Rouge Resources Ltd.: Form 6-K - Filed by newsfilecorp.com

0001062993-13-006251.txt : 20131210 0001062993-13-006251.hdr.sgml : 20131210 20131210061149 ACCESSION NUMBER: 0001062993-13-006251 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20131210 FILED AS OF DATE: 20131210 DATE AS OF CHANGE: 20131210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Rouge Resources Ltd. CENTRAL INDEX KEY: 0000906361 STANDARD INDUSTRIAL CLASSIFICATION: MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400] IRS NUMBER: 000000000 STATE OF INCORPORATION: A1 FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31799 FILM NUMBER: 131267178 BUSINESS ADDRESS: STREET 1: 203 - 409 GRANVILLE STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 1T2 BUSINESS PHONE: 604-831-2739 MAIL ADDRESS: STREET 1: 203 - 409 GRANVILLE STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 1T2 FORMER COMPANY: FORMER CONFORMED NAME: GEMSTAR RESOURCES LTD DATE OF NAME CHANGE: 19930602 6-K 1 form6k.htm FORM 6-K Rouge Resources Ltd.: Form 6-K - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of December, 2013

Commission File Number: 001-31799

ROUGE RESOURCES LTD.
(formerly Gemstar Resources Ltd.)
(Translation of Registrant’s Name into English)

#203-409 Granville St, Vancouver, British Columbia, Canada, V6C 1T2
(Address of principal executive offices)

[Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or
Form 40-F]
Form 20-F [X] Form 40-F [ ]

[Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation
S-T Rule 101(b)(1)]
Yes [ ] No [X]

[Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation
S-T Rule 101(b)(7)]
Yes [ ] No [X]

[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also
thereby furnishing the information to the Commission pursuant to Rule 12-g-3-3(b) under the Securities
Exchange Act of 1934]
Yes [ ] No [X]

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b): 82-_______________

SUBMITTED HEREWITH

Exhibits

	99.1	Interim Financial Statements for nine months ended October 31, 2013

	99.2	Management Discussion and Analysis for nine months ended October 31, 2013

	99.3	Form 52-109FV1 - Certification of Interim Filings - CEO

	99.4	Form 52-109FV1 - Certification of Interim Filings - CFO

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Rouge Resources Ltd.

Dated: December 10, 2013	By:	/s/ Linda Smith
		Linda Smith

	Title:	Chief Executive Officer

EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 Rouge Resources Ltd.: Exhibit 99.1 - Filed by newsfilecorp.com

ROUGE RESOURCES LTD.

(An Exploration Stage Company)

UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS

NINE MONTHS ENDED OCTOBER 31, 2013

(Expressed in Canadian Dollars)

Statements of Financial Position
Statements of Comprehensive Loss
Statement of Changes in Equity
Statements of Cash Flows
Notes to Financial Statements

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the condensed interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim financial statements of the Company have been prepared by management and approved by the Audit Committee and Board of Directors of the Company. They include appropriate accounting principles, judgement and estimates in accordance with IFRS for interim financial statements.

The Company’s independent auditors have not performed a review of these condensed interim financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of condensed interim financial statements by an entity’s auditors.

Rouge Resources Ltd.

Condensed Interim Statements of Financial Position

(Expressed in Canadian dollars – unaudited)

	Notes		October 31,						January 31,
			2013			2012			2013
									(audited)

ASSETS

Current assets
Cash		$	146,990		$	426,676		$	301,845
Value-added tax receivable			603			10,440			4,122
Prepaid expenses			-			2,684			1,625
			147,593			439,800			307,592
Non-current assets
Credit card security deposit			6,900			6,900			6,900
Equipment – net	4		1,229			2,005			1,811
Acquisition, exploration and evaluation assets	5		291,008			268,574			268,574
			299,137			277,479			277,285
TOTAL ASSETS		$	446,730		$	717,279		$	584,877


LIABILITIES

Current liabilities
Trade payables and accrued liabilities	6	$	9,221		$	3,248		$	38,883
Loan payable	7		39,676			39,676			39,676
Related party payables	8		49,978			98,961			11,466

TOTAL LIABILIITES			98,875			141,885			90,025

SHAREHOLDERS’ EQUITY

Share capital – net	9		3,953,590			3,960,878			3,953,590
Convertible debt reserve	10		53,357			53,357			53,357
Deficit			(3,659,092	)		(3,438,841	)		(3,512,095	)

TOTAL SHAREHOLDERS’ EQUITY			347,855			575,394			494,852
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	446,730		$	717,279		$	584,877


Going concern	1

Approved on behalf of the Board of Directors:

“Linda Smith”		“Ronald McGregor”
Director		Director

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Condensed Interim Statements of Comprehensive Loss

(Expressed in Canadian dollars – unaudited)

															Year ended
	Notes		Three months ended October 31,						Nine months ended October 31,						January 31,
			2013			2012			2013			2012			2013
															(audited)

Expenses
Amortization		$	194		$	194		$	582		$	582		$	776
Consulting fees	8		2,800			-			5,800			-			5,670
Listing application expenses			-			(5,167	)		403			60,506			62,601
Management fees	8		15,000			15,000			45,000			45,000			60,000
Office admin and travel	8		16,440			8,510			57,885			28,318			44,506
Professional fees	8		3,687			14,759			16,213			19,800			47,705
Transfer agent and filing fees			3,861			2,288			21,114			11,798			18,000

Net and comprehensive loss		$	(41,982	)	$	(35,584	)	$	(146,997	)	$	(166,004	)	$	(239,258	)

Loss per share
– basic and diluted	9	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.01	)


Weighted average number of shares outstanding
– basic and diluted			44,633,177			43,395,084			44,633,177			41,515,361			42,299,073

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Condensed Interim Statement of Changes in Equity

(Expressed in Canadian dollars – unaudited)

						Share			Convertible
	Common Shares					Subscriptions			Debt
	Number		Amount			Received			Reserve		Deficit			Total
Balance at January 31, 2012 (audited)		$	3,110,796		$	-		$	53,357	$	(3,272,837	)	$	(108,684	)
	40,565,171
Net and comprehensive loss for nine months ended October 31, 2012											(166,004	)		(166,004	)

Share subscriptions received in advance						108,000								108,000

Proceeds from common shares issued	4,068,000		1,017,000			(108,000	)							909,000

Share issue costs			(166,918	)										(166,918	)
Balance at October 31, 2012	40,565,171		3,960,878			-			53,357		(3,438,841	)		(575,394	)

Net and comprehensive loss for three months ended January 31, 2013											(73,254	)		(73,254	)

Share issue costs			(7,288	)										(7,288	)
Balance at January 31, 2013 (audited)	44,633,171		3,953,590			-			53,357		(3,512,095	)		494,852

Net and comprehensive loss for nine months ended October 31, 2013											(146,997	)		(146,997	)

Balance at October 31, 2013	44,633,171	$	3,953,590		$	-		$	53,357	$	(3,659,092	)	$	347,855

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Condensed Interim Statements of Cash Flows

(Expressed in Canadian dollars – unaudited)

														Year ended
		Three months ended October 31,						Nine months ended October 31,						January 31,
		2013			2012			2013			2012			2013
														(audited)

Operating activities
Net and comprehensive loss	$	(41,982	)	$	(35,584	)	$	(146,997	)	$	(166,004	)	$	(239,258	)
Adjustments for non-cash item:
Amortization		194			194			582			582			776
Changes in non-cash working capital items:
Value-added tax receivable		1,127			(6,187	)		3,519			(7,489	)		(1,171	)
Prepaid expenses		-			(2,684	)		1,625			(2,684	)		(1,625	)
Trade payables and accrued liabilities		(1,684	)		(120,284	)		(29,662	)		(54,782	)		(19,147	)

Net cash flows used in operating activities		(42,345	)		(164,545	)		(170,933	)		(230,377	)		(260,425	)

Investing activities
Expenditures on acquisition, exploration and evaluation assets		-			(39,328	)		(22,434	)		(55,695	)		(55,695	)

Net cash flows used in investing activities		-			(39,328	)		(22,434	)		(55,695	)		(55,695	)

Financing activities
Change in related party payables		11,018			(219,533	)		38,512			(155,157	)		(242,652	)
Proceeds from common shares issued		-			894,773			-			1,017,000			1,017,000
Share issue costs		-			(152,691	)		-			(166,918	)		(174,206	)

Net cash flows from financing activities		11,018			522,549			38,512			694,925			600,142

Increase (decrease) in cash		(31,327	)		318,676			(154,855	)		408,853			284,022
Cash, beginning		178,317			108,000			301,845			17,823			17,823

Cash, end	$	146,990		$	426,676		$	146,990		$	426,676		$	301,845

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars - unaudited)

For the nine months ended October 31, 2013 and 2012

1. Nature and continuance of operations

Rouge Resources Ltd (the “Company”) was incorporated on March 31, 1988 under the laws of the province of British Columbia, Canada, and its principal activity is the acquisition and exploration of mineral properties. The Company’s shares are traded on the TSX Venture Exchange (“TSX-V”) and quoted on the OTC:BB in the United States. The Company’s registered and records office is located at Suite 203 - 409 Granville St., Vancouver, British Columbia, V6C 1T2.

