Arizona Metals Announces Filing of Restated Financial Statements
Arizona Metals Announces Filing of Restated Financial Statements
TORONTO--(BUSINESS WIRE)--January 20, 2021--Arizona Metals Corp. (TSXV:AMC,
OTCQB:AZMCF) (the “Company” or “Arizona Metals”) announces that it is restating its
financial statements for the three and six months ended June 30, 2020 and the three and nine
months ended September 30, 2020 (the “Amended Financial Statements”) along with
corresponding restated management discussion and analysis (the “Amended MD&A”).
The restatement of the Amended Financial Statements and the Amended MD&A was made as a
result of management and the Company’s auditor’s review of the unaudited condensed interim
financial statements for the three and six months ended June 30, 2020 (the “Previously Filed Q2
Financial Statements”) in connection with the Company’s application for listing on the OTCQX.
In connection with this listing application, the Company engaged its auditors to perform an audit
of the previously filed Unaudited Q2 Financial Statements. In connection with this audit, the
Company identified certain amendments to the Previously Filed Q2 Financial Statements and the
unaudited condensed interim financial statements for the three and nine months ended September
30, 2020 (the "Previously Filed Q3 Financial Statements), including:
• An adjustment for the under-accrual of additional exploration and evaluation
expenditures, professional fees and share-based compensation as at June 30, 2020, which
resulted in an understatement of exploration and evaluation expenditures, professional
fees and share-based compensation for the three and six months ended June 30, 2020 in
the Previously Filed Q2 Financial Statements and an overstatement of exploration and
evaluation expenditures, professional fees and share-based compensation for the three
months ended September 30, 2020 in the Previously Filed Q3 Financial Statements; and
• A corresponding adjustment to correct an understatement of liabilities and an
overstatement of equity as at June 30, 2020 in the Previously Filed Q2 Financial
Statements.
The effect of the restatements does not impact the Company's ongoing cash position. In
particularly, disclosure of liabilities and equity as at September 30, 2020 remains unchanged. All
other disclosure in the Amended Financial Statements and Amended MD&A remains the same
as when such documents were originally filed.
The Amended Financial Statements and the Amended MD&A will replace and supersede the
respective previously-filed financial statements and management's discussions and analysis for
such periods (the "Previous Documents"). The Previous documents should no longer be relied
on.
About Arizona Metals Corp.
Arizona Metals Corp. owns 100% of the Kay Mine Property in Yavapai County, which is located
on a combination of patented and BLM claims totaling 1,300 acres that are not subject to any
royalties. An historic estimate by Exxon Minerals in 1982 reported a “proven and probable
reserve of 6.4 million short tons at a grade of 2.2% copper, 2.8 g/t gold, 3.03% zinc, and 55 g/t
silver.” The historic estimate at the Kay Mine was reported by Exxon Minerals in 1982.
(Fellows, M.L., 1982, Kay Mine massive sulphide deposit: Internal report prepared for Exxon
Minerals Company)
*The Kay Mine historic estimate has not been verified as a current mineral resource. None of the
key assumptions, parameters, and methods used to prepare the historic estimate were reported,
and no resource categories were used. Significant data compilation, re-drilling and data
verification may be required by a Qualified Person before the historic estimate can be verified
and upgraded to be a current mineral resource. A Qualified Person has not done sufficient work
to classify it as a current mineral resource, and Arizona Metals is not treating the historic
estimate as a current mineral resource.
The Kay Mine is a steeply dipping VMS deposit that has been defined from a depth of 60 m to at
least 900 m. It is open for expansion on strike and at depth.
The Company also owns 100% of the Sugarloaf Peak Property, in La Paz County, which is
located on 4,400 acres of BLM claims. Sugarloaf is a heap-leach, open-pit target and has a
historic estimate of “100 million tons containing 1.5 million ounces gold” at a grade of 0.5 g/t
(Dausinger, N.E., 1983, Phase 1 Drill Program and Evaluation of Gold-Silver Potential,
Sugarloaf Peak Project, Quartzsite, Arizona: Report for Westworld Inc.)
The historic estimate at the Sugarloaf Peak Property was reported by Westworld Resources in
1983. The historic estimate has not been verified as a current mineral resource. None of the key
assumptions, parameters, and methods used to prepare the historic estimate were reported, and
no resource categories were used. Significant data compilation, re-drilling and data verification
may be required by a Qualified Person before the historic estimate can be verified and upgraded
to a current mineral resource. A Qualified Person has not done sufficient work to classify it as a
current mineral resource, and Arizona Metals is not treating the historic estimate as a current
mineral resource.
The Qualified Person who reviewed and approved the technical disclosure in this release is
David Smith, CPG.
This press release contains statements that constitute “forward-looking information”
(collectively, “forward-looking statements”) within the meaning of the applicable Canadian
securities legislation, All statements, other than statements of historical fact, are forward-
looking statements and are based on expectations, estimates and projections as at the date of this
news release. Any statement that discusses predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but not always using phrases such
as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”,
“plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or
variations of such words and phrases or stating that certain actions, events or results “may” or
“could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of
historical fact and may be forward-looking statements. Forward-looking statements contained in
this press release include, without limitation, statements regarding the acquisition of the
Property, including completion of due diligence and the satisfaction of the Company’s payment
obligations under the Purchase Agreement, and the completion of the Offering. In making the
forward- looking statements contained in this press release, the Company has made certain
assumptions. Although the Company believes that the expectations reflected in forward-looking
statements are reasonable, it can give no assurance that the expectations of any forward-looking
statements will prove to be correct. Known and unknown risks, uncertainties, and other factors
which may cause the actual results and future events to differ materially from those expressed or
implied by such forward-looking statements. Such factors include, but are not limited to:
availability of financing; delay or failure to receive required permits or regulatory approvals;
and general business, economic, competitive, political and social uncertainties. Accordingly,
readers should not place undue reliance on the forward-looking statements and information
contained in this press release. Except as required by law, the Company disclaims any intention
and assumes no obligation to update or revise any forward-looking statements to reflect actual
results, whether as a result of new information, future events, changes in assumptions, changes
in factors affecting such forward- looking statements or otherwise.
NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Not for distribution to US newswire services or for release, publication, distribution or
dissemination directly, or indirectly, in whole or in part, in or into the United States.
Contacts
Marc Pais
President and CEO Arizona Metals Corp.
(416) 565-7689
www.arizonametalscorp.com
https://twitter.com/ArizonaCorp