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Company News Releases...
Pacific Booker Minerals Inc. Clarifies “Emphasis Of Matter” In Auditors
Report
Vancouver BC, May 30, 2013: In the Company’s audited financial statements
for the year ended January 31, 2013, filed on sedar on May 27, 2013, the
auditor's report contained a paragraph titled Emphasis of Matter in accordance
with Canadian generally accepted auditing standards and PCAOB (United States)
auditing standards.
The report from the Auditors stated: “Without qualifying our opinion, we draw
attention to Note 2b to these financial statements, which states the Company
incurred significant losses from operations, negative cash flows from operating
activities and has an accumulated deficit. This, along with other matters as
described in Note 2b, raise substantial doubt about the ability of the Company
to continue as a going concern. Management's plans in regard to these matters
are also described in Note 2b. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty”.
Note 2b states in part that “the Company is a resource company, and must incur
expenses during the process of exploring and evaluating a mineral property to
prove the commercial viability of the ore body, a necessary step in the process
of developing a property to the production stage. Without a producing property,
the Company does not have a current source of revenue from operations. The
Company has incurred losses and negative cash flows from operations since
inception and has an accumulated deficit. The ability of the Company to continue
as a going-concern depends upon its ability to continue to raise adequate
financing and to develop profitable operations in the future. The Company is
taking measures to reduce corporate overhead and, subsequent to fiscal year end,
has announced a private placement. However, neither of these are necessary for
the Company to meet its current obligations. There are uncertainties related to
events that give rise to substantial doubt as to whether or not the Company can
continue as a going concern. The Company's initial application for a British
Columbia Environment Assessment Certificate, a necessary, but not the only, step
in the process of the development of the Morrison property was denied. The
Company has petitioned the British Columbia Supreme Court to set aside this
decision.’’
At fiscal year end, the Company reported approximately $1.93 million in working
capital, which is sufficient to meet our current liabilities for at least one
year.
The Company would also like to advise any interested party that our financial
statements are available for downloading on our website at http://www.pacificbooker.com/financials.htm,
or if you would prefer a hard copy, there is an area on that page where you can
request a copy sent by regular mail. The information provided there will not be
used for any purpose other than the mail out of the requested documents.
If you would like to be added to our email newsgroup, please send your request
by email to info@pacificbooker.com.
On Behalf of the Board of Directors
“John Plourde”
John Plourde, Director
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