Inca One Resource Corp.: Clarification and Retraction of Previously Issued Technical Disclosure
January 24 2014 - 7:49PM
Marketwired
Inca One Resource Corp.: Clarification and Retraction of Previously
Issued Technical Disclosure
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 24, 2014) - Inca
One Resource Corp. (the "Company") (TSX-VENTURE:IO) announces that,
as a result of a review by the British Columbia Securities
Commission, the Company is issuing the following news release to
clarify and/or retract its disclosure. In those instances where the
Company has clarified or revised previous disclosure, the Company
advises readers not to rely on such statements as they may continue
to be found in the public domain.
The Company's website, investor materials and certain news
releases contained disclosure regarding the Company's La Corizona
project ("Corizona") that were not compliant with National
Instrument 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101") as detailed below, and in particular in
connection with the relationship between Corizona and the Company's
Chala One gold milling facility ("Chala One").
The La Corizona Project Technical Report Non-Compliant
Disclosure
The technical report entitled "La Corizona Project" prepared by
John Buckle, P.Geo. dated May 22, 2013 (the "Report") found on the
Company's website discloses in various places historical estimates
that are not compliant with NI 43-101. Examples of historical
estimates in the Report that are not compliant with NI 43-101
include, but are not limited to:
- Page 33: a historical resource of 137,686 tonnes at 9.03 g/t
gold reserve
- Page 33: 1,226,176 tonnes of geological resource (without
disclosed grade)
The disclosure in the Report found on the Company's website was
not in compliance with NI 43-101 as it omitted information required
by NI 43-101 about relevance and reliability, original historical
classifications and grade. The Company therefore retracts the prior
disclosure of these historical estimates.
The Company intends to amend the Report to be in compliance with
NI 43-101. Until such time as a NI 43-101 compliant technical
report has been prepared, the Report has been removed from the
Company's website. The Company will also file its amended Report on
the Company's profile on SEDAR at www.sedar.com.
Non-Compliant References to "Ore" or "Orebody"
The Operations section of the Company's website and the
Company's corporate presentation dated November 2013 (the
"Corporate Presentation") both refer to "10 faces to the orebody".
The terms "ore" and "orebody" imply technical feasibility and
economic viability that should only be attributed to mineral
reserves. Given that there are no reserves associated with
Corizona, the use of the word "orebody" is not compliant with NI
43-101 and the Company retracts the same. The Company has removed
the disclosure from its website.
Misleading and Non-Compliant Disclosure with Respect to Corizona
and Chala One
The Company has made certain disclosure with respect to the
processing of material from Corizona at Chala One. The Company
would like to clarify that the Chala One processing mill's only
current source of mill feed is from Peruvian artisanal miners. On
one occasion only, the Company processed a small amount of bulk
sampling material from Corizona at Chala One. Such disclosure
includes the following:
- The Operations section of the Company's website disclosed that
the Company is obtaining bulk sampling of 40 tpd, ramping up to 80
tpd at Corizona.
- The Company's September 9, 2013 news release discloses that the
Company will focus on generating cash flow from processing
high-grade ore from the Company's Corizona mine and other Peruvian
gold mining operations.
- The Company's November 14, 2013 news release and the Company's
Management Discussion and Analysis dated December 30, 2013 disclose
that on November 9, 2013, the Company shipped its first load of 30
tons of material from Corizona to Chala One to be processed.
- The Corporate Presentation and the Company's fact sheet (the
"Fact Sheet") disclose that at 50 tpd, Chala One would generate
approximately $4.3 million in gross operating profit.
- The Corporate Presentation provides further details on the
economics of Chala One.
The above disclosure, both each on its own and taken together as
a whole, is misleading and not in compliance with NI 43-101 as it
links production at Corizona with processing at Chala One, treats
the transferred material as a mineral reserve and implies a
positive economic analysis to support a production decision at
Corizona. Accordingly, the Company clarifies that it has not made
any economic analysis regarding Corizona and has not made a
decision to advance Corizona to production.
