TORONTO, ONTARIO–(Marketwired – July 26, 2013) – Mammoth Resources Corp. (TSX VENTURE:MTH) has been asked to clarify certain disclosure in its corporate presentation dated June 2013 and posted on the company web site as a result of a review by the British Colombia Securities Commission (“BCSC”). The corporate presentation has since been removed and an edited version of the presentation re-posted. Specifically, the BCSC has requested that wherein the company made reference on a slide in the presentation to the potential valuation increase that could arise in the company’s share price, relative to the valuation of two TSX listed companies with projects in Mexico with NI 43-101 resources, if the company’s Tenoriba project were to host a quantity of mineral resources. The BCSC advised the company that NI 43-101 restricts disclosure of quantities and grades of a deposit that is not a mineral resource or reserve, and only allows disclosure of ranges of quantity and grade for a potential exploration target if there is a valid basis and if the disclosure includes prominent mandatory cautionary language. The company’s disclosure in its June 2013 Corporate Presentation did not comply with these requirements and the company retracts all prior disclosure of hypothetical quantities and gold grades and would like to confirm that the company has no current or historical resource estimates of the size and grade ranges at Tenoriba. In the event that the company receives an initial material mineral resource estimate, it will promptly disclose such results and file supporting technical report.
In the same corporate presentation drill intersections noted do not represent true thickness, but rather core length intersections. True thickness is not known at this time as the company does not have sufficient confidence in the angle of the mineralized structures intersected by this drilling relative to the angle of the holes intersecting such mineralization. It is possible that true thickness could be less than the reported core-length intervals.
In the cautionary language at the beginning of this Corporate Presentation reference was erroneously made to a September 2011 technical report that supports information in the Corporate Presentation. There is no such technical report and the erroneous language has been corrected.
About Mammoth Resources:
Mammoth Resources (TSX VENTURE:MTH) is a mineral exploration company focused on acquiring and defining precious metal resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company has an option to acquire 100% in the Tenoriba Property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico. The company continues to seek other option agreements in the Americas on other properties it deems to host above average potential for economic concentrations of precious metals mineralization.
Qualified Person / Quality Controls:
Richard Simpson, P.Geo., Vice-President Exploration for Mammoth Resources Corp. is Mammoth’s Qualified Person, according to National Instrument 43-101, for the Tenoriba property and is responsible for and has reviewed any technical data mentioned in this news release, including the BCSC edits.
To find out more about Mammoth Resources and to sign up to receive future press releases, please visit the company’s website at www.mammothresources.ca.
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.
Forward Looking Information: This news release may contain or refer to forward-looking information. All information other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements; examples include the listing of its shares on a stock exchange and establishing mineral resources. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company’s ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty therein.