Musgrove Minerals Files Re Stated Financials and MD&A

FSC / Press Release 
Musgrove Minerals Files Re Stated Financials and MD&A 
Vancouver, British Columbia CANADA, December 13, 2012 /FSC/ - Musgrove Minerals
Corp.  (MGS - TSX Venture, MGSGF  - OTC),  ("Musgrove" or the "Company")
announces that, as a result of a review by the British Columbia Securities
Commission, the Company is issuing the following press release to clarify its
disclosure. 
The Company has amended and restated its condensed interim consolidated
financial statements and management discussion and analysis ("MD&A") for the
interim period ended May 31, 2012, and the annual MD&A for the year ended
November 31, 2011 (collectively the "Amended Filings") to correct various
deficiencies and to enable the Amended Filings to be in compliance with the
requirements of National Instrument 51-102 Continuous Disclosure Obligations. 
Summary of the material changes are as follows: 
Condensed interim consolidated financial statements for the three and six months
ended May 31, 2012 ("2012 Q2 Interim Financial Statements") 
1. Interim consolidated statement of financial position and interim consolidated
statement of change in equity as at May 31, 2012:
 -***- 
------------------------------------------------ 
After      Before     Change 
Amendment   Amendment
------------------------------------------------
Share capital $18,640,590 $18,498,291   $142,299
------------------------------------------------
Reserve        $2,628,722  $2,771,021 ($142,299)
------------------------------------------------
Total equity   $4,058,422  $4,058,422      $ Nil
------------------------------------------------ 
-****- 
The Company has amended the amount allocated to its Reserve to $208,700 (was
$351,000) from the $585,000 gross proceeds received from its private placement
that was completed on May 30, 2012.  Details of this allocation are disclosed in
Note 9 to the condensed interim consolidated financial statements for the six
months ended May 31, 2012. 
2. Interim consolidated statements of cash flows for the six months ended May
31, 2012
 -***- 
--------------------------------------------------- 
After    Before   Change 
Amendment Amendment
--------------------------------------------------- 
$         $        $
---------------------------------------------------
Net cash flows         (361,653) (362,355)      702
  from (used in)
  operating activities
---------------------------------------------------
Net cash flows           530,497   550,469 (19,972)
  from (used in)
  investing activities
---------------------------------------------------
Effect of foreign            Nil  (19,270)   19,270
  currency
---------------------------------------------------
Increase in cash         111,317   111,317      Nil
  and cash equivalent
--------------------------------------------------- 
-****- 
3. Interim consolidated statements of cash flows for the three months ended May
31, 2012
 -***- 
--------------------------------------------------- 
After    Before   Change 
Amendment Amendment
--------------------------------------------------- 
$         $        $
---------------------------------------------------
Net cash flows         (140,334) (143,036)    2,702
  from (used in)
  operating activities
---------------------------------------------------
Net cash flows            50,993    72,965 (21,972)
  from (used in)
  investing activities
---------------------------------------------------
Effect of foreign            Nil  (19,270)   19,270
  currency
---------------------------------------------------
Decrease in cash         (4,615)   (4,615)      Nil
  and cash equivalent
--------------------------------------------------- 
-****- 
4. In order to provide more relevant information to the users of financial
statements, the Company has included additional disclosures to Note 3
(Significant accounting policies), Note 13 (Transition to IFRS), Note 6
(Exploration and evaluation assets), Note 11 (Related party transactions) to
2012 Q2 Interim Financial Statements. 
Interim MD&A for the period ended May 31, 2012 and Annual MD&A for the year
ended November 30, 2011 
More discussion has been added in the sections Result of Operations, Selected
Annual Information, and Summary of Quarterly Results to provide readers a more
thorough understandings of the Company in the subject period. Also more
information has been added to the section Commitments, Related Party
Transactions, Share Capital, and Forward-Looking Statements to provide readers
more useful and relevant information that is required by  National Instrument
51-102. 
ON BEHALF OF THE BOARD OF DIRECTORS OF
MUSGROVE MINERALS CORP. 
BY ORDER OF THE BOARD
"Rana Vig"
Rana Vig,
President and CEO
MUSGROVE MINERALS CORP. 
About Musgrove Minerals Corp. 
Musgrove Minerals Corp. http://www.musgroveminerals.com is a mineral-exploration
resource company trading on the TSX Venture Exchange (Symbol:MGS). The Company
is currently exploring the Musgrove Creek Gold Project, an advanced stage
exploration project located in a historic Gold mining district in Idaho, USA and
approximately 24 Km (15 mi) from Meridian Gold's past producing Beartrack Mine
which produced approximately 600,000 oz of Gold from 1996 - 2001. 
The Musgrove Creek Gold Project contains a NI 43-101 Inferred Mineral Resource
estimate of 8 million tonnes at 1.22 g/t Au (0.036 oz/ton) at a gold cut-off of
0.8 g/t (0.023 oz/ton). This is equivalent to 313,822 oz (9,761 kg) of gold
(Gruenwald and Makepeace, 2004). 
Musgrove Minerals also has interest in three (3) other projects - The Vianey
Silver Project in Mexico that it recently sold for $325,000 to Grand Peak
Capital (GPK); The Charay Gold property in Mexico that it Joint Ventured to
Westridge Resources (WST); and, the Empire Mine project - a polymetallic skarn
deposit containing copper, zinc, gold and silver located in the Alder Creek
Mining District in Custer County, Idaho - that it recently joint ventured to
Konnex Resources, currently a private company seeking to go public - owned 18%
by Cliffs Natural Resources (CLF:NYSE). 
Further information: Rana Vig at (604) 633-2442, or toll free 1-800-667-1442, or
via email  rana@musgroveminerals.com, or by visiting our website at
www.musgroveminerals.com 
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release 
FORWARD LOOKING STATEMENTS This press release may contain or refer to certain
forward-looking statements relating, but not limited to, Musgrove's
expectations, intentions, plans and beliefs with respect to Musgrove. Often, but
not always, forward-looking statements can be identified by the use of words
such as "plans", "expects", "does not expect", "is expected", "budget",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or equivalents or variations, including negative variations, of such
words and phrases, or state that certain actions, events or results, "may",
"could", "would", "should", "might" or "will" be taken, occur or be achieved.
Forward-looking statements rely on certain underlying assumptions that, if not
realized, can result in such forward-looking statements not being achieved.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors that could cause the actual results of Musgrove to be materially
different from the historical results or from any future results expressed or
implied by such forward-looking statements. Although Musgrove has attempted to
identify important factors that could cause actual actions, events or results or
cause actions, events or results not to be estimated or intended, there can be
no assurance that forward-looking statements will prove to be accurate as actual
results and future events could differ materially from those anticipated in such
statements. Other than as required by applicable Canadian securities laws,
Musgrove does not update or revise any such forward-looking statements to
reflect events or circumstances after the date of this document or to reflect
the occurrence of unanticipated events. Accordingly, readers should not place
undue reliance on forward-looking statements. 
To view this press release as a webpage, please click on the following link:
http://www.usetdas.com/pr/musgrovedec132012.htm 
Source: Musgrove Minerals Corp. (MGS - TSX Venture)
http://www.musgroveminerals.com
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