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Eurasia Gold announces late filing of financial statements

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rossi   Tuesday, 03/27/07 01:28:34 PM
Re: rossi post# 176
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Eurasia Gold announces late filing of financial statements
Monday March 26, 4:08 pm ET


TORONTO, March 26 /CNW/ - Eurasia Gold Inc. ("Eurasia" or, the "Company") (TSX: EGX - News) is announcing today that as a result of increased time needed to complete its annual financial statements and hence the audit thereof, Eurasia advises that there will be a delay in filing of the annual financial statements, management discussion and analysis ("MD&A") and annual information form for year ended December 31, 2006 as required by National Instrument 51-102 Continuous Disclosure Obligations ("NI 51-102").
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The delay is caused by procedures required to finalize the accounting under Canadian GAAP of the business combination of Charaltyn JSC and Eurasia that occurred in May 2006 and its effect on comparative information as well as quarterly information for 2006, MD&A and annual information form. This is aimed primarily for a better understanding of the results of its operations on a combined basis for the users of financial information under Canadian GAAP.

Eurasia is working with its auditors as expeditiously as possible to complete the audit of its annual financial statements for year ended December 31, 2006. Management expects this to be completed by April 20, 2007.

Pending the filing of its annual audited financial statements and MD&A, Eurasia intends to satisfy the alternative information guidelines recommended by Ontario Securities Commission ("OSC") Policy 57-603 and Canadian Securities Administrators ("CSA") Staff Notice 57-301. If the Financial Statements and MD&A are not filed by May 31, 2007, the Ontario Securities Commission ("OSC") may impose a cease trade order. The Company will request from the OSC, that a management cease trade order related to Eurasia's common shares be imposed against some or all of the persons who have been directors, officers or insiders of Eurasia instead of against all securities of the Company. Such an order would not generally affect the ability of persons who have not been directors, officers or insiders of Eurasia to trade Eurasia's securities.



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