Northfield Inc.

March 29, 2005 16:20 ET

Northfield Inc. Announces Filing of Restated Annual and Interim Financial Statements


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: NORTHFIELD INC.

MARCH 29, 2005 - 16:20 ET

Northfield Inc. Announces Filing of Restated Annual
and Interim Financial Statements

TORONTO, ONTARIO--(CCNMatthews - March 29, 2005) - Northfield Inc.
("Northfield") announced the filing of new financial statements for
Northfield in respect of its year ended December 31, 2003 that have been
audited by SF Partnership, LLP. These financial statements were prepared
and audited as its former financial statements were not audited by a
firm that was registered with the Canadian Public Accountability Board.

The new financial statements reflect an adjustment for the recovery of
common shares that had been reported on the account of income instead of
on the account of capital and an adjustment of future income taxes
relating to the income tax effect of expenditures on Canadian mineral
properties relating to flow-through shares related to properties no
longer owned by Northfield.

The effect on the restated consolidated financial statements is as
follows:



As
originally
reported Adjustment As restated
For the year ended December 31, 2003
Future income taxes 146,299 (146,299) -
Share capital 45,358,353 42,500 45,400,853
Contributed surplus - 18,000 18,000
Deficit (46,692,094) 85,799 (46,606,295)

Income (loss) for the year (15,736) (375,000) (390,736)

For the year ended December 31, 2002
Future income taxes 146,299 (146,299) -
Share capital 45,663,353 (314,500) 45,348,853
Contributed surplus - - -
Deficit (46,676,358) 460,799 (46,215,559)

Income (loss) for the year (4,911,576) 146,299 (4,765,277)


Northfield also announces the filing of new interim financial statements
for the 3 months ended March 31, 2004, 6 months ended June 30, 2004 and
9 months ended September 30, 2004 on SEDAR to reflect the foregoing
adjustments.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Northfield Inc.
    Thomas G. Larsen
    Chairman,President and C.E.O.
    (416) 360-8006 or (800) 360-8006
    or
    Northfield Inc.
    Jorge Estepa
    Vice President and Secretary
    (416) 360-8006 or (800) 360-8006
    (416) 361-1333 (FAX)