|By Marketwired .||
|July 17, 2014 09:15 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/18/14 -- Kombat Copper Inc. (TSX VENTURE:KBT) ("Kombat Copper" or the "Company") announces that as a result of a review by the British Columbia Securities Commission ("BCSC"), Kombat is issuing this news release to clarify our disclosure. Some of the information on the Company's website and presentation materials included certain out-of-date information and disclosure of historical and other mineral resources that was not compliant with the standards of disclosure for mineral projects as set out by National Instrument 43-101 ("NI 43-101") and as a result could be misleading.
The presentation that was included on the Company's website dated May 1st, 2014 (the "May Presentation") included historical estimates on pages 7 and 11 that did not include the required cautionary language about relevance and reliability and information about the key assumptions and parameters in deriving the historical estimate. The May Presentation also included disclosure of the potential copper and silver grades, exploration targets at the Asis Far West Sector and the Tschudi strike extension exploration targets on pages 11 and 17 of the May Presentation without the cautionary statements.
Further, the May Presentation included disclosure regarding the potential at Asis Far West that was superseded by the inferred mineral resource estimate disclosed in the Company's press release dated May 20, 2014.
In addition, page 14 of the May Presentation included a reporting of gross in-situ metal value that could be misleading. Moreover, as such information was based on a historic estimate, it has been removed from the presentation and the Company retracts such disclosure because of its potential to be misleading to shareholders as they may overstate the potential value of the mineral deposit.
The Company has also removed from the presentation certain disclosure regarding an exploration target and an economic analysis of the Tschudi Deposit located on the adjacent property on pages 18 and 19 of the Company's May Presentation and its March 13, 2014 press release. The Company retrieved this information from Weatherly International's website but has subsequently been removed from the Company's presentation as it appeared to imply the potential economics of the Tschudi exploration target. The economic analysis and exploration target on the Company's adjacent property are being retracted by the Company and investors should not rely upon that disclosure.
In particular, the Company included disclosure of a historical estimate of the Kombat Mine tailings. To the extent such historical information is not addressed by the Company's press release dated May 20, 2014 and accompanying technical report. Moreover, the Company has increased its cautionary statements regarding the use of historical information on the tailings in its new presentation as found on its website. The non-compliant historical estimate comes from a resource calculation document by Gold Field's dated 1984. (i)A qualified person has not done sufficient work to classify this historical estimate as current mineral resources or mineral reserves. Kombat Copper is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon. Additional metallurgical and engineering studies are required.
On pages 15 and 16 of the May 2014 Presentation the Company stated that there was an inferred resource at its Gross Otavi Property. This declaration was in error, as it should have been stated as a historic resource. The non-compliant historical estimate comes from a Samrec classification resource statement document issued in technical report "Ongopolo Mining Limited, Northern Namibia, 31 December 2004, Summary of Ore Reserves and Resources for Kombat Mining Complex, Asis West Mine, Kombat Mine, Asis Far West Mine, Gross Otavi Mine". A qualified person has not done sufficient work to classify this historical estimate as current mineral resources or mineral reserves. Kombat Copper is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon. Additional metallurgical and engineering studies are required.
Finally, the Company is clarifying its disclosure regarding its key objective for 2014. In particular, the Company advises that it is conducting a Preliminary Economic Assessment of the project, and not determining economic viability at this time. Investors are cautioned that Preliminary Economic Assessments are by definition preliminary in nature, include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.
The Company has filed on SEDAR an updated NI 43-101 compliant-technical report entitled "Technical Report and Resource Estimate on the Kombat Copper Project, Grootfontein District, Otjozondjupa Region, Namibia" dated July 17, 2014 by P&E Mining Consultants Inc.
F. W. (Bill) Nielsen, P.Geo., President and CEO of Kombat Copper, is the Qualified Person who has reviewed and approved the contents of this news release.
About Kombat Copper
Kombat Copper (TSX VENTURE:KBT) is a publicly traded Canadian exploration and development company with its core operations focused on copper resources in Namibia, one of the world's most prospective copper regions, where it has substantial assets in place with significant exploration upside.
The Company holds an 80% interest in five mining licenses in the Otavi Mountainlands, an area of Namibia particularly known for its high-grade copper deposits. Within these licenses are three past-producing mines including the Company's flagship property: the past-producing Kombat Mine. The Kombat Mine's extensive infrastructure includes an 800m production shaft which was opened in 2006, three recently-operational shafts, ramp systems, extensive underground workings, mine buildings, a tailings facility, a mill and concentrator (replacement value est. +$100MM) all supported by the Company's local town site. The Kombat Mine is linked to vital existing infrastructure, including power, water, roads, and rail with close proximity to the port of Walvis Bay and to one of only five commercial-grade smelters in Africa located in Tsumeb, located 100 road kilometers away from the Kombat Mine.
In addition to mining licenses, the Company holds an 80% interest in five Exclusive Prospecting Licenses ("EPL's") covering an area of more than 2200 km2. The EPL's are located also within the copper-rich Otavi Mountainlands and are in close proximity to Tsumeb.
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.
This news release may contain forward-looking statements. These statements include statements regarding the mineral resource estimate, the Company's plans for the Kombat Mine, its expectations for the Kombat Mine and the potential of the mine, and the expected effect on the Company's financial and operating results. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
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