Toronto, Ontario, January 22, 2008
- Unigold Inc. ("Unigold" or the "Company") (TSX-V: UGD) announces that as a result of a regulatory continuous disclosure review by the Ontario Securities Commission, the Company has restated and refiled its Financial Statements and Management's Discussion and Analysis for the three and nine months period ended September 30, 2007.
The review was focused on the implementation of the new CICA Handbook Section 3855 -- Financial Instruments -- Recognition and Measurement - and specifically the measurement of the Company's investment in the non-bank issued asset-backed commercial paper ("ABCP").
As a result of this review, the Company has recorded an impairment charge of $1.3 million against its investment of approximately $11 million and has reclassified the investment in ABCP as a long-term asset, as opposed to its previous characterization as a current asset. Additional details relating to this issue may be accessed by visiting the SEDAR website at www.sedar.com
The exploration activities of the Company on its Neita property located in the Dominican Republic have not, and will not be, affected by this restatement.
About Unigold Inc.
Unigold Inc. is exploring to find and develop gold deposits on its 100-per-cent-owned 226 km2 Neita property located in the Dominican Republic. Having the largest land package in the Dominican Republic, the goal is to target bulk tonnage, open pittable, oxide gold deposits within a similar setting to the world class Pueblo Viejo gold project which occurs within a broad northwest trending Cretaceous age volcanic greenstone belt that transects the Dominican Republic. The economics of any discovery will be significantly improved by the fact that Unigold is benefiting from an 18-year holiday on all corporate taxes, sales taxes and import duties in the Dominican Republic.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Dr. Ibrahim M. Eitani, President & CEO and Director (+966-55-88-22-080); Email: firstname.lastname@example.org
Mr. Daniel Danis, V.P. Exploration & COO and Director (+1-450-667-4766)
Web site: www.unigoldinc.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
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Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forwardlooking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995.