Bravada Responds to Continuous Disclosure Review
16 Januar 2014 - 12:45AM
Marketwired
Bravada Responds to Continuous Disclosure Review
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 15, 2014) -
Bravada Gold Corporation ("Bravada" or the "Company")
(TSX-VENTURE:BVA)(FRANKFURT:BRT) announces that as a result of a
review by the British Columbia Securities Commission ("BCSC"), it
is issuing this news release to clarify its disclosure regarding
the following issues.
The changes noted by
the BCSC do not involve the overall tonnage, grade and contained
metal of resource estimates provided in the Technical Report that
describes the Wind Mountain resource estimates and preliminary
economic assessment released by the Company, but rather the manner
in which they are presented in portions of the Report.
Bravada has been
advised by the BCSC that it was selected for a continuous
disclosure review and has received comments on the following
issues:
The technical report
prepared for Bravada and published by it together with a request to
file a revised technical report.
The technical report
is: Updated Technical Report and Preliminary Economic Assessment,
Wind Mountain Gold-Silver Project, Washoe County, Nevada dated May
11, 2012. Bravada requested that the authors of the technical
report address the issues raised by the BCSC, which it has done.
Bravada is filing the amended report and it is being posted on
SEDAR and the Company's website www.bravadagold.com.
The amended report
includes: additional summary of information in the 2007 resource
estimate reported in NI 43- 101 Technical Report by Noble and Ranta
(2007); removal of a clause in the Author's Certificate; addition
of estimated corporate taxes to the cash-flow model; addition of
required cautionary language for the inclusion of Inferred
resources in the cash-flow model and mine plan; and deletion of
portions of Table 16.4 that combined together Inferred and
Indicated resources.
Technical disclosure
issues in the Company's website, fact sheet and corporate
presentation.
The Company is
clarifying certain disclosures made in the Company's corporate
presentations, fact sheets, and on the Company's website as
detailed further in this news release solely for the purpose of
complying with NI 43- 101's technical disclosure rules.
- Non-Compliant
Disclosure of Preliminary Economic Assessment The disclosure
of its preliminary economic evaluation in news releases of May 1
and 15, 2012; the President's Letter of June 19, 2013; a corporate
video; the Company website; and the corporate presentation for the
Wind Mountain Project reported "Pre-tax" costs and economic
parameters, which included Nevada Net Proceeds Tax but which did
not include an estimate of Corporate Income Tax, which may
substantially overstate the value of the project. An estimate of
the effect of Corporate Tax on economic parameters has been
calculated and will be included in the modified Technical Report.
After- tax parameters will be included in updates to the Company
website and corporate presentations.
The amended
Technical Report presents Pre-tax and estimated After-tax
parameters as follows: Undiscounted life-of-mine pre-tax cash flow
is US$63.3 million and US$42.2 million after-tax Net present value
at 5% discount rate pre-tax is US42.9 million and US26.5 million
after-tax Internal rate of return pre-tax is 29% and 21%
after-tax.
A preliminary
economic assessment is preliminary in nature and it includes
inferred mineral resources that are considered too speculative
geologically to have the economic considerations applied that would
enable them to be classified as mineral reserves, and there is no
certainty that the preliminary assessment will be realized. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability.
- Non-Compliant
Disclosure within non-Company presentations The Company
provided a non-Company presentation on its website that included
potentially misleading statements. Specifically in Jay Taylor's
Hotline Message, the discussion did not make it clear that
Corporate Tax was not considered in the PEA when Mr. Taylor stated
that the Wind Mountain Project has "Robust Economics", which may be
misleading to investors. In addition the cautionary
language in section 1 above regarding a PEA should have been
included. This non-Company presentation has been removed from the
Company's website and the Company advises investors not to rely on
it.