In addition, although the Company sometimes refers to Corizona
as the "Corizona mine", it is an exploration property, is no longer
an operating mine and has no current production. Materials taken
from Corizona are bulk sampling materials only.
With no current mineral resource, there is no valid basis for a
preliminary economic analysis, and NI 43-101 restricts disclosure
of economic results and future production quantities under these
circumstances. The Company retracts the statements relating to
potential operating profit and the economics of Chala One as they
may be misinterpreted to disclosure results of an economic analysis
regarding Corizona.
Regardless, the implication that Company has made a production
decision without current resources and without first establishing
mineral reserves and completing a feasibility study may be
misleading as it did not provide adequate disclosure regarding the
increased uncertainty and the higher risk of economic and technical
failure associated with a production decision under these
circumstances.
The Company has removed the Operations section, Corporate
Presentation and Fact Sheet from its website and is updating it
accordingly.
The technical content of this news release has been approved by
Van Phu Bui, a director of the Company and a Qualified Person as
defined in NI 43-101.
About Inca One Resources Corp.
Inca One is a Canadian based mineral resource company with a
newly acquired gold milling facility & exploration assets in
Peru, which was home to the Inca Empire. Peru is currently the
largest gold producer in South America, hosting mines which have
produced up to 26 million ounces of gold. A highly mineral rich
country, Peru is one of the world's top producers of gold, silver,
copper and zinc.
On behalf of the Board,
INCA ONE RESOURCES CORP.
Edward Kelly, President& CEO
NEITHER TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX-VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE.
STATEMENTS IN THIS PRESS RELEASE REGARDING THE COMPANY WHICH ARE
NOT HISTORICAL FACTS ARE "FORWARD-LOOKING STATEMENTS" THAT INVOLVE
RISKS AND UNCERTAINTIES. SUCH INFORMATION CAN GENERALLY BE
IDENTIFIED BY THE USE OF FORWARDING-LOOKING WORDING SUCH AS "MAY",
"EXPECT", "ESTIMATE", "ANTICIPATE", "INTEND", "BELIEVE" AND
"CONTINUE" OR THE NEGATIVE THEREOF OR SIMILAR VARIATIONS. SINCE
FORWARD-LOOKING STATEMENTS ADDRESS FUTURE EVENTS AND CONDITIONS, BY
THEIR VERY NATURE, THEY INVOLVE INHERENT RISKS AND UNCERTAINTIES
SUCH AS THE RISK THAT THE CLOSING MAY NOT OCCUR FOR ANY REASON.
ACTUAL RESULTS IN EACH CASE COULD DIFFER MATERIALLY FROM THOSE
CURRENTLY ANTICIPATED IN SUCH STATEMENTS DUE TO FACTORS SUCH AS:
(I) THE INABILITY OF THE PARTIES TO CONSUMMATE THE DEFINITIVE
LETTER AGREEMENT; (II) FLUCTUATION OF MINERAL PRICES; (III) A
CHANGE IN MARKET CONDITIONS; (IV) THE INABILITY TO PRODUCE THE
TECHNICAL REPORT FOR ANY REASON WHATSOEVER; AND (V) THE REFUSAL OF
THE EXCHANGE TO ACCEPT THE PROPOSED TRANSACTION FOR ANY REASON
WHATSOEVER. EXCEPT AS REQUIRED BY LAW, THE COMPANY DOES NOT INTEND
TO UPDATE ANY CHANGES TO SUCH STATEMENTS.
KIN Communicationsio@kincommunications.com1-866-684-6730 or
1-604-684-6730www.kincommunications.comInca One Resources Corp.1
604 568 48771 604 569 1604ir@incaone.comwww.incaone.com
Inca One Gold (TSXV:IO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Inca One Gold (TSXV:IO)
Historical Stock Chart
From Sep 2023 to Sep 2024