latest news releases from the newsroom
Applied Micro Circuits Corporation
Applied Micro Circuits Corp. Announces Conclusion of Internal Investigation of Historical Stock Option Grant Practices and Related Accounting
SUNNYVALE, Calif., Jan. 10, 2007 (PRIME NEWSWIRE) -- Applied Micro Circuits Corporation (Nasdaq:AMCC) today filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2006 and its Quarterly Reports on Form 10-Q for the quarters ended June 30, 2006 and September 30, 2006 with the Securities and Exchange Commission ("SEC"). These filings had been delayed pending the conclusion of an internal investigation by the Audit Committee of the Board of Directors into past stock option practices and the resulting decision to restate the Company's financial results for certain prior periods. AMCC undertook this investigation on its own initiative and has informed the SEC and the U.S. Attorney's Office of the results.
Sierra Gold Corporation
Sierra Gold Corporation Confirms Gem Quality Diamonds On Pampana North Property
LAS VEGAS, Jan. 10, 2007 (PRIME NEWSWIRE) -- Sierra Gold Corporation (Pink Sheets:SGCP) announces that gem quality diamonds have been confirmed on the Pampana North Property as a result of recent test samples from the company's ongoing bulk sampling program. This discovery confirms geologist, Hendrik Velduyzen's statement in his 43-101 report (2006) that "certain stones found in the gold bearing gravel are similar to those found in kimberlite and suggest the presence of diamonds". The geological team collected a two ton sample from one area which yielded six diamonds, five of which were gem quality. The company needs to do more extensive testing to determine the potential value of the diamonds. The value of the gold reserves is $586,404,000 and does not include any diamond potential.