Canamex Resources Corp. ('Canamex') (TSX-V: CSQ) (OTCQX:CNMXF) (FSE: CX6) is issuing this news release to clarify disclosure contained in the Preliminary Economic Assessment on the Bruner gold project in Nye County, Nevada as a result of a review by the British Columbia Securities Commission.
The British Columbia Securities Commission identified that the mineral resources as classified in the Technical Report titled 'NI 43-101 Technical Report on the Bruner Gold Project Preliminary Economic Assessment, Nye County, Nevada, USA', dated April 5, 2016 (the Report) were classified in accordance with a 2010 version of CIM Definitions Standards rather than the most current 2014 CIM Definitions Standards.
The authors of the Report have reviewed the 2014 CIM definitions for Mineral Resource, Measured Mineral Resource, Indicated Mineral Resource, and Inferred Mineral Resource classifications. The reported mineral resource estimate contained in the Report conforms to the 2014 CIM guidelines and there is no change to the reported mineral resource or the classifications of each mineral resource component. Welsh Hagen Associates has amended the Report to reference the current CIM Definition Standards dated May 10, 2014.
The Company will update its filing on SEDAR (www.sedar.com) and both its website and its corporate presentation with the Amended Report dated September 29, 2016.
Greg Hahn, President and COO and a Certified Professional Geologist (#7122) is the Qualified Person under NI43-101 responsible for preparing and reviewing the data contained in this press release.
ON BEHALF OF THE BOARD
SIGNED: 'Gregory A. Hahn'
Gregory A. Hahn, President and COO
Contact: (720) 244-2022
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.
CAUTIONARY NOTE TO US INVESTORS REGARDING RESOURCE ESTIMATION
Canamex Resources prepares its resource estimates in accordance with standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 (NI 43-101). These standards are different from the standards generally permitted in reports filed with the SEC. Under NI 43-101, Canamex Resources reports measured, indicated and inferred resources, measurements, which are generally not permitted in filings made with the SEC. The estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that any part of measured or indicated resources will ever be converted into economically mineable reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of the planned 2016 program on the Bruner property; the potential for development of the mineral resources; the potential mineralization and geological merits of the Bruner property; and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company's 2016 drilling program(s) on the Bruner property, will not be consistent with the Company's expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company's future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the Bruner property are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company's 2016 programs will proceed as planned and within budget. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.