These condensed interim financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of business. As at October 31, 2013, the Company had not advanced any of its properties to commercial production and is not able to finance day-to-day activities through operations. The Company’s continuation as a going concern is dependent upon the successful results from its mineral property exploration activities; its ability to attain profitable operations and generate funds therefrom; and its ability to raise equity capital or borrowings sufficient to meet current and future obligations. These factors indicate the existence of a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern. Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from directors and companies controlled by directors, and/or private placement of common shares. Should the Company be unable to continue as a going concern, the net realizable value of its assets may be materially less than the amounts on its Statements of Financial Position.

2. Significant accounting policies and basis of preparation

These financial statements were authorized for issue on December 10, 2013 by the directors of the Company.

Statement of compliance and conversion to International Financial Reporting Standards

These condensed interim financial statements comply with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and with interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). Therefore, these financial statements also comply with International Accounting Standard (“IAS”) 34, Interim Financial Reporting.

This interim financial report does not include all of the information required of a full annual financial report and is intended to provide users with an update in relation to events and transactions that are significant to an understanding of the changes in financial position and performance of the Company since the end of the last annual reporting period. It is therefore recommended that this financial report be read in conjunction with the audited annual financial statements of the Company for the year ended January 31, 2013. However, this interim financial report provides selected significant disclosures that are required in the annual financial statements under IFRS.

Basis of preparation
These condensed interim financial statements have been prepared on an accrual basis; are based on historical costs, modified where applicable; and are presented in Canadian dollars unless otherwise noted.

Significant estimates and assumptions
The preparation of financial statements in accordance with IFRS requires the Company to make estimates and assumptions concerning the future. The Company’s management reviews these estimates and underlying assumptions on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted for prospectively in the period in which the estimates are revised.

Estimates and assumptions where there is significant risk of material adjustments to assets and liabilities in future accounting periods include: the useful lives of equipment, the recoverability of the carrying value of exploration and evaluation assets, fair value measurements for financial instruments, recoverability and measurement of deferred tax assets, and provisions for restoration and environmental obligations and contingent liabilities.

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars - unaudited)

For the nine months ended October 31, 2013 and 2012

Significant judgments
The preparation of financial statements in accordance with IFRS requires the Company to make judgments, apart from those involving estimates and assumptions, in applying accounting policies. The most significant judgments in preparing the Company’s financial statements include:

Assessment of the Company’s ability to continue as a going concern and whether there are events or conditions that may give rise to significant uncertainty; and
Classification / allocation of expenditures as exploration and evaluation assets or operating expenses.

Foreign currency translation, transactions and balances
The functional currency of a Company is measured using the currency of the primary economic environment in which it operates. These financial statements are presented in Canadian dollars which is the Company’s functional and presentation currency.

Foreign currency transactions, where applicable, are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the period-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in the Statement of Comprehensive Loss in the period in which they arise, except where deferred in equity as a qualifying cash flow or net investment hedge.

Exchange differences arising on the translation of non-monetary items are recognized in other comprehensive income to the extent that gains and losses arising on those non-monetary items are also recognized in other comprehensive income. Where the non-monetary gain or loss is recognized in profit or loss, the exchange component is also recognized in profit or loss.

Acquisition, exploration and evaluation assets
Costs incurred before the Company has obtained the legal rights to explore an area are expensed as incurred. Exploration and evaluation expenditures include the costs of acquiring licenses and costs associated with exploration and evaluation activity. Option payments are considered acquisition costs provided that the Company has the intention of exercising the underlying option.

Property option agreements are exercisable entirely at the option of the optionee. Therefore, option payments (or recoveries) are recorded when payment is made (or received) and are not accrued.

Exploration and evaluation expenditures are capitalized. The Company capitalizes costs to specific blocks of claims or areas of geological interest. Government tax credits received are recorded as a reduction to the cumulative costs incurred and capitalized on the related property.

Exploration and evaluation assets are tested for impairment if facts or circumstances indicate that impairment exists. Examples of such facts and circumstances are as follows:

the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed;
substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned;

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars - unaudited)

For the nine months ended October 31, 2013 and 2012

exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and
sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale.

After technical feasibility and commercial viability of extracting a mineral resource are demonstrable, the Company stops capitalizing expenditures for the applicable block of claims or geological area of interest and tests the asset for impairment. The capitalized balance, net of any impairment recognized is then reclassified to either tangible or intangible mine development assets according to the nature of the asset.

Development expenditures
Costs arising from the construction, installation or completion of infrastructure facilities are capitalized within mine development assets until the mine achieves commercial production at which point accumulated costs are transferred to producing mine assets.

Share-based payments
The Company has a stock option plan. Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. Compensation expense is recognized and the corresponding amount is recorded in the share option reserve. The fair value of options is determined using the Black–Scholes pricing model. The number of shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest. When the options are exercised, share capital is credited for the consideration received and the related share option reserve is decreased.

Loss per share
Basic loss per share is calculated by dividing the loss attributable to common shareholders by the weighted average number of common shares outstanding in the period. For all periods presented, the loss attributable to common shareholders equals the reported loss attributable to owners of the Company. Diluted loss per share for stock options and share purchase warrants is calculated by the treasury stock method. Under this method, the weighted average number of common shares outstanding for the calculation of diluted loss per share assumes that the proceeds to be received on the exercise of dilutive share options and share purchase warrants are used to repurchase common shares at the average market price during the period. Any stock options or share purchase warrants outstanding cause the calculation of diluted loss per share to be anti-dilutive and are therefore not included in the calculation.

Financial instruments
The Company classifies its financial instruments in the following categories: fair value through profit or loss (“FVTPL”), loans and receivables, held-to-maturity investments, available-for-sale and financial liabilities. The classification depends on the purpose for which the financial instruments were acquired. Management determines the classification of its financial instruments at initial recognition.

Financial assets are classified at fair value through profit or loss when they are held-for-trading for the purpose of short-term profit taking, derivatives not held for hedging purposes, or when they are designated as such to avoid an accounting mismatch or to enable performance evaluation where a group of financial assets is managed by key management personnel on a fair value basis in accordance with a documented risk management or investment strategy. Such assets are subsequently measured at fair value with unrealized changes in carrying value being included in profit or loss.

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars - unaudited)

For the nine months ended October 31, 2013 and 2012

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortized cost. They are included in current assets except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets.

Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments with Company’s intention to hold these investments to maturity. They are subsequently measured at amortized cost. Held-to-maturity investments are included in non-current assets, except for those instruments that are expected to mature within 12 months after the end of the reporting period. Available-for-sale financial assets are non-derivative financial assets that are designated as available-for-sale or are not suitable to be classified as financial assets at fair value through profit or loss , loans and receivables or held-to-maturity investments and are subsequently measured at fair value. These are included in current assets to the extent they are expected to be realized within 12 months after the end of the reporting period. Unrealized gains and losses are recognized in other comprehensive income, except for impairment losses and foreign exchange gains and losses on monetary financial assets which are recognized in profit or loss.

Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortized cost. Regular purchases and sales of financial assets are recognized on the trade-date, ie. the date on which the group commits to purchase the asset. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership.

At each reporting date, the Company assesses whether there is objective evidence that a financial instrument has been impaired. In the case of available-for-sale financial instruments, a significant and prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen.

Transaction costs related to financial instruments include professional, consulting, regulatory, agency commissions and other costs that are incremental to the acquisition, issuance or disposition of financial assets, liabilities or equity instruments. Transaction costs are initially charged to the related financial instrument or equity instrument, except where the financial instrument is classified as fair value through profit or loss , in which case transaction costs are expensed to the Statement of Comprehensive Loss immediately.

The Company does not have any derivative financial assets and liabilities.

Impairment of assets
The carrying amount of the Company’s non-current assets, which include equipment and exploration and evaluation assets, is reviewed at each reporting date to determine whether there is an indication of impairment. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. An impairment loss is recognized in the Statement of Comprehensive Loss whenever the carrying amount of the asset, or its cash-generating unit, exceeds its recoverable amount.

The recoverable amount is the greater of an asset’s fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash flows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs.

A cash-generating unit is the smallest identifiable group of assets that generates cash inflows largely independent of the cash flows from other assets or groups of assets. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit and then to reduce the carrying amount of the other assets in the unit on a pro-rata basis.

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars - unaudited)

For the nine months ended October 31, 2013 and 2012

An impairment loss is only reversed if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. However, any reversal of impairment cannot increase the carrying value of the asset to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. An impairment loss with respect to goodwill is never reversed.

Assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment.

Income taxes

Current income tax
Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in the countries where the Company operates and generates taxable income.

Current income tax relating to items recognized directly in other comprehensive income or equity is recognized in other comprehensive income or equity and not in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred income tax
Deferred income tax is recognized using the asset and liability method on temporary differences at the reporting date arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and recognized only to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.

Flow-through shares
On the issuance of flow-through shares, any premium received in excess of the closing market price of the Company’s common shares is initially recorded as a liability (“flow-through tax liability”). Provided that the Company has renounced the related expenditures, or that there is a reasonable expectation that it will do so, the flow-through tax liability is reduced on a pro-rata basis as the expenditures are incurred. If such expenditures are capitalized, a deferred tax liability is recognized. To the extent that the Company has suitable unrecognized deductible temporary differences, an offsetting recovery of deferred income taxes would be recorded.

Restoration and environmental obligations
The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of long-term assets, when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present value of future restoration cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to the related asset along with a corresponding increase in the restoration provision in the period incurred. Discount rates using a pre-tax rate that reflects the time value of money are used to calculate the net present value.

The Company’s estimates of restoration costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to exploration and evaluation assets with corresponding entries to the related asset and the restoration provision. The Company’s estimates are reviewed annually for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates.

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars - unaudited)

For the nine months ended October 31, 2013 and 2012

Changes in the net present value, excluding changes in the Company’s estimates of restoration costs, are charged to the Statement of Comprehensive Loss for the period. The net present value of restoration costs arising from subsequent site damage that is incurred on an ongoing basis during production are charged to the Statement of Comprehensive Loss in the period incurred.

The costs of restoration projects that were included in the provision are recorded against the provision as incurred. The costs to prevent and control environmental impacts at specific properties are capitalized in accordance with the Company’s accounting policy for exploration and evaluation assets.

At present, the Company has not identified any significant restoration and environmental obligations in its operations. Accordingly, no provision has been made.

Equipment
Equipment is stated at historical cost less accumulated amortization and accumulated impairment losses.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part, if applicable, is derecognized. All other repairs and maintenance are charged to the Statement of Comprehensive Loss during the financial period in which they are incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in the Statement of Comprehensive Loss.

Amortization is calculated on a declining balance method to write-off the cost of the equipment to its residual value over its estimated useful life at the rate of 30% per year.

Comparative figures
Certain comparative figures have been reclassified to conform with the current period’s presentation.

3. Accounting standards issued but not yet effective

New standard IFRS 9 “Financial Instruments”
This new standard is a partial replacement of IAS 39 “Financial Instruments: Recognition and Measurement”. IFRS 9 uses a single approach to determine whether a financial asset is measured at amortized cost or fair value, replacing the multiple rules in IAS 39. The approach in IFRS 9 is based on how an entity manages its financial instruments in the context of its business model and the contractual cash flow characteristics of the financial assets.

The new standard also requires a single impairment method to be used, replacing the multiple impairment methods in IAS 39. IFRS 9 is effective for annual periods beginning on or after January 1, 2015.

New standard IFRS 11 “Joint Arrangements”
This new standard requires a venturer to classify its interest in a joint arrangement as a joint venture or joint operation. Joint ventures will be accounted for using the equity method of accounting whereas for a joint operation the venture will recognize its share of the assets, liabilities, revenue and expenses of the joint operation. Under existing IFRS, entities have the choice to proportionately consolidate or equity account for interests in joint ventures. IFRS 11 supersedes lAS 31, Interests in Joint Ventures, and SIC-13, Jointly Controlled Entities-Non-monetary Contributions by Venturers.

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars - unaudited)

For the nine months ended October 31, 2013 and 2012

New standard IFRS 12 “Disclosure of Interests in Other Entities”
This new standard establishes disclosure requirements for interests in other entities, such as joint arrangements, associates, special purpose vehicles and off balance sheet vehicles. The standard carries forward existing disclosures and also introduces significant additional disclosure requirements that address the nature of, and risks associated with, an entity's interests in other entities.

Amendments to IAS 32 “Financial Instruments: Presentation”
These amendments address inconsistencies when applying the offsetting requirements, and is effective for annual periods beginning on or after January 1, 2014.

The Company has not early adopted these standards and is currently assessing the impact that these standards will have on its financial statements.

Other accounting standards or amendments to existing accounting standards that have been issued but have future effective dates are either not applicable or are not expected to have a significant impact on the Company’s financial statements.

4. Equipment - net

				Accumulated			Net book
		Cost		amortization			Value

Balance at January 31, 2012 (audited)	$	8,710	$	(6,123	)	$	2,587
Amortization expense for nine months ended October 31, 2012		-		(582	)		(582	)

Balance at October 31, 2012		8,710		(6,705	)		2,005
Amortization expense for three months ended January 31, 2013				(194	)		(194	)

Balance at January 31, 2013 (audited)		8,710		(6,899	)		1,811
Amortization expense for nine months ended October 31, 2013				(582	)		(582	)

Balance at October 31, 2013	$	8,710	$	(7,481	)	$	1,229

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars - unaudited)

For the nine months ended October 31, 2013 and 2012

5. Acquisition, exploration and evaluation assets

The following table summarizes the amounts expended on acquisition, exploration and evaluation assets for the nine months ended October 31, 2013 and year ended January 31, 2013:

		North-Central Ontario				Total for nine		Total for
		Dotted Lake		Lampson Lake		months ended		year ended
		mining claims		mining claims		October 31,		January 31,
						2013		2013
								(audited)

Property acquisition costs
Balance, beginning	$	24,607	$	37,033	$	61,640	$	36,294
Additions		-		12,500		12,500		25,346
Balance, ending		24,607		49,533		74,140		61,640

Exploration and evaluation costs
Balance, beginning		206,934		-		206,934		176,585
Additions
Field and camp costs						-		21,477
Geological consulting and reporting						-		3,488
Geo-referencing		9,934				9,934		-
Project administration						-		3,606
Soil sample analysis						-		1,778
		9,934				9,934		30,349
Balance, ending		216,868		-		216,868		206,934

Total balance, ending	$	241,475	$	49,533	$	291,008	$	268,574

The original Dotted Lake Property (“The Property”) consisted of one mining claim acquired by the Company in 2001. This claim was allowed to lapse in 2002 then was re-staked by the Company in March 2003 at a cost of $4,206. In October 2009, the Company expanded its 100% interest in The Property from a single claim to ten claims at a cost of $11,055. During the year ended January 31, 2013, the Company expended $9,346 for staking six additional claims bringing the total acquisition costs of The Property’s mining claims to $24,607. The Company now has sixteen claims in the Dotted Lake area plus an option to purchase the two adjacent Lampson Lake claims described below.

