Saskatoon, March 28, 2016 -
Navis Resources Corp. (formerly Star Minerals Group Ltd.) ("Navis" or the "Company") (CSE: SUV) announces that as a result of its delay in the filing of its annual Financial Statements, annual MD&A and related CEO and CFO certifications (collectively "2015 Disclosure Documents") for the fiscal year ended October 31, 2015 the Financial and Consumer Affairs Authority of Saskatchewan has issued a management cease trade order ("MCTO") on March 1, 2016. The MCTO prohibits all trading in securities of the Company held directly or indirectly by management of the Company until filing of the Disclosure Documents. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.
The Company is providing its second bi-weekly status report in accordance with National Policy 12-203. On February 29, 2016 the Company announced in a news release (the "Default Announcement") that it will not be able to file the 2015 Disclosure Documents within the prescribed period for the filing of such documents under Part 6 of National Instrument 51-102 and under Part 4 of National Instrument 52-109, namely within 120 days of year-end being February 29, 2016.
The Company's management continues to work diligently to meet its obligations relating to the filing. The year-end audit has commenced and the Company expects to file the 2015 Disclosure Documents within 30-45 days. Pursuant to the provisions of the alternative information guidelines specified in Section 4.4 of NP 12-203, the Company reports that since the Default Announcement:
- There have been no material changes to the information contained in the Default Announcement;
- There have been no failures by the Company to fulfil its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines;
- There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject to the Default Announcement; and
- There is no other material information respecting the Company's affairs that has not been generally disclosed.
Until the 2015 Disclosure Documents have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines set out in Sections 4.3 and 4.4 of National Policy 12-203 for as long as it remains in default as a result of the late filing. During such period the Company will issue bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. The Company expects to file its next default status report on or about April 11, 2016.
About Navis Resources Corp.
Navis is a Saskatoon-based diversified exploration stage company positioned for growth in Canada through the acquisition and development of advanced and/or cash flow mining opportunities. Navis is backed by an experienced and high-energy management team with diverse technical, market and finance strengths and expertise, and is supported by committed and sophisticated investors focused on building value for the long term.
Navis trades on the CSE (formerly CNSX) under the symbol "SUV".
For more information, please visit our website at www.starminerals.ca.
For further information:
Navis Resources Corp.
www.naviscorp.com
Michael Burns, President and CEO
Phone: +1 306-715-6802 or
James Rogers, COO
Phone: +1 778-809-7009
Facsimile: +1 306-244-0042
Email: info@starminerals.ca
Forward Looking Statements
This news release contains certain statements which constitute forward-looking statements or information ("forwardlooking statements"), including statements regarding project plans for 2016. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Star's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Navis believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. Other factors that could materially affect such forward-looking statements are described in the risk factors in the most recent management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forwardlooking statements contained in this document are made as of the date of this document and, except as required by applicable law, Navis does not undertake any obligation to publicly update or to revise any of the included forwardlooking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
