Welcome!

News Feed Item

Bravada Responds to Continuous Disclosure Review

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/15/14 -- Bravada Gold Corporation ("Bravada" or the "Company") (TSX VENTURE:BVA)(FRANKFURT:BRT) announces that as a result of a review by the British Columbia Securities Commission ("BCSC"), it is issuing this news release to clarify its disclosure regarding the following issues.

The changes noted by the BCSC do not involve the overall tonnage, grade and contained metal of resource estimates provided in the Technical Report that describes the Wind Mountain resource estimates and preliminary economic assessment released by the Company, but rather the manner in which they are presented in portions of the Report.

Bravada has been advised by the BCSC that it was selected for a continuous disclosure review and has received comments on the following issues:

The technical report prepared for Bravada and published by it together with a request to file a revised technical report.

The technical report is: Updated Technical Report and Preliminary Economic Assessment, Wind Mountain Gold-Silver Project, Washoe County, Nevada dated May 11, 2012. Bravada requested that the authors of the technical report address the issues raised by the BCSC, which it has done. Bravada is filing the amended report and it is being posted on SEDAR and the Company's website www.bravadagold.com.

The amended report includes: additional summary of information in the 2007 resource estimate reported in NI 43- 101 Technical Report by Noble and Ranta (2007); removal of a clause in the Author's Certificate; addition of estimated corporate taxes to the cash-flow model; addition of required cautionary language for the inclusion of Inferred resources in the cash-flow model and mine plan; and deletion of portions of Table 16.4 that combined together Inferred and Indicated resources.

Technical disclosure issues in the Company's website, fact sheet and corporate presentation.

The Company is clarifying certain disclosures made in the Company's corporate presentations, fact sheets, and on the Company's website as detailed further in this news release solely for the purpose of complying with NI 43- 101's technical disclosure rules.


1.  Non-Compliant Disclosure of Preliminary Economic Assessment
    The disclosure of its preliminary economic evaluation in news releases
    of May 1 and 15, 2012; the President's Letter of June 19, 2013; a
    corporate video; the Company website; and the corporate presentation for
    the Wind Mountain Project reported "Pre-tax" costs and economic
    parameters, which included Nevada Net Proceeds Tax but which did not
    include an estimate of Corporate Income Tax, which may substantially
    overstate the value of the project. An estimate of the effect of
    Corporate Tax on economic parameters has been calculated and will be
    included in the modified Technical Report. After- tax parameters will be
    included in updates to the Company website and corporate presentations.

The amended Technical Report presents Pre-tax and estimated After-tax parameters as follows: Undiscounted life-of-mine pre-tax cash flow is US$63.3 million and US$42.2 million after-tax Net present value at 5% discount rate pre-tax is US42.9 million and US26.5 million after-tax Internal rate of return pre-tax is 29% and 21% after-tax.

A preliminary economic assessment is preliminary in nature and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied that would enable them to be classified as mineral reserves, and there is no certainty that the preliminary assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.


2.  Non-Compliant Disclosure within non-Company presentations
    The Company provided a non-Company presentation on its website that
    included potentially misleading statements. Specifically in Jay Taylor's
    Hotline Message, the discussion did not make it clear that Corporate Tax
    was not considered in the PEA when Mr. Taylor stated that the Wind
    Mountain Project has "Robust Economics", which may be misleading to
    investors. In addition the cautionary language in section 1 above
    regarding a PEA should have been included. This non-Company presentation
    has been removed from the Company's website and the Company advises
    investors not to rely on it. 
3.  Non-Compliant Exploration Target
    Slides from a December 2013 geologic talk presented by the Company
    President to the Northwest Mining
    Conference were posted on the Company's website. Several of the slides
    could be misleading when examined outside of the context of the talk.
    The presentation has been removed from the website to avoid potentially
    misleading investors.
    Specifically, slide 22 on the December 2013 geologic talk referred to
    the Hishikari mine in Japan, with reference to gold production figures
    and reserves for that mine. Slide 22 contained a target labeled "High-
    grade Hishikari target???" The Hishikari deposit model is well-known in
    the geologic community. The suggestion of that style of mineralization
    being present at Wind Mountain is based on several similarities between
    the geologic setting at Wind Mountain and the Hishikari mine, and was
    not intended to imply that the Company has any data that suggests grades
    or tonnages will be similar to those of the Hirshikari mine. Geologic
    similarities include being very young, low-sulfidation-types of gold
    mineralization. More specifically, high-grade gold mineralization at
    Hishikari is primarily located at the unconformity between impermeable
    basement rocks and more permeable young volcanics, a natural pathway for
    mineralizing fluids. The analogous unconformity at Wind Mountain has not
    been intersected with drilling and it is not exposed at surface; thus,
    making it a speculative target with no indication at this time of the
    potential size or grade. The presentation has been removed from the
    website to avoid potential confusion to investors. 
4.  Non-Compliant Disclosure of Mineral Resource Potential
    Two slides in the corporate presentation (slides 11 and 12) and in the
    December 2013 geology talk for the Northwest Mining Conference (slides
    15 and 16) refer to "areas of probable under-estimated Au grade" and
    "under estimated grade potential" at Wind Mountain. Although there are
    geologic reasons to believe these statements, primarily the lateral
    continuity of gold grade in blast-hole assays in the historically mined
    portion of the deposit, they are speculative until proven with further
    drilling. These slides have been modified to eliminate these speculative
    statements.
    In addition, slide 10 on the December 2013 Northwest Mining Conference
    shows a $2000 pit outline, which was produced by the engineering company
    that produced the PEA but was not included in the PEA. The intent of the
    slide was to show several areas that are under-drilled but still support
    a small pit at a gold price of $2000 even without further delineation
    drilling. Delineation drilling in these areas could extend
    mineralization, potentially allowing development as shallow open pits at
    lower gold prices. The disclosure did not show downside sensitivity to
    gold price; thus, could be misleading to investors. The December 2013
    presentation has been removed from the website and the same slide in the
    corporate presentation is being modified to show the pit modeled for a
    gold price of $1300, which was the base case in the PEA. Slide 26 in the
    corporate presentation used the local informal name "Highland Resource
    Area," potentially misleading investors to believe a resource has been
    estimated for this area. There is no resource estimated in that area at
    this time, and the name has been changed on the slide to "Highland Main
    Zone."

5.  Qualified Person
    On the Company website, presentation and fact sheet the Company did not
    disclose the relationship to the Company of the qualified person who
    approved the technical information disclosed. Joseph Anthony Kizis, Jr.,
    who is a non-independent Qualified Person within the meaning of NI 43-
    101, is the President of Bravada, which has now been clarified on the
    website, the corporate presentation, and the fact sheet where he
    supervised and approved the disclosure of that technical information.
    Mr. Kizis also supervised the preparation and approved of the disclosure
    in this news release.

About Bravada Gold Corporation

Bravada is a member of the Manex Resource Group of companies with an exploration office in Reno, from which it is exploring its extensive Carlin-type and low-sulfidation-type gold holdings strategically located within numerous productive gold trends in Nevada. Homestake Resource Corporation (HSR.V) owns 9.7% of Bravada's 120,153,421 outstanding common shares.

On behalf of the Board of Directors of Bravada Gold Corporation

Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Bravada Gold Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

Contacts:
Bravada Gold Corporation
604.899.2515 or toll free 1.888.456.1112
www.bravadagold.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" ...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...