VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 18, 2011) - As a result of a review by the British Columbia Securities Commission, Bard Ventures Ltd. (the "Company") (News - Market indicators)(FRANKFURT:BVU) is issuing the following news release to clarify its disclosure.
Contrary to certain sections of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) the Company is deficient in its disclosure record as a result of the following:
In its website, investor relations materials, corporate presentation and news releases, the Company:
- fails to disclose the mineral resource category;
- does not report each category of mineral resource or mineral reserve separately;
- adds inferred mineral resources to other categories;
- does not provide the cautionary language required for written disclosure of mineral resources and mineral reserves that have not demonstrated economic viability; and
- discloses results of a economic evaluation without inclusion of cautionary language.
In its website, investor relations materials and corporate presentation, the Company fails to identify the qualified person who approved, prepared or supervised the preparation of the technical information it is disclosing.
To correct this situation, the Company has:
1) amended its website and corporate presentation to disclose the mineral resource category; and
2) amended all of its disclosure records to report each category of mineral resource or mineral reserve separately; and, included cautionary language in its disclosure of mineral resources and mineral reserves, and in its disclosure of results of a economic evaluation.
The Company has amended its website, investor relations materials and corporate presentation by identifying the qualified person who approved, prepared or supervised the preparation of the technical information it is disclosing.
In addition, the Company has amended its investor presentation and has provided an updated and revised new presentation to replace the prior presentation on the Company's website. Cautionary language has been added to the home page of the Company's website.
The Company wishes to clarify the following:
(a) The disclosure for the current resource estimates on the Company's Lone Pine Property, as stated in the Company's latest technical report dated January 12, 2009, entitled "Resource Estimate Lone Pine Molybdenum Project – Omineca Mining Division, British Columbia", prepared by Ronald G. Simpson, P.Geo. of GeoSim Services Inc., a "qualified person" for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, is as follows:
Lone Pine measured, indicated and inferred mineral resource summary:
| |
MEASURED |
|
INDICATED |
| Cut-off % Mo |
Tonnes ≥ Cutoff (000's) |
Mo% |
in-situ lbs Mo (000's) |
|
Tonnes ≥ Cutoff (000's) |
Mo% |
in-situ lbs Mo (000's) |
| 0.02 |
43,767 |
0.078 |
75,262 |
|
107,769 |
0.066 |
156,809 |
| 0.03 |
40,450 |
0.082 |
73,125 |
|
99,967 |
0.069 |
152,069 |
| 0.04 |
33,356 |
0.092 |
67,654 |
|
76,984 |
0.079 |
134,079 |
| 0.05 |
26,676 |
0.104 |
61,163 |
|
58,193 |
0.090 |
115,464 |
| 0.06 |
22,486 |
0.113 |
56,018 |
|
43,968 |
0.102 |
98,871 |
| 0.07 |
19,625 |
0.120 |
51,919 |
|
35,077 |
0.111 |
85,839 |
| 0.08 |
17,699 |
0.125 |
48,775 |
|
29,884 |
0.117 |
77,084 |
| 0.09 |
15,853 |
0.130 |
45,435 |
|
25,703 |
0.123 |
69,698 |
| 0.10 |
13,922 |
0.135 |
41,435 |
|
21,053 |
0.129 |
59,875 |
| |
|
|
|
|
|
|
|
| |
MEASURED+INDICATED |
|
INFERRED |
| Cut-off % Mo |
Tonnes ≥ Cutoff (000's) |
Mo% |
in-situ lbs Mo (000's) |
|
Tonnes ≥ Cutoff (000's) |
Mo% |
in-situ lbs Mo (000's) |
| 0.02 |
151,536 |
0.069 |
232,071 |
|
27,827 |
0.084 |
51,532 |
| 0.03 |
140,417 |
0.073 |
225,193 |
|
27,555 |
0.085 |
51,636 |
| 0.04 |
110,340 |
0.083 |
201,733 |
|
25,840 |
0.088 |
50,131 |
| 0.05 |
84,869 |
0.094 |
176,628 |
|
22,839 |
0.094 |
47,331 |
| 0.06 |
66,454 |
0.106 |
154,890 |
|
18,295 |
0.104 |
41,947 |
| 0.07 |
54,702 |
0.114 |
137,758 |
|
15,238 |
0.111 |
37,290 |
| 0.08 |
47,583 |
0.120 |
125,858 |
|
13,092 |
0.117 |
33,769 |
| 0.09 |
41,556 |
0.126 |
115,132 |
|
11,800 |
0.121 |
31,477 |
| 0.10 |
34,975 |
0.131 |
101,310 |
|
10,186 |
0.125 |
28,070 |
| *Note: Bold indicates Base Case Scenario. |
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
(b) With regard to the Company's news release dated March 1, 2011, the results of the preliminary economic assessment include inferred resources. The following cautionary language should have been added: The preliminary economic assessment is preliminary in nature. 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. There is no certainty that the preliminary assessment will be realized.
This news release has been reviewed by Rick Kemp, P.Geo., the Company's Vice President – Exploration, and a "qualified person" as that term is defined in NI 43-101.
On behalf of:
Bard Ventures Ltd.
Eugene Beukman, President
For further information please visit our website at www.bardventures.com.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further 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.