VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / December 18, 2014 / Confederation Minerals Ltd. (TSX-V: CFM; OTCQX: CNRMF) ("Confederation" or the "Company") announces that, as a result of a review by the British Columbia Securities Commission (the "BCSC"), the Company is issuing the following news release to clarify its disclosure regarding its previous mining technical disclosure relating to the Newman Todd Project, as discussed below. Given the deficiencies in the Company's disclosure of mineral resource estimate and a preliminary economic assessment ("PEA") for Newman Todd, the BCSC has placed the Company on the Commission's Issuers in Default List.
In support of the disclosure in the Company's press release of October 23, 2014 announcing a mineral resource estimate and PEA, the Company filed a technical report titled "Technical Report for PEA, Newman Todd Project, Red Lake, ON, Canada" dated December 5, 2014 (the "Previous Report"). The mineral resource estimate and PEA are unsupported by a compliant NI 43-101 technical report contrary to NI 43-101, and should not be relied on until they are supported by an amended technical report.
New Technical Report Being Prepared
To address the deficiencies contained in the Previous Report, the Company intends to prepare and file a new technical report (the "Updated Report") shortly to address the non-compliance issues.
Because of the non-compliance issues described above, investors and shareholders should not rely on the Previous Report.
Ralph Bullis, P.Geo, FGC, is the Qualified Person as defined by NI 43-101 and has reviewed or supervised the preparation of the technical content in this news release.
On Behalf of the Board of Directors,
Confederation Minerals Ltd.
"Lawrence Dick"
Lawrence A. Dick, Ph.D., P.Geo, Ceo, President & Director
CORPORATE INQUIRIES
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
Vancouver, B.C.
Lawrence Dick, CEO
604.688.9588
www.confederationmineralsltd.com
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.
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE: Confederation Minerals Ltd.