|By Marketwired .||
|May 9, 2014 03:16 PM EDT||
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.
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 18th Cloud Expo, which will take place on June 7-9, 2015 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 ad...
Feb. 9, 2016 01:15 PM EST Reads: 367
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Feb. 9, 2016 01:00 PM EST Reads: 182
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
Feb. 9, 2016 12:45 PM EST Reads: 224
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, 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. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 9, 2016 12:30 PM EST Reads: 178
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
Feb. 9, 2016 12:15 PM EST Reads: 162
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 9, 2016 12:00 PM EST Reads: 143
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, will discuss using predictive analytics to ...
Feb. 9, 2016 11:45 AM EST Reads: 384
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze 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. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 9, 2016 11:45 AM EST Reads: 185
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 9, 2016 11:45 AM EST
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, 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. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
Feb. 9, 2016 11:45 AM EST
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...
Feb. 9, 2016 11:30 AM EST Reads: 398
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
Feb. 9, 2016 11:30 AM EST Reads: 474
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 9, 2016 11:30 AM EST Reads: 159
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
Feb. 9, 2016 11:00 AM EST Reads: 253
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Feb. 9, 2016 10:45 AM EST Reads: 130