The Mission Group Regulatory News (TMG)

29 Mar 2005 15:30

Thistle Mining Inc.29 March 2005 Thistle Mining Inc Filing of Financial Statements delayed by CCAA Restructuring. --------------------------------------------------------------- Toronto, 28 March 2005. Thistle Mining Inc. (TSX: THT and AIM: TMG)As previously announced, Thistle Mining Inc. ("Thistle") obtained an order onJanuary 7, 2005 to commence Thistle's restructuring under the Companies'Creditors Arrangement Act ("CCAA"). Thistle today announced that it will be unable to file its consolidatedfinancial statements for the fiscal year ended December 31, 2004 and relateddocumentation such as management discussion and analysis and the annualinformation form (the "Annual Financial Statements") by March 31, 2005, being 90days following the end of Thistle's last fiscal year, as required by thesecurities legislation applicable in the provinces in which Thistle is areporting issuer. Thistle's share trading facility on the Alternative InvestmentMarket of the London Stock Exchange will be suspended if financial statementsare not published by 30 June 2005. Thistle also anticipates that it will be unable to file its interim financialstatements for the three month period ended March 31, 2005 and relateddocumentation (the "First Quarter Financial Statements") by May 15, 2005, being45 days following the end of Thistle's first fiscal quarter of 2005, as requiredby the securities legislation applicable in the provinces in which Thistle is areporting issuer. The preparation and filing of the Annual Financial Statements and the FirstQuarter Financial Statements have been delayed as the result of Thistle'srestructuring activities under the CCAA. It is anticipated that Thistle will be able to file the Annual FinancialStatements and the First Quarter Financial statements after the completion ofits restructuring process. At this time it is expected that Thistle will emergefrom its restructuring process prior to the summer of 2005. In accordance with Ontario Securities Commission Policy 57-603, Thistle intendsto satisfy the provisions of the alternate information guidelines, including thedisclosure of any material change to information disseminated to the marketplaceto date, until such time as it has complied with its financial statement filingrequirements. Thistle also intends to disclose the same information that itprovides to its creditors in the same manner in which it would report a materialchange. If Thistle has not filed the Annual Financial Statements and the First QuarterFinancial Statements by May 31, 2005 and July 15, 2005, respectively, Thistleshall have been in default of its financial statement filing requirements for aperiod of two months. The Ontario Securities Commission may impose a cease tradeorder against Thistle if such defaults are not remedied prior to such dates. For further information, contact Harvey McKenzie, Chief Financial Officer,1-416-594-3293. This information is provided by RNS The company news service from the London Stock Exchange