Vancouver, BC – June 11, 2013: Altair Gold Incorporated(the “Company” or “Altair”) (TSX-V: AVX) is issuing the following release as a result of a review by the British Columbia Securities Commission, to clarify its technical disclosure record.
While all of the Company’s resource disclosures are accurate, the presentation of certain of those disclosures did not comply with all of the requirements of NI 43-101. Therefore, the Company now wishes to clarify this information.
On its website, corporate presentations, and news releases the Company made certain disclosures of mineral resources and historical data that were contrary to the requirements of National Instrument 43-101 (“NI 43-101”); as follows:
- in its April 11, 2013 news release, corporate presentation (available on its website www.altairgold.com), the Company disclosed updated mineral resources for its Kena Gold Property without including the effective date of each estimate, key assumptions, parameters and methods used to arrive at the resource estimates, and information as to any known material legal, political, environmental or other risks that could impact the development of the project, all as required by NI 43-101, s. 3.4(a), (c) and (d);
- in its April 11, 2013 news release, corporate presentation and company snapshot, the Company disclosed mineral resources numbers without disclosing each category separately contrary to NI 43-101, s. 2.2(b);
- in its corporate presentation the Company disclosed historical information regarding its Kena Gold Property without including all of the information required under s. 2.4 of NI 431-101 for the disclosure of historical estimates;
- in its corporate presentation the Company disclosed information regarding New Gold’s Blackwater project without disclosing the applicable categories required by s. 2.2(a) and 2.3(1)(a) of NI 43-101; and
- in its February 27, 2013 MD&A, and in certain website disclosures, including its Company snapshot, the Company did not identify the qualified person who prepared or supervised the preparation of the disclosures as required by NI 43-101, s. 3.1.
The Company’s corporate presentation and Company snapshot have been temporarily removed from the Company’s website until the deficiencies identified above can be addressed.
The current resource estimate for the Kena Gold Property is set out in the technical report dated May 15, 2013, entitled “Technical Report for the Kena Property” prepared for Altair by Gary Giroux, P. Eng., MASc. and Vivian Park, P. Geo. (the “2013 Kena Technical Report”). The mineral resource statement for the Kena Gold Property, as extracted from that technical report, is summarized in the table below. The effective date of this resource estimate is February 7, 2013. The mineral resource statement is reported at a cut-off grade of 0.3 gpt gold.
Mineral Resource Statement, Kena Gold Property, British Columbia, Giroux and Park, May 15, 2013.
COMBINED KENA AND GOLD MT. (KGM) ZONE
At a 0.3 g/t cut-off
|Category||Tonnes||Grade Au (g/t)||Au Ounces|
|Measured and Indicated||25,280,000||0.60||490,000|
Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.
The Kena Gold Project is located near Nelson, British Columbia. There are no known legal, political, environmental or other risks that could materially impact the development of the project.
The resource estimation work was completed in Vancouver by Gary Giroux, an “independent qualified person” as this term is defined in NI 43-101. The complete 2013 Kena Technical Report is available under the Company’s profile on SEDAR. Readers are urged to refer to the complete 2013 Kena Technical Report for further information on these mineral resource estimates, which are subject to the qualifications and notes set forth therein. Prior disclosures by the Company of mineral resource estimates should be read together with the clarifications in this news release.
The Kena Gold Property exploration program is being supervised by Warner Gruenwald, a Qualified Person as defined by NI 43-101. Mr. Gruenwald is the qualified person responsible for the technical content of this news release and the technical content of the February 27, 2013 MD&A.
For additional information please contact Fayyaz Alimohamed at (604) 641-1305, or e-mail [email protected].
Altair Gold Incorporated
President & Chief Executive Officer
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-Looking Statement Caution:
This news release contains forward-looking statements within the meaning of Canadian provincial securities laws applicable to the Company, regarding the ongoing exploration and development activities at the Company’s Kena gold property. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its activities, the Company’s inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
All of the Company’s public disclosure filings may be accessed via www.sedar.com, and readers are urged to review these materials, including any technical reports filed with respect to the Company’s mineral properties.