is not subject to any insolvency proceedings.

7. There is no other material change concerning the affairs of the Company that has not been generally disclosed.

The Canadian Trading and Quotation System Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • L.G.R. Resources Ltd.
    Ivor J. Bond
    Chief Executive Officer
    (403) 781-8380