Los Andes Announces Restatement of 2007 Financial Statements
27 Enero 2009 - 8:00AM
Marketwired
Los Andes Copper Ltd. ("Los Andes", or the "Company") (TSX VENTURE:
LA)(PINK SHEETS: LSANF) announced today that the Company has
restated its financial statements for the year ended September 30,
2007. Its external auditors, DeVisser Gray, LLP, reviewed the 2007
financial statements and concluded that the following changes
should be made to those statements:
(a) the $634,442 gain from the sale of a subsidiary corporation
was reclassified from Other Items to Loss from Discontinued
Operations. This reclassification had no effect on Net Loss or Net
Cash Flow in the year ended September 30, 2007, nor on the
Company's Balance Sheet as at September 30, 2007; and
(b) the tax rate used for the calculation of the future income
tax provision was revised, resulting in a $3,478,369 reduction in
future income tax liability to $2,181,101, a reduction in
Comprehensive Loss from $4,345,243 to $744,559, a change in Deficit
from $10,150,315 to $6,671,946 and a reduction in Loss per Share
for the year from $0.10 per share to $0.02 per share. These changes
had no effect on the Company's net cash flow for the year ended
September 30, 2007.
Dr. Roger Moss, President and CEO, said, "These changes are of
an accounting nature only. In particular the changes to the future
income tax liability rely significantly on estimates and do not
have an economic impact on Los Andes, our cash flows or our tax
loss carry forwards."
About the Company's Vizcachitas Project
The Vizcachitas Project offers potential for a low strip, open
pit operation in an area of low elevation with excellent
infrastructure, including water and power in central Chile. The
Vizcachitas deposit occurs in the same metallogenic belt as the
giant copper-molybdenum porphyries Rio Blanco-Los Bronces, Los
Pelambres and El Teniente. Based on 35,255 metres of drilling in
130 diamond drill holes, the project contains an indicated resource
of 515 million tonnes grading 0.39% copper and 0.011% molybdenum
and an inferred resource of 572 million tonnes grading 0.34% copper
and 0.012% molybdenum at a 0.30% copper equivalent cutoff.
Additional information about the Vizcachitas Project is available
in the National Instrument 43-101 Technical Report prepared by AMEC
and filed by the Company on SEDAR on August 29 2008, and on our
website at www.losandescopper.com.
This document contains certain forward looking statements which
involve known and unknown risks, delays and uncertainties not under
the Company's control which may cause actual results, performance
or achievements of the Company to be materially different from the
results, performance or expectation implied by these forward
looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Los Andes Copper Ltd. Michael Kuta Corporate Secretary
(604) 697-6201 Los Andes Copper Ltd. Roger Moss President (416)
516-6050 Email: info@losandescopper.com Website:
www.losandescopper.com
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