TORONTO, ONTARIO--(Marketwired - Nov. 25, 2013) - Ryan Gold Corp. (TSX VENTURE:RYG) ("Ryan Gold" or the "Company") announces that, given generally poor market conditions for exploration companies, the Company will conserve its cash, and cease exploration activities in the Yukon. Exploration completed over the last several seasons means that the core claims will remain in good standing for a number of years. The Company will seek joint venture opportunities to advance its Yukon projects, particularly Ida Oro, its most advanced stage project.
Going forward, the Company plans to evaluate assets for junior mining companies that are more advanced than its Yukon projects. The Company presently has approximately $20 million in working capital, which the Company will seek to deploy into projects or investment opportunities that have become available because of current poor market conditions.
The Company also announces the filing of the unaudited condensed interim consolidated financial results for the Company for the third quarter ending September 30, 2013. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's web site at www.ryangold.com or on SEDAR at www.sedar.com.
The Company regularly reviews the carrying amounts of its non-financial assets to determine whether there is any indication that those assets have suffered an impairment loss. Mineral property interests are tested for impairment when facts and circumstances suggest that the carrying amount of the mineral property interests exceed their recoverable amounts. The Company has no present plans for further exploration on either the Ida Oro or Quartz Claims Properties, and has no 2014 money budgeted for Yukon exploration. Therefore it has written down its mineral property interests to zero as at September 30, 2013. The non-cash loss attributable to this impairment is $24,552,464. The Company also recorded an impairment on its vehicles and field equipment of $466,063 due to the cessation of exploration activity in the Yukon.
This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans and business trends. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any mineral that may be produced, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitability, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including any technical reports filed with respect to the Company's mineral properties. This press release is not, and is not to be construed as an offer to buy or sell securities in the United States.
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.