Click here to close now.




















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
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Palerra, the cloud security automation company, announced enhanced support for Amazon AWS, allowing IT security and DevOps teams to automate activity and configuration monitoring, anomaly detection, and orchestrated remediation, thereby meeting compliance mandates within complex infrastructure deployments. "Monitoring and threat detection for AWS is a non-trivial task. While Amazon's flexible environment facilitates successful DevOps implementations, it adds another layer, which can become a ...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...