| | | June 01, 2009
MBMI Reports Delay In Filing Year-End Financials
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| | Vancouver, B.C., June 1, 2009 -- The management of MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX V: MBR) has determined that it will not be able to file the Company's annual audited financial statements for the year ended January 31, 2009 (the "Required Filings"), by the June 1, 2009 filing deadline (the "Filing Deadline"). The audit is currently well underway and the Issuer expects to be in a position to file on or about June 16, 2009.
Financial constraints had delayed payment to the auditors of the Philippine joint venture interests which delayed reporting to the Issuer's Canadian auditor. All financial obligations have been satisfied and compilation of consolidated financial statements is nearing completion.
Upon review of applicable securities legislation and after conferring with the British Columbia Securities Commission (the Company's "Principal Regulator") regarding the default, the Company has applied for a Management Cease Trade Order ("MCTO"), pursuant to National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203").
The MCTO prohibits trading in securities of the Company, whether direct or indirect, by:- the Company's Chief Executive Officer;
- the Company's Chief Financial Officer; and
- the members of the board of directors of the Company or other persons or companies who had, or may have had, access directly or indirectly to any material fact or material change with respect to the Company that has not been generally disclosed.
Should the Company fail to make its Required Filings on or before August 1, 2009, the Principal Regulator can impose a cease trade order that all trading in securities of the Company cease for such period of time as the Principal Regulator may deem appropriate. The Company intends to satisfy the provisions of the Alternate Information Guidelines as set out in NP 12-203 for as long as it remains in default.
ON BEHALF OF THE BOARD OF DIRECTORS
"Michael T. Mason"
President and Director
Further Information
For further information relating to the Company or this release, please refer to the Company's website at www.mbmiresources.com or contact Investor Relations at 1-877-399-1991 or mbr@mbmiresources.com.
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.
This news release may contain forward-looking information including but not limited to comments regarding the timing and content of upcoming financings, work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking information includes disclosure regarding possible future events, or conditions or results of operations that is based on assumptions about future economic conditions and courses of action, and therefore, involves inherent risks and uncertainties. Although management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such statements. |
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| | You can view the Next News Releases item: Mon Jun 8, 2009, MBMI Updates Status Of Year-End Financial Statement Delay
You can view the Previous News Releases item: Mon May 25, 2009, MBMI Arranges Financings
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