KELOWNA, BC, May 22, 2013 /CNW/ - Cantex Mine Development
Corp. (CD : TSXV) ("Cantex" or the "Company"): As a result of a
review by the British Columbia Securities Commission, the Company
is issuing the following news release to clarify its
disclosure.
Technical Disclosure Issues
In the Company's management discussion and
analysis ("MD&A") from January 31,
2004 to present the Company has disclosed the potential for
a gold resource of 16 million tonnes at a grade of 1.65 g/t at the
Al Hariqah property. Cantex wishes to restate this estimate
and to clarify that this is a target for further exploration.
Cantex wishes to restate the estimate for the Al
Hariqah deposit as being between 13 and 52 million tons at a grade
ranging between 1.0 and 1.8 g/t Au. Note that both the
tonnage and grade of this exploration target are conceptual in
nature and there has been insufficient exploration to define a
mineral resource and it is uncertain if further exploration will
result in the target being delineated as a mineral resource.
This target is for the northern 1,000 metres of
the 3,700 metre long Al Hariqah deposit where the majority of the
drilling to date has been undertaken. For the purposes of the
exploration target the mineralized width ranges from 100 to 400
meters and the mineralized thickness for the target ranges from 50
to 100 metres. The specific gravity of the host rock
(Proterozoic quartz mica schist) is assumed to average 2.6
t/m3.
These assumptions are supported by the results
of extensive exploration work conducted on the project which are
disclosed in certain of the Company's news releases and MD&A,
all as filed on SEDAR.
Cantex also advises that the statement set out
in the March 2, 2011 Stentor Media
video that the Company is doing a pre-feasibility study is
incorrect and the information contained in the video should not be
relied upon. The Company has removed the link for the video
from its website.
The technical information and results reported
here have been reviewed by Mr. Chad Ulansky
P.Geol., a Qualified Person under National Instrument
43-101, who is responsible for the technical content of this
release.
Signed,
Charles
Fipke
Charles Fipke
Chairman
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 release.
SOURCE Cantex Mine Development Corp.