Welcome!

News Feed Item

Kombat Copper Updating Website to Clarify Technical Disclosure

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 Some of the information on the Company's website and presentation materials included certain out-of-date information and disclosure of historical and other mineral resources that was not compliant with the standards of disclosure for mineral projects as set out by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Further, the May Presentation included disclosure regarding the potential at Asis Far West that was superseded by the inferred mineral resource estimate disclosed in the Company's press release dated May 20, 2014.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.

Qualified Person

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.

Cautionary Notes

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.

Contacts:
Kombat Copper Inc.
Bill Nielsen
President and CEO
+1 (416) 861-1685

Kombat Copper Inc.
Rob Hopkins
Manager, Investor Relations
+1 (416) 861-5899
[email protected]
www.kombatcopper.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
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
"Cloud computing is certainly changing how people consume storage, how they use it, and what they use it for. It's also making people rethink how they architect their environment," stated Brad Winett, Senior Technologist for DDN Storage, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his session at 20th Cloud Expo, Brad Winett, Senior Technologist for DDN Storage, will present several current, end-user environments that are using object storage at scale for cloud deployments including private cloud and cloud providers. Details on the top considerations of features and functions for selecting object storage will be included. Brad will also touch on recent developments in tiering technologies that deliver single solution and an end-user view of data across files and objects...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settl...
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
In his session at @ThingsExpo, Dr. Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, presented the findings of a series of six detailed case studies of how large corporations are implementing IoT. The session explored how IoT has improved their economic performance, had major impacts on business models and resulted in impressive ROIs. The companies covered span manufacturing and services firms. He also explored servicification, how manufacturing firms shift from se...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
For far too long technology teams have lived in siloes. Not only physical siloes, but cultural siloes pushed by competing objectives. This includes informational siloes where business users require one set of data and tech teams require different data. DevOps intends to bridge these gaps to make tech driven operations more aligned and efficient.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
It is ironic, but perhaps not unexpected, that many organizations who want the benefits of using an Agile approach to deliver software use a waterfall approach to adopting Agile practices: they form plans, they set milestones, and they measure progress by how many teams they have engaged. Old habits die hard, but like most waterfall software projects, most waterfall-style Agile adoption efforts fail to produce the results desired. The problem is that to get the results they want, they have to ch...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
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.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
The best way to leverage your CloudEXPO | DXWorldEXPO presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering CloudEXPO | DXWorldEXPO will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at CloudEXPO. Product announcements during our show provide your company with the most reach through our targeted audienc...