Trading Symbol TSX-V - AMW
VANCOUVER, Jan. 10, 2013 /CNW/ - Alpha Minerals Inc. (formerly ESO Uranium Corp. and previously Essendon Solutions Inc.) (TSXV: AMW), (the "Company" or "Alpha"), reports that as a result of a review by the British Columbia Securities Commission, the Company is issuing this news release to clarify disclosure on the Company website and in certain news releases regarding (i) resource estimates at its Mikwam gold property in Ontario; and (ii) a uranium resource on a Saskatchewan uranium property of a third party.
The November 11th, 2012 website disclosure by the Company of historical mineral resources, based on the most recent technical report for its Mikwam mineral property, did not comply with NI 43-101 requirements, including mandatory cautionary language required by section 2.4 of NI 43-101. The website also disclosed a comparable-size Mikwam estimate in the format of a current resource estimate.
The Company clarifies that there are no NI 43-101 compliant resource estimates for the Mikwam property and retracts all previous disclosures of Mikwam resource estimates. The Company has removed the disclosure of all prior historical and current estimates of resources from the website.
The Company has engaged Caracle Creek International Consultants Inc to complete a winter site visit on the Mikwam property and to prepare an updated NI 43-101 compliant technical report to estimate the resources from drilling carried out by the Company and earlier historical drilling, using currently accepted geostatistical methods.
The Company issued several news releases in 2012 (October 31, November 5, November 12, November 15, two on November 21, and two on December 5) disclosing a combined inferred and indicated resource on the Shea Creek uranium property, expressed as pounds-only. NI 43-101 does not permit the addition of inferred resource to other resource classes and requires tonnage and grade information for all estimates.
The information concerning Shea Creek is not necessarily indicative of the nature of the mineralization on the Company's Patterson Lake South property interest. The relevance of the Shea Creek information is simply to demonstrate that there are significant resources of uranium in the Southwest part of the Athabasca Basin. The Shea Creek resource is restated as 1,872,600 tonnes with a grade of 1.54% U3O8 containing 63,572,000 lbs in indicated class and 1,068,900 tonnes with a grade of 1.041% U3O8 containing 24,525,000 lbs in inferred class. The source of this information is a 2010 NI 43-101 technical report on the Shea Creek property of UEX Corporation and Areva Resources Canada Inc.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Benjamin Ainsworth, P.Eng BC/SK. President of Alpha Minerals Inc. and a Qualified Person.
On behalf of the Board of Directors of Alpha Minerals Inc.
President, CEO and Director
This press release contains "forward-looking information" that is based on Alpha's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Alpha's development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Alpha's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Alpha disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE: Alpha Minerals Inc.
For further information:
For corporate communications please contact:
Robert (Bob) Meister
Alpha Minerals Inc.
Phone: (604) 629-0293
Toll Free: 1-866-629-0293