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relating to the Company's disclosure-- The Company's website previously contained non-compliant disclosure which has been retracted and deleted.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.
After further review of the source information, the Company is unable to re-state the above estimate in compliance with NI 43-101 requirements for disclosure of a historical estimate; consequently, the Company retracts the referenced statement of a historical resource estimate in its entirety. Readers should not rely on the retracted statement.
Website: The Company's website previously disclosed that the property "...has a body containing 123,830 tons of ore grading 0.65% Ni". This statement did not designate the estimate as historical. The use of the term "ore", which normally implies a mineral reserve, and disclosure in the form of a current estimate was potentially misleading, and restricted by NI 43-101. The Company clarifies that it has no valid historical or current resource or reserve estimates at its Preissac property. Consequently, the Company retracts the referenced statement in its entirety and has removed the statement from its website. Readers should not rely on the retracted statement.
The Company does not intend to move forward with this property in the foreseeable future, if ever.
Michael Dufresne, M.Sc, P.Geo is the Qualified Person (as defined by NI 43-101) who has reviewed and approved the technical information in this news release as such relates to the Preissac Property.
ON BEHALF OF THE BOARD
Wolf Wiese, President & CEO
Forward Looking Information
This news release includes disclosure of scientific and technical information, as well as information in relation to the calculation of mineral resources and reserves, with respect to the Preissac Property. The Company's disclosure of mineral resource and reserve information is governed by National Instrument 41-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM ("CIM Standards"). There can be no assurance that mineral resources will ultimately be converted into mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated economic viability. This news release uses the term "indicated" resources. U.S. persons are advised that while such term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it.
Certain information regarding the Company set forth in this press release, including the use of proceeds, and management's assessment of the Company's future plans and operations contain forward looking information that involve substantial known and unknown risks and uncertainties. The forward looking information is subject to numerous risks and uncertainties, some of which are beyond the Company's and management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, imperfection of reserve estimates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The Company's actual results, performance or achievement could differ materially from those expressed in or implied by, the forward looking information and accordingly, no assurance can be given that any of the events anticipated to occur or transpire form the forward looking information will provide any benefits to the Company.
Neither the CNSX Exchange nor its regulations services accepts responsibility for the adequacy or accuracy of this release.
Super Nova Minerals Corp.