VANCOUVER, British Columbia, Sept. 28, 2017 (GLOBE NEWSWIRE) — MX Gold Corp. (TSX-V:MXL) (FSE:0DV) (OTCQX:MXLGF) (the “Company” or “MX Gold”) announces that, as a result of a review by the British Columbia Securities Commission, the Company wishes to clarify its disclosure and retract statements announcing mineral reserves of its Magistral Project in its July 20, 2017 news release (the “News Release”) and to also retract statements regarding mineral resources and estimates of an economic analysis for the Max Molybdenum portion of its WillaMax project in its February 2017 corporate presentation (the “Presentation”).
The News Release
The News Release contained statements of estimated tonnage and estimated gold/tonne which are not permitted under National Instrument 43-101 – Standards of Disclosure of Mineral Projects (“NI 43-101”) as no preliminary economic assessment, preliminary feasibility study or feasibility study was filed to support such statements. The mineral reserves are not supported by a compliant NI 43-101 technical report, contrary to NI 43-101, and the reserves and statements should not be relied upon until they have been verified and supported by a NI 43-101 compliant technical report.
As disclosed in its October 25, 2016 news release, the Company would like to clarify that a historical estimate was completed on the Magistral Project by Corporation Ambiental de Mexico, S.A. de C.V. (“CM”) on January 20, 2012 titled “Perforacion y Muestreo en Presa de Jaleas Estimation Volumetrica, Tonelaje y Ley Promedio”. CM reported from an auger drilling program a probable reserve of 1,292,917.2 tonnes averaging 2.06 grams/tonne gold. The assumptions for this estimate are based on 58 auger samples, 2.45 to 3.0 metres in length from 24 drill holes. To the Company’s knowledge, there has been no additional work on the tailings project since January 20, 2012 to upgrade or verify the historical estimate. A Qualified Person (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as a current mineral resource or reserve and the Company is not treating the historical estimate as a current mineral resource or reserve.
The Company intends to prepare and file a Technical Report to disclose a preliminary economic assessment for its Magistral Project on or prior to November 30, 2017.
The Corporate Presentation
The Presentation disclosed mineral resources and the results of an economic analysis for the Max Molybdenum property. The statements in the Presentation regarding mineral resources and economic analysis are not supported by a compliant NI 43-101 technical report, contrary to NI 43-101, and such estimates should not be relied on until they have been verified and supported by a technical report.
The Company intends to prepare and file a Technical Report to disclose a preliminary economic assessment for the Max Molybdenum property on or prior to December 31, 2017.
Lorne Warner, P. Geo., a director of the Company, has reviewed and approved the scientific and technical information set out in this news release and is a Qualified Person as defined in NI 43-101.
On behalf of the Board of Directors,
“Akash Patel”
Akash Patel, Vice President and Director, MX Gold Corp.
For further information, please contact
Dan Omeniuk, CEO
Email: [email protected]
(778)-798-4653
Or by email to:
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
Statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical, and consist primarily of projections – statements regarding future plans, expectations and developments. Words such as "expects", "intends", "plans", "may", "could", “potential”, "should", "anticipates", "likely", "believes" and words of similar import tend to identify forward-looking statements. Forward-looking statements in this news release include the intention to file a Technical Report on the Magistral Project before November 30, 2017 and the intention to file a Technial Report on the Max property prior to the end of the 2017 calendar year. All of these forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, that the Company may not be able to gather and analyze relevant information and produce a report compliant with NI 43-101 on or prior to such dates; availability of experts and consultants to help prepare such reports; uncertainty in the measurement of mineral reserves and resource estimates; MX Gold’s ability to attract and retain qualified personnel and management; and the ability of the Company to fund its operations, as well as other risks and uncertainties identified under the heading “Risk Factors” in the Company’s continuous disclosure documents filed on SEDAR. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. MX Gold cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management’s assumptions may prove to be incorrect. These forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and MX Gold does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.
