Business
Clarification of Technical Disclosures as a Result of a Review by the British Columbia Securities Commission
VANCOUVER , Aug. 27, 2013 /CNW/ - Mineral Hill Industries Ltd. ("Mineral Hill" or the "C...
About this update from Gold Strategy Inc.
[{"type":"text","content":"\n\n\nVANCOUVER, Aug. 27, 2013 /CNW/ - Mineral Hill Industries Ltd. (\"Mineral\n Hill\" or the \"Company\") reports that as result of a review by the\n British Columbia Securities Commission (\"BCSC\"), we are issuing the\n following news release to clarify our disclosure.\n\n\nLiberty Hill Gold Mine property\n\n\nMineral Hill in its October 10, 2010 news release disclosed a\n significant historical quantity and associated grade for a gold bearing\n placer that was not compliant with and restricted by NI 43-101. The\n company is unable to restate a compliant historical resource estimate,\n and retracts all prior disclosure of historical gold resource\n estimates. The Company also referenced future mining and processing\n projections without cautionary language required to explain the\n increased risk of going into production without any valid current\n resource estimates.\n\n\nThe April 25, 2013 corporate presentation \"The Liberty Hill Gold Mine\"\n (the Liberty Presentation), on the company's website, quoted a grade\n for the deposit and projected potential economics including net\n revenue. The Company clarifies that it does not have a current resource\n estimate on which to base a Preliminary Economic Assessment and\n retracts all previous disclosure of economic parameters.\n\n\nPage 15 of the Liberty Presentation disclosed a large current,\n management-estimated quantity, to be mined in 10 or more open pits. The\n estimate was non-compliant and restricted because it omitted the date\n of estimation, classification, and grade, and did not discuss key\n assumptions, parameters, and methods as required by NI 43-101. The\n company retracts all management estimated current resources, and\n clarifies that it has not received a current resource estimate suitable\n for public disclosure.\n\n\nPages 13 and 19 of the Liberty Presentation disclosed a tonnage of\n material for potential mining and processing; this figure was derived\n by management and not compliant with NI 43-101. In preparing this\n estimate, the Company relied on historical reports and information.\n Although written and published by qualified professionals, the\n estimates and analyses were not verified by the company's Qualified\n Person and do not conform to the requirements and rules of the National\n Instrument 43 - 101. At this time, the company is unable to r...