Cornerstone Metals Inc. Clarifies Technical Disclosure
20 Janvier 2014 - 6:42PM
Marketwired
Cornerstone Metals Inc. Clarifies Technical Disclosure
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 20, 2014) -
Cornerstone Metals Inc. (TSX-VENTURE:CCC) ("Cornerstone" or the
"Company") reports that, as a result of a review by the British
Columbia Securities Commission (the "BCSC"), the Company is issuing
the following news release to clarify certain technical
disclosure.
Certain of the Company's disclosure contained in its Corporate
Presentation and as posted on the Company's website included
certain disclosures non-compliant with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI
43-101"). The Company has now taken the following actions to
clarify these non-compliant disclosures:
- The Company has shut down its website and is in the process of
amending the website relating to the Company's disclosure
- The Company's website previously contained non-compliant
disclosure which has been retracted and deleted, the specifics of
which are set out below. The non-compliant disclosure should not be
relied upon.
- In those instances where the Company has clarified or revised
previous disclosure, the Company advises readers not to rely on
such previous statements as they may continue to be found in the
public domain.
Non-Compliant Exploration Targets
Lone Mountain Project,
New Mexico
On the Company's website project disclosure for its Lone
Mountain project and on slides 9 and 21 of its Corporate
Presentation dated December 9, 2013, the Company has disclosed an
exploration target for the Lone Mountain property, which is
restricted by NI 43-101 section 2.3(1)(a) because it does not
include the information and cautionary language required by section
2.3(2) of NI 43-101.
Accordingly, investors are cautioned that the exploration target
at the Company's Lone Mountain project in New Mexico is conceptual
in nature. The Potential Estimate for the leachable copper zone at
Lone Mountain has a range between 110 and 160 million tonnes at
between 0.20% and 0.29% copper. The estimate was based on all drill
data (43 holes, 100-250m spacing), modeled in 3D for the near
surface leachable copper zone and applied simple weighted averages
of assays within modeled solids. The quoted figures are reported as
an exploration target. The potential quantities and grades are
conceptual in nature. 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. The Company has updated its website material and its
Corporate Presentation to include this information and cautionary
language required by NI 43-101.
Twin Peaks Project,
Arizona
On slide 9 of the Company's December 9, 2013 Corporate
Presentation, the Company has disclosed an "exploration target" for
the Twin Peaks property, which is restricted by NI 43-101 section
2.3(1)(a) because it does not include the information and
cautionary language required by section 2.3 (2) of NI 43-101. The
Company was in error and has deleted references to the exploration
potential for the Twin Peaks property from its Corporate
Presentation. The Company does not have an "exploration target" on
Twin Peaks as defined by NI 43-101. Readers should not rely on the
retracted statement because there is inadequate drilling and drill
density at this time.
Selective Disclosure of Highest Values
On slides 9 and 16 of its December 9, 2013 Corporate
Presentation, the Company disclosed previous exploration results
for its Mimbres Project in New Mexico, by reporting only the
highest or best values and used an "up to" basis for reporting
values. This type of disclosure is not balanced or complete and may
be misleading if high values are from selected samples or outliers.
The Company has updated its Corporate Presentation to disclose a
range of all available exploration results "from 15.2m @ 0.4%
Cu to 43m @1% Cu" for the Mimbres Project.
Qualified Person
On the Company's Website, December 9, 2013 Corporation
Presentation, and Corporate Overview, the Company did not identify
and disclose the relationship to the Company of the qualified
person who prepared or supervised the preparation of, or approved
of the technical information disclosed, as required by NI 43-101
Section 3.1.
All technical disclosure information included in such
disclosures was prepared under the supervision of Paul Cowley,
P.Geo., President and CEO of the Company, a qualified person
consistent with NI 43-101. The Company has updated its Website and
Corporation Presentation. The downloadable Corporate Overview has
been removed in its entirety from the Company's website.
On Behalf of Cornerstone Metals Inc.
Paul Cowley, President and CEO
Paul Cowley,
P. Geo., President & CEO of the Company, is the Qualified
Person under NI 43-101 who has reviewed and approved the technical
content of this news release.
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.
Cornerstone Metals Inc.Paul
Cowley604-340-7711pcowley@cornerstonemetals.cawww.cornerstonemetals.ca
Cornerstone Metals Inc. (TSXV:CCC)
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