Aug 15, 2011
As a result of a review by the British Columbia Securities Commission, we are issuing the following press release to clarify our disclosure.
Maritime Resources Corp. (MAE-TSX Venture, the "Maritime") announces it has amended its filing of financial statements for the three months ended March 31, 2011 to show different 2010 comparative periods. The amendment was caused by the complication of a change in Maritime's fiscal year-end, together with the transition to International Financial Reporting Standards (the "IFRS").
Maritime completed a qualifying transaction in October 2010 and was renamed from BMB Capital Corp., a Capital Pool Company. Soon after the qualifying transaction, Maritime changed its fiscal year-end from March 31 to December 31. Effective January 1st, 2011, Maritime adopted IFRS and filed its financial statements for the three months ended March 31, 2011 under IFRS for the first time. With the guidance of Maritime's auditor, it set the IFRS transition date as April 1, 2010 and provided comparative financial information for the three months ended March 31, 2010. Maritime has amended the March 31, 2011 financial statements upon the request of British Columbia Securities Commission to include comparatives for the three months ended June 30, 2010, instead of the three months ended March 31, 2010 reported previously. Due to the fiscal year-end change, Maritime's June 30, 2011 financial statements will also use comparatives for the three months ended June 30, 2010.
The impact of the amendment on the comparative financial information is minimal as Maritime was only a Capital Pool Company with no operating activities for the first nine months of 2010.
About Maritime Resource Corp:
The Green Bay property consists of the Hammerdown gold deposit and the Orion gold deposit. The deposits are separated by a 1.5 km distance. The Orion gold deposit contains an inferred resource of 119,000 ounces of gold in a 710,000 tonne deposit grading 5.2 g/t Au. The deposit consists of two main vein systems, both of which are open along strike, up and down plunge. The Hammerdown gold deposit was successfully mined by Richmont Mines between 2000 and 2004; the rich gold bearing veins averaging 16.5 g/t Au, being cut off by a sharp fault between 200 and 250 metres depth.
On Behalf of the Board of Directors,
Eric W. Norton
President & CEO
Cathy DiVito, Investor Relations
Telephone: (604) 484-7111
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.