VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/13 -- SnipGold Corp. (TSX VENTURE: SGG) ("SnipGold" or the "Company") announces that as a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify disclosure that had been contained on the Company's website.
The Company's website (including presentations available on the website) had described the Company's Iskut Property using terms other than applicable resource categories. Specifically, the Company's website had used the terms "bulk tonnage gold resource" and "in-pit run of mine resource" to describe the Company's mineral resources on its Iskut Property. These terms are not recognized resource categories under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Also, the Company's website had disclosed mineral resources for the Company's Iskut Property and mineral resources and mineral reserves on adjacent properties, in each case without disclosing each category of mineral resource and mineral reserve separately as required by NI 43-101. The Company had also disclosed a gold resource of "2.16 million ounces" on the Bronson Slope Deposit which aggregated Measured and Indicated resources without reporting each resource category separately.
Accordingly, the Company has removed various statements and clarified its mineral resources disclosure on its website, and restates the gold resource estimate on its Iskut Property as follows:
Iskut Property - Bronson Slope Deposit
(US$9/tonne Net Recoverable Value cut-off)
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Gold Gold
Category Tonnes (thousands) (g/t) (millions of ounces)
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Measured 84,153 0.420 1.14
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Indicated 102,738 0.310 1.02
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Measured & Indicated 186,891 0.360 2.16
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Inferred 4,944 0.321 0.05
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Further details of the above mineral resource estimate and the Bronson Slope Deposit are summarized in the NI 43-101 technical report entitled "Technical Report on the Iskut Property with Special Reference to Johnny Flats & Burnie Trend Targets" dated effective May 7, 2012, which is available on the Company's SEDAR profile at www.sedar.com.
The Company's website has now been corrected to use only applicable resource categories and to state each category of resource separately. Any disclosure by the Company of mineral resources or reserves reported by third parties on properties adjacent to the Company's properties will also be disclosed by the Company using the applicable NI 43-101 categories.
In addition, the Company's website disclosure had not included all of the cautionary statements required under NI 43-101 in respect of the Bronson Slope Deposit Preliminary Assessment. The website has now been corrected to include the following statement:
This 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, and there is no certainty that the preliminary economic assessment will be realized. The basis for the Preliminary Economic Assessment and the qualifications and assumptions made by the qualified person(s) who prepared it are described in the technical report entitled "Technical Report on the Iskut Property with Special Reference to Johnny Flats & Burnie Trend Targets" dated effective May 7, 2012, which is available on the company's SEDAR profile at www.sedar.com. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
All scientific or technical information in this release has been reviewed and approved by John Zbeetnoff, P. Geo., the Chief Executive Officer of the Company, who is a "Qualified Person" as defined in NI 43-101.
On Behalf of the Board of Directors
SnipGold Corp.
John Zbeetnoff, Chief Executive Officer
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.
Contacts:
SnipGold Corp.
John Zbeetnoff
CEO
604-681-3989
SnipGold Corp.
Tony Perri
Investor Relations, Manager
604-681-3989
604-681-3557 (FAX)
info@snipgoldcorp.com
www.snipgoldcorp.com
