International Gold Resources, Inc. (Pink Sheets:IGRU) announced today that Mr. Roland Vetter has resigned his positions as President, Chief Financial Officer (CFO), and Director in order to pursue other interests. The Company’s Board of Directors has appointed Mr. Tim B. Acton, Chief Executive Officer (CEO), as President.
As previously reported, the Company in April of 2007 appointed Mr. Acton as CEO of the Company. Since that time, Mr. Acton and other new members of management have undertaken a rigorous and comprehensive review of the Company’s books, records, and disclosed financials. On October 23, 2007 this review uncovered a number of potential fraudulent acts and misdeeds against the Company dating back to the filing of Form 10-KSB for the period ending October 30, 2005.
The Company has informed its independent accountants and intends to launch a forensic audit of its Brazilian operations in an expeditious manner in order to resolve these issues. The issues discovered to date relate only to past acts that occurred at the Company prior to the appointment of Mr. Acton. None of the foregoing issues negatively impact or call into question the Company’s title and right to the Cupixi claim blocks in the State of Amapa, Brazil.
At this stage the Company cannot state with certainty the scope of any potential fraudulent acts and misdeeds perpetrated against it and what economic impact such acts will have on the Company and its previously disclosed financial statements. Management will notify the SEC and investors as soon as these matters are resolved and the Company is able to state with confidence the amount of any economic losses and restate its past financial statements for those periods impacted. Likely, the Company will have to restate all of its financial statements filed since the Company’s reverse merger into Montpellier Group, Inc. on August 19, 2005.
About International Gold Resources, Inc.
The vision of International Gold Resources is to maximize shareholder value by becoming recognized as one of the premier early stage gold exploration and development companies.
The statements in the press release that relate to the company’s expectations with regard to the future impact on the company’s results from new products or actions in development are forward-looking statements, within the meaning of the private securities litigation reform act of 1995. The statements in this document may also contain “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company’s actual results may differ materially from expected results.
International Gold Resources, Inc.
Mr. Lyle Durham, 425-844-2535
U.S. only: 800-480-9008
Vice President - Investor Relations
Website: http:www.intlgold.com.