Retraction and Clarification of Disclosure in February 28, 2020 News Release
VICTORIA, March 3, 2020 - Erin Ventures Inc. (TSXV:EV), at the request of IIROC, would like to clarify certain information contained in its previously disseminated news release dated Feb. 28, 2020. Specifically, the statement "the annual boron market is valued at $US$2.5B", while sourced from an independent research report (Maia Research), is overly promotional and, as a minimum, potentially misleading.
Additionally, the statement "Piskanja's strong potential to become a world-class deposit" is misleading. This project has a disclosed mineral resource only, with no supporting PEA, PFS or FS to support the economic viability or technical feasibility of the project.
The Disclosure of the mineral resource as stated on February 28th did not comply with the requirements of NI 43-101, 2.2 - All Disclosure of Mineral Resources and Mineral Reserves. The Disclosure should have read: Piskanja is Erin's wholly owned boron deposit with an indicated mineral resource of 7.8 million tonnes (averaging 31.0 per cent B2O3), and an inferred resource of 3.4 million tonnes (averaging 28.6 per cent B2O3), calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves (CIM Standards).
"Mineral Resource Estimate Update On The Piskanja Borate Project, Serbia, October 2016 - Amended February 28 2019" (the "Report"), was prepared by SRK Consulting (UK) Ltd.
The responsible persons for the updated MRE are Dr Mike Armitage (C.Eng. C.Geol.) and Dr Mikhail Tsypukov who are both full time employees of SRK and Qualified Persons in accordance with the CIM Definition Standards on Mineral Resources and Reserves (CIM Standards) and independent of Erin Ventures.
The disclosure "Erin Ventures is currently in the process of submitting its mine application" implies that a production decision has been made without first establishing mineral reserves. To clarify, Erin has commissioned a Serbian compliant Mineral Resource Calculation and a Technical Economic Assessment as the first of three steps in the exploitation license process, as required under Serbian rules. Additionally, as a reporting issuer in Canada it is Erin's intention to commission a mineral resource estimate and economic analysis which complies with Canadian securities legislation.
Blake Fallis, General Manager
The technical information in this release was prepared and approved by James E Wallis, M.Sc. (Eng), P. Eng., a director of the company, who is a Qualified Person under National Instrument 43-101.
Neither the 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.
SOURCE: Erin Ventures Inc.