THUNDER BAY, ON, Nov. 22, 2012 /CNW/ - Kesselrun Resources Ltd (TSXV:KES) (the "Company") reports that as a result of a review by the BC Securities Commission, we are issuing the following news release to clarify our disclosure set out on our website.
Changes have been made to the company's website and the information contained in our corporate presentation's dated July 2012 and November 2012, previously available on our website. These presentations had several references to large gold ounce quantities with an approximate grade, disclosed as a target objective associated with mineral deposits on the Company's flagship Bluffpoint property (the "Property") These references were not compliant with National Instrument 43-101 ("NI 43-101"). The Company's September 10, 2012 news release also referred to these non-compliant presentations. We have removed these statements because current project data is insufficient to estimate ranges of grades and tonnes as required by section 2.3(2) of NI 43-101. Prior disclosure also omitted cautionary language required by s.2.3 of NI 43-101 which requires us to explain the conceptual nature of an exploration target, and the uncertainty that further exploration will delineate a mineral resource. The Company has restated the Bluffpoint exploration target as follows: Our ongoing exploration program will test and expand on a zone outlined by historic and recent trenching between 500-700 metres in strike length and 100-150 wide with recent trenching results of 1.72 g/t Au over 20.2 metres and 5.02 g/t Au over 9.2 metres (see Sept. 10, 2012 and Oct. 18, 2012 news releases for more detailed results).
In addition, the Company had previously posted on its website an article dated October 26, 2012 by www.allpennystocks.com disclosing a similar gold quantity and indicating the project is "economically feasible." That disclosure was not in compliance with s2.3 of NI 43-101. As a result, the Company has removed that article from its website, explicitly retracts that disclosure and specifically retracts any inferences regarding economic viability and potential target deposit size of the Property. The Company also explicitly states that it has not undertaken any preliminary feasibility study or preliminary economic assessment with respect to the Property. The Company further cautions readers that the project currently does not have any NI 43-101 compliant mineral resources or mineral reserves and may not be economically feasible.
The Company filed on Sedar.com a NI 43-101 technical report entitled "Aleeyah Capital Corp. Technical Report On The Bluffpoint Gold Project Kenora Mining Division Ontario, Canada" authored by Charley Murahwi of Micon International Limited dated April 12, 2012. This report presents information on the Property compliant with NI43-101 and fully describes all work programs completed up to December 31, 2011. There have been no material changes with respect to the Property since this date that have not been promptly disclosed in news releases. At this time, there is no reason to believe that sufficient work has been completed on the Property to estimate a mineral resource or mineral reserve.
Both our website and our investor presentation have been revised to disclose Michael Thompson P. Geo. as our Qualified Person responsible for the technical disclosure as required by section 3.1 of NI 43-101.
Our revised presentation is available on our website. The reader is cautioned not to rely on the non-compliant information previously posted on the website or otherwise found in the public domain.
Michael Thompson, P. Geo., President & CEO of Kesselrun, is the Qualified Person responsible for the Bluffpoint project as defined by National Instrument 43-101 and has approved the technical information in this news release.
About Kesselrun Resources Ltd.
Kesselrun Resources is a newly formed Thunder Bay, Ontario-based mineral exploration company focused on growth through property acquisitions and discoveries. Kesselrun's management team possesses strong geological and exploration expertise with particular experience in Northwest Ontario. For more information about Kesselrun Resources, please visit www.kesselrunresources.com. Forward Looking Statements This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, including without limitation, the private placement, are 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", "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 may differ materially from those in forward looking statements. Factors that may cause the actual results to differ materially from those in forward-looking statements include gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, continued availability of capital and financing and general economic, market or business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com.
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.
SOURCE: Kesselrun Resources Ltd.
Kesselrun Resources Ltd.
Michael Thompson, P.Geo, President & CEO
Adam Rabiner, Corporate Communications
604.868.7881 or 1.866.416.7941