Tinka Resources Clarifies Technical Disclosure on its Colquipucro Project
March 12, 2014 (Source: Marketwired) — Tinka Resources Limited (the “Company”), (TSXV: TK), announces that, as a result of a review by the British Columbia Securities Commission (the “BCSC”), we are issuing the following news release to clarify certain technical disclosure regarding the Company’s Colquipucro Project.
The Company issued news releases dated October 15, 2012 and October 18, 2012 disclosing that infill drilling should upgrade the resource from the inferred to the indicated category. The Company also issued a news release dated March 26, 2013 disclosing that the infill program now underway is “designed to both increase the resource base and upgrade the resource from inferred to the indicated category”. The Company’s Management Discussion and Analysis for the three months ended December 31, 2013 (the “MD&A”) discloses that the completed infill drilling was “in order to upgrade the resources classification from the inferred to indicated category”. The above disclosures state or imply a pending resource classification upgrade, and are premature and potentially misleading before the estimation and delivery of a new resource estimate. The Company wishes to retract any statements which imply an upgrade to the resource classification and cautions readers that there can be no guarantee that infill drilling will allow a Qualified Person to verify assumptions about geological and grade continuity or to what extent a new estimate will reclassify the current inferred resource as indicated.
The Company’s January 2014 corporate presentation entitled “Massive Zinc Sulphide & Oxide Silver Deposits, Corporate Presentation” (the “Corporate Presentation”) on the Company’s website contains resource estimates for the Colquipucro property, on pages 21 and 23. These estimates do not to classify the Colquipucro resource. This is not in compliance with sections 2.2 and 3.4 of NI 43-101. The resources referred to in the Corporate Presentation are inferred. To address the foregoing, the Company has removed the Corporate Presentation from its website and is currently working on amending the Corporate Presentation.
The BCSC has also identified certain deficiencies in the Company’s technical report dated September 21, 2012 on the Colquipucro property entitled “Progress Report on the Geology, Exploration, and Mineral Resources of the Colquipucro Project, Peru”, by John Nebocat,
In order to address these deficiencies, the Company is in the process of amending its technical report and will file an amended technical report when completed.
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John Nebocat (P.Eng.), V.P. of Exploration for the Company, is a qualified person within the meaning of NI 43-101, and has reviewed and approved the contents of this news release.
About Tinka Resources Limited (TSXV:TK).
Tinka is a junior resource acquisition and exploration company. Tinka’s focus is on its 100% owned Colquipucro and Ayawilca projects located in the highly mineralized silver-lead-zinc belt of Central Peru.
On behalf of the Board,
Andrew Carter, President & CEO
Mariana Bermudez at (604) 699 0202 or
Reg Advocaat at (604) 219 8911 or
Forward Looking Statements This Company news release contains certain “forward-looking” statements and information relating to the Company that are based on the beliefs of the Company’s management as well as assumptions made by and information available to the Company’s management as of the date of this news release. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners including local communities and landholders, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
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 news release.
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