Welcome!

News Feed Item

Inca One Resource Corp.: Clarification and Retraction of Previously Issued Technical Disclosure

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/24/14 -- Inca One Resource Corp. (the "Company") (TSX VENTURE: IO) announces that, as a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify and/or retract its disclosure. In those instances where the Company has clarified or revised previous disclosure, the Company advises readers not to rely on such statements as they may continue to be found in the public domain.

The Company's website, investor materials and certain news releases contained disclosure regarding the Company's La Corizona project ("Corizona") that were not compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") as detailed below, and in particular in connection with the relationship between Corizona and the Company's Chala One gold milling facility ("Chala One").

The La Corizona Project Technical Report Non-Compliant Disclosure

The technical report entitled "La Corizona Project" prepared by John Buckle, P.Geo. dated May 22, 2013 (the "Report") found on the Company's website discloses in various places historical estimates that are not compliant with NI 43-101. Examples of historical estimates in the Report that are not compliant with NI 43-101 include, but are not limited to:


--  Page 33: a historical resource of 137,686 tonnes at 9.03 g/t gold
    reserve
--  Page 33: 1,226,176 tonnes of geological resource (without disclosed
    grade)

The disclosure in the Report found on the Company's website was not in compliance with NI 43-101 as it omitted information required by NI 43-101 about relevance and reliability, original historical classifications and grade. The Company therefore retracts the prior disclosure of these historical estimates.

The Company intends to amend the Report to be in compliance with NI 43-101. Until such time as a NI 43-101 compliant technical report has been prepared, the Report has been removed from the Company's website. The Company will also file its amended Report on the Company's profile on SEDAR at www.sedar.com.

Non-Compliant References to "Ore" or "Orebody"

The Operations section of the Company's website and the Company's corporate presentation dated November 2013 (the "Corporate Presentation") both refer to "10 faces to the orebody". The terms "ore" and "orebody" imply technical feasibility and economic viability that should only be attributed to mineral reserves. Given that there are no reserves associated with Corizona, the use of the word "orebody" is not compliant with NI 43-101 and the Company retracts the same. The Company has removed the disclosure from its website.

Misleading and Non-Compliant Disclosure with Respect to Corizona and Chala One

The Company has made certain disclosure with respect to the processing of material from Corizona at Chala One. The Company would like to clarify that the Chala One processing mill's only current source of mill feed is from Peruvian artisanal miners. On one occasion only, the Company processed a small amount of bulk sampling material from Corizona at Chala One. Such disclosure includes the following:


--  The Operations section of the Company's website disclosed that the
    Company is obtaining bulk sampling of 40 tpd, ramping up to 80 tpd at
    Corizona.
--  The Company's September 9, 2013 news release discloses that the Company
    will focus on generating cash flow from processing high-grade ore from
    the Company's Corizona mine and other Peruvian gold mining operations.
--  The Company's November 14, 2013 news release and the Company's
    Management Discussion and Analysis dated December 30, 2013 disclose that
    on November 9, 2013, the Company shipped its first load of 30 tons of
    material from Corizona to Chala One to be processed.
--  The Corporate Presentation and the Company's fact sheet (the "Fact
    Sheet") disclose that at 50 tpd, Chala One would generate approximately
    $4.3 million in gross operating profit.
--  The Corporate Presentation provides further details on the economics of
    Chala One.

The above disclosure, both each on its own and taken together as a whole, is misleading and not in compliance with NI 43-101 as it links production at Corizona with processing at Chala One, treats the transferred material as a mineral reserve and implies a positive economic analysis to support a production decision at Corizona. Accordingly, the Company clarifies that it has not made any economic analysis regarding Corizona and has not made a decision to advance Corizona to production.

In addition, although the Company sometimes refers to Corizona as the "Corizona mine", it is an exploration property, is no longer an operating mine and has no current production. Materials taken from Corizona are bulk sampling materials only.

With no current mineral resource, there is no valid basis for a preliminary economic analysis, and NI 43-101 restricts disclosure of economic results and future production quantities under these circumstances. The Company retracts the statements relating to potential operating profit and the economics of Chala One as they may be misinterpreted to disclosure results of an economic analysis regarding Corizona.

Regardless, the implication that Company has made a production decision without current resources and without first establishing mineral reserves and completing a feasibility study may be misleading as it did not provide adequate disclosure regarding the increased uncertainty and the higher risk of economic and technical failure associated with a production decision under these circumstances.

The Company has removed the Operations section, Corporate Presentation and Fact Sheet from its website and is updating it accordingly.

The technical content of this news release has been approved by Van Phu Bui, a director of the Company and a Qualified Person as defined in NI 43-101.

About Inca One Resources Corp.

Inca One is a Canadian based mineral resource company with a newly acquired gold milling facility & exploration assets in Peru, which was home to the Inca Empire. Peru is currently the largest gold producer in South America, hosting mines which have produced up to 26 million ounces of gold. A highly mineral rich country, Peru is one of the world's top producers of gold, silver, copper and zinc.

On behalf of the Board,

INCA ONE RESOURCES CORP.

Edward Kelly, President& CEO

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 NEWS RELEASE.

STATEMENTS IN THIS PRESS RELEASE REGARDING THE COMPANY WHICH ARE NOT HISTORICAL FACTS ARE "FORWARD-LOOKING STATEMENTS" THAT INVOLVE RISKS AND UNCERTAINTIES. SUCH INFORMATION CAN GENERALLY BE IDENTIFIED BY THE USE OF FORWARDING-LOOKING WORDING SUCH AS "MAY", "EXPECT", "ESTIMATE", "ANTICIPATE", "INTEND", "BELIEVE" AND "CONTINUE" OR THE NEGATIVE THEREOF OR SIMILAR VARIATIONS. SINCE FORWARD-LOOKING STATEMENTS ADDRESS FUTURE EVENTS AND CONDITIONS, BY THEIR VERY NATURE, THEY INVOLVE INHERENT RISKS AND UNCERTAINTIES SUCH AS THE RISK THAT THE CLOSING MAY NOT OCCUR FOR ANY REASON. ACTUAL RESULTS IN EACH CASE COULD DIFFER MATERIALLY FROM THOSE CURRENTLY ANTICIPATED IN SUCH STATEMENTS DUE TO FACTORS SUCH AS: (I) THE INABILITY OF THE PARTIES TO CONSUMMATE THE DEFINITIVE LETTER AGREEMENT; (II) FLUCTUATION OF MINERAL PRICES; (III) A CHANGE IN MARKET CONDITIONS; (IV) THE INABILITY TO PRODUCE THE TECHNICAL REPORT FOR ANY REASON WHATSOEVER; AND (V) THE REFUSAL OF THE EXCHANGE TO ACCEPT THE PROPOSED TRANSACTION FOR ANY REASON WHATSOEVER. EXCEPT AS REQUIRED BY LAW, THE COMPANY DOES NOT INTEND TO UPDATE ANY CHANGES TO SUCH STATEMENTS.

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
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle.
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...