TORONTO, ON--(Marketwired - July 24, 2017) - COBALTECH MINING INC. (TSX VENTURE: CSK) (FRANKFURT: 9BN1) (WKN: A2DG59) (OTC PINK: BNCIF) (the "Company" or "CobalTech"), reports that as a result of a review by the British Columbia Securities Commission ("BCSC") we are issuing the following news release to clarify our disclosure.
Non Compliant Historical Estimate
In its January 2017 Fact Sheet and Presentation the Company disclosed a historic tonnage and grade estimate for the stockpiles on the Duncan Kerr Property (the "Property") as well as production estimates and projected operating costs. The Company acknowledges that such disclosure was not compliant with NI 43-101 since it was not supported by a technical report in accordance with NI 43-101. The Company has removed the Presentation from its website and has amended its Fact Sheet to remove such language.
In its Presentation, the Company provided disclosure of a historical estimate without providing all of the information required by NI 43-101. The Company has previously filed a NI 43-101 technical report dated November 23, 2016 entitled "NI-43-101 Technical Report on the Duncan Kerr Property" (the "Technical Report"). Item 14 of the Technical Report states that there has not been sufficient work on the Property to undertake a mineral resource estimate. The Company does not have a current mineral resource for its Duncan Kerr Property and therefore acknowledges that such disclosure was not appropriate. As stated in previous news releases and the Technical Report "it is important to note that a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the issuer is not treating the historical estimate as current mineral resources or mineral reserves. There has been no review of the methods and results of this historical resource estimate by a Qualified Person."
Qualified Person Disclosure
CobalTech did not identify a Qualified Person on its website, Presentation and Fact Sheet with respect to technical information disclosed therein. CobalTech has removed the Presentation and has now prepared its website disclosure and Fact Sheet under the supervision of a Qualified Person and has identified and disclosed such review and the name of the Qualified Person and their relationship to CobalTech. The Company will include the required QP statement on all future disclosure.
Antoine Fournier, P. Geo., M.Sc., the Vice President of the Company is the Qualified Person of the Company, as defined by National Instrument 43-101, and he has prepared and reviewed the technical information on this press release.
ON BEHALF OF THE BOARD
(signed) "Bruce Bragagnolo"
Bruce Bragagnolo
Chief Executive Officer
About CobalTech
CobalTech Mining Inc. is a North American cobalt company with assets in Cobalt, Ontario, Canada, an area known for its geological setting responsible for unique mineralization composed of quartz-carbonate veins enriched in silver-cobalt-nickel-bismuth-arsenic.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.