Golden Queen Announces Asset Impairment Loss.Business Editors MOJAVE, Calif.--(BUSINESS WIRE)--May 22, 2001 Golden Queen Mining Co. Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :GQM GQM Goal, Question, Metric (Software Metrics, A Rigorous Approach By Fenton, Norman E., Chapman Hall, London, 1994) GQM Great Quest Metals GQM Groundwater Quality Monitoring .) announced today that due to sustained depressed gold and silver prices during 2000, the Board of Directors of the Company have determined that an asset impairment loss of $28,547,592 be recorded for the year ended December 31, 2001. As a result, assets of the Company as at December 31, 2000 have been reduced to $1,406,467 as compared with $29,994,958 as at December 31, 1999 and a net loss of $28,885,920 for the year ended December 31, 2000 as compared with $564,657 for the year ended December 31, 1999. The Company's common shares trade on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol GQM. This news release contains forward-looking information as described in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The statements herein involve a degree of risk and uncertainty due to various factors, including, but not limited to, precious metal price volatility and management's expectations regarding ore grade Ore grade is a measure that describes the concentration of a valuable natural material (such as metals or minerals) in its surrounding ore. Ore grade is used to assess the economic feasibility of a mining operation: the cost of extracting a natural material from its ore is directly and recovery rates, precious metal production, and operating and capital costs. For a more detailed discussion of these and other factors that can be expected to affect the Company's future operations, and by, implication, the accuracy of the forward-looking statements contained in this press release, please consult Golden Queen's period reports filed with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, particularly its annual reports on Form 10-KSB and its quarterly reports on Form 10-QSB. These reports may be obtained from the SEC, electronically, through its website at www.sec.gov. |
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