CALGARY, Alberta, Feb. 08, 2019 (GLOBE NEWSWIRE) -- Voyageur Minerals Ltd. (TSX.V:VM) (the “Company” or “Voyageur”). At the request of IIROC the Company wishes to clarify and retract certain disclosure in the news release disseminated by the Company on February 5, 2019. Specifically:
The news release makes several references to “ore.” The term “ore” is a restricted term only to be used when referencing mineral reserves. No mineral reserves have been delineated on the Company’s properties or are supported by a pre-feasibility or feasibility study.
The disclosure states that the Company has made a decision to proceed to production without first establishing mineral reserves. Companion Policy 43-101CP, 4.2(6) – Production Decision, requires specific disclosure addressing the risks associated with proceeding to production without first establishing mineral reserves. This disclosure is not provided in the news release.
The disclosure “lowest cost barium contrast product available for the current market place” and “two properties suitable in grade for the industrial barite market place” is misleading as no preliminary economic assessment, preliminary feasibility study or feasibility study has been completed to support the economic viability and technical feasibility of the project.
All disclosure referencing “sales of the product” to both domestic and foreign markets are misleading as no preliminary economic assessment, preliminary feasibility study or feasibility study has been completed to support the economic viability and technical feasibility of the project.
The disclosure “develop its barite deposit at Frances Creek, BC, Canada, for near term cash flow” is misleading as no preliminary economic assessment, preliminary feasibility study or feasibility study has been completed to support the economic viability and technical feasibility of the project.
Bradley C Willis P. Eng. (APEGA 179825), Vice President of Exploration for Voyageur Industrial Minerals Ltd. is disclosed as an author of the technical report supporting the mineral resource estimate of the “Frances Creek Barite Exploration Project.” NI 43-101, 5.3(1) - Independent Technical Report, requires that all authors of a technical report supporting first time disclosure of a mineral resource to be “independent of the issuer.” Mr. Willis, as an officer of the Company is not independent of the Company.
The Company wishes to apologize to anyone that might have been misled by the statements made in the news release of February 5, 2019. It was never the intention of the Company to mislead anyone.
For further information, please contact:
| John Rucci, CEO | Steven R. Livingston, V.P. Finance |
| Cell (403) 383-8588 | Cell (403) 471-1659 |
| jrucci@voyageurminerals.ca | steve@voyageurminerals.ca |
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements relating to the Qualifying Transaction, including statements regarding the acquisition of future assets, the discovery and commercialization of commercial quantities of industrial minerals, the successful commercialization of the Company’s assets, expected operational activities, other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things: the risk that the assets do not provide commercial quantities or grades of marketable minerals, that even if they do contain commercial quantities of marketable minerals that the Company will not be able to economically produce such discoveries, the existence of commercial grades of commercial minerals, timing of obtaining required approvals, state of the economy in general and capital markets in particular, investor interest in the business and future prospects of the Company.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.