2013-02-16 01:45:26 -
Vancouver, British Columbia CANADA, February 15, 2013 /FSC/ - Coventry Resources Inc. (TSX-V:CYY, ASX:CYY)("Coventry" or, the "Company") announces that, as a result of a review by the British Columbia Securities Commission (the "BCSC"), it has removed from its website research reports prepared by Argonaut Securities Pty Ltd., an Australian investment dealer (the "Argonaut Reports"). The Argonaut Reports were posted to the Company's website in error following an overhaul of the Company's website subsequent to its recent merger with an ASX listed issuer. The Company regrets this oversight. The Company is issuing this news release to clarify certain disclosure contained in the Argonaut Reports.
Among other things, the Argonaut Reports contained share price guidance. By posting this information on its website,
this might have been interpreted as the Company giving guidance as to the future value or price of its securities. To do so would be a breach of the Securities Act (British Columbia) (the "Act"). The Company expressly disclaims any forecast as to its future share price.
The Argonaut Reports also contained disclosure that does not comply with National Instrument 43-101 - Standards of Disclosure of Mineral Projects ("NI 43-101") or the Act. Specifically:
* The Argonaut Reports disclosed results of a mining study that was not in compliance with NI 43-101 and that did not contain cautionary language required by NI 43-101.
* The Argonaut Reports disclosed a quantity of gold in excess of what the Company's technical reports and exploration results to date support.
* The Argonaut Reports disclosed a resource estimate for the Company's Cameron Lake Property that did not comply with various requirements of NI 43-101 for disclosure of resource classification, tonnage, grade, disclosure of each class of resource separately and not adding inferred resources to other classes of resources.
The Argonaut Reports are not supported by the Company's previous disclosure and are not supported by a technical report under NI 43-101. The resource and reserve estimates and economic projections in the Argonaut Reports should not be relied upon. Reference should be made to the current technical disclosure on the Company's website (at www.coventryres.com) and to the Company's current technical reports available on the Company's website and under the Company's profile on SEDAR at www.sedar.com.
The Company also wishes to clarify disclosure related to its Rainy River Project. The Rainy River Project is located in the western-most part of Northern Ontario, immediately to the north of Canada's border with the United States. The Company's rights to the Rainy River Project are derived primarily from options held by the Company to acquire, in the aggregate, 132.7 square kilometres of mineral rights. These options over specific parcels will be exercised or allowed to lapse as exploration results warrant.
To date, the Company has completed only the first stage of its evaluation of the Rainy River Project consisting of a detailed interpretation of geophysical data, geological mapping, geochemical water sampling, 46 backhoe dug pits and 181 reverse circulation drillholes (4,349 metres) for geochemical analyses.
There is no current or, to the best of the Company's knowledge, historical mineral resource or reserve estimates on the Rainy River Project and the Company has not completed (or commenced) any preliminary economic assessment, pre-feasibility or feasibility study on the viability of the Rainy River Project.
The Rainy River Project is adjacent to the Rainy River deposit owned by Rainy River Resources Ltd. and information regarding the project owned by Rainy River Resources Ltd. is not necessarily indicative of the mineralization on Coventry's Rainy River Project.
The Company's Rainy River Project is a grass roots exploration project and at this time, the Company's primary focus is on the Cameron Gold Camp Project, the Company's only material mineral project.
About Coventry Resources Inc.
Coventry Resources Inc. is focused on the advancement the Cameron Gold Camp Project in north-western Ontario, Canada. A positive preliminary economic assessment ("PEA"1) was announced on January 15, 2013 confirming favourable economics for the Cameron Gold Camp Project. In addition to the existing resource, Coventry has identified a number of exploration targets along the Cameron Lake Shear Zone where the Company believes it can continue to expand Coventry's resource base. The Company is led by a strong management team with a proven ability to explore, develop, finance and operate mining projects.
For further information about Coventry Resources Inc., please contact:
President and CEO
1 (416) 364 3700
Vice President, Investor Relations
1 (604) 899 1505
Neither the 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.
Tony Goddard, Vice-President Exploration and Director of Coventry Resources Inc., who is supervising the Company's exploration at the Rainy River Project, and is a "qualified person" as defined by NI 43-101, is responsible for the content of this press release.
Preliminary Economic Assessment
1 A PEA is preliminary in nature as it includes 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 at this time, and as such there is no certainty that the preliminary assessment and economics set forth in the PEA will be realized.
This press release is available in PDF. Please click on the following link to view the PDF file: