Business
Afferro Mining Inc. - Clarification of Technical Disclosure
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES....
About this update from Affinity Metals Corp
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US\n NEWS WIRE SERVICES./\n\n\nTSX-V: AFFAIM: AFF\n\n\nLONDON, Sept. 30, 2013 /CNW/ - The board of directors of Afferro Mining\n Inc. (\"Afferro\" or the \"Company\") announces that as a result of a\n review by the British Columbia Securities Commission (\"BCSC\"), the\n Company is issuing the following news release to clarify its\n disclosure.\n\n\nAfter consultation, the Company has already taken the necessary action\n and addressed all aspects to the satisfaction of the BCSC. The Company\n is now compliant on all aspects as per the following detail.\n\n\nThe review undertaken by the BCSC identified the following main\n technical disclosure issues:\n\n\nFailure to file a NI 43-101 technical report for Nkout\n\n\nThe news release disclosure about a preliminary economic assessment\n (\"PEA\") subsequent to the filing of the technical report dated 29 June\n 2012 and, following this, the technical report dated 28 May 2013 with\n respect to the Nkout iron ore project (\"Nkout\"), triggered a\n requirement to file a technical report supporting going-forward\n disclosure of a PEA. To address this issue, the technical report dated\n 28 May 2013 has been revised to include a summary of the PEA as\n reported in the technical report dated 28 May 2012, which is based on\n the mineral resource estimate with an effective date of 15 November\n 2011 (the \"Amended Technical Report\"), and has been filed on SEDAR.\n\n\nFailure to file a NI 43-101 compliant technical report for Nkout\n\n\nThe technical reports dated 29 June 2012 and 28 May 2013 are not\n compliant with NI 43-101 for the following reasons: They\n\n\ndo not support going-forward disclosure of a PEA, as discussed above\n\n\ncontain estimates for potential exploration targets with respect to\n which a grade range is not provided and a cut-off grade is applied; in\n addition, it is implied that the quantities are potentially economic,\n which is inappropriate for a conceptual estimate\n\n\ncontain certain limits to the scope for their preparation and\n disclaimers that are not compliant with NI 43-101\n\n\nThese issues have been addressed in the Amended Technical Report filed\n on 30 September 2013.\n\n\nFailure to use appropriate cautionary language when referring to the PEA\n\n\nSince the publicatio...