April 01, 2014 02:15 ET
LONDON, UNITED KINGDOM--(Marketwired - April 1, 2014) - Touchstone Gold (TSX:TCH)(AIM:TGL) reported its financial results for the years ended December 31, 2013 and 2012. The consolidated financial statements for the years ended December 31, 2013 and 2012and notes thereto, as well as the Management's Discussion and Analysis and the Annual Information Form are available at www.sedar.com and www.touchstonegold.com. Unless otherwise noted, all financial information is expressed in US dollars.
The Board has been reviewing a number of options with the objective to secure financing that will provide a stronger platform for future growth. Following extensive consideration, the Board has concluded that in the absence of additional funding, the Company will be unable to meet its obligations with respect to scheduled payments to vendors of its concession contracts. In the event that Touchstone does not make these required payments, the concession contracts could be ceded back to the vendors and Touchstone may lose all or part of its interest in those of the concessions to which the non-payment relates.
The Company continues to be engaged in a number of strategic conversations with the intention of reviewing possible transactions that might be accretive in value for all shareholders. A further announcement will be made as appropriate.
As previously announced, during 2013, the Company made a surface discovery of a new gold zone 350m west of the Pepas and Filodehombre trends.
Touchstone Gold LimitedBrian MoralesTel: +1 647 925 2713finnCap LtdMatthew Robinson/Simon HicksTel: +44 20 7220 0500Peterhouse Corporate Finance LimitedLucy WilliamsTel: +44 20 7469 0936
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