VANCOUVER, Sept. 15, 2017 /CNW/ - Marlin Gold Mining Ltd. (TSX-V: MLN) ("Marlin" or the "Company") reports that as a result of a review by the British Columbia Securities Commission (the "BCSC"), the Company is issuing the following press release to clarify its disclosure. The historical mineral resource estimates, economic analysis and preliminary economic assessment on the Company's wholly owned Commonwealth silver and gold property in Cochise County, Arizona (the "Commonwealth Project") referred to in certain of the Company's prior press releases, including its March 30, 2015 press release, its corporate presentation posted to its website, its website and in certain other disclosure documents are not supported by a current technical report compliant with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and are retracted and should not be relied upon until they have been verified and are supported by a current technical report compliant with NI 43-101. NI 43-101 prohibits the disclosure of an economic analysis that is based on a historical estimate. The Company's corporate presentation also included historic drill results on the San Cristobal Gold Target without disclosing all of the information required under section 3.3 of NI 43-101. The historic drill results on the San Cristobal Gold Target have been removed from slide 16 of the corporate presentation.
The Company is in the process of having a current technical report prepared for the Commonwealth Project within the next two months, which will contain an updated resource estimate on the Commonwealth Project. This updated resource estimate will use the same geological model and the same metallurgical parameters as the historical resource estimate. The technical report will not contain an economic analysis or constitute a preliminary economic assessment under NI 43-101. The Company will provide an update to this news release and file such technical report on the Commonwealth Project under its profile on SEDAR at www.sedar.com.
Since the acquisition of the Commonwealth Project in 2015, Marlin's activities with respect to the Commonwealth Project have been focused on consolidating the land ownership at the Commonwealth Project, improving the underlying geological model that is the basis of the historic resource estimate, and undergoing a comprehensive metallurgical program which would serve as the basis for an updated NI 43-101 technical report. All of this work is expected to be complete by early 2018. When Marlin's updated geological model and metallurgical program is complete, it expects that there will be an additional revision to this resource estimate, which may include an updated Preliminary Economic Assessment, but this will not be complete until 2018.
Additionally, the Company wishes to clarify that it has not made a production decision with respect to the Commonwealth Project. The Company has not completed a feasibility study or established the economic viability of the Commonwealth Project or proposed operations on the Commonwealth Project, and no mineral reserves have been established for the Commonwealth Project that would support a production decision. Projects which are put into production without first establishing mineral reserves and completing a feasibility study have historically had a higher risk of economic or technical failure.
The Company retracts all non-compliant disclosures referenced above, and it has amended its website and corporate presentation to remove such disclosures.
Marlin is a growth-oriented gold and silver mining company focused on the Americas. The company owns three properties located in Mexico and the USA and a portfolio of royalties. Marlin's priority is to profitably operate its La Trinidad Mine, conduct further exploration on its other projects and enhance shareholder value through the growth of its wholly owned subsidiary, Sailfish Royalty Corp. Marlin is backed by a well-funded investor with a successful track record in the resources sector. The La Trinidad Mine in Sinaloa, Mexico declared commercial production on November 1, 2014 and is one of the highest-grade open pit heap leach gold mines in Mexico.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary statement regarding forward‐looking information
This news release contains 'forward-looking statements' within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur, including, without limitation, the intended use of proceeds. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while based on management's expectations and considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: that the Company will complete a technical report, mineral resource estimate and/or preliminary economic assessment for the Commonwealth Project on schedule; uncertainties related to raising sufficient financing to fund planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Company's annual management's discussion and analysis filed on SEDAR at www.sedar.com. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this release. Unless required by law, Marlin has no intention to and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Marlin Gold Mining Ltd.
For further information: Akiba Leisman, Executive Chairman and Interim CEO, Marlin Gold Mining Ltd., Telephone: 203-862-7059, E-mail: firstname.lastname@example.org