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Noram Ventures Inc. (TSXV:NRM) seeks to clarify technical disclosure on “Technical Report on the Kokanee and Jumbo Graphite Properties, Slocan Mining Division, British Columbia”, by John R. Kerr, P.Eng., dated March 6, 2013, and Amended Technical Report with the same title, author and date. The Company is restating the estimate on the Kokanee property as an exploration target based on the 2012 drill results showing potential of 15,000,000 to 22,500,000 tonnes grading 1.65 – 1.80% graphite being present to down-dip depths of 100 to 150 meters and along a strike length of 1200 meters (see the final amended report on SEDAR for details).
As quoted in the press release:
On March 6, 2013 the Company filed a report titled “Technical Report on the Kokanee and Jumbo Graphite Properties, Slocan Mining Division, British Columbia”, by John R. Kerr, P.Eng., dated March 6, 2013 (the report). The report estimated various ranges of tonnage and graphite grade for the company’s Kokanee graphite property. Then on March 8, 2013, the Company voluntarily filed an Amended Technical Report with the same title, author and date (the amended report), to clarify the status of these estimates, including the addition of cautionary language required by National Instrument (NI) 43-101 for disclosure of an exploration target. However, despite the addition of cautionary language, the amended report continued to include information which may have caused readers to wrongly interpret the graphite estimate on the Kokanee Property as a mineral resource, or implied the estimate is a mineral resource. Similar issues occurred in the company’s August 2013 corporate presentation and in some of its news releases since February 26, 2013. In addition, the amended report contained information relating to the Jumbo property that may have implied a minimum quantity and graphite grade when there has been insufficient exploration to define a mineral resource on the property.
The Company retracts all previous disclosure that: (1) may have implied the estimate on the Kokanee property is or can be compared to a graphite resource estimate; and (2) information relating to the Jumbo property that may have implied a minimum quantity and grade as there has been insufficient exploration to define a mineral resource on either property. The retraction includes news releases issued by the Company that in turn were published by third parties, information on the Company’s website and corporate presentations.
On September 12, 2013 the Company filed a second and final Amended Technical Report with the same title and author, dated September 4, 2013 and effective March 6, 2013 (the final amended report) that corrects items not in compliance with the requirements of NI 43-101 and clarifies the status of the Kokanee estimate.
The Company is restating the estimate on the Kokanee property as an exploration target based on the 2012 drill results showing potential of 15,000,000 to 22,500,000 tonnes grading 1.65 – 1.80% graphite being present to down-dip depths of 100 to 150 meters and along a strike length of 1200 meters (see the final amended report on SEDAR for details).
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