VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec 11, 2012) - Rio Cristal Resources Corporation (TSX VENTURE:RCZ)(RCZ.V) ("Rio Cristal" or the "Company") advises that, as a result of a review by the British Columbia Securities Commission (the "BCSC"), the Company is issuing this news release to clarify its disclosure.
On March 2, 2012, the Company filed on SEDAR an independent technical report (the "Report") in respect of the mineral resource estimate on the Company''s Bongará project. The BCSC has advised the Company that it considers the Report to be materially deficient under the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
The BCSC''s comments on the Report include concerns in relation to: the consent of the Report''s author; the failure of the author to take responsibility for all scientific and technical information; disclosure of verification of the resource estimate; disclosure of the methodology, key assumptions and parameters used in the preparation of the mineral resource estimates; and the author''s relevant experience in relation to the subject matter of the Report. In addition, the BCSC advised that the Report requires clarification, among other things, to refer consistently to its title.
While the Company believes that it will satisfactorily resolve the deficiencies, investors are cautioned against relying on the mineral resource estimates in the Report until they are independently verified and supported by a compliant technical report.
The Company is working with its independent consultants and the BCSC in order to address the issues raised, with a view to the filing of a revised technical report as quickly as possible.
Thomas Findley, President & CEO