In response to the new GPS standards for unpatented claims issued recently by the Ontario Ministry of Northern Development and Mines, the Company expended $9,934 to provide upgraded geo-referenced location information on its Dotted Lake claims during the quarter ended July 31, 2013.

On April 20, 2010, the Company entered into an option agreement regarding two claims adjacent to The Property, known as the Lampson Lake Property. The Company has an exclusive option to purchase a 100% interest in these two claims by making option payments totaling $60,000 as follows: $7,000 paid on April 20, 2010 when the agreement was signed; $12,000 paid on April 20, 2011; $16,000 paid on April 20, 2012; and a final payment of $25,000 on April 20, 2013. However on March 1, 2013, the Company agreed with the optionors to split the final payment into two equal amounts of $12,500. The first was paid on April 20, 2013 and the second is payable on April 20, 2014.

These claims are subject to a 2% net smelter royalty (“NSR”) in favour of the optionors on one claim and with respect to the other, a combination of a 2% NSR in favour of the optionors and a 1% NSR on any metals and/or a 1% NSR payable to Ontario Exploration Company (“OEC”) on any precious metals recovered from the property. The Company has the right to buy back 1% of the NSR in favour of the optionors for $1,000,000 and to buy back three-quarters of 1% of the royalty vested with OEC over 10 years on an increasing scale from $15,000 to $750,000.

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars - unaudited)

For the nine months ended October 31, 2013 and 2012

6. Trade payables and accrued liabilities

Trade payables and accrued liabilities included in the statements of financial position are as follows:

		As at October 31,				As at January 31,
		2013		2012		2013
						(audited)

Trade payables	$	5,961	$	2,648	$	17,958
Accrued liabilities		3,260		600		20,925

	$	9,221	$	3,248	$	38,883

7. Loan payable

In February 2012, the Company entered into an agreement to defer $39,676 of debt owed to a professional advisor to a date beyond July 31, 2013. As at October 31, 2013, this amount is a current liability, unsecured and non-interest bearing.

8. Related party payables and transactions

Related party payables included in the statements of financial position are as follows:

		As at October 31,				As at January 31,
		2013		2012		2013
						(audited)

Payable to Company directors and companies controlled by directors	$	49,978	$	98,961	$	11,466

These amounts are non-interest bearing and unsecured with no fixed term of repayment.

Related party transactions with directors and companies controlled by directors included in the statements of comprehensive loss are as follows:

		Nine months ended October 31,				Year ended January 31,
		2013		2012		2013
						(audited)
Consulting fees	$	2,800	$	-	$	15,000
Management fees		45,000		45,000		52,500
Office rent		22,500		22,500		30,000
Professional fees		7,757		9,950		15,806

	$	78,057	$	77,450	$	110,822

These transactions are recorded at the exchange amount, which is the consideration agreed to between the related parties.

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars - unaudited)

For the nine months ended October 31, 2013 and 2012

Key management personnel compensation included in the financial statements is as follows:

		Nine months ended October 31,				Year ended January 31,
		2013		2012		2013
						(audited)
Consulting fees	$	-	$	-	$	15,000
Management fees		45,000		45,000		52,500
Professional fees		7,757		9,950		15,806
Consulting fees capitalized to acquisition, exploration and evaluation assets		-		-		11,000

	$	52,757	$	54,950	$	94,306

9. Share capital

Authorized share capital
Unlimited number of common shares without par value.

Issued share capital
At October 31, 2013, there were 44,633,171 issued and fully paid common shares outstanding (January 31, 2013 –44,633,171) of which 3,789,600 shares are held in escrow. These shares continue to be subject to a timed semi-annual release of 947,400 shares on August 29 and March 1 each year until the last release date of August 29, 2015 in accordance with escrow agreement dated and amended January 25, 2012 and January 17, 2013 respectively as approved by the TSX-V Exchange.

Basic and diluted loss per share
The calculation of basic and diluted loss per share for nine months ended October 31, 2013 was based on the net and comprehensive loss attributable to common shareholders of $146,997 (October 31, 2012 - $166,004) and the weighted average number of common shares outstanding of 44,633,171 (October 31, 2012 - 41,515,361).

Share options
The Company has adopted an incentive share option plan which provides that the Board of Directors of the Company may from time to time, in its discretion and in accordance with the TSX-V requirements, grant to directors, officers, employees and technical consultants to the Company, non-transferable share options to purchase common shares, provided that the number of common shares reserved for issuance in any twelve month period will not exceed 10% of the Company’s issued and outstanding common shares. Such options will be exercisable for a period of up to 5 years from the date of grant at a price not less than the closing price of the Company’s shares on the last trading day before the grant of such options less any discount, if applicable, but in any event not less than $0.10 per share In connection with the foregoing, the number of common shares reserved for issuance to any one optionee insider in any twelve month period will not exceed ten percent (10%) of the issued and outstanding common shares and the number of common shares reserved for issuance to any one employee or consultant will not exceed two percent (2%) of the issued and outstanding common shares. Options may be exercised no later than 90 days following cessation of the optionee’s position with the Company or 30 days following cessation of an optionee conducting investor relations activities.

At October 31, 2013, the Company had no issued or outstanding share options.

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars - unaudited)

For the nine months ended October 31, 2013 and 2012

Share purchase warrants
The changes in warrants outstanding during the nine months ended October 31, 2013 and year ended January 31, 2013 are as follows:

	Nine months ended October 31, 2013				Year ended January 31, 2013
					(audited)
	Number of			Exercise price	Number of			Exercise price
	warrants				warrants

Balance, beginning	4,068,000		$	0.40	30,000,000		$	0.10
Warrants issued					4,068,000			0.40
Warrants expired	(4,068,000	)			(30,000,000	)		-

Balance, ending	-		$	0	4,068,000		$	0.40

On exercise, each warrant allowed the holder to purchase one common share of the Company with an expiry date of August 28, 2013. Accordingly, there are no share purchase warrants outstanding at October 31, 2013.

10. Convertible debt reserve

The convertible debt reserve records the equity component of convertible debt with liability and equity components. On conversion, the amount recorded is transferred to share capital.

11. Income taxes

At year ended January 31, 2013, the Company had various tax pools relating to deductible temporary differences available to reduce future taxable income which expire as follows:

		Canadian non-
		capital losses		Resources pool		Equipment		Share issue costs
2015	$	83,521	$	-	$	-	$	-
2026		132,052		-		-		-
2027		175,837		-		-		-
2028		152,040		-		-		-
2029		182,808		-		-		-
2030		105,295		-		-		-
2031		243,513		-		-		-
2032		278,811		-		-		-
2033		273,858
No expiry		-		468,574		2,407		140,435
	$	1,627,735	$	468,574	$	2,407	$	140,435

A valuation allowance has been used to offset the net benefit related to the future tax assets arising from these deductible temporary differences due to the uncertainty associated with the ultimate realization of both the non-capital losses and the resource pools before expiry.

These tax pools will be updated at year ended January 31, 2014.

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars - unaudited)

For the nine months ended October 31, 2013 and 2012

12. Financial instruments and financial risk management

The Company is exposed in varying degrees to financial instrument related risks. The Board of Directors approves and monitors the risk management processes, inclusive of documented investment policies, counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is as follows:

Credit risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company’s primary exposure to credit risk is on its cash held in bank accounts and its credit and security deposit. The Company’s cash and credit card deposit are deposited in bank accounts held with one major bank in Canada so there is a concentration of credit risk. This risk is managed by using a major bank that is a high credit quality financial institution as determined by rating agencies. The Company’s secondary exposure to risk is on its value-added tax refundable which is minimal since it is due from the Canadian Government.

Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has a planning and budgeting process in place to help determine the funds required to support the Company’s normal operating requirements on an on-going basis. The Company ensures there are sufficient funds to meet short-term business requirements, taking into account its current cash position and potential funding sources. Historically, the Company's source of funding has been either the issuance of equity securities for cash through private placements or loans from Company directors and officers. The Company’s access to financing is always uncertain and there can be no assurance of continued access to significant funding from these sources.

