Prospero Silver Re-Files March 31, 2011 and June 30, 2011 Financial Statements to Add Additional IFRS Disclosure
August 31 2011 - 1:49PM
Marketwired
Prospero Silver Corp. (TSX VENTURE: PSL) ("Prospero" or the
"Company") announced today that as a result of a review by the
British Columbia Securities Commission, the Company has filed
amended financial statements for the three months ended March 31,
2011 and six months ended June 30, 2011 on SEDAR to clarify the
disclosure contained therein. The amended financial statements
include the following changes:
-- to include a statement of changes in equity for the interim period
(March 31) and comparative information for the corresponding interim
period in the prior year;
-- to include a comment with respect to the reconciliation of equity as at
the comparative date (March 31 and June 30, 2011) from generally
accepted accounting principles;
-- to include a comment with respect to the statement of comprehensive
income reconciliation for the year ended December 31, 2010 in both the
March 31, 2011 and June 30, 2011 financial statements;
-- to remove all references to "Group functional currency";
-- the removal of certain disclosures and reconciliations included in Note
13 relating to the transition to IFRS that are no longer applicable;
-- to remove IFRS transition adjustments under Reconciliation of
Liabilities for trade payables and accrued liabilities;
-- to include Share Purchase Warrants as equity and not a financial
liability; and
-- the financial statements have been restated as described in Note 14.
About Prospero Silver Corp.:
Prospero is a Canadian resource company with the majority of its
staff based in Mexico and who work for its wholly owned subsidiary
Minera Fumarola, SA de CV (Fumarola). Prospero's objective is to
quickly evaluate the properties currently optioned for their
suitability to provide size potential and/or amenability for early
production.
Forward-Looking Statement Cautions:
This news release contains certain "forward-looking statements"
within the meaning of Canadian securities legislation, relating to
the closing of a non-brokered Private Placement. Although the
Company believes that such statements are reasonable, it can give
no assurance that such expectations will prove to be correct.
Forward-looking statements are statements that are not historical
facts; they are generally, but not always, identified by the words
"expects," "plans," "anticipates," "believes," "intends,"
"estimates," "projects," "aims," "potential," "goal," "objective,"
"prospective," and similar expressions, or that events or
conditions "will," "would," "may," "can," "could" or "should"
occur, or are those statements, which, by their nature, refer to
future events. Factors that could cause actual results to differ
materially from these forward looking statements include, but are
not limited to, variations in the nature, quality and quantity of
any mineral deposits that may be located, the Company's inability
to obtain any necessary permits, consents or authorizations
required for its planned activities, and the Company's inability to
raise the necessary capital or to be fully able to implement its
business strategies. The reader is referred to the Company's
reports, publicly available through the Canadian Securities
Administrators' System for Electronic Document Analysis and
Retrieval (SEDAR) at www.sedar.com, including the risk factors
discussed in Prospero's November 27, 2009 prospectus. Except as
required by securities laws and the policies of the TSX Venture
Exchange, Prospero disclaims any intention or obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Prospero Silver Corp. William Murray Chairman
604-248-0797 Contact Financial Peter Murray 604-689-7422
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