Milner Consolidated Silver Mines Ltd.
TSX VENTURE : MCA

May 02, 2007 16:42 ET

Milner Announces Expected Delay in Filing Annual Financial Statements

PENETANG, ONTARIO--(CCNMatthews - May 2, 2007) -

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Milner Consolidated Silver Mines Ltd. ("Milner" or the "Company") (TSX VENTURE:MCA) reports that it has been delayed in filing its annual financial statements and annual Management Discussion & Analysis related thereto, for the year ended December 31, 2006 by the required filing date under applicable Canadian securities laws, namely April 30, 2007. The delay is attributable to the auditors trying to resolve certain accounting and presentation issues surrounding the Company's long-term investment in Alturas Minerals Corp., which was involved in a reverse takeover in 2006.

Milner is working with its auditors to complete the audit of the Company's financial statements as soon as possible. The Company anticipates that it will be in a position to file its annual financial statements and related annual filings by May 7, 2007. Until its annual financial statements and related annual filings are filed, the Company intends to satisfy the requirements of the "alternate information guidelines" described in CSA Staff Notice 57-603 (the "Policy"), including issuing by-weekly default status reports.

Milner Consolidated Silver Mines Ltd. is a junior resource company, quoted for trading on the TSX Venture Exchange under the symbol MCA. There are currently 7,045,006 shares issued and outstanding in Milner Consolidated Silver Mines Ltd.

On Behalf of the Board,

D.J. Bazinet, President and CEO

FORWARD LOOKING STATEMENTS

Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Sierra believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Shares Outstanding: 7,045,006

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Milner Consolidated Silver Mines Ltd.
    Deborah Bazinet
    (705) 533-3430
    (705) 533-1521 (FAX)