Foreign exchange risk
Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the Company’s functional currency. The Company only operates in Canada and is therefore not exposed to foreign exchange risk arising from transactions denominated in a foreign currency.

Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to interest rate risk relates to its ability to earn interest income on cash balances at variable rates. Changes in short term interest rates will not have a significant effect on the fair value of the Company’s cash account.

Classification of financial instruments
Financial assets included in the Statements of Financial Position are as follows:

		As at October 31,				As at January 31,
		2013		2012		2013
						(audited)
Fair value through profit and loss:
Cash	$	146,990	$	426,676	$	301,845
Credit card security deposit		6,900		6,900		6,900

	$	153,890	$	114,900	$	308,745

The accompanying notes are an integral part of these financial statements

Rouge Resources Ltd.

Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars - unaudited)

For the nine months ended October 31, 2013 and 2012

Financial liabilities included in the Statements of Financial Position are as follows:

		As at October 31,				As at January 31,
		2013		2012		2013
						(audited)
Non-derivative financial liabilities:
Trade payables	$	5,961	$	2,648	$	17,958
Loan payable		39,676		39,676		39,676
Related party payables		49,978		98,961		11,466

	$	95,615	$	141,285	$	69,100

Fair value

The fair value of the Company’s financial assets and liabilities approximate the carrying amounts. Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
Level 3 – Inputs that are not based on observable market data.

The Company’s financial instruments classified as Level 1 is cash and credit card deposit.

13. Capital management

The Company's policy is to maintain a sufficient capital base so as to maintain investor and creditor confidence, safeguard the Company’s ability to support the exploration and development of its exploration and evaluation assets and to sustain future development of the business. The capital structure of the Company consists of both share and working capital. There were no changes in the Company's approach to capital management during the year and the Company is not subject to any restrictions on its capital.

14. Segmented information

The Company operates in a single reportable operating segment being the acquisition, exploration and development of mineral properties, currently all located in Canada.

The accompanying notes are an integral part of these financial statements

EX-99.2 3 exhibit99-2.htm EXHIBIT 99.2 Rouge Resources Ltd.: Exhibit 99.2 - Filed by newsfilecorp.com

Rouge Resources Ltd.
Management Discussion and Analysis
Nine Months Ended October 31, 2013

ROUGE RESOURCES LTD.
(An Exploration Stage Company)

MANAGEMENT DISCUSSION AND ANALYSIS

FOR NINE MONTHS ENDED OCTOBER 31, 2013
(Stated in Canadian Dollars)

Rouge Resources Ltd.
Management Discussion and Analysis
Nine Months Ended October 31, 2013

ITEM 1.1 DATE AND INTRODUCTION

This Management Discussion and Analysis (“MD&A”) was prepared as of December 10, 2013 and authorized for issuance by the directors of the Company effective on this date. This report should be read in conjunction with both the condensed interim financial statements and notes for the nine months ended October 31, 2013 and the audited financial statements and notes for the year ended January 31, 2013. It focuses on events and activities that affected the Company during the nine months ended October 31, 2013 and to the date of this report.

The financial information contained herein is stated in Canadian dollars and has been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) along with interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). Therefore, they comply with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting.” The Company (“We”) was incorporated under the name “Gemstar Resources Ltd.” on March 31, 1988 pursuant to the provisions of the Company Act (British Columbia). In March 2006, we were transitioned to the Business Corporations Act (British Columbia). On March 25, 2008, the Company’s name was changed to “Rouge Resources Ltd”. Our registered and records office is located at 203-409 Granville Street, Vancouver BC, V6C 1T2.

We have been a reporting issuer in British Columbia and Alberta since April 3, 1989 and became a foreign issuer in the United States pursuant to filings with the US Securities and Exchange Commission on or about November 15, 2003. Prior to August 30, 2012, our common shares were quoted OTC:BB in the United States under the symbol ROUGF and now, effective on this date, are also listed for trading on the TSX Venture Exchange under the symbol ROU.

At October 31, 2013, there were 44,633,171 issued and fully paid common shares outstanding (January 31, 2013 – 44,633,171) of which 3,789,600 shares are held in escrow, subject to release under regulatory approval.

We have not been involved in any bankruptcy, receivership or similar proceedings, nor have we been a party to any material reclassification, merger, consolidation, purchase or sale of a significant amount of assets. Additional information on the Company is available on both SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.

Description of business

The Company is a Vancouver-based junior mineral exploration company engaged in the business of acquiring, exploring, evaluating and, if warranted, developing mineral resource properties in Canada. No revenue has been generated since inception and there is no assurance that a commercially viable mineral deposit exists on our exploration and evaluation assets. Further exploration is required before a final evaluation of the economic feasibility can be determined. Significant financing and considerable time and effort will be required before our mineral claims can be further explored and, if warranted, developed into a commercial enterprise.

We hold a 100% interest in sixteen claims in the Thunder Bay Mining District of North Central Ontario area called the Dotted Lake Property, which has been the only focus of our exploration activities to date. In addition, we have an exclusive option agreement to acquire 100% of the mineral interests in two claims adjacent to Dotted Lake called the Lampson Lake Property. We continue to monitor claims in North-Central Ontario and plan to make additional acquisitions in this and other areas when and if the claims are considered to be strategic or otherwise beneficial to the Company.

Rouge Resources Ltd.
Management Discussion and Analysis
Nine Months Ended October 31, 2013

ITEM 1.2 OVERALL PERFORMANCE

During the nine months ended October 31, 2013, the Company reported a net and comprehensive loss of $146,997 compared to a net and comprehensive loss of $166,004 for the same period last year. In addition, we spent $22,434 on our acquisition, exploration and evaluation assets during this nine month period to keep the claims in good standing ($55,695 for the same period last year).

Management continues to defer any sizable exploration expenditures on the Dotted Lake Property due to the continuation of challenging economic circumstances for junior mineral exploration companies over the last number of years.

Acquisition, exploration and evaluation assets

						Total for Nine		Total for
		North-Central Ontario				months ended		year ended
		Dotted Lake		Lampson		October 31,		January 31,
		mining		Lake mining		2013		2013
		Claims		claims				(audited)

Property acquisition costs
Balance, beginning	$	24,607	$	37,033	$	61,640	$	36,294
Additions		-		12,500		12,500		25,346
Balance, ending		24,607		49,533		74,140		61,640

Exploration and evaluation costs
Balance, beginning		206,934		-		206,934		176,585
Additions
Field and camp costs						-		21,477
Geological consulting and reporting						-		3,488
Geo-referencing		9,934				9,934		-
Project administration						-		3,606
Soil sample analysis						-		1,778
		9,934		-		9,934		30,349
Balance, ending		216,868		-		216,868		206,934

Total balance, ending	$	241,475	$	49,533	$	291,008	$	268,574

The original Dotted Lake Property consisted of one claim acquired by the Company in 2001 which was allowed to lapse in 2002 then was re-staked by the Company in March 2003 at a cost of $4,206. In October 2009, the Company expanded its 100% interest in this Property from a single claim to ten claims at a cost of $11,055. During the year ended January 31, 2013, the Company paid $9,346 for staking six additional claims bringing the total of Dotted Lake property acquisition costs to $24,607. The Company now has sixteen claims in the Dotted Lake area plus an option to purchase the two adjacent Lampson Lake claims described below.

In response to the new GPS standards for unpatented claims issued in the current year by the Ontario Ministry of Northern Development and Mines, the Company expended $9,934 to provide upgraded geo-referenced location information on its Dotted Lake claims during the quarter ended July 31, 2013 bringing the total of exploration and evaluation costs to $216,868.

On April 20, 2010, the Company entered into an option to purchase agreement for two claims adjacent to the Dotted Lake Property, known as the Lampson Lake Property. The Company has an exclusive option to purchase a 100% interest in these two claims by making option payments totalling $60,000 as follows: $7,000 paid on April 20, 2010 when the agreement was signed; $12,000 paid on April 20, 2011; $16,000 paid during the current fiscal year on April 20, 2012; and a final payment of $25,000 on April 20, 2013.

