Puget Ventures Inc. Provides Clarifying Updates on Technical Disclosure
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/08/11 -- PUGET VENTURES INC. ('Puget') (TSX VENTURE: PVS) announced today that as a result of a review by the British Columbia Securities Commission (the 'BCSC') we are issuing the following news release to clarify our previous disclosure.
In anticipation of the Puget Ventures short form prospectus filing, the Company voluntarily requested the BCSC to conduct a pre-filing review of all previous technical disclosure.
Timely Disclosure:
In a release dated December 10, 2009, the Company announced that PG&E Mining Consultants was tenured to produce updated resource estimates for the Werner Lake property. Since that time, PG&E Mining Consultants changed its name to 'AGP Mining Consultants'. The Company had requested that AGP Mining Consultants ('AGP') temporarily halt all work in order to preserve the capital necessary to complete the Company's proposed acquisition of Pafra Enterprises Company Limited ('Pafra'), previously described in a news release dated June 29th, 2011. As such, the Company has had no results to disclose. Also, as further clarification to the previous release, the Company still intends on having AGP finalize the resource estimate in the future and that the cessation of the work being conducted is temporary.
A revised NI 43-101 compliant technical report regarding the Company's Werner Lake Mineral Belt properties, prepared by Gerald Harper, Ph.D., P.Geo (ON), is now available under the Company's profile on SEDAR. The revised technical report includes a recommended two-phase work program, which is contingent on the successful completion of AGP's resource estimate. At this time, the Company intends to commence Phase 1 of the recommended work program upon completion of the AGP resource estimate, described above. The Company will provide further updates upon completion of the AGP resource estimate.
Non-Compliant Disclosure of Resource/Reserve Estimates:
The Company has reviewed its website and its previous news releases and MD&A in order to ensure that all continuous disclosure meets the requirements of NI 43-101, both now and going forward.
The Company's website and/or promotional material previously included the following non-compliant and misleading disclosure.
-- The Company's 'Global Cobalt' corporate brochure erroneously disclosed
resources for the Norpax Deposit that are contrary to s. 2.2. and 3.4 of
NI 43-101;
-- The resource section of the website erroneously included inferred
resources to the other resource categories, contrary to s. 2.2 (c) of NI
43-101;
-- The Company's MD&A dated March 28, 2011 for the interim period ended
January 31, 2011 also erroneously adds inferred resources to other
resource categories, contrary to s. 2.2 (c) of NI 43-101; and
-- The Company's corporate brochure reports historical estimates for the
Karakul Property without providing the information required by s. 2.4 of
NI 43-101 with respect to historical estimates.
The Company has removed its 'Global Cobalt' corporate brochure from its website and will not re-post it on the website until all disclosure contained therein meets the requirements of NI 43-101.
Prohibited Disclosure of Potential Exploration Targets:
The Company has removed the 'Global Cobalt' corporate brochure from its website which disclosed potential exploration targets for the Karakul Property, contrary to s. 2.3 of NI 43-101, and will not re-post it until all disclosure contained therein meets the requirements of NI 43-101. The Company refers the reader instead to the NI 43-101 technical report with respect to the Karakul Property, prepared by SRK Consulting (Canada) Inc., a copy of which is available under the Company's profile on SEDAR.
Inconsistent and Misleading Disclosure:
In its previous disclosure, the Company erroneously combined reserves and resources in a manner that was potentially misleading because the disclosure did not report the grade and tonnage of each individual resource/reserve category separately. The Company will ensure that all continuous disclosure going forward will be consistent and clear.
The Company's website and corporate presentation report will be revised to ensure that any reserves or resource estimates disclosed will also report grade and tonnage of each individual category separately.
About Puget Ventures Inc. (www.pugetventures.com)
Puget Ventures Inc. is a Vancouver, Canada-based mineral-resource exploration company focused on the acquisition, exploration and development of strategic base metals properties, with a focus on cobalt. Puget Ventures' package of properties encompasses historic deposits and past Cobalt and Nickel-Copper-PGE producers, including the Werner Lake Mineral Belt located in North-western Ontario, Canada. On December 6, 2010, Puget announced a definitive agreement to acquire the Karakul and other mineral projects in Russia and Mongolia subject to Exchange and shareholder approval.
Cautionary Statement on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
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.
Contacts:
Puget Ventures Inc.
Mr. Mitchell Smith
Corporate Development
1 (604) 688-4219
1 (604) 688-4215 (FAX)
info@pugetventures.com
www.PugetVentures.com