Zoloto Resources Ltd.
TSX VENTURE : ZR

June 24, 2008 13:16 ET

Zoloto Resources Default Status Report

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2008) - Zoloto Resources Ltd. ("Zoloto" or the "Company") (TSX VENTURE:ZR), announces today that it continues to make progress towards the completion of its interim financial statements and management's discussion and analysis ("MD&A") for the Company's first quarter ended March 31, 2008. However, due to the nature of the procedures required to complete the annual consolidated financial statements and related audit for the Company's financial year ended December 31, 2007, the completion of the Company's interim financial statements and related MD&A for the Company's first quarter ended March 31, 2008 could not be completed by June 23, 2008, as previously anticipated by the Company, and will require additional time.

The Company continues to work towards completing its interim financial statements and MD&A for the Company's first quarter ended March 31, 2008 as expeditiously as possible and expects this to be completed by June 29, 2008.

Pending the filing of its interim financial statements for the Company's first quarter ended March 31, 2008 and the related MD&A, the Company intends to satisfy the alternative information guidelines recommended by Ontario Securities Commission Policy 57-603 and Canadian Securities Administrators Staff Notice 57-301 ("CSA Staff Notice 57-301"), including the provisions of Appendix B (Default Status Reports) of CSA Staff Notice 57-301. If the interim financial statements for the Company's first quarter ended March 31, 2008 and the related MD&A are not filed by June 29, 2008, applicable securities commissions or regulators may impose a cease trade order. A cease trade order may be imposed sooner if the Company fails to file its Default Status Reports on time.

The Company is not subject to any insolvency proceeding and there is no material change in the information contained in the Company's press releases dated April 29, May 13, May 26, June 9 and June 16, 2008 or its Notice of Default filed with applicable securities commissions or regulators other than as disclosed herein, and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

About Zoloto Resources

Zoloto is a gold exploration company whose primary focus is to become a mid-tier gold producer through the advancement of its gold exploration properties in the Russian Federation. In addition, Zoloto's management will continue to evaluate acquisition opportunities within the Russian Federation. Zoloto's philosophy is to unlock shareholder value in a socially and environmentally responsible manner.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the expected time for filing of the Company's interim financial statements and accompanying MD&A, the imposition of a cease trade order by applicable securities commissions or regulators and the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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

Contact Information

  • Robert Maddigan
    Director
    Leif Smither/Greg Agar
    Investor Relations, Zoloto Resource Ltd.
    Phone: (604) 608-0223
    Fax: (604) 608-0344