British Columbia Securities Commission Technical Disclosure Review
11 September 2013 - 11:31PM
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Bedford, Nova Scotia - September 11, 2013 - NSX Silver
Inc. (NSY: TSXV) reports that it was recently selected by
the British Columbia Securities Commission ("BCSC") for a
targeted mining disclosure review. The purpose of the review was to
assess selected aspects of the Company's mining technical
disclosure for compliance with the requirements of National
Instrument 43-101 Standards of Disclosure for Mineral
Projects ("43-101"). Following the review the BCSC requested
that the Company issue the following news release to clarify and
retract certain of its technical disclosure.
Historical Technical Reports
The BCSC has identified that certain technical disclosure
contained in two historical reports for the Dios Padre Property
which had previously been available on the NSX Silver website did
not comply with NI 43-101. The reports in question are the MacKay
and Snellman 1966 report and the ACA Howe 2005 report. NSX Silver
has recently terminated the Dios Padre Property option agreement
and no longer has any interest in the Property (see NSX Silver news
release dated September 6, 2013), and accordingly all disclosure
documents relating to the Dios Padre Property have been removed
from the Company's website including the MacKay and Snellman 1966
report and the ACA Howe 2005 report.
The 43-101 non-compliant disclosure items identified by the BCSC
were as follows; 1. the disclosure of non-compliant exploration
target description on page 21 of the ACA Howe 2005 report which did
not include the information required by section 2.3 (2) of NI
43-101, 2. the disclosure of "gross in-situ metal value" on page 21
of the ACA Howe 2005 report without taking into consideration
operating and capital costs, metal recoveries, smelter costs and
other factors relating to the potential mining, extraction and
recovery of metals, and 3. the disclosure of historical resource
estimates in the MacKay and Snellman 1966 report without providing
the information required by section 2.4 of NI 43-101.
June 2012 Company Presentation
The BCSC review also identified the use of the word "orebody" in
slide 23 of the NSX Silver June 2012 presentation which had been
previously available on the NSX Silver website. The term "orebody"
implies economic viability and treats the quantities as reserves.
The Company acknowledges the utilization of the term "orebody" was
not appropriate and has removed the presentation from its
website.
Qualified Person Disclosure
The BCSC further identified that NSX Silver did not identify a
Qualified Person in its June 30, 2013 Management Discussion &
Analysis, website and presentation with respect to technical
information disclosed therein. NSX Silver accordingly has withdrawn
all previous website and presentation materials and is in the
process of preparing new website materials under the review of a
Qualified Person.
John E. Hiner, Licensed Geologist and Registered Member of SME,
a qualified person as defined by National Instrument 43-101, has
reviewed and approved the technical information provided in this
news release.
BCSC Technical Disclosure Review
The BCSC Compliance and Disclosure staff has the mandate to
review the various public disclosure documents of companies which
are reporting issuers in the British Columbia. For companies in the
mineral exploration and mining sector, such reviews typically focus
on compliance with NI 43-101. Earlier this year the BCSC issued a
report titled 2012 Mining Report which highlights the
results of the BCSC's mining technical disclosure reviews. A copy
of the report is available on the BCSC website at:
http://www.bcsc.bc.ca/uploadedFiles/companies/Mining/2012_Mining_Report.PDF
About NSX Silver
NSX Silver Inc. is a mineral exploration company actively
exploring for silver and associated metals in Mexico. NSX Silver
owns three mining concessions (Oso Blanco, Oso Blanco 2 and Piedras
del Norte) comprising approximately 6,000 hectares of prospective
ground situated in the prolific Sierra Madre Occidental. NSX
Silver's shares are listed on the TSX Venture Exchange under the
symbol NSY.
For further information, please contact:
Glenn A. Holmes
Chief Financial Officer, NSX Silver Inc.
(902) 798-1148
glenn.holmes@nsgoldcorp.com
Forward-Looking Statements
This news release contains statements that may constitute
"forward-looking information" or "forward-looking statements"
within the meaning of applicable Canadian securities legislation.
Forward-looking information and statements may include, among
others, statements regarding the future plans, costs, objectives or
performance of NSX Silver Inc. ("NSX Silver"), or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, or if any of them do so, what
benefits that NSX Silver or its shareholders will derive.
Forward-looking statements and information are based on information
available at the time and/or management's good-faith belief with
respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond NSX Silver's control. These risks, uncertainties
and assumptions include, but are not limited to, those described
under "Risks and Uncertainties" in NSX Silver's Management
Discussion and Analysis for the Year ended December 31, 2012, which
is available on SEDAR at http://www.sedar.com/, and could cause
actual events or results to differ materially from those projected
in any forward-looking statements. NSX Silver does not intend, nor
does NSX Silver undertake any obligation, to update or revise any
forward-looking information or statements contained in this news
release to reflect subsequent information, events or circumstances
or otherwise, except if required by applicable laws.
Neither 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
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