The Conversation (0)
Inomin Mines Inc. (TSXV: MINE), ("Inomin", "MINE" or the "Company") is responding to misleading comments and statements made by newsletter writer, John Kaiser ("Kaiser"), publisher of Kaiser Research Online. In Mr. Kaiser's blog and podcast of March 31, he made a number of inaccurate and misleading remarks about the Company's March 29th announcement ("News Release") reporting drill results from Inomin's Beaver critical minerals property discovery. Mr. Kaiser's remarks contributed to a sell-off in the Company's shares, with the stock closing down 29.5% on March 31.
A few of John Kaiser's False and Misleading Remarks:
Kaiser implied the Company used the wrong analytical technique for the samples, and off-the-cuff stated what the grades should actually be.
Fact of the Matter
Inomin consulted with SGS Laboratory professionals prior to submitting samples for analysis. SGS's best recommendation was to utilize a mild sodium peroxide digestion to deal with the issue of analyzing for silicate nickel, as stated in the Company's News Release.
Kaiser stated the Company presented assay results in ppm instead of percentage to confuse investors.
Fact of the Matter
Reporting assay results in ppm is a common, standard reporting practice. The Company also reported select better grades in percentage in the title and first paragraph of news release. Stating we intended to confuse investors is false.
Kaiser inferred that magnesium cannot be extracted from ultramafic rocks containing the mineral serpentine.
Fact of the Matter
Quebec-based Alliance Magnesium Inc (AMI) and Marubeni Metals and Minerals Canada Ltd. are planning the mining and processing of serpentine ore as an environmentally friendly source for magnesium at their Danville metallurgical site. The magnesium plant currently under construction will process 100 million tons of serpentine rock, the raw material that AMI will use in its production.
Kaiser suggested we paid UBC (University of British Columbia) to analyze our samples to participate in the university's carbon sequestration program.
Fact of the Matter
Inomin did not pay UBC for analysis of the Company's samples. Furthermore, UBC specifically requested the Company submit magnesium-rich samples.
Kaiser criticized Inomin's reference to magnesium, nickel, and chromium as critical minerals.
Fact of the Matter
A critical material is generally defined as a raw material of great economic importance with high risks of supply constraints. Magnesium, nickel, and chromium are among the list of critical minerals for Canada and the United States.
Inomin stands by its discovery announcement of March 29, 2022. The Company believes it has the opportunity to delineate significant resources of critical minerals of which magnesium is currently the most valuable having increased approximately 400% in the past 12 months.
Source: Trading Economics.
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For large scale mining projects, infrastructure is key. At the Beaver project, the land is flat lying, meaning that drilling and exploration activity can occur year-round without the need of helicopters, air support or boats. There is a nearby paved highway, all-season forestry roads, major power lines and nearby active rail lines. Local mining services and infrastructure are available at the nearby city of Williams Lake.
Inomin is planning a next phase exploration program at Beaver-Lynx to build on the Company's autumn 2021 drill discovery. Subject to financing, the Company expects to complete a substantial drilling program to determine the extent of mineralization at Beaver, as well as continue to define drill targets for the nearby Lynx property.
Inomin Mines Director, L. John Peters P.Geo, a qualified person as defined by NI43-101, has reviewed and approved the technical information in this news release.
About Inomin Mines
Inomin Mines is focused on the acquisition and exploration of mineral properties with strong potential to host significant resources, especially gold, silver and critical mineral projects. Inomin holds the La Gitana and Pena Blanca gold-silver properties in Mexico. The Company owns a 100% interest in the Beaver-Lynx sulphide nickel project in south-central British Columbia, and the Fleetwood zinc-copper-gold-silver VMS project in south-west British Columbia. Inomin also holds a royalty on the King's Point gold-copper-zinc project in Newfoundland owned by Maritime Resources Corp. Inomin trades on the TSX Venture Exchange under the symbol MINE. For more information visit www.inominmines.com and follow us on Twitter @InominMines.
On behalf of the board of Inomin Mines:
Inomin Mines Inc.
Per: "John Gomez"
President and CEO
For more information please contact:
John Gomez
Tel. 604.566.8703
info@inominmines.com
Forward-Looking Statements: This news release contains certain statements that may be deemed "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 or realities may differ materially from those in 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 law, 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.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119073
Figure 1 – Project Location Map