Rouge Resources Ltd.
Management Discussion and Analysis
Nine Months Ended October 31, 2013

However on March 1, 2013, the Company agreed with the optionors to split the final payment into two equal amounts of $12,500. The first was paid on April 20, 2013 and the second is payable on April 20, 2014.

In anticipation of meeting the final payment schedule, title was transferred to the Company during the year ended January 31, 2012. However, beneficial interest in the property will not be transferred until the final option payment of $12,500 is made on or before April 20, 2014.

These claims are subject to a 2% net smelter royalty (“NSR”) in favour of the Optionors on one claim and with respect to the other, a combination of a 2% NSR in favour of the Optionors and a 1% NSR on any metals and/or a 1% Net Sales Return royalty payable to Ontario Exploration Company (“OEC”) on any precious metals recovered from the property. The Company has the right to buy back 1% of the NSR in favour of the Optioners for $1,000,000 and to buy back three-quarters of 1% of the royalty vested with OEC over 10 years on an increasing scale from $15,000 to $750,000.

The Company continues to monitor claims in both of these areas and plans to make additional acquisitions in these and other areas when and if the claims are considered to be strategic or otherwise beneficial to the Company.

Although our work on the Dotted Lake Property in the past three years has identified some gold mineralization hosted in sulphide rich shear bands in granitoid rock, there is no assurance that a commercially viable mineral deposit exists on our exploration and evaluation assets. Further exploration is required before a final evaluation of the economic feasibility can be determined. Significant additional financing and considerable time and effort will be required before our mineral claims can be further explored and, if warranted, developed into a commercial enterprise.

ITEM 1.3 SELECTED FINANCIAL INFORMATION

The following table summarizes selected information from the Financial Statements as follows:

		Nine Months Ended October 31,						Year Ended
		2013			2012			January 31, 2013
FINANCIAL POSITION
Total Assets	$	446,730		$	717,279		$	584,877
Total Liabilities	$	98,875		$	141,885		$	90,025
Accumulated Deficit	$	(3,659,092	)	$	(3,438,841	)	$	(3,512,095	)

OPERATIONS
Total Revenues		Nil			Nil			Nil
Net and comprehensive loss	$	(146,997	)	$	(166,004	)	$	(239,258	)
Comprehensive Loss per share	$	(0.00	)	$	(0.00	)	$	(0.01	)

Rouge Resources Ltd.
Management Discussion and Analysis
Nine Months Ended October 31, 2013

ITEM 1.4 RESULTS OF OPERATIONS

The following table summarizes the results of operations from the Statements of Comprehensive Loss as follows:

		Three months ended						Nine months ended						Year ended
		October 31,						October 31,						January 31,
		2013			2012			2013			2012			2013
														(audited)

Expenses
Amortization	$	194		$	194		$	582		$	582		$	776
Consulting fees		2,800			-			5,800			-			5,670
Listing application exp.		-			(5,167	)		403			60,506			62,601
Management fees		15,000			15,000			45,000			45,000			60,000
Office admin and travel		16,440			8,510			57,885			28,318			44,506
Professional fees		3,687			14,759			16,213			19,800			47,705
Transfer agent/ filing fees		3,861			2,288			21,114			11,798			18,000

Net and comprehensive loss	$	(41,982	)	$	(35,584	)	$	(146,997	)	$	(166,004	)	$	(239,258	)

Loss per share
– basic and diluted	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.01	)

Weighted average number of shares outstanding
– basic and diluted		44,633,171			43,395,084			44,633,171			41,515,361			42,299,073

The Company is in the exploration stage and has not generated any revenues since inception.

Nine months ended October 31, 2013

A net and comprehensive loss of $146,997 was recorded for nine months ended October 31, 2013, versus $166,084 for the same period last year. This $19,007 decrease in net and comprehensive loss resulted from the following:

$5,800 increase in consulting fees for business planning purposes, not applicable last year
$60,103 decrease in listing application fees and expenses following regulatory approval for company shares to begin trading on the TSX-V effective April 25, 2012
$29,567 increase in office administration and travel expenses mainly due to higher cost of doing business this year compared to relatively low expenses last year.
$3,587 decrease in professional fees (legal, audit and accounting) due to higher legal and accounting fees following year end under accrual at January 31, 2013.
$9,316 increase in transfer agent and filing fees due to payment of sustaining fees now required by regulatory authorities following acceptance of the listing application on the TSX-V Exchange during year ended January 31, 2013

Three months ended October 31, 2013

For three months ended October 31, 2013, a net and comprehensive loss of $41,982 was reported versus a net and comprehensive loss of $35,584 for the same period last year. This $6,398 increase in net and comprehensive loss resulted from the following:

$2,800 increase in consulting fees for business planning purposes, not applicable last year

Rouge Resources Ltd.
Management Discussion and Analysis
Nine Months Ended October 31, 2013

$5,167 increase in listing application fees and expenses entirely due to a credit adjustment last year since no expenses this year following regulatory approval for stock to trade on TSX-V on April 25, 2012
$7,930 increase in office administration and travel expenses due to lower cost of doing business this quater compared to last year.
$11,072 decrease in professional fees (legal, audit and accounting) primarily due to much lower legal and accounting fees this quarter and an under accrual for this quarter last year.
$1,573 increase in transfer agent and filing fees due to modest increase in spend this quarter this year compared to last year

ITEM 1.5 SUMMARY OF QUARTERLY RESULTS

The following table summarizes operating results for the eight most recently completed quarters:

	3^rdQtr		2^ndQtr		1^stQtr		4^thQtr		3^rdQtr		2^ndQtr		1^stQtr		4^thQtr
	ended		ended		ended		ended		ended		ended		ended		ended
	Oct. 31 12		July 31 13		Apr. 30 13		Jan. 31 13		Oct. 31 12		July 31 12		Apr. 30 12		Jan. 31 12
Total revenues	Nil		Nil		Nil		Nil						Nil		Nil
Net and comprehensive loss	($41,982	)	($47,429	)	($57,586	)	($73,254	)	(35,584	)	($41,774	)	($88,646	)	($83,074	)
Loss per share	($0.00	)	($0.00	)	($0.00	)	($0.00	)	($0.00	)	($0.00	)	($0.01	)	($0.01	)
Operating cash flow (Deficiency)	($42,345	)	($60,411	)	($68,177	)	($30,048	)	(164,545	)	$14,803		($80,635	)	($66,515	)

Our comprehensive losses are fairly consistent from quarter to quarter being comprised mainly of management fees, professional fees, office administration and transfer agent & filing fees. However, the two quarters ended January 31, 2012 and April 30, 2012 show greater losses than average due to the legal, agency and regulatory fees/ expenses incurred regarding the listing application accepted for filing on the TSX-V Exchange effective April 25, 2012.The positive operating cash flow for quarter ended July 31, 2012 arose from deferring payment of accounts payable pending completion of a private placement during quarter ended October 31, 2012. Once received, the funds were used to pay down the payables which created a significant operating cash flow deficiency in the quarter ended October 31, 2012.

ITEM 1.6 LIQUIDITY

The following table summarizes the Company’s working capital position as follows:

		As at			October 31,			As at
Working Capital		2013			2012			January 31, 2013

Current assets	$	147,593		$	439,800		$	307,592
Current liabilities		(98,875	)		(141,885	)		(90,025	)

Working capital (deficiency)	$	148,718		$	297,915		$	217,567

Rouge Resources Ltd.
Management Discussion and Analysis
Nine Months Ended October 31, 2013

During the nine months ended October 31, 2013, working capital decreased to $148,718 from $217,567 at January 31, 2013. This $68,849 decrease was due to on-going operating losses and capital expenditures on acquisition, exploration and evaluation assets.

The current assets at October 31, 2013 include cash of $146,990 (January 31, 2013 - $301,845) and value-added tax receivable of $603 (January 31, 2013 - $4,122). The current liabilities at October 31, 2013 include $9,221 of trade payables & accrued liabilities (January 31, 2012 - $38,883), $39,676 of loan payable (January 31, 2013 – $39,676), and $49,978 of related party payables (January 31, 2013 -$11,466).

