Cortez Gold Corp.: Further Clarification and Retraction of Previously Issued Technical Disclosure Regarding Petlacala and Rea...
August 29 2011 - 3:25PM
Marketwired
Cortez Gold Corp (TSX VENTURE: CUT) ("Cortez" or the "Company")
announces that, further to its news release of August 3, 2011 and
as a result of a review by the British Columbia Securities
Commission, the Company is issuing this news release to further
clarify its disclosure and to retract certain historical technical
disclosure regarding the Petlacala Project contained in its amended
management discussion and analysis for the financial year ended
February 28, 2011 that was filed on SEDAR at www.sedar.com on
August 2, 2011 (the "Amended 2011 MD&A").
The Amended 2011 MD&A continued disclosure of a 2005
estimate by the Exploration Department of Servicios Industriales
Penoles of a potential that the Company designated as being a
historical estimate (the "Petlacala Historical Estimate
Disclosure"), and which also applied the terms "potential resource"
and "ore resources". The Petlacala Historical Estimate Disclosure
does not comply with the historical estimates disclosure
requirements set out in NI 43-101. The Petlacala Historical
Estimate Disclosure contained in the Amended 2011 MD&A and any
subsequent disclosure of the Company should not be relied on. The
Company previously retracted the Petlacala Historical Estimates
Disclosure in its August 3, 2011 news release, and the Company is
further amending and re-filing the Amended 2011 MD&A to reflect
such retraction. With this retraction of the Petlacala Historical
Estimates Disclosure, the Company confirms that the technical
report on the Petlacala Property dated July 16, 2010 that was filed
on SEDAR at www.sedar.com on July 19, 2010 (the "Petlacala Report")
remains a current technical report under National Instrument
43-101.
At this time the Company does not have data and information
about any historical resource estimates suitable for disclosure
under NI 43-101. In the event the Company receives a material
mineral resource estimate on any of its existing mineral
properties, it will promptly disclose the results and file a
supporting technical report if required by NI 43-101.
The Company has determined not to proceed with the Phase II
program at this time. The exploration results from the Phase I
drilling program, coupled with the significant property payments
due, do not support proceeding with the proposed Phase II program.
The Company intends to focus on whether an alternative exploration
approach would be more effective, or whether opportunities for the
joint venture or sale of its interest in the Petlacala property
exists before determining whether to proceed with additional work
on this property. In addition, after initial review of the
technical information available on the Real de Guadalupe Property,
the Company has determined that it will not proceed with any
exploration on this property at this time. The Company is currently
focusing on opportunities for the joint venture or sale of its
interest in the Real de Guadalupe property. The Company intends to
focus its efforts on the acquisition and development of the
Matehuala, Mexico processing plant announced February 17, 2011. The
Company is reviewing other opportunities for the Petlacala and Real
de Guadalupe projects.
Piotr Lutynski, P. Eng., an independent consultant, is the
qualified person (as defined in NI 43-101) who approved the
scientific and technical information contained in this news
release.
ON BEHALF OF THE BOARD of Cortez Gold Corp.
Robert Eadie, President & Chief Executive Officer
Neither the 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.
Contacts: Cortez Gold Corp. Robert Eadie President and CEO (604)
602-4935 (604) 602-4936 (FAX) Cortez Gold Corp. Suite 750, 580
Hornby Street, Box 113 Vancouver, British Columbia V6C 3B6
info@cortezgold.com