Welcome!

News Feed Item

Viscount Mining Corp. Clarifies Disclosure Following BCSC Review

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/09/14 -- Viscount Mining Corp. (TSX VENTURE: VML) (the "Company") announces that as a result of a review by the British Columbia Securities Commission ("BCSC"), it is issuing this news release to clarify and retract certain technical disclosure regarding the Company's Cherry Creek project.

The Company's previous disclosure includes estimates and information relating to the Cherry Creek project that are or may be contrary to the requirements of National Instrument 43-101 ("NI 43-101"), including the following:

Non-Compliant Disclosure of Historical Estimates

The Company's website and its Winter 2014 investor presentation disclosed historical estimates of tonnes, grade and contained metal, historical resource and reserve estimates, and other statements that may have implied the existence of a current resource or current reserve. In addition the Company's disclosure referenced the terms "proven" and "semi-proven" in connection with historical resources and reserves, which terms are not recognized by NI 43-101. In each case, the disclosure was not supported by a current technical report prepared under NI 43-101 as required for disclosure of current resources and current reserves. Further, the disclosure did not provide the required cautionary language and qualifications required under NI 43-101 for disclosure of historical estimates.

The disclosure on the website and in the Winter 2014 investor presentation was derived from various sources of historical information relating to the Exchequer Mine, New Century Mine and other information, including third party reports prepared in 1932, 1980 and 1988. Those reports were not prepared in compliance with the standards prescribed in NI 43-101. Historical estimates contained in the Company's disclosure do not meet the standards required by NI 43-101 and do not constitute current mineral resources or current mineral reserves. The Company has not verified historical information relating to tonnage and grade, or, resource and reserve estimates, that were previously disclosed by the Company relating to the Cherry Creek project. Further the Company has not completed sufficient work to classify any historical resource or reserve estimate as a current mineral resource.

The Company hereby retracts all disclosure on its website and in its Winter 2014 investor presentation of tonnage, grade and contained metal, disclosure of historical resource or historical reserve estimates, and any statement implying the existence of a current resource or current reserve, relating to the Cherry Creek property. The Company's independent technical report entitled "Technical Report of the Cherry Creek Project - White Pine County, Nevada" dated May 20, 2013 (the "Technical Report") (a copy of which is available on SEDAR at www. sedar.com) reports a historical estimate of 47,000 tons grading 0.06 ounces per ton gold and 24 ounces per ton silver. This news release does not retract this historical estimate which is subject to the above cautionary language and qualifications, has not been verified, and should not be relied upon. However, this news release retracts a large quantity of "possible additional reserve equivalent" disclosed in the "Summary" of the Technical Report, which is not compliant with NI 43-101 and not disclosed or supported by other sections of the Technical Report. .

The Company advises that there are no known current resources or current reserves on any of its mineral properties and as a result the economic viability of the properties has not been demonstrated. Viscount advises readers not to rely on retracted information, including historical information that has not been qualified as required under NI 43-101, to the extent that such information continues to be available in the public domain.

In response to the above points the Company has temporarily suspended its website, including the 2014 Winter investor presentation, pending a review and update of the content.

Non-Compliant Disclosure of Potential Grade & Quantity

The Company's March 31, 2014 news release discloses "that a very great potential has come to light, positioning the project with additional large tonnages of gold and silver reserves", relating to the Ticup-Fillmore and Star Mines areas of the Cherry Creek project. The designation of a quantity of reserves is premature or potentially misleading because the project has not advanced to a stage where a pre-feasibility study of current resources, necessary to qualify a reserve, can be undertaken. Furthermore, any disclosure of the quantity of "potential" (an exploration target) requires prominent cautionary language, an explanation of the basis for the target, and, tonnage and grade ranges, which the above disclosure does not.

The Company hereby retracts the disclosure in its March 31, 2014 news release regarding the potential for tonnage of silver and gold reserves, which statements are not supported by the Technical Report, and are not qualified in the manner prescribed in NI 43-101. Such statements should not be relied upon.

Use of Promotional or Misleading Language

The Company's previous disclosure included statements that could be misleading or promotional, including the following:


--  In the March 31, 2014 news release, the Company incorrectly concluded
    that a 1985 report by Michael Tognoni on the Ticup-Filmore and Star
    mines had not been known to exist and contained "previously unknown
    facts", even though the report had been listed as a reference in the
    Technical Report.
--  In the March 31, 2014 news release, the Company used the terms "prolific
    silver potential", "very great potential", "additional large tonnages of
    silver and gold reserves", "game-changing opportunity", "significant
    reserve potential", and other similar terms, in reference to information
    reviewed by the Company from the Tognoni report. Those terms are
    promotional in nature, could be misleading and are not reliable
    indicators of future results.
--  In its Winter 2014 investor presentation, the Company disclosed forward
    looking statements including:
    --  the Company's plan to conduct an "extensive underground drill
        program... to develop NI 43-101 compliant silver reserves",
    --  numerous references to "potential" for significant resources or
        reserves of silver and gold resources, reserves and tonnage.

These statements are misleading as the Company must conduct extensive additional work to establish mineral resources, and thereafter must obtain an independent pre-feasibility or feasibility study to confirm the existence of mineral reserves. As noted above, the Company does not have any current mineral resources or reserves. There is no guarantee that the Company will be successful in achieving either mineral resources, or, if successful, at thereafter obtaining mineral reserves based on those resources.


--  In its website, the Winter 2014 investor presentation, and, the March
    31, 2014 news release, the Company discloses historical production
    results that are inconsistent in amounts, and in general all
    significantly higher than results reported in the Technical Report. The
    company retracts all estimates of historical mine production in excess
    of those supported by the Technical Report.

The Company hereby retracts all such statements and disclosure on its website, the Winter 2014 investor presentation and the March 31, 2014 news release, and, advises readers not to rely on such statements or similar statements. A revised website and investor presentation are being prepared to update the information in compliance with NI 43-101.

Failure to Name a Qualified Person

In its website and Winter 2014 investor presentation, the Company did not identify and disclose the relationship to the Company of a Qualified Person who prepared or approved the technical disclosure as required under NI 43-101.

This news release has been reviewed and approved by Dallas W. Davis, P.Eng., FEC, an independent consulting geologist and a Qualified Person as defined in NI 43-101.

About Viscount Mining

Viscount Mining is a mineral exploration company with a portfolio of exploration properties in Nevada comprising of 2,700 acres (the majority of the claims are patented claims), all 100% owned including more than 20 past producing silver and gold mines. For additional information please visit the company's website at www.viscountmining.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Jim MacKenzie, President, CEO and Director

Viscount Mining Corp.

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.

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
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, 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...
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., 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. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search and...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, 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. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus intern...
SYS-CON Events announced today that Progress, a global leader in application development, 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. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, 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. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
SYS-CON Events announced today that Cloud Academy 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. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, 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. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry’s single source for the cloud. Fusion’s advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
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.
SYS-CON Events announced today that Interoute 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. Interoute is the owner operator of Europe's largest network and a global cloud services platform, which encompasses over 70,000 km of lit fiber, 15 data centers, 17 virtual data centers and 33 colocation centers, with connections to 195 additional partner data centers. Our full-service Unifie...
SYS-CON Events announced today that WineSOFT 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. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
As enterprise cloud becomes the norm, businesses and government programs must address compounded regulatory compliance related to data privacy and information protection. The most recent, Controlled Unclassified Information and the EU’s GDPR have board level implications and companies still struggle with demonstrating due diligence. Developers and DevOps leaders, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by in...