VANCOUVER, March 31 /CNW/ - Copper Mesa Mining Corporation ("Copper Mesa" or the "Company") (TSX:CUX) today announced that it has been unable to file its annual financial statements, accompanying management's discussion and analysis, the related CEO and CFO certifications, and the annual information form (collectively, the "2008 Annual Filings") for the financial year ended December 31, 2008 within the 90 day period prescribed for the filing of annual financial statements under Parts 4, 5 and 6 of National Instrument 51-102 and pursuant to National Instrument 52-109. The Company expects to file the 2008 Annual Filings on or before May 31, 2009.
The Company's inability to file the 2008 Annual Filings on time is due to financial constraints which required management of the Company to devote substantially all of its time to pursuing potential strategic alternatives for the Company, including, but not limited to, the sale of certain assets and, alternatively, the potential sale of the Company.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines found at sections 4.3 and 4.4 of National Policy 12-203 for so long as it remains in default as a result of late filing of its continuous disclosure. During the period of default, the Company will issue bi-weekly default status reports in the form of further press releases which will also be filed on SEDAR. The Company confirms that there are no insolvency proceedings against the Company as of the date of this press release.
The Company has made application to applicable regulatory authorities for a management cease trade order. There is no certainty that such order will be granted. The applicable regulatory authorities may issue cease trade orders against the Company for failure to file the 2008 Annual Filings within the prescribed time period.
About Copper Mesa Mining Corporation
Copper Mesa is a mineral exploration and development company focused on advancing into production its two key past-producing copper properties, the Zonia and Emerald Isle Mines in Arizona, USA.
This press release may contain forward-looking statements that are based on Copper Mesa's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
%SEDAR: 00022376E