Northern Freegold Reports Technical Disclosure Review
17.12.2014 | The Newswire
Vancouver, BC / TNW-ACCESSWIRE / December 17, 2014 / Northern Freegold Resources Ltd. (TSXV:NFR) announces that as a result of a review by the British Columbia Securities Commission ("BCSC"), we are issuing the following news release to clarify our technical disclosure.
The Company's corporate presentation entitled "Significant Gold/Copper Resources in Yukon & Arizona. Corporate Presentation 2014" contained statements that did not comply with the requirements of National Instrument 43-101, including:
-
-- the presentation omitted required cautionary statements regarding the use of inferred resources in a preliminary economic assessment. In this regard the Company advises that the preliminary economic assessment disclosed in the Report is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized;
-
-- the presentation discloses the quantity of contained metal for deposits on adjacent properties without including the quality and quantity;
-
-- the presentation incorrectly discloses the Tinta Hill resource estimate as a historic estimate. The Company clarifies that the Tinta Hill resource estimate was reported in a technical report dated August 31, 2009 which was filed by the Company on SEDAR, and as such it is not a historic estimate; and
-
-- the presentation discloses the in-situ values of gold and copper equivalent per share, which is prohibited under NI 43-101 and is hereby retracted.
The Company has removed the corporate presentation from its website. An updated presentation will be posted in the near future that will correct the deficiencies noted above.
In addition, the Company previously filed a technical report entitled "Golden Revenue Property, Freegold Mountain Project, Yukon, Canada, Preliminary Economic Assessment, April 9, 2013". The report, as filed, does not comply with certain requirements of NI 43-101 and investors should not rely upon the results of the preliminary economic assessment (PEA) until a compliant technical report is filed. The Company is working to file an amended technical report on the project that complies with the requirements of NI 43-101.
The Company has been placed on the BCSC's "Defaulting Issuer List" until the deficiencies are remedied.
About Northern Freegold
Northern Freegold is a growth oriented Canadian-based precious metals exploration and development company. Northern Freegold is focused on creating value through the advancement of the district scale Freegold Mountain project and the Burro Creek gold and silver property in Arizona. For maps and more information, please visit our website www.northernfreegold.com.
On behalf of the Board of Directors
Signed "Paul Reynolds"
Paul Reynolds, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2014 TheNewswire - All rights reserved.