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Uragold Provides Update, Clarification and Response to Golden Hope Mines Press Release Issued on September 4, 2015 regarding its Option of the Bellechasse-Timmins Gold Deposit
(via Thenewswire.ca) Montreal, Quebec / TheNewswire / September 18 2015 - Uragold Bay Re...
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[{"type":"text","content":"Uragold Provides Update, Clarification and Response to Golden Hope Mines Press Release Issued on September 4, 2015 regarding its Option of the Bellechasse-Timmins Gold Deposit(via Thenewswire.ca)\n \n \nMontreal, Quebec / TheNewswire / September 18 2015 - Uragold Bay Resources Inc. (\"Uragold\") (TSX Venture: UBR) would like to inform its shareholders that Uragold has notified Golden Hope Mines (\"GNH\") that delays in the completion of the recommended work defined in the Option Agreement described in its September 4, 2015 press release were the results of GNH's inappropriate or missing data, the Government and unexpected conditions beyond the control of Uragold, which require additional work and an extension to complete the work. \n\n\n \nThe present situation emanates from GNH delays in submitting requested data to Uragold technical team, missing or incomplete data sets required to complete a 3D geological model of a surface gold shell were mining activities are supposed to be undertaken and no available data that would allow the validation by Uragold technical staff of the Whittle-optimized pit shell referred to in the GNH June 18 2012 Technical Report.\n\n\n \nFurthermore, unexpected regulatory changes implemented after the signing of the Option Agreement have resulted in a major change in the scope and the depth of the work required by Uragold to attain the stated goal of the Agreement, as stipulated therein.\n\n\n \nUnder the terms of the Option Agreement, Uragold needed to complete a Preliminary Economic Assessment (PEA), and this in order to obtain the required mining lease to start a small scale mining operation based on the Whittle-optimized pit shell referred to in GNH June 18 2012 Technical Report. Further to the passing of Quebec's Bill 70 that amended the Mining Act, the subsequent regulations that emanated from the government now required that a NI43-101 compliant Feasibility Study (FS) be submitted before any Mining Leases can be issued. \n\n\n \nPursuant to this new requirement, a review and analysis of available technical data by Uragold Technical staff revealed that current Golden Hope data was insufficient to complete a NI43-101 report that would meet the minimum requirement needed to complete a FS. In fact, Uragold's attempt to build a 3D geological model revealed that the database furnished included numerou...