Mr. Shane Shircliff reports
WESTCORE ANNOUNCES FILING OF FINANCIAL STATEMENTS AND COAL ASSET WRITEDOWN
Westcore Energy Ltd. has filed its annual audited financial statements as at and for the year ended Dec. 31, 2013. In connection with such statements, the company determined that as of Dec. 31, 2013, there were indicators of impairment for its coal exploration and evaluation assets. The indicators of impairment result from the current lack of investor interest in coal companies, downturn in the mining industry in particular and the company's decision to significantly reduce future exploration expenditures until equity market conditions improve. As a result, the company has recorded an impairment write-off of $7,125,490. After giving effect to this write-off, the company's coal assets have been valued at $1,985,676 as at Dec. 31, 2013.
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