AM Gold Inc: Clarification and Retraction of Previously Issued Technical Disclosure
2011年4月21日 - 10:30PM
Marketwired
AM GOLD INC. (TSX VENTURE: AMG)(FRANKFURT: AMX) ("AM Gold" or the
"Company") announces that, as a result of a review by the British
Columbia Securities Commission (the "BCSC"), the Company is issuing
this news release to clarify and retract certain of the previous
technical disclosure posted on its website at www.amgold.ca.
The Company posted on its website three mining analyst reports
dated November 16, November 22 and December 7, 2010 (collectively,
the "Analyst Reports") that contained an initial economic analyses
of the Company's Red Mountain and Pinaya mineral properties. The
economic analyses are not supported by the Company's previous
disclosure and technical report filings.
The Company has not determined that the mining analyst who
prepared the Analyst Reports is a qualified person (as such term is
defined in National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101")) and has not determined that the
mining analyst has sufficient relevant experience, expertise and
access to data to provide meaningful and reliable economic
projections that are worthy of public disclosure. Therefore the
disclosure of the Analyst Reports by the Company was contrary to NI
43-101 and the results of the analyses are retracted by the Company
and should not be relied on. Further, the Analyst Reports
contained:
-- first time disclosure of economic projections from the Company's Red
Mountain and Pinaya mineral properties, including net present value,
annual and daily production rates, revenue, capital and operating costs,
cash costs per ounce and net asset value;
-- non-compliant resource estimates, including a resource estimate at the
Pinaya property expressed as gold equivalent ounces which did not
indicate how the gold equivalent was calculated, did not disclose
resource classification, tonnage and grade for each class, and added
inferred quantity to other classes contrary to the Company's
requirements under NI 43-101; and
-- various predictions of increased mineral resources and exploration
potential that did not disclose a basis for the increased quantities and
did not provide mandatory cautionary language required by NI 43-101.
The Company retracts the economic analysis and projections of
increased mineral resources and exploration potential contained in
the Analyst Reports and has removed the Analyst Reports from its
website. In the event the Company receives a new resource estimate
or a preliminary economic assessment material to the Company for
any of its mineral projects the Company will promptly disclose the
results and file a new technical report as required by NI
43-101.
On or about April 12, 2011 an e-mail alert (the "E-mail Alert")
was disseminated on behalf of the Company containing estimates of
mineral resources on the Company's Red Mountain and Pinaya
properties. Contrary to the requirements of NI 43-101 the E-mail
Alert did not disclose mineral estimates by category, tonnes and
grade; added inferred resource to other categories; and provided a
link to a video presentation (the "Video Presentation") on the
Company containing similar non-compliant disclosure. The Company
retracts the E-mail Alert and the Video Presentation and clarifies
that the mineral resource at its Red Mountain property, as stated
in its news release of December 2, 2010 (a copy of which is
available under the Company's SEDAR profile at www.sedar.com), is
all inferred class, at 79.3 million tonnes grading 0.52g/t gold,
containing approximately 1.32 million gross troy ounces of gold. As
disclosed in the Company's news release of December 2, 2010 a
sensitivity analysis was performed on such resource estimate at
various cut-off grades with the resulting tonnages and grades
summarized in the following table:
-----------------------------------------------------------------------
Red Mountain Property, Yukon
Inferred Mineral Resource
-----------------------------------------------------------------------
Cu-Off Grade Volume SG Tenor
(g/t Au) (m3) (g/cm3) Tonnes (g/t Au) Troy Oz. Au
-----------------------------------------------------------------------
0.1 32,153,750 2.55 81,992,063 0.51 1,331,233
-----------------------------------------------------------------------
0.2 31,111,200 2.55 79,333,560 0.52 1,318,677
-----------------------------------------------------------------------
0.3 26,649,600 2.55 67,956,480 0.56 1,223,517
-----------------------------------------------------------------------
0.4 19,638,100 2.55 50,077,155 0.63 1,021,878
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Dilution below 1,108,150 2.55 2,825,783 0.16 14,445
0.2 within Wire
Frame
-----------------------------------------------------------------------
The Company further clarifies that the mineral resource at its
Pinaya property, as first disclosed by news release dated September
20, 2006 (a copy of which is available under the Company's SEDAR
profile at www.sedar.com), is both an inferred and an indicated
resource. The inferred resource is estimated at 12.72 million
tonnes grading 0.41 g/t gold and 0.41% copper, approximately
168,000 ounces gold and 115,000,000 lbs. copper contained and the
indicated resource is estimated at 29.13 million tonnes grading
0.53 g/t gold and 0.42% copper, approximately 498,000 ounces gold
and 269,000,000 lbs. of copper contained.
The Company's website, corporate presentation, fact sheet and
the E-mail Alert fail to identify and disclose the qualified person
who prepared or supervised the preparation of the technical
information. The E-mail Alert has been retracted and the Company's
revised marketing materials will include the qualified person
responsible for the technical content.
In those instances where the Company has clarified or retracted
previous disclosure, the Company advises readers not to rely on
such statements as they may continue to be found in the public
domain.
The Company is coordinating with the BCSC with respect to the
other items detailed in the BCSC's Cease Trade Order of April 13,
2011 and will issue a further news release in due course.
Dr. Stewart Jackson, P. Geol., is a Qualified Person under NI
43-101 and has reviewed and approved the technical disclosure
contained in this news release.
ON BEHALF OF AM GOLD INC.
John Fiorino, CEO
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: AM Gold Inc. Murray Caruth 1-604-646-0067
1-604-692-0117 (FAX) mcaruth@amgold.ca www.amgold.ca
AM Gold Inc. (TSXV:AMG)
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