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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sino Vanadium | TSXV:SVX | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
The Board of Sino Vanadium Inc. (TSX VENTURE:SVX), a late-stage vanadium play focused on the production of vanadium-pentoxide (V205), today announced the Company has restated its financial statements and Management Discussion and Analysis (MD&A) for the years ended December 31, 2008 and 2009 and the quarter ended March 31, 2010. The restatement of the Company's consolidated financial statements resulted from management's identification of non-cash accounting errors in its December 31, 2009 and December 31, 2008 annual consolidated financial statements and its March 31, 2010 interim financial statements. The corrections relate to the Company's reporting of mineral property acquisition and future income tax liabilities in compliance with CICA Handbook Section 3465 - Income Taxes. As a result of these corrections, the previously reported results changed to the following: As at As at As at March 31, December 31, December 31, 2010 2009 2008 ---------------------------------------------------------------------------- Mineral properties as previously reported $ 15,608,989 $ 15,961,687 $ 15,144,889 Mineral properties, restated 19,618,079 20,091,995 19,981,153 Future tax liabilities as previously reported - - - Future tax liabilities, restated $ 4,009,110 $ 4,130,308 $ 4,836,264 The Company noted that this technical correction has no impact on either cash outlays required or the operation of its business. About Sino Vanadium The Company owns 100% of the Daquan property in Shaanxi province, China. The property contains a world-class vanadium deposit in an indicated resource of 330mm lbs. (15.9M t) at an average grade of 0.95% and an inferred resource of 370mm lbs. (18.7M t) at an average grade of 0.92% of vanadium pentoxide (V2O5) with a project net present value (NPV) (10% discount) of $878,318,000 as per its NI 43-101-compliant report, available on SEDAR (www.sedar.com). Mineral resources that are not mineral reserves have no demonstrated economic viability. China is the world's largest single consumer of vanadium, which it uses primarily for high-strength steel and titanium alloys. Sino Vanadium also sees strong future potential in the growth of the high-energy, high-power, extra-long-life battery industry. The Company's objective is to create shareholder value through the consolidation of vanadium development and production. For further information, please visit www.sinovanadium.com. Forward-Looking Statements This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Company's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral resources, the realization of estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, and potential acquisitions.
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