Shares of High River Gold Mines (TSX: T.HRG, Stock Forum) tumbled more than 17% to seven cents Monday, after the company announced on Sunday that it will be filing late interim financial statements for the nine months ended September 30.

The company says the late filing results from “concerns raised by the board of directors regarding the reliability of financial information that High River has received from its 85% owned subsidiary, OJSC Buryatzoloto.”

Buryatzoloto owns 100% of the Zun-Holba and Irokinda mines and the Novophirsovskoye and Chaya Nickel properties in Russia.

High River says that although its board has not determined that the financial information is inaccurate, it has “concluded that these concerns require further investigation before the interim financial statements can be approved.” The company’s board intends to have its auditors carry out an audit, and expects that the interim financial statements will be filed before December 31.

As a result of the delay, High River adds that it will be requesting that the Ontario Securities Commission and other Canadian securities regulatory authorities issue a temporary order prohibiting certain directors and officers of the company from trading in securities of High River for as long as the interim financial statements are not filed.

The High River Gold Mines Bullboard was one of the most posted on Stockhouse Monday morning, with investors offering their opinions on the company and Sunday’s news.

For example, Olderwisernow said:

Say you are going to sell this side of the operation, and you are the current BOD. With all the nonsense that has gone on over the last year, just maybe you would want to confirm, VERY CAEFULLY, any and all claims made in current financials, so you do not sell something, or do some deal, and then get caught because there is some deficiency or error. We all know that could never happen with the tight managment, controls, and responsible folks running this operation of course, but they may want to check on THEMSELVES! That may be one way of vewing this latest release, if you are looking for threads of hope or a positive spin on this, and it may just be the case, if you consider it carefully[sic].