Omai Gold Mines information its first annual monetary statements for the yr ended December 31, 2020 (together with restated prior intervals)

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TORONTO, Might 3, 2021 (GLOBE NEWSWIRE) – Omai Gold Mines Corp. (TSX VENTURE: OMG) (“Omai” or the “Firm”) proclaims the submitting of its audited consolidated monetary statements for the yr ended December 31, 2020 (the “2020 Annual Monetary Statements”). The monetary statements and associated MD&A have been filed on SEDAR and may be seen beneath the Firm Profile at

Mario Stifano, CEO and Director of Omai, mentioned: “Omai has filed its first post-RTO audited consolidated monetary statements since RTO closed on October 1, 2020. The corporate has strengthened its administration crew and board of administrators. administration by the addition of a CEO, an impartial chairman and three extra impartial administrators with strong technical background, monetary market expertise and a dedication to finest practices in governance. We additionally proceed to strengthen and strengthen our crew in Guyana and are actually effectively positioned and keen to maneuver the Omai gold venture ahead.

The Firm additionally proclaims that the comparative figures for the 2020 annual monetary statements have been restated. The comparative figures restated within the 2020 annual monetary statements supersede and supersede the corresponding info contained within the beforehand filed monetary statements and MD&A for Avalon Funding Holdings Inc., which, though obtainable on the Firm’s profile on SEDAR, doesn’t ought to not be invoked.

For extra info relating to the restatement of comparative figures within the 2020 annual monetary statements, please check with the main points of observe 24 of the 2020 annual monetary statements that are summarized as follows:

  • Change in accounting coverage – In the course of the yr ended December 31, 2020, the corporate modified its accounting coverage for exploration and analysis bills in an effort to expense them as they’re incurred . Administration believed that this alteration in accounting technique would lead to clearer, extra related and extra dependable monetary info in an effort to scale back the complexity of economic info. Beneath the earlier accounting coverage, exploration and analysis bills had been capitalized.
  • Prior Interval Changes – As a part of the preparation of the Firm’s consolidated monetary statements for the yr ended December 31, 2020, administration decided that sure transactions from prior intervals had not been correctly recorded:
    • The legally binding act that the Firm signed with the Guyana Geology and Mines Fee (“GGMC”) in December 2018 relating to the Omai prospecting license was beforehand acknowledged on the idea of the popularity of a legal responsibility on cost due dates as a substitute of on the idea of the duty date, being the date on which the act was carried out.
    • A number of contracts (primarily with associated events) have been entered into by the corporate shortly after its incorporation in 2018 and described compensation for providers beforehand supplied and for which the compensation could be within the type of firm shares. As well as, the Firm issued shares in settlement of liabilities (primarily with associated events). Administration decided that the worth of the shares was overvalued
  • Associated Social gathering Disclosures – Along with the issues talked about within the earlier bullet relating to prior interval changes, it was decided that there have been different associated occasion transactions within the prior yr monetary statements which had not been disclosed. The comparative info in observe 18 of the 2020 annual monetary statements has been revised accordingly.

Neither the TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.

About Omai Gold Mines Corp.

Early prospectors recognized Guyana’s huge mineral wealth 130 years in the past, and on the coronary heart of the nation’s gold mining historical past is the Omai Mine – a multi-million-ounce deposit that was as soon as the biggest producing gold mine in South America. We’re constructing on this previous success with new instruments, new relationships and a brand new imaginative and prescient to convey this under-explored gold district to life, offering a novel alternative for all stakeholders to take part in worth creation.

Avalon Gold Exploration Inc., an entirely owned subsidiary of Omai Gold Mines Corp., owns a 100% curiosity within the Omai prospecting license masking 4,590 acres, together with the previous Omai gold mine in manufacturing.

For extra info, please see our web site or contact:

Mario StifanoPresident and Chief Government Officer[email protected]

Warning Concerning Ahead-Wanting Statements

This press launch contains sure “forward-looking statements” beneath relevant Canadian securities legal guidelines. Ahead-looking statements embody, however are usually not restricted to, statements relating to the impacts of the change in accounting coverage, the event and way forward for the Firm’s plans and the anticipated development in shareholder worth. Ahead-looking statements are essentially primarily based on numerous estimates and assumptions which, though thought of affordable, are topic to dangers, uncertainties and different recognized and unknown elements which can trigger precise outcomes and occasions to happen. future statements differ materially from these expressed or implied by these forward-looking statements. These elements embody, however are usually not restricted to: basic uncertainties about enterprise, economic system, competitors, politics and society; delay or failure to obtain regulatory approvals; the worth of gold and copper; and the outcomes of present exploration. There may be no assurance that such statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Due to this fact, readers mustn’t place undue reliance on forward-looking statements. The Firm disclaims any intention or obligation to replace or revise any forward-looking assertion, whether or not on account of new info, future occasions or in any other case, besides as required by legislation.

Supply: Omai Gold Mines Corp.

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