Gold Standard Clarifies Technical Disclosure / Updates Pinion Acquisition and Concurrent Financing
03 Mars 2014 - 1:30PM
Marketwired
Gold Standard Clarifies Technical Disclosure / Updates Pinion
Acquisition and Concurrent Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 3, 2014) - Gold
Standard Ventures Corp. (TSX-VENTURE: GSV)(NYSEMKT:GSV)(NYSE
Amex:GSV) ("Gold Standard" or the "Company") announces that as a
result of a review by the British Columbia Securities Commission
("BCSC"), the Company is issuing this news release to clarify
certain technical disclosure relating to its mineral projects,
including Railroad and Pinion amongst others, from information
contained in its website, corporate presentations, public filings
and investor materials.
- The corporate presentation "Discovery of the North Bullion Gold
Deposit" dated January 2013 (the "Bullion Presentation") disclosed
certain contained ounces of gold within the "POD", "Trout Creek"
and "South Bullion" deposits which were not disclosed as historical
estimates, exceeded the gross contained ounces of gold in the
historical estimates and did not include the required cautionary
disclosure required by National Instrument 43-101 ("NI 43-101").
This presentation has been removed from the Company's website.
- The corporate presentation "Pending Pinon Acquisition" dated
January 2014 (the "Pinon Presentation") re-classified certain
historical resource estimates using current CIM classes including a
substantial quantity of inferred class and did not include all of
the cautionary language prescribed by NI 43-101 for historical
estimates. This presentation has been removed from the Company's
website.
- In an interview (#2) titled "Revealing Interview with Gold
Standard Venture's Chief Geologist David C. Mathewson" issued by
Rockstone Research Ltd. dated October 22, 2013 (the "Interview")
the Interview treats certain historical estimates as current
resources, reports on historical mineral resources without
providing the cautionary language required by NI 43-101 and
discloses non-compliant resource estimates on competitor projects.
The Interview was neither posted on or linked to from the Company's
website nor distributed by the Company. At present, there are
insufficient data available to qualify these historical estimates
as current resources.
- The Interview also reports on potential exploration targets
without the required disclosure and cautionary language prescribed
by NI 43-101. Specifically, the Interview refers to a quote from an
October 2013 research paper by an investment dealer as to the
resource potential of the Railroad project. The Interview also
includes statements describing the North Bullion Deposit as
"likely to turn out to be larger than Newmont's Rain Mine (+6
million gold ounces) in operation only a stone's throw away…"
and the potential for the Pinon deposit "to be two times or
more of the current size". The Company acknowledges that these
statements are overly promotional, are unsupported and will not be
repeated. Gold Standard fully retracts these speculative statements
of future resources, as there has been insufficient exploration to
define a mineral resource and that it is uncertain if further
exploration will result in the target being delineated as a mineral
resource.
The Company retracts all disclosure in the above Presentations
and Interview that stated or implied the existence of current
resource estimates, and issues the following clarification
regarding the historical resource estimates for all zones within
its Railroad and Pinion projects.
At present, there are no current mineral resources on the
Railroad or Pinion projects. A number of resource estimates were
historically completed for the Railroad and Pinion projects over
the years; however, such historic resource estimates were derived
from data assembled prior to the introduction of NI 43-101 and, to
the Company's knowledge, a "qualified person" has not completed
sufficient work to classify the historical estimates as mineral
resources or reserves under NI 43-101. In the opinion of the
Company's Qualified Persons, certain aspects of the data that has
been reviewed to date, including collar survey, metallurgical and
geotechnical data, is of uncertain quality and reliability.
Additionally, this historic data is not supported by sufficient
QA/QC standards for resource estimation. Because of the data
reliability issues, the Company is discontinuing disclosure of the
historical resource and reserve estimates at the Pod, Trout Creek,
and South Bullion mineral deposits. At this time, these zones
formerly designated as historical estimates represent exploration
targets that will require additional work before an initial mineral
resource estimate can be determined.
The Company has engaged professionals from Apex Geosciences
Ltd., as Independent Qualified Persons, who are in the process of
preparing a new NI 43-101 Technical Report for its Railroad and
Pinion projects. The Company expects to file the new report on
SEDAR on or before March 31, 2014.
The scientific and technical content and interpretations
contained in this news release have been reviewed, verified and
approved by Steven R. Koehler, Gold Standard's Manager of Projects,
BSc. Geology and CPG-10216, and Robert McLeod, P.Geo. an
Independent Director of Gold Standard Ventures. Both are Qualified
Persons as defined by NI 43-101.
Further to the Company's news release of February 21, 2014,
closing of the Pinion acquisition and concurrent private placement
is now scheduled for tomorrow, March 4, 2014.
ABOUT GOLD STANDARD VENTURES CORP. - Gold Standard Ventures is
focused on the acquisition and exploration of gold projects in
North Central Nevada. Gold Standard currently holds a portfolio of
projects totaling approximately 40,000 acres of prospective ground
within North Central Nevada and the Walker Lane of which 16,748
acres comprise the flagship Railroad Gold Project on the productive
Carlin Gold Trend.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) nor
the NYSEMKT accepts responsibility for the adequacy or accuracy of
this news release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements, which
relate to future events or future performance and reflect
management's current expectations and assumptions. Such
forward-looking statements reflect management's current beliefs and
are based on assumptions made by and information currently
available to the Company. All statements, other than statements of
historical fact, included herein including, without limitation,
statements about our proposed financing are forward looking
statements. By their nature, forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements, or other
future events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Risk factors affecting the Company
include, among others: the results from our exploration programs,
global financial conditions and volatility of capital markets,
uncertainty regarding the availability of additional capital,
fluctuations in commodity prices; title matters; and the additional
risks identified in our filings with Canadian securities regulators
on SEDAR in Canada (available at www.sedar.com) and with the SEC on
EDGAR (available at www.sec.gov/edgar.shtml). These forward-looking
statements are made as of the date hereof and, except as required
under applicable securities legislation, the Company does not
assume any obligation to update or revise them to reflect new
events or circumstances.
On behalf of the Board of Directors of Gold Standard,
Jonathan Awde, President and Director
Jonathan
AwdePresident604-669-5702info@goldstandardv.comwww.goldstandardv.com
Gold Standard Ventures Corp. (TSXV:GSV)
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