	galactic galcf adopts conservative accounting galactic resources ltd earlier reporting a loss of mln u s dlrs said it adopted a more conservative accounting policy similar to other gold producers accounting for exploration costs as a result the company retroactively charged all past exploration and related administration costs incurred on its properties against expenses in and under the new policy all future exploration and related administration costs will be written off to expenses rather than capitalized as an intangible asset it said galactic said the accounting change resulted in a mln u s dlr charge against ings it did not immediately disclose the affect of the change on prior years results the new accounting policy is not expected to adversely affect working capital position future cash flows or the company s ability to conduct ongoing business operations it said galactic said the charge includes mln u s dlrs of costs concerning its summitville mine leach pad and mln u s dlrs in waste removal costs dyke construction and other mine developments galactic said under the prior accounting policy the summitville mine expenses would have been amortized over the life of the mine and charged against future ings the change will also result in lower depreciation and amortization charges against income of about u s dlrs an ounce of gold produced in future periods based on total estimated reserves of ounces galactic said march leaching production at summitville is expected to exceed ounces raising gold equivalent production since the june start of leaching to ounces reuter 
