VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 29, 2013) - Super Nova Minerals Corp. (CNSX:SNP) (the "Company") announces that as a result of review by the British Columbia Securities Commission ("BCSC"), the Company is issuing the following news release to clarify certain oil and gas disclosures.
Further to the Company's news release of August 16, 2013, the Company provides the following additional clarification of certain disclosure relating to the Company's previously filed report entitled "Evaluation of Contingent Resources and other Petroleum Information for the Morris Block located in the Elk Hills Region Twp. 4S, Rge. 24E of Montana, USA" dated effective September 1, 2012, prepared September 18, 2012 by B.L. Whelan, P.Geo (the "Morris Report") and certain disclosure contained in the Company's Corporate Presentation dated August 2013 which was posted on the Company's website, as such related to the Company's Morris Block, Elk Hills Oil & Gas Property.
Readers are advised NOT to rely on the Morris Report as it did not comply with standards set out in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook").
The Company retracts all prior disclosure relating to oil resource estimates and associated economic parameters as disclosed by the Morris Report and as disclosed in the Company's Corporate Presentation.
In connection with the BCSC's review, the Company has shut down its website and is in the process of amending the website to address comments received from the BCSC relating to the Company's disclosure, including the deletion of all retracted statements.
The Company is also in the process of preparing its Oil and Gas Annual filing, as required by NI 51-101, for the year ended May 31, 2013. Consequently, a new report on the Morris Block will be prepared by an independent qualified reserves evaluator. The Company intends to file this new report by September 30, 2013 and will issue a news release disclosing the results of this new oil and gas report, when delivered.
The Company advises readers not to rely on the Morris Report or the previous non-compliant statements as they may continue to be found in the public domain.
On behalf of the Board of Directors:
Super