KAR Karmin Exploration Inc

TORONTO, Sept. 2 /CNW/ -- TORONTO, Sept. 2 /CNW/ - Karmin Exploration Inc. (TSX VENTURE: KAR) ("Karmin" or the "Company") announced today that it did not meet the filing deadline of August 30, 2010 for the filing of its annual audited financial statements, management's discussion and analysis and CEO and CFO certifications (collectively, the "Required Documents") for the year ended April 30, 2010. The delay in filing the Required Documents was caused by unexpected difficulty in determining the treatment of the costs and expenses associated with the previously announced reverse-takeover transaction (the "Transaction") involving Karmin and Ignite Energy Resources Pty Ltd and the related private placement and the disclosure to be included in the notes to the annual audited financial statements. Karmin is working diligently with its auditors to complete the analysis and the disclosure and expects to file the Required Documents by September 10, 2010. In light of the foregoing, Karmin has applied to the applicable securities regulatory authorities for a management cease trade order relating to the Company's securities to be imposed against some or all of the persons who are or have been directors, officers or insiders of the Company for so long as the Required Documents are not filed. If granted, a management cease trade order would not generally affect the ability of persons who have not been directors, officers or insiders of Karmin to trade the securities of the Company. However, the applicable securities regulatory authorities, in their discretion, may determine that it would be appropriate to issue a general cease trade order which would affect all of the Company's securities. In addition, in connection with the Transaction, trading in the Company's securities was halted on the TSX Venture Exchange on March 15, 2010; the trading halt has not been lifted as of the date of this news release. Until the Required Documents are filed, Karmin intends to satisfy the provisions of the alternative information guidelines described in Sections 4.3 and 4.4 of National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults. Karmin is not subject to any insolvency proceeding and there is no other material information concerning the affairs of the Company that has not been generally disclosed. About Karmin The common shares of Karmin are listed on the TSXV and trade under the symbol "KAR". The principal business of Karmin is to acquire and explore resource properties. Karmin's main project is located at Aripuanã, Brazil. Karmin owns 30% of the Aripuanã zinc project, one of the largest undeveloped zinc projects in Brazil. Aripuanã covers a complete mineralized massive sulphide district, with five areas of mineralization (Arex, Ambrex, Babacu, Massaranduba and Mocoto) over a 25 kilometre strike length. This news release contains forward-looking statements relating to, among other things, the filing of the Required Documents and Karmin's application for a management cease trade order. Forward-looking statements include, but are not limited to, possible events and statements. The words "plans," "expects," "is expected," "scheduled," "estimates," "forecasts," "projects," "intends," "anticipates," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements. Such statements are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections in the forward-looking statements will not occur, and that actual performance and results in future periods may differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, Karmin disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Karmin undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. table valign="top" border="0"trtd align="left"William Fisher   br/CEO       br/Email: a href="mailto:wfisher@karmin.com"wfisher@karmin.com/a         br/Tel: (416) 367-0369     /td td align="right" or                  br/br/   br/ /td td valign="top" align="left"John Iannozzibr/CFObr/Email: a href="mailto:johni@karmin.com"johni@karmin.combr//aTel: (519) 337-5302/td/tr/table

Copyright