Williams Creek Explorations Limited
TSX VENTURE : WCX

Williams Creek Explorations Limited

May 31, 2011 16:00 ET

Williams Creek Releases Financial Statements & MD&A for the Financial Year Ended January 31, 2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 31, 2011) - Williams Creek Explorations Limited (TSX VENTURE:WCX) ("Williams Creek", "WCX", or the "Company") is pleased to announce the release of its Audited Financial Statements as well as its Management's Discussion and Analysis for the three and twelve month periods ended January 31, 2011.

The documents are available on the Company's website (www.williamscreek.ca) under "Company Filings" and will be available shortly on Sedar (www.sedar.com).

For the fiscal year ended January 31, 2011, Williams Creek reports a net loss of $54,573 as compared to a loss of $162,035 for the financial year ended January 31, 2010. The Company's income of $594,789 was attributable entirely to gains realized through sale of investments of $566,418 and interest income of $28,371. Net of stock based compensation of $222,750 (a non-cash item) Williams Creek recorded a gain of $168,177.

At January 31, 2011, Williams Creek had cash, cash equivalents, and investments held for trading of $7,328,831 as compared to $956 for the financial year ended January 31, 2010. Its long-term investments had a purchase value of $1,080,000 and a market value of $1,728,000. The sum of Williams Creek's cash, cash equivalents, investments held for trading, and the market value of its long-term investments, was $9.05 million as compared $956 as of January 31, 2010. Current liabilities were $156,492 compared to $155,175 for the financial year ended January 31, 2010.

"I am pleased to say that Williams Creek concluded the financial year ended January 31, 2011 in a significantly stronger financial position than it was in at the end of its previous financial year," said Michael R. Sonnenreich, Chairman of the Board and CEO of Williams Creek. "We have greater financial strength, and therefore, greater flexibility with which to pursue our operational goals."

Operational highlights during the financial year ended January 31, 2011 included:

  • The addition of Michael R. Sonnereich as CEO and Chairman of the Board of Directors.
  • The addition of Bryan Mitchell, Clark Lindley, and James Wyant to the Board of Directors.
  • The substantial recapitalization of the Company through private placements of common shares (83,095,562 common shares issued for gross proceeds of approximately $7.46 million) and flow through shares (2,783,783 flow through shares issued for gross proceeds of $1.03 million).
  • Williams Creek Contracted with a consulting geologist and chief of regional operations in order to undertake a comprehensive exploration program on the Company's holdings in the Barkerville, BC area.
  • The Company received a permit from the Ministry of Energy, Mines and Petroleum Resources on October 18, 2010 allowing it to drill up to 72 holes at 29 different locations until December 31, 2011.
  • Williams Creek engaged in a thorough review of past geological work and formulated an exploration plan to be conducted on the Company's Westport Project holdings in the Barkerville region during the 2011 drilling season.
  • Williams Creek Participated in the ATW Diamond Project in which Williams Creek has a 30% interest.
  • The Company purchased 10,500,000 common shares in the Tyhee Development Corporation.

Subsequent to the conclusion of the financial year ended January 31, 2011, the Company acquired four mineral claims 17km west of Barkerville in the historic alluvial gold production area of Stanley B.C. The claim block is known as the Pine Properties. Williams Creek will be conducting initial exploration work there during the spring/summer season.

Williams Creek has commenced an exploration program centered on its holdings in the Barkerville area, including the Pine Properties.

"The period since January 31, 2010 has been a busy one for Williams Creek," said Mr. Sonnenreich. "The exploration program that we planned and financed last year is currently underway, and I hope to have a busy and successful year."

About WCX:

Visit http://www.WilliamsCreek.ca to learn more about Williams Creek Explorations Limited.

Williams Creek Explorations Limited is a Canadian company with the primary purpose of participating broadly in the natural resource sector, with an emphasis on the gold subsector, through exploration, joint ventures or other equity investments, royalty and finance agreements.

The Company owns twenty-eight Crown Granted mineral claims known as the Westport Project in the immediate vicinity of Barkerville, BC and four Crown Granted mineral claims 17km west of Barkerville known as the Pine Properties. Both are in the Cariboo Mining Division. It also owns three Crown Granted mineral claims in the Kamloops Mining Division. Additionally, the Company has a net 30% interest in the ATW diamond property in the MacKenzie Mining District of the Northwest Territories.

On Behalf of the Board of Directors

Michael R. Sonnenreich, Chairman of the Board of Directors and CEO

Williams Creek Explorations Limited

This news release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

The TSX Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of this news release which has been prepared by management.

Contact Information

  • Williams Creek Explorations Limited
    Michael R. Sonnenreich
    514.393.3232

    Williams Creek Explorations Limited
    Dov Zigler
    514.393.3232
    www.williamscreek.ca