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
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It doe...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Although it has gained significant traction in the consumer space, IoT is still in the early stages of adoption in enterprises environments. However, many companies are working on initiatives like Industry 4.0 that includes IoT as one of the key disruptive technologies expected to reshape businesses of tomorrow. The key challenges will be availability, robustness and reliability of networks that connect devices in a business environment. Software Defined Wide Area Network (SD-WAN) is expected to...
Between the mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at @DevOpsSummit at 19th Cloud Expo, Charles Kendrick, CTO at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how business and deve...
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....