The following table summarizes the Company’s cash flows as follows:

		Nine Months Ended October 31,						Year Ended
Cash Flows		2013			2012			January 31, 2013
Net cash used in operating activities	$	(170,933	)	$	(230,377	)	$	(260,425	)
Net cash used in investing activities		(22,434	)		(55,695	)		(55,695	)
Net cash provided by financing activities		38,512			694,925			600,142
Increase (decrease) in cash	$	(154,855	)	$	408,853		$	284,022
Cash, beginning		301,845			17,823			17,823
Cash, end	$	146,990		$	426,676		$	301,845

At October 31, 2013, the Company’s cash position was $146,990 compared to $301,845 at January 31, 2013. The $154,855 use of cash for the nine months ended October 31, 2013 (“2013 period”) and the $408,853 source of cash for the same period last year (“2012 period”) resulted from the following cash flow activities:

(i)Net cash used in operating activities of $170,933 in the 2013 period and $230,377 in 2012 period was due in both periods to on-going operating losses adjusted for changes in non-cash working capital items.

(ii)Net cash used in investing activities of $22,434 in the 2013 period and $55,695 in 2012 period was due to a combination of on-going expenditures under the option agreement to purchase the Lampson Lake Property and expenditures to keep the Dotted Lake Property in good standing with the Ontario Ministry of Northern Development and Mines.

(iii)Net cash provided by financing activities of $38,512 in the 2013 period was due exclusively to partial funding of operating expenses by related parties. The $694,925 of cash provided in the 2012 period was due to partial funding of operating expenses by related parties prior to substantial completion of two private placement financings for net proceeds of $850,082 after share issue costs on August 28, 2012.

ITEM 1.7 CAPITAL RESOURCES

Share Capital

Authorized share capital
Unlimited number of common shares without par value.

Rouge Resources Ltd.
Management Discussion and Analysis
Nine Months Ended October 31, 2013

Issued share capital
At October 31, 2013, there were 44,633,171 issued and fully paid common shares outstanding (January 31, 2013 – 44,633,171) of which 3,789,600 shares are held in escrow. These shares continue to be subject to a timed semi-annual release of 947,400 shares on August 29 and March 1 each year until the last release date of August 29, 2015 in accordance with escrow agreement dated and amended January 25, 2012 and January 17, 2013 respectively as approved by the TSX-V Exchange.

Basic and diluted loss per share
The calculation of basic and diluted loss per share for nine months ended October 31, 2013 was based on the net and comprehensive loss attributable to common shareholders of $146,997 (October 31, 2012 -$166,004) and the weighted average number of common shares outstanding of 44,633,171 (October 31, 2012 - 41,515,361).

Stock options
The Company has adopted an incentive stock option plan which provides that the Board of Directors of the Company may from time to time, in its discretion and in accordance with the TSX-V requirements, grant to directors, officers, employees and technical consultants to the Company, non-transferable stock options to purchase common shares, provided that the number of common shares reserved for issuance in any twelve month period will not exceed 10% of the Company’s issued and outstanding common shares. Such options will be exercisable for a period of up to 5 years from the date of grant at a price not less than the closing price of the Company’s shares on the last trading day before the grant of such options less any discount, if applicable, but in any event not less than $0.10 per share In connection with the foregoing, the number of common shares reserved for issuance to any one optionee insider in any twelve month period will not exceed ten percent (10%) of the issued and outstanding common shares and the number of common shares reserved for issuance to any one employee or consultant will not exceed two percent (2%) of the issued and outstanding common shares. Options may be exercised no later than 90 days following cessation of the optionee’s position with the Company or 30 days following cessation of an optionee conducting investor relations activities.

At October 31, 2013, the Company had no issued or outstanding stock options.

Share purchase warrants
The changes in warrants outstanding during the nine months ended October 31, 2013 and year ended January 31, 2013 are as follows:

	Nine months ended				Year ended
	October 31, 2013				January 31, 2013

	Number of			Exercise	Number of			Exercise
	warrants			price	warrants			price

Balance, beginning	4,068,000		$	0.40	30,000,000		$	0.10
Warrants issued					4,068,000			0.40
Warrants expired	(4,068,000	)			(30,000,000	)		-

Balance, ending	-		$	0	4,068,000		$	0.40

On exercise, each warrant allows the holder to purchase one common share of the Company with expiry date of August 28, 2013. Accordingly, there are no share purchase warrants outstanding at October 31, 2013.

With no operating revenues to date, we continue to finance our operations through the issuance of common shares and advances from related parties. Although two private placements were completed in late August 2012 raising net proceeds to date of $850,052 after share issue costs, there is no assurance that additional financing will be available when needed in the future nor, if available, on reasonable commercial terms. If we are unable to obtain additional financing on a timely basis, either through issuance of more common shares or obtaining additional advances from related parties, we may not be able to meet our obligations as they come due which may impact our ability to continue as a going concern in the future.

Rouge Resources Ltd.
Management Discussion and Analysis
Nine Months Ended October 31, 2013

To a significant extent, our ability to continue raising capital is affected by trends and uncertainties beyond our control. These include general economic conditions, the market prices for precious metals and results from our exploration programs. The Company’s ability to reach its business objectives may be significantly impaired if general economic conditions continue to deteriorate, prices for metals such as zinc, gold, copper and platinum fall or if results from planned exploration programs are unsuccessful.

ITEM 1.8 OFF-BALANCE SHEET ARRANGEMENTS

The Company has no off-balance sheet arrangements.

ITEM 1.9 TRANSACTIONS WITH RELATED PARTIES

Related party payables included in the Statements of Financial Position are as follows:

		As at October 31,				As at January 31,
		2013		2012		2013
						(audited)

Payable to Company directors and companies controlled by directors	$	49,978	$	98,961	$	11,466

These amounts are non-interest bearing and unsecured with no fixed term of repayment.

Related party transactions with directors and companies controlled by directors included in the Statements of Comprehensive Loss are as follows:

		Nine months ended				Year ended
		October 31,				January 31,
		2013		2012		2013
						(audited)
Consulting fees	$	2,800	$	-	$	15,000
Management fees		45,000		45,000		52,500
Office rent		22,500		22,500		30,000
Professional fees		7,757		9,950		15,806

	$	78,057	$	77,450	$	110,822

These transactions are recorded at the exchange amount, which is the consideration agreed to between the related parties.

Rouge Resources Ltd.
Management Discussion and Analysis
Nine Months Ended October 31, 2013

Key management personnel compensation included in the Financial Statements is as follows:

		Nine months ended				Year ended
		October 31,				January 31,
		2013		2012		2013
						(audited)
Consulting fees	$	-	$	-	$	15,000
Management fees		45,000		45,000		52,500
Professional fees		7,757		9,950		15,806
Consulting fees capitalized to acquisition, exploration and evaluation assets		-		-		11,000

	$	52,757	$	54,950	$	94,306

ITEM 1.10 FOURTH QUARTER ENDED JANUARY 31, 2014

Not applicable at this time.

ITEM 1.11 SUBSEQUENT AND PROPOSED TRANSACTIONS

Nothing material at this time.

ITEM 1.12 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Assessment of the Company’s ability to continue as a going concern and whether there are events or conditions that may give rise to significant uncertainty; and

Rouge Resources Ltd.
Management Discussion and Analysis
Nine Months Ended October 31, 2013

Classification / allocation of expenditures as exploration and evaluation assets or operating expenses.

ITEM 1.13 CHANGES IN ACCOUNTING POLICIES

There were no changes in accounting policies during the current year. However, new accounting standards issued but not yet effective are as follows:

The Company has not early adopted these revised standards and is currently assessing the impact that these standards will have on its financial statements.

ITEM 1.14. FINANCIAL INSTRUMENTS, FINANCIAL RISK MANAGEMENT AND CAPITAL MANAGEMENT

As at October 31, 2013, the Company’s financial instruments consisted of cash on hand, credit card security deposit, accounts payable, loan payable and related party payables.

