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Company News Releases...
Pacific Booker Minerals Inc. Clarifies “Emphasis Of Matter” In Auditors Report
Vancouver BC, June 13, 2011: In the Company’s audited financial
statements filed in May, 2011, for the year ended January 31, 2011, in
accordance with recently updated Canadian auditing standards, the auditor's
report contained a paragraph titled Emphasis of Matter:
The report from the Auditors stated: “Without qualifying our opinion, we draw
attention to Note 1 to these financial statements, which states that Pacific
Booker Minerals Inc. incurred significant losses from operations, negative cash
flows from operating activities and has an accumulated deficit. This, along with
other matters as described in Note 1, indicate the existence of a material
uncertainty which may cast doubt about the ability of Pacific Booker Minerals
Inc. to continue as a going concern.
Under the rules of the NYSE Amex Stock Exchange any such note in an auditor's
report is required to be announced. The Emphasis of Matter paragraph is now
required to be included in Canadian audit reports for companies which do not
have positive cash flows presently or in the short term.
In addition, effective for the company's year ended January 31, 2011, auditing
standards in Canada changed from historic Canadian auditing standards to
Canadian auditing standards (CAS). With the new CAS standards, came new guidance
requiring an auditor to include the Emphasis of Matter paragraph in the standard
auditors' report when an auditor concludes that the use of the going-concern
assumption is appropriate in the circumstances but a material uncertainty
exists. Previous Canadian auditing standards did not require this paragraph in
the auditors' report when such matters were adequately described in the notes to
the financial statement. As a result the auditors' report dated April 27, 2011,
on the company's 2011 financial statements prepared under these new standards
includes this Emphasis of Matter paragraph as the company is an
exploration-stage enterprise and its liquidity is ultimately dependent on its
ability to obtain necessary financing as required, developing or selling its
exploration properties, and ultimately achieving profitable operations.
The Company would also like to advise any interested party that our financial
statements are available for downloading on our corporate website at http://www.pacificbooker.com/financials.htm,
or if you would prefer a hard copy sent by regular mail service, we have
provided an area on that page where you can request a copy by regular mail. That
option requires that you provide the details needed for mailing. The details
provided will not be used for any purpose other than the mail out of the
requested documents.
For information regarding Pacific Booker Minerals Inc., and to view our
Khandaker and Standard & Poor’s reports, our 3D animations of the Morrison ore
body and site plan, please visit our website home page at http://www.pacificbooker.com
.
If you would like to be added to our email newsgroup, please send your request
by email to info@pacificbooker.com .
On Behalf of the Board of Directors
“John Plourde”
John Plourde, Director
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