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Bralorne Gold Mines Ltd.: BCSC Technical Disclosure Review
By: Marketwired .
Nov. 8, 2012 11:24 AM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/08/12 -- Bralorne Gold Mines Ltd. ("Bralorne" or the "Company") (TSX VENTURE:BPM)(OTCQX:BPMSF)(BERLIN:GV7)(FRANKFURT:GV7): 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.
On October 18, 2012, the Company filed on SEDAR a technical report dated October 15, 2012 entitled, "Preliminary Economic Assessment on the Bralorne Gold Mines Property" (the "Report"). The BCSC has identified issues with the report and author's certificates that are non-compliant with NI 43-101. Primarily, the Report contained a sensitivity analysis at a proposed production rate of 250 tonnes per day with a mine life of 10 years, which was based upon a potential expansion of mineral resources. This has been identified as contrary to the requirements of National Instrument 43-101. The Report was posted on the Company's website, and referred to in the Company's investor relations material and consequently the BCSC also identified issues with the Company's website and investor relations material.
The technical report will be revised and re-submitted to the BCSC and the website and investor relations materials are being withdrawn until they can be corrected. The Report will be revised and re-filed to ensure that any economic analyses are limited to known mineral resources and are qualified by the cautionary statements as required by National Instrument 43-101.
The reader is cautioned not to rely on the non-compliant information previously posted on the website, including information in the technical report.
ON BEHALF OF THE BOARD
William Kocken, Chief Executive Officer
This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
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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