The Company is exposed in varying degrees to financial instrument related risks. The Board of Directors approves and monitors the risk management processes, inclusive of documented investment policies, counterparty limits, and controlling & reporting structures. The type of risk exposure and the way in which such exposure is managed by the Company is as follows:

Credit risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company’s primary exposure to credit risk is on its cash held in bank accounts and its credit card deposit. The majority of cash is deposited in bank accounts held with one major bank in Canada so there is a concentration of credit risk. This risk is managed by using a major bank that is a high credit quality financial institution as determined by rating agencies. The Company’s secondary exposure to risk is on its harmonized sales tax refundable which is minimal since it is recoverable from the Canadian Government.

Rouge Resources Ltd.
Management Discussion and Analysis
Nine Months Ended October 31, 2013

Historically, the Company's source of funding has been either the issuance of equity securities for cash through private placements or advances from directors and officers. The Company’s access to financing is always uncertain and there can be no assurance of continued access to significant funding from these sources.

Commodity Price Risk
The Company’s ability to raise capital to fund exploration or development activities is subject to risks associated with fluctuations in the market price of precious metals. The Company closely monitors commodity prices to determine the most appropriate course of action.

Capital Management
The Company's policy is to maintain a sufficient capital base so as to maintain investor and creditor confidence, safeguard the Company’s ability to support the exploration and development of its mineral properties and to sustain future development of the business. The capital structure of the Company consists of share capital and working capital. There were no changes in the Company's approach to capital management during the year and the Company is not subject to any restrictions on its capital.

Classification of financial instruments
Financial assets included in the Statements of Financial Position are as follows:

		As at October 31,				As at January 31,
		2013		2012		2013
						(audited)
Fair value through profit or loss:
Cash	$	146,990	$	426,676	$	301,845
Credit card security deposit		6,900		6,900		6,900

	$	153,890	$	433,576	$	308,745

Rouge Resources Ltd.
Management Discussion and Analysis
Nine Months Ended October 31, 2013

Financial liabilities included in the Statements of Financial Position are as follows:

		As at October 31,				As at January 31,
		2013		2012		2013
						(audited)
Non-derivative financial liabilities:
Trade payables	$	5,961	$	2,648	$	17,958
Loan payable		39,676		39,676		39,676
Related party payables		49,978		98,961		11,466

	$	95,615	$	141,285	$	69,100

Fair value
The fair value of the Company’s financial assets and liabilities approximate the carrying amounts. Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
Level 3 – Inputs that are not based on observable market data.

The Company’s financial instruments classified as Level 1 are cash and credit card deposit.

ITEM 1.15 OTHER MD&A REQUIREMENTS

Management’s Responsibility for Financial Statements
Management is responsible for the preparation and fair presentation of the Company’s financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Conflicts of interest
The Company’s directors and officers may serve as directors or officers, or may be associated with, other reporting companies, or have significant shareholdings in other public companies. To the extent that such other companies may participate in business or asset acquisitions, dispositions, or ventures in which the Company may participate, the directors and officers of the Company may have a conflict of interest in negotiating and concluding on terms with respect to the transaction. If a conflict of interest arises, the Company will follow the provisions of the Business Corporations Act (BC) (“Corporations Act”) dealing with conflict of interest. These provisions state that where a director has such a conflict, that director must, at a meeting of the Company’s directors, disclose his or her interest and refrain from voting on the matter unless otherwise permitted by the Corporations Act. In accordance with the laws of the Province of British Columbia, the directors and officers of the Company are required to act honestly, in good faith, and in the best interest of the Company.

Disclosure Controls and Procedures
We maintain a set of disclosure controls and procedures designed to ensure information required to be disclosed in filings pursuant to regulatory requirements is recorded, processed, summarized and reported within the required time periods. Our management is responsible for the preparation and integrity of the financial statements, including the maintenance of appropriate information systems, procedures and internal controls. Our management is also responsible to ensure that information disclosed externally, including the financial statements and MD&A, is complete and reliable.

Rouge Resources Ltd.
Management Discussion and Analysis
Nine Months Ended October 31, 2013

Our CEO and CFO have evaluated the disclosure controls and procedures over financial reporting for the period and have concluded they are operating effectively notwithstanding the inherent weakness of a small company having a very small staff. This lack of segregation of duties is overcome by heavy reliance on senior management and directors during the review and approval process along with the annual statutory audit.

Business and Regulatory Risks
We are engaged in the mineral exploration business and manage related industry risk directly. We are potentially at risk for environmental reclamation and fluctuations and commodity-based market prices associated with resource property interests. Management is of the opinion that the Company addresses environmental risk and compliance in accordance with industry standards and specific project environmental requirements. At present, the Company is not required to provide for restoration and environmental obligations so no provision has been made. However, there is no certainty that all environmental risks and contingencies have been addressed.

Our exploration program will require significant future expenditures and there is no assurance any commercial mineral quantities will be found. If we are unable to generate significant revenues from our mineral claims, continued losses are expected into the foreseeable future. There is no history upon which to base any assumption as to the likelihood we will prove successful, and there is no assurance that we will generate any revenues nor ever achieve profitability. If unsuccessful in addressing these risks, the business will fail and investors could lose all of their investment in the company.

Regulatory risks include the possible delays in getting regulatory approval to the transactions that senior management and the Board of Directors believe to be in the Company’s best interest, increased fees for statutory filings, and the introduction of increasingly more complex reporting requirements which must be complied with in order to maintain our public company position.

Rouge Resources Ltd.
Management Discussion and Analysis
Nine Months Ended October 31, 2013

Cautionary note regarding forward-looking statements
This Management Discussion and Analysis may contain certain “forward-looking statements”, as defined in the United States Private Securities Litigation Reform Act of 1995, and within the meaning of Canadian securities legislation, relating to the proposed use of proceeds. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” ”projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, but are not limited to, the following: a change in the use of proceeds, the volatility of mineral prices, the possibility that exploration efforts will not yield economically recoverable quantities of minerals, accidents and other risks associated with mineral exploration and development operations, the risk that the Company will encounter unanticipated geological factors, the Company’s need for and ability to obtain additional financing, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration and development plans, and the other risk factors discussed in greater detail in the Company’s various filings on SEDAR (www.sedar.com) with Canadian securities regulators and its filings with the U.S. Securities and Exchange Commission on EDGAR (www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

EX-99.3 4 exhibit99-3.htm EXHIBIT 99.3 Rouge Resources Ltd.: Exhibit 99.3 - Filed by newsfilecorp.com

FORM 52-109FV2

CERTIFICATE OF INTERIM FILINGS

VENTURE ISSUER BASIC CERTIFICATE

I, Linda Smith, Chief Executive Officer for Rouge Resources Ltd., certify the following:

1.	*Review:* I have reviewed the interim financial report and interim MD&A (together the “interim filings”) of Rouge Resources Ltd. (the "Issuer") for the interim period ended October 31, 2013.

2.	*No misrepresentations:* Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

3.	*Fair presentation:* Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: December 10, 2013

/s/ Linda Smith
Linda Smith
Chief Executive Officer
Rouge Resources Ltd

NOTE TO READER
In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuer's Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of:
i)	controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
ii)	a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.
The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate.
Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

EX-99.4 5 exhibit99-4.htm EXHIBIT 99.4 Rouge Resources Ltd.: Exhibit 99.4 - Filed by newsfilecorp.com

FORM 52-109FV2

CERTIFICATE OF INTERIM FILINGS

VENTURE ISSUER BASIC CERTIFICATE

I, Ronald McGregor, Chief Financial Officer for Rouge Resources Ltd., certify the following:

1.	*Review:* I have reviewed the interim financial report and interim MD&A (together the “interim filings”) of Rouge Resources Ltd. (the "Issuer") for the interim period ended October 31, 2013.

2.	*No misrepresentations:* Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

3.	*Fair presentation:* Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: December 10, 2013

/s/ Ronald McGregor
Ronald McGregor
Chief Financial Officer
Rouge Resources Ltd

NOTE TO READER
In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuer's Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of:
i)	controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
ii)	a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.
The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate.
Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.