Carson City, NV, Nov. 24, 2014 (GLOBE NEWSWIRE) -- Walker Lane Exploration, Inc (OTC: GSPND) (formerly Goldspan Resources, Inc.) announces the release of its annual report for the year ending July 31, 2014, financial results and Company highlights.
Annual Highlights
Highlights for 2014 include:
· The Company completed the Asset Purchase of two precious metals properties from SJE Mining, LLC on July 31, 2014.
· The Company expanded its Board of Directors from two to six on July 31, 2014.
· The Company changed its name from Goldspan Resources, Inc. to Walker Lane Exploration, Inc., effective September 22, 2014.
· The Company reversed its issued and outstanding common shares 1-for-25, effective September 22, 2014. As of October 31, 2014 we had 11,217,985 shares of our common stock issued and outstanding, held by 83 shareholders of record.
· During the fiscal year ended 2014 we were able to significantly reduce our operating expenses from $1,048,957 to $45,927. The significant decrease in our operating expenses during 2014 is primarily attributable to the forgiveness (elimination) of management fees totaling $326,164 due a related party, reduced professional fees from $401,944 to $41,594, elimination of option fees totaling $315,000. Interest expenses increased from $6,720 to $11,000.
· The company incurred a Net Loss in 2014 of $(56,927) as compared to a Net Loss in 2013 of $(1,055,677)
· At July 31, 2014, we had cash of $ 44 as compared to $142 at July 31, 2013. Accounts receivable and prepaid expenses at July 31, 2014 totaled $73,797. Current Assets were $73,841 as compared to $142 at July 31, 2013. Despite the significant increase in current assets, the Company still had a working capital deficit of $157,739 as compared to $231,050 in 2013.
The company expects to spend substantial amounts in connection with development of current exploration properties. We anticipate that our expenses for 2015 will total approximately $1,350,000, exclusive of any salary payable to our officers or directors.
Subsequent Events:
The Company staked nine, 20 acre unpatented lode claims in the Paradise Peak West area of the Walker Lane. These claims were filed on November 3, 2014 with the BLM.
On November 3, 2014 Mr. Phillip Allen resigned as President and Chief Executive Officer of the Company while retaining his board seat. Subsequent to his resignation, Mr. Allen accepted the post of Vice President of Shareholder Relations. On November 4, 2014 the Board of Directors appointed John L. Key President and Chief Executive Officer. Mr. Trevor Moss was appointed Chairman of the Board.
On December 1, 2014 the new trading symbol for the Corporation, WKLN, will become effective. Currently, Walker Lane's temporary trading symbol is GSPND.
"2014 was a transition year for the Company," stated John L. Key, President. "We are now focused on exploration in the coming year as well as increasing our precious metal property portfolio by acquiring additional properties within the Walker Lane region of Nevada. Our business model is sound and we will be focusing our efforts in the Walker Lane. With the addition of the Paradise Peak West claims we are showing success in adding value to our portfolio and in 2015 we will be working to build onto this early success. The Walker Lane Exploration website is available at www.walkerlaneexploration.com and I would encourage interested investors to visit our site and keep up with our fast moving exploration activity."
"The Company is off to an excellent start and I look forward to resuming the discovery of significant gold and silver resources in the Walker Lane," stated Vice President of Exploration Steve Jones. The Walker Lane is an extensive geologic region that is found along the western border of Nevada running from Beatty in the south to north of Reno. The region is known for its volcanic-hosted, epithermal deposits such as Goldfield, Tonopah, and the prolific Comstock known for its high grades and historic wealth generation. "Walker Lane Exploration presently has two established properties at Pyramid and West Trinity where we have established the presence of significant gold and silver grades from historic rock sampling", stated Jones. "It is our intention to further surface sample and drill these properties within the next six months within the confines of our $1,350,000, 12-month budget, and to add additional properties as opportunities arise. We are presently engaged in property reviews and acquisition throughout the Walker Lane region and anticipate staking or acquiring at least one property each quarter over the next two years."
About Walker Lane Exploration, Inc.
The Corporation is an early-stage gold and silver exploration company primarily exploring for precious metals with the Walker Lane region of Nevada where the Corporation presently owns three properties; Pyramid, which is located in Washoe County, Nevada, consisting of 10 lode claims leased from the Bureau of Land Management (BLM). West Trinity, which is located in Churchill County, Nevada consisting of 24 lode claims leased from the BLM. And, Paradise Peak West, which is located in Nye County, Nevada, consisting of 9 lode claims leased from the BLM. The Corporation's focus is to identify mineral areas within the Walker Lane region that are open to staking and claiming, or to acquire properties management deems viable for exploration. Once a property has been secured, management conducts an assessment of the prospect for exploration, which can include sampling, trenching and drilling in order to develop the prospect for leasing, sale or joint venture with other mining companies. Further information can be found on Walker Lane's website at: www.walkerlaneexploration.com
"Safe-Harbor" Statement: Under the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.