McWatters Mining Inc.

McWatters Mining Inc.

June 20, 2008 15:30 ET

McWatters Mining Appoints Auditors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 20, 2008) - THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

McWatters Mining Inc. ("McWatters") has announced that, in connection with the arrangement (the "Arrangement") involving McWatters, its shareholders and CFT Capital Inc., which was completed on June 2, 2008, the board of directors of McWatters has appointed the accounting firm Harel Drouin as its auditors to audit the annual financial statements of McWatters for its financial years ended December 31, 2005, 2006 and 2007, which audited financial statements are required to be filed by McWatters with relevant securities regulatory authorities before a full revocation of the cease trade orders prohibiting any trading in McWatters' securities can be granted by the relevant securities regulatory authorities.

Forward-Looking Statements

This press release contains "forward looking information" (as defined in applicable Canadian securities legislation) and "forward looking statements" (as defined in the U.S. Securities Exchange Act of 1934) (forward looking information and forward looking statements being collectively hereinafter referred to as "forward looking information") that are based on expectations, estimates and projections as of the date of this press release. Often, but not always, such forward looking information can be identified by the use of forward looking words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking information in this press release. Examples of such forward looking information in this press release include, but are not limited to, factors relating to the Arrangement and related transactions and applications for the full revocation of the applicable cease trade orders prohibiting any trading in McWatters' securities and the results expected to be achieved therefrom, including any statements regarding anticipated payments of dividends on the Class A Preferred Shares issued as part of the Arrangement and anticipated payments on account of their redemption price, which are subject to significant risks and uncertainties, including (1) the possibility that McWatters may not derive sufficient cash flow from any business in order to be able to make the anticipated payments of dividends on the Class A Preferred Shares and/or the anticipated payments on account of their redemption price; and (2) the possibility that no full revocation of the cease trade orders prohibiting any trading in McWatters' securities may be obtained. Actual results are likely to differ, and may differ materially, from those expressed or implied by the forward looking information contained in this press release. Such forward looking information is based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions in connection with the Arrangement and related transactions and applications for the full revocation of the applicable cease trade orders prohibiting any trading in McWatters' securities or otherwise about the approvals or clearances required to be obtained from regulatory and other agencies and bodies being successfully obtained, and business and economic conditions generally.
While McWatters anticipates that subsequent events and developments may cause McWatters' views to change, McWatters will not update this forward looking information, except as required by law. This forward looking information should not be relied upon as representing McWatters' views as of any date subsequent to the date of this press release. McWatters has attempted to identify important factors that could cause actual actions, events or results to differ materially from those current expectations described in forward looking information. However, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and that could cause actual actions, events or results to differ materially from current expectations. There can be no assurance that forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. These factors are not intended to represent a complete list of the factors that could affect McWatters or the Arrangement and other transactions contemplated herein.

Contact Information

  • MCWATTERS MINING INC.
    Robert A. Friesen, President and Secretary
    604-687-5551
    604-682-3637 (FAX)