"The Company and its audit committee have been working closely with its auditors over the last three months and has yet to complete the 2009 audit of the Company's financial statements."

If they've been at it for 3 months then they shouldn't have been late.

"The delay in completing the audit of the financials has resulted from the complexity of the Company's year-end financing transactions,"

Which they knew about before last Friday.

"certain accounting treatments respecting the Peruvian operations,"

They've known for years that they were operating in Peru.

"combined with the restructuring and paying out of a significant amount of debt including short and long-term payables."

In total, this looks like they're just giving a long list of excuses, instead of explaining. When you don't get things done, and you just list off excuses, it just makes you look like a disrespectful liar.

"The auditors, the Company's financial team and its audit committee, are working diligently to complete the routine year-end audit. It is expected that the audit will be completed within the next two weeks."

Translation: god knows when.

Sorry to be a basher, but it's deserved, as this is all bull. Thank god these people aren't the ones digging the actual gold out of the ground, and we can at least rely on 100 tradesmen and highschool graduates from northern Quebec to not screw up.

Does anyone in management know what it's like to work for a living? This is exactly the same class of people that give worker-slaves like me a hard time when I don't meet their deadlines; difference now is I'm an owner, so I certainly want to give these people a good hiding for not doing their damn job.