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.

Contacts:
Viscount Mining Corp.
Investor Relations
604-960-0535
info@viscountmining.com
www.viscountmining.com

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
910Telecom exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. 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 exchanges.
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
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, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
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.