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
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone in...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...