|By Marketwired .||
|July 17, 2014 09:15 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/17/14 -- 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 Some of the information on the Company's website and presentation materials included certain out-of-date information and disclosure of historical and other mineral resources that was not compliant with the standards of disclosure for mineral projects as set out by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Further, the May Presentation included disclosure regarding the potential at Asis Far West that was superseded by the inferred mineral resource estimate disclosed in the Company's press release dated May 20, 2014.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.
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
Sep. 1, 2015 10:45 AM EDT
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
Sep. 1, 2015 10:45 AM EDT Reads: 604
Enterprises can achieve rigorous IT security as well as improved DevOps practices and Cloud economics by taking a new, cloud-native approach to application delivery. Because the attack surface for cloud applications is dramatically different than for highly controlled data centers, a disciplined and multi-layered approach that spans all of your processes, staff, vendors and technologies is required. This may sound expensive and time consuming to achieve as you plan how to move selected applicati...
Sep. 1, 2015 10:29 AM EDT
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
Sep. 1, 2015 09:45 AM EDT Reads: 237
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
Sep. 1, 2015 09:00 AM EDT
U.S. companies are desperately trying to recruit and hire skilled software engineers and developers, but there is simply not enough quality talent to go around. Tiempo Development is a nearshore software development company. Our headquarters are in AZ, but we are a pioneer and leader in outsourcing to Mexico, based on our three software development centers there. We have a proven process and we are experts at providing our customers with powerful solutions. We transform ideas into reality.
Sep. 1, 2015 08:45 AM EDT Reads: 549
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
Sep. 1, 2015 08:30 AM EDT
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Sep. 1, 2015 08:15 AM EDT Reads: 354
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Sep. 1, 2015 08:00 AM EDT Reads: 145
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Sep. 1, 2015 08:00 AM EDT Reads: 166
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Sep. 1, 2015 08:00 AM EDT
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Sep. 1, 2015 03:00 AM EDT Reads: 463
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
Sep. 1, 2015 01:00 AM EDT Reads: 409
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Aug. 31, 2015 11:00 PM EDT Reads: 502
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
Aug. 31, 2015 10:30 PM EDT Reads: 404