2013-08-27 20:03:53 -
Vancouver, Alberta CANADA, August 27, 2013 /FSC/ - As a result of a review by the British Columbia Securities Commission, Jet Gold Corp. (TSX-V: JAU) (the "Company"),is issuing the following news release to clarify its disclosure.
Due to non-compliant and potentially misleading disclosure contained in a corporate presentation on the Company entitled "Strong, Well-structured Company, Active BC Mineral Developer" (the "Presentation") and a corporate profile of the Company prepared by IBK Capital Corp. (the "Profile"), both of which were formerly posted on the Company's website, the Company retracts its prior disclosure of a fixed tonnage estimate of "potential". The disclosure was non-compliant and restricted by the rules of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
the Presentation, the Company used the word "potential" in connection with a material fixed tonnage estimate on its Big Hammer gold-silver-telleuium property. The disclosure was non-compliant and restricted by NI 43-101 since it failed to estimate ranges of both tonnage and grade, did not explain any valid basis for the estimate, and omitted the mandatory cautionary language required by the instrument. The Company is unable to restate a compliant estimate of potential at this time, and hereby retracts such disclosure in its entirety. Similar issues occurred with disclosure in the Profile. The Company hereby retracts such disclosure in its entirety as well, and has accordingly removed both the Presentation and the Profile from its website.
In addition, the Presentation contained restricted disclosure regarding the results of a preliminary economic assessment (PEA) in contravention of NI 43-101. This is because there is no current resource estimate to provide the basis for a valid economic analysis. The Company therefore retracts its prior disclosure of the results of an economic analysis in its entirety.
Finally, the Presentation failed to identify and disclose the relationship to the Company of the "qualified person" (as defined in NI 43-101) who prepared or supervised the preparation of the technical information it was disclosing. NI 43-101 requires the Company to do this for all written disclosure of technical information, so at this time the Company would like to inform the public that Don Strachan, M.Sc, CPG, was the independent qualified person for its Big Hammer project. Although Mr. Strachan prepared or supervised the preparation of the information that formed the basis for the information in the Presentation and Profile, he did not approve the written disclosure contained therein. He has, however, approved the content of this clarifying news release.
As a result of the foregoing issues, investors should not place any reliance on the Company's disclosure in the Presentation and Profile. The Company's projects are in the early stage exploration phase, do not contain any mineral resources or reserves and no assumptions regarding production rates and cash flows are appropriate at this time.
In the event the Company receives a material resource estimate on its Big Hammer property, it will promptly disclose the results and file a supporting technical report in accordance with the requirements of NI 43-101.
On behalf of the Board of Directors,
Jet Gold Corp. (TSX.V: JAU)
For more information, contact:
1185 West Georgia Street, Suite 1110
Vancouver, BC V6C 3E8
Forward Looking Information: 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.
Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.
Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
To view this press release as a PDF, please click on the following link:
Source: Jet Gold Corp (TSX-V: JAU) www.jetgoldcorp.com
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