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Iconic Announces Review by BC Securities Commission of Content of PowerPoint Presentation on the Company's Website and Recent MD&A
(via Thenewswire.ca) Vancouver, BC / TNW-ACCESSWIRE / August 21, 2014 / Iconic Min...
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Iconic Announces Review by BC Securities Commission of Content of PowerPoint Presentation on the Company's Website and Recent MD&A(via Thenewswire.ca)\n \n \nVancouver, BC / TNW-ACCESSWIRE / August 21, 2014 / Iconic Minerals Ltd. (the Company or Iconic) ((TSX-V: ICM) (FSE: YQG) as a result of a review by the British Columbia Securities Commission (BCSC), is issuing the following news release to clarify its disclosure. \n\n\n \nOn July 31, 2014, Iconic received a letter from the BCSC stating it had completed a technical disclosure review to assess the Company's disclosure practices and overall level of compliance. The review identified disclosure and filing issues with a PowerPoint presentation on the Company's website and November 21, 2013 to July 24, 2014 MD&A filings. Details are presented below. Given the material deficiencies in the Company's disclosure of resource estimates, and failure to file a supporting technical report, the BCSC has placed the Company on the Commission's Issuers in Default list. \n\n\n \nRetraction of Current Resource Estimate at Hercules\n\n\n \nIn the April 2014 PowerPoint Presentation on its website titled \"Corporate Presentation-Nevada Gold\" the Company disclosed on page 6 under \"Non-compliant Resource\" an indicated and inferred resource for its Hercules Property (the April 2014 Estimate). This was from a mid-2012 draft report that the Company did not file on SEDAR, and not previously disclosed by news release. The page 6 disclosure was as follows:\n\n\n \n\n\n- \"Indicated Resource of 473,000 ounces (13.4 Mi g/t) of Gold and 6.5 million ounces (184.3 Mi g/t) of Silver, Avg grade 0.0141 opt AuEq\" \n\n\n\n- \"Additional Inferred Resources of 427,000 ounces (12.1 Mi g/t) of Gold and 6 million ounces (170.1 Mi g/t) of Silver, Avg grade 0.0144 opt AuEq\"\n\n\n\n\n \nDuring the course of a previous BCSC review, the company disclosed a smaller estimate of the same grade in its July 24, 2012 news release (the July 2012 Estimate). At that time, the company was unable to support the July 2012 Estimate by filing a compliant technical report, and the company retracted the July 2012 estimate in its August 31, 2012 news release. \n\n\n \nThe Company hereby retracts the above April 2014 resource estimate at Hercules. The Company's September 7, 2012 NI 43-101 Technical Report on the Hercules Property is ...