|By Marketwired .||
|January 15, 2014 06:46 PM EST||
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.
Bravada Gold Corporation
604.899.2515 or toll free 1.888.456.1112
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 28, 2016 12:00 AM EDT Reads: 1,311
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
May. 27, 2016 11:30 PM EDT Reads: 2,275
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
May. 27, 2016 11:00 PM EDT Reads: 1,857
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
May. 27, 2016 11:00 PM EDT Reads: 2,478
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 27, 2016 10:30 PM EDT Reads: 2,185
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
May. 27, 2016 10:00 PM EDT Reads: 2,386
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 27, 2016 09:30 PM EDT Reads: 754
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
May. 27, 2016 09:00 PM EDT Reads: 2,479
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 27, 2016 08:00 PM EDT Reads: 1,905
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 27, 2016 07:45 PM EDT Reads: 2,854
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
May. 27, 2016 07:00 PM EDT Reads: 1,303
SYS-CON Events announced today that Isomorphic Software will exhibit at SYS-CON's [email protected] at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, high-productivity enterprise web applications for any device. SmartClient couples the industry’s broadest, deepest UI component set with a java server framework to deliver an end-...
May. 27, 2016 07:00 PM EDT Reads: 2,159
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
May. 27, 2016 06:00 PM EDT Reads: 3,145
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
May. 27, 2016 06:00 PM EDT Reads: 2,038
How will your company move to the cloud while ensuring a solid security posture? Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is ...
May. 27, 2016 05:15 PM EDT Reads: 391