Business
Spanish Mountain Gold Provides Clarification on Recent Project Update
VANCOUVER, April 10, 2013 /CNW/ - Spanish Mountain Gold Ltd. (the " Company ") (TSX-V: SP...
About this update from Spanish Mountain Gold Ltd.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, April 10, 2013 /CNW/ - Spanish Mountain Gold Ltd. (the \"Company\") (TSX-V: SPA) announces that as a result of a review by the British\n Columbia Securities Commission, the Company is issuing the following\n news release to clarify disclosure contained within the news release\n issued by the Company on March 7, 2013 pertaining to the Spanish\n Mountain Project (the \"Project\").\n\n\nPotential Grade Increase\n\n\nThe Company announced the potential for a grade increase for results\n from Reverse Circulation (\"RC\") drilling compared to assay results from\n diamond drilling. A supporting report was prepared by Dr. M.J.V.\n Beattie and filed on SEDAR on March 26, 2013.\n\n\nThe Company wishes to clarify that the information disclosed therein is\n conceptual in nature, there are not sufficient reverse circulation\n drilling data to support a change to the resource estimate and it is\n uncertain if further drilling will result in a grade increase being\n achieved. Furthermore, the Company cautions investors against placing\n undue reliance on those statements contained within the News Release\n dated March 7, 2013.\n\n\nDisclosure of Mineral Resources\n\n\nThe Company referenced the existing NI 43-101 mineral resource for the\n Spanish Mountain Project within the news release issued on March 7,\n 2013 in a non-compliant manner. Total contained ounces of gold were\n presented for each of the Measured and Indicated and Inferred\n categories without disclosing grade and tonnages for each category as\n required by NI 43-101.\n\n\nThe Company wishes to state that the mineral resource compliant with NI\n 43-101 is as presented in the following tables (and originally\n disclosed by the Company in a News Release dated July 24, 2012 ) using\n cut-off grades of 0.3g/t gold and 0.2 g/t gold.\n\n\n\n\n\nSpanish Mountain updated resources (at a 0.30 g/t gold cut-off)\n effective July, 2012 \n\n\nClassification\n\n\nTonnes\n\n\nGold grade(g/t)\n\n\nSilver grade(g/t)\n\n\nGold(ounces)\n\n\nSilver (ounces)\n\n\nMeasured\n\n\n21,240,000\n\n\n0.73\n\n\n0.64\n\n\n500,000\n\n\n440,000\n\n\nIndicated\n\n\n113,230,000\n\n\n0.56\n\n\n0.69\n\n\n2,040,000\n\n\n2,510,000\n\n\nMeasured plus Indicated\n\n\n134,470,000\n\n\n0.59\n\n\n0.68\n\n\n2,540,000\n\n\n2,950,000\n\n\nInferred\n\n\n147,830,000\n\n\n0.49\n\n\n0.67\n\n\n2,320,000\n\n\...