VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/03/13 -- Levon Resources Ltd. ("Levon"),(TSX: LVN)(FRANKFURT: LO9)(BERLIN: LO9) or (the "Company"): As a result of a review by the British Columbia Securities Commission ("BCSC"), the Company is issuing the following news release to clarify its disclosure.
Technical Report Issues
Levon filed a July 31, 2012 technical report (the "July Report") prepared by Independent Mining Consultants, Inc. of Tucson, Arizona, and a March 12, 2012 technical report (the "PEA") prepared by M3 Engineering & Technology Corporation ("M3"). Both reports are in the process of being amended and revised versions are expected to be filed next week.
The July Report
The July Report contains statements that the author relied on Vic Chevillon, the Company's VP, Exploration for certain information respecting geology, background information and project history, and that the author relies on M3 for input on the NSR calculation. NI 43-101 does not allow reliance on others for these matters, and this language will be removed from the July Report. The July Report will also be amended to provide specific information on the author's reliance on the Mexican law firm of Pizarro Suarez & Rodriguez Matus for claims and land information. Statements disclaiming responsibility for the PEA will also be removed from the July Report.
The July Report will also be revised to include the following prominent cautionary language required by sections 2.3(3)(a) and 3.4(e) of NI 43-101:
The preliminary economic assessment is preliminary in nature, 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The July Report will be further amended to remove the word "ore", which could be taken to imply economic viability and treat the quantities as reserves. The Company does not have any reserves at present. The preliminary economic assessment contained in the PEA represents the extent of the Company's current knowledge respecting the potential economic viability of the Cordero Project.
A budget will be included in the revised July Report to provide particulars and a breakdown of costs for the work recommended in the report to further delineate the size and scope of mineralization at the Cordero Project.
The PEA will be amended to remove language disclaiming responsibility for certain scientific information, and to add the following cautionary statement:
This study has been performed to the level of a Preliminary Economic Assessment. The PEA is considered preliminary in nature and 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. Mineral Resources that are not Mineral Reserves have not yet demonstrated economic viability. Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration or Mineral Reserves once economic considerations are applied. Therefore there is no certainty that the production profile concluded in the PEA will be realized.
Most Popular Stories
- Updates on Everglades' Stranded Pilot Whales
- NSA Tracks 5 Billion Cellphone Records a Day
- Hezbollah Chief's Assassination Claimed by Sunni Group
- Stolen Cobalt-60 Recovered in Mexico
- Wind Power and Wildlife Can Coexist
- Ford Mustang Still Packs Power
- Allstate Seeks to Invest in Minority Firms
- Sarmiento to Handle Greeley Latin Ops
- First-time Jobless Claims Drop Below 300,000
- White House Pushes to Extend Unemployment Benefits