Re: Century Mining Reports Year-End 2010 Results
in response to
by
posted on
Apr 12, 2011 12:22AM
I just noticed that in the Independent Auditor's Report, at the start of the Consolidated Financial Statements, is the following remark:
"Without qualifying our opinion, we draw attention to Note 1, Governing Statutes, Purpose of the Organization and Ability to Continue as a Going Concern, and to the Consolidated Statements of Operations and Comprehensive Loss and the Consolidated Balance Sheets which indicate that the group incurred a loss of $12.9 million for the year ended December 31, 2010 and, as of that date, the group’s current liabilities exceeded its current assets by $8.6 million. These conditions, along with other matters as set forth in Note 1, concerning gold production and the future funding of the business indicate the existence of a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern."
Note the last sentence! Is this standard boilerplate? I see no such statement in the 2009 IA report.
http://www.centurymining.com/i/pdf/CMM-FS-2010-Final.pdf
Also worth a look: