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
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime 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. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
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....
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
SYS-CON Events announced today that Niagara Networks 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. 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.
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...