VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/16/13 -- Super Nova Minerals Corp. (CNSX: SNP) (the "Company") announces that as a result of review by the British Columbia Securities Commission ("BCSC"), the Company is issuing the following news release to clarify certain technical disclosures.
The Company's disclosure as filed on the Company's profile on SEDAR at www.sedar.com and as posted on the Company's website included certain disclosures that were not compliant with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") with respect to the Company's Morris Block, Elk Hills Oil & Gas Property, and certain disclosures that were not compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") with respect to the Company's Preissac Nickel Property. The Company has now taken the following actions to clarify these non-compliant disclosures:
-- The Company is retracting or clarifying the non-compliant disclosure previously filed on SEDAR. Specific retractions or clarifications relating to the Preissac property are set out below. Details on retractions or clarifications relating to the Morris Block Property will be set out in a separate news release in due course. The non-compliant disclosure should not be relied upon.-- In connection with the BCSC's review, the Company has shut down its website and is in the process of amending the website to address comments received from the BCSC relating to the Company's disclosure-- The Company's website previously contained non-compliant disclosure which has been retracted and deleted. Specific retractions or clarifications relating to the Preissac property are set out below. Details on retractions or clarifications relating to the Morris Block Property will be set out in a separate news release in due course. The non-compliant disclosure should not be relied upon.-- In those instances where the Company has clarified or revised previous disclosure, the Company advises readers not to rely on such previous statements as they may continue to be found in the public domain.
Morris Block, Elk Hills Oil & Gas Property
The Company's Evaluation of Contingent Resources and other Petroleum Information for the Morris Block located in the Elk Hills Region Twp. 4S, Rge. 24E of Montana, USA dated effective September 1, 2012, prepared September 18, 2012 by B.L. Whelan, P.Geo (the "Morris Report") is currently under review by the regulators and the Company has received initial deficiency comments. Accordingly, readers are advised NOT to rely on the oil resource estimates and related analyses contained in the Morris Report until such information is supported by a new or amended NI 51-101 report.
The Company is preparing its response to the oil and gas regulatory review and will issue a futher clarification news release about its Morris Block Property in due course.
Press Release/Material Change Report: On November 2, 2012, the Company issued a press release and on November 5, 2012, the Company filed a corresponding Material Change Report, pursuant to which it disclosed that the "... Preissac Property has a historical resource containing 123,830 tons of mineralization grading 0.65 per cent nickel". This statement did not comply with NI 43-101 in that the Company did not disclose the source and date of such statement, the relevance and reliability of the historical estimate, the key assumptions, parameters and methods used to prepare the historical estimate, an explanation of the differences between the category of resource stated and current accepted categories of mineral resources, and disclosure on what work needs to be done to upgrade or verify the historical estimate as current mineral reserves or mineral resources, all as required by section 2.4 of NI 43-101. In addition, the cautionary language that was used in the press release was not NI 43-101 compliant in that it did not state that the qualified person had not done sufficient work to classify the historical estimate as current mineral resources and that the Company is not treating the historical resource as a current resource.