- Non-Compliant
Exploration Target Slides from a December 2013 geologic talk
presented by the Company President to the Northwest Mining
Conference were posted on the Company's website. Several of the
slides could be misleading when examined outside of the context of
the talk. The presentation has been removed from the website to
avoid potentially misleading investors. Specifically, slide 22 on
the December 2013 geologic talk referred to the Hishikari mine in
Japan, with reference to gold production figures and reserves for
that mine. Slide 22 contained a target labeled "High- grade
Hishikari target???" The Hishikari deposit model is well-known in
the geologic community. The suggestion of that style of
mineralization being present at Wind Mountain is based on several
similarities between the geologic setting at Wind Mountain and the
Hishikari mine, and was not intended to imply that the Company has
any data that suggests grades or tonnages will be similar to those
of the Hirshikari mine. Geologic similarities include being very
young, low-sulfidation-types of gold mineralization. More
specifically, high-grade gold mineralization at Hishikari is
primarily located at the unconformity between impermeable basement
rocks and more permeable young volcanics, a natural pathway for
mineralizing fluids. The analogous unconformity at Wind Mountain
has not been intersected with drilling and it is not exposed at
surface; thus, making it a speculative target with no indication at
this time of the potential size or grade. The presentation has been
removed from the website to avoid potential confusion to
investors.
- Non-Compliant
Disclosure of Mineral Resource Potential Two slides in the
corporate presentation (slides 11 and 12) and in the December 2013
geology talk for the Northwest Mining Conference (slides 15 and 16)
refer to "areas of probable under-estimated Au grade" and "under
estimated grade potential" at Wind Mountain. Although there are
geologic reasons to believe these statements, primarily the lateral
continuity of gold grade in blast-hole assays in the historically
mined portion of the deposit, they are speculative until proven
with further drilling. These slides have been modified to eliminate
these speculative statements. In addition, slide 10 on the December
2013 Northwest Mining Conference shows a $2000 pit outline, which
was produced by the engineering company that produced the PEA but
was not included in the PEA. The intent of the slide was to show
several areas that are under-drilled but still support a small pit
at a gold price of $2000 even without further delineation drilling.
Delineation drilling in these areas could extend mineralization,
potentially allowing development as shallow open pits at lower gold
prices. The disclosure did not show downside sensitivity to gold
price; thus, could be misleading to investors. The December 2013
presentation has been removed from the website and the same slide
in the corporate presentation is being modified to show the pit
modeled for a gold price of $1300, which was the base case in the
PEA. Slide 26 in the corporate presentation used the local informal
name "Highland Resource Area," potentially misleading investors to
believe a resource has been estimated for this area. There is no
resource estimated in that area at this time, and the name has been
changed on the slide to "Highland Main Zone."
- Qualified
Person On the Company website, presentation and fact sheet
the Company did not disclose the relationship to the Company of the
qualified person who approved the technical information disclosed.
Joseph Anthony Kizis, Jr., who is a non-independent Qualified
Person within the meaning of NI 43-101, is the President of
Bravada, which has now been clarified on the website, the corporate
presentation, and the fact sheet where he supervised and approved
the disclosure of that technical information. Mr. Kizis also
supervised the preparation and approved of the disclosure in this
news release.
About Bravada Gold
Corporation
Bravada is a member
of the Manex Resource Group of companies with an exploration office
in Reno, from which it is exploring its extensive Carlin-type and
low-sulfidation-type gold holdings strategically located within
numerous productive gold trends in Nevada. Homestake Resource
Corporation (HSR.V) owns 9.7% of Bravada's 120,153,421 outstanding
common shares.
On behalf of the
Board of Directors of Bravada Gold Corporation
Joseph A. Kizis,
Jr., Director, President, Bravada Gold Corporation
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.
This news
release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming
work programs, geological interpretations, receipt of property
titles, potential mineral recovery processes, etc. Forward-looking
statements address future events and conditions and therefore
involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.
These statements are based on a number of assumptions, including,
but not limited to, assumptions regarding general economic
conditions, interest rates, commodity markets, regulatory and
governmental approvals for the company's projects, and the
availability of financing for the company's development projects on
reasonable terms. Factors that could cause actual results to differ
materially from those in forward looking statements include market
prices, exploitation and exploration successes, the timing and
receipt of government and regulatory approvals, and continued
availability of capital and financing and general economic, market
or business conditions. Bravada Gold Corporation does not assume
any obligation to update or revise its forward-looking statements,
whether as a result of new information, future events or otherwise,
except to the extent required by applicable law.
Bravada Gold Corporation604.899.2515 or toll free
1.888.456.1112www.bravadagold.com
Bravada Gold (TSXV:BVA)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Bravada Gold (TSXV:BVA)
Historical Stock Chart
Von Jun 2023 bis Jun 2024