Omineca Announces Retraction of Technical Report and Associated News Releases
Cranbrook, British Columbia (FSCwire) - Omineca Mining and Metals Ltd. (“Omineca” or “the Company”) (TSX-V:OMM) announces that as a result of a review by the British Columbia Securities Commission, the Company is issuing this news release to clarify and retract certain technical disclosures made by the company.
The Company retracts all disclosure in the documents below that relate to financial projections, production forecasts or capital cost estimates and advises that the disclosure should not be relied upon because the financial projections, production forecasts or capital cost estimates referred to in those documents are not supported by a technical report compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects and such a report cannot be completed without significant additional work.
The Company advises and cautions readers that the retracted disclosure may continue to be found in the public domain and the Company advises readers not to rely on such statements.
The Company’s February 18, 2016 News Release includes projections regarding mining costs and capital costs to bring the mine to production. The Wingdam project does not have a mineral resource or mineral reserve and as such there can be no reliable economic assessment made of the project under generally accepted standards. Any financial projections referred to in this NR should not be relied upon.
The Company’s March 07, 2016 News Release contains a number of references to a Technical Report titled Technical Report on the Wingdam Property, dated March 05, 2016, and prepared for Omineca by Charles C. Downie, P.Geo., and Neil Macdonald, BASc. Part of the Technical Report contained financial projections which were quoted in the News Release. The Wingdam project does not have a mineral resource or mineral reserve and as such there can be no reliable economic assessment made of the project under generally accepted standards. Any financial projections referred to in this NR should not be relied upon.
The News Release also refers to assumptions regarding potential production forecasts in terms of tonnage, ounces and grade of future production. The Wingdam project does not have a mineral resource or mineral reserve and as such there can be no reliable assessment made of the any future production at the project under generally accepted standards. Any production projections or forecasts referred to in this NR should not be relied upon.
The Technical Report titled Technical Report on the Wingdam Property, dated March 05, 2016, and prepared for Omineca by Charles C. Downie, P.Geo., and Neil Macdonald, BASc was not prepared to NI-43-101 standards. The report includes projections of mining costs, potential production forecasts in terms of tonnage, ounces and grade of future production, and estimates for capital costs to bring a mine into production at the Wingdam. The Wingdam project does not have a mineral resource or mineral reserve and therefore management is not in a position to prepare a mine plan or conceptual mining proposal to generally accepted industry standards. Under NI 43-101 any first time disclosure of mineral resource estimates or preliminary economic assessments must be prepared or supervised by an independent Qualified Person. Neither of the authors of the Technical Report are independent of Omineca. Any financial projections, production forecasts or capital cost estimates contained in the Technical Report should not be relied upon.
A corporate presentation posted to the Company’s website discloses economic analyses of production costs, production forecasts and capital expenditures related to the Wingdam project. The Wingdam project does not have a mineral resource or mineral reserve and as such there can be no reliable economic assessment made of the project under generally accepted standards. Any financial projections, production forecasts or capital cost estimates contained in the corporate presentation should not be relied upon.
All references to the Technical Report on the Wingdam Property, dated March 05, 2016, and authored by Charles C. Downie, P.Geo., and Neil Macdonald, BASc have been removed from the website. All references to the corporate presentation have also been removed from the website.
C.C. Downie, P.Geo., has reviewed and approved the technical content of this news release and is hereby identified as the “Qualified Person” under NI 43-101.
On behalf of the Board of Directors
Signed,
“Charles C. Downie, P.Geo.”
President
For further information, please contact Mike Labach at
1 866 HUNT ORE (486 8673)
Email: mgl@ominecamining.com or visit our website at http://www.ominecamining.com/
Neither the TSX Venture Exchange nor its Regulation Services Provider 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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ominica03152016.pdf
Source: Omineca Mining and Metals Ltd. (TSX Venture:OMM)
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