COEUR D'ALENE, ID, April 17 /CNW/ - WGI Heavy Minerals, Inc. (TSX: WG)
today issued its bi-weekly Default Status Report in connection with its Notice
of Default filed on March 31, 2006. The British Columbia Securities Commission
imposed a management cease trade order on April 3, 2006, affecting insiders of
WGI Heavy Minerals, Inc. As required under CSA Staff Notice 57-301 the
Company's Default Status Report is attached.
The Company is working diligently with the auditors to complete the audit
and file the annual audited financial statements, MD&A and AIF. The Company is
intent on filing at the earliest possible moment.
WGI Heavy Minerals, Inc. is a fully integrated miner, producer, and
marketer of industrial-grade minerals. The Company's operations include mining
and processing facilities in Idaho, U.S. (Emerald Creek Garnet), Tamil Nadu,
India (Bengal Bay Garnet), and Ermsleben, Germany and a manufacturing facility
in Washington, U.S. (International Waterjet Parts).
This press release contains forward-looking statements concerning the
business, operations, and financial performance and condition of WGI Heavy
Minerals, Incorporated. A number of the matters discussed and statements made
in the press release contain forward-looking statements reflecting current
expectations regarding future assets. When used in this press release, the
words "believe", "anticipate", "intend", "estimate", "expect", "project", and
similar expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such words. These forward-
looking statements are based on current expectations and are naturally subject
to risks, uncertainties, and changes in circumstances beyond management's
control that may cause actual results to differ materially from those
expressed or implied by such forward-looking statements. Factors that may
cause such differences include but are not limited to: exploration and
development risks; risks related to permits and title to property; risks
related to foreign countries and regulatory requirements; operating hazards;
foreign currency fluctuations; competition; fluctuations in the market price
of mineral commodities and transportation costs; uncertainty as to
calculations of mineral deposit estimates; uninsured risks; and dependence
upon key management personnel and executives. Actual results may differ
materially from those expressed here. You should not place undue reliance on
such forward-looking statements. The Company is under no obligation to update
or alter such forward-looking statements, whether as a result of new
information, future events, or otherwise.
Default Status Report
1. No material change is necessary at this time to the Notice of Default
filed on March 31, 2006.
2. To date the Company intends to fulfill its stated intentions in the
Notice of Default.
3. The Company does not anticipate default of the financial statement
filing requirement subsequent to that disclosed in the Notice of
Default.
4. The Company has disclosed all material information concerning its
affairs as required by CSA Staff Notice 57-301 Appendix B, including
the Company's News Release dated April 10, 2006.
%SEDAR: 00002893E
