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Focus Graphite (OTCMKTS:FCSMF,TSXV:FMS) has issued a news release to clarify certain prior disclosure statements regarding its Lac Knife project. A review of Focus’s continuous disclosure record was conducted by the Ontario Securities Commission under the 51-312 Harmonized Continuous Disclosure Review Program.
Focus Graphite (OTCMKTS:FCSMF,TSXV:FMS) has issued a news release to clarify certain prior disclosure statements regarding its Lac Knife project. A review of Focus’s continuous disclosure record was conducted by the Ontario Securities Commission under the 51-312 Harmonized Continuous Disclosure Review Program.
As quoted in the press release, clarifications regarding proven and probable mineral reserves at Lac Knife included:
In its news release dated June 25, 2014, the Company reported a Mineral Reserve Estimate without stating whether the mineral reserve is included in, or excluded from, the mineral resource contrary to section 2.2 (b) of the National Instrument 43-101 (“NI 43-101”). The Company also omitted to state the reference point at which the Mineral Reserve is defined contrary to the new version of the CIM Definition Standards – For Mineral Resources and Mineral Reserves adopted on May 10, 2014.The Company is therefore correcting this statement by releasing this clarification:
The Mineral Reserve is included in the Measured and Indicated Mineral Resource of 9,576 kt grading 14.77% graphitic carbon (“Cg”) (432 kt of Measured Resource grading 23.66% Cg and 9,144 kt of Indicated Resource grading 14.35% Cg). The reference point for the Mineral Reserve Estimate is the mill feed.
Clarifications regarding use of the phrase “NI 43-101 compliant” included:
In its news releases since January 28, 2014 and annual and interim Management’s Discussion and Analysis (“MD&A”), the Company used the phrase “NI 43-101 compliant” when referring to resource estimates, preliminary economic assessments andfeasibility study. The Company’s intention was to report that such estimates, assessments and study had been completed in accordance with the national instrument. As NI 43-101 is a disclosure rule and not an estimation rule, the phrase “NI 43-101 compliant” is potentially misleading when used to describe mineral resource or reserve estimates, or mining technical studies. The Company is therefore confirming that future disclosure will not describe technical studies, mineral resource estimates, or mineral reserve estimates as “NI 43-101 compliant”.
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