KELOWNA, BC, May 22, 2013 /CNW/ - Cantex Mine Development Corp. (CD : TSXV) ("Cantex" or the "Company"): As a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify its disclosure.
Technical Disclosure Issues
In the Company's management discussion and analysis ("MD&A") from January 31, 2004 to present the Company has disclosed the potential for a gold resource of 16 million tonnes at a grade of 1.65 g/t at the Al Hariqah property. Cantex wishes to restate this estimate and to clarify that this is a target for further exploration.
Cantex wishes to restate the estimate for the Al Hariqah deposit as being between 13 and 52 million tons at a grade ranging between 1.0 and 1.8 g/t Au. Note that both the tonnage and grade of this exploration target are conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
This target is for the northern 1,000 metres of the 3,700 metre long Al Hariqah deposit where the majority of the drilling to date has been undertaken. For the purposes of the exploration target the mineralized width ranges from 100 to 400 meters and the mineralized thickness for the target ranges from 50 to 100 metres. The specific gravity of the host rock (Proterozoic quartz mica schist) is assumed to average 2.6 t/m3.
These assumptions are supported by the results of extensive exploration work conducted on the project which are disclosed in certain of the Company's news releases and MD&A, all as filed on SEDAR.
Cantex also advises that the statement set out in the March 2, 2011 Stentor Media video that the Company is doing a pre-feasibility study is incorrect and the information contained in the video should not be relied upon. The Company has removed the link for the video from its website.
The technical information and results reported here have been reviewed by Mr. Chad Ulansky P.Geol., a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release.
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.
SOURCE: Cantex Mine Development Corp.
For further information:
Cantex Mine Development Corp, Tel: +250-860-8582, Email: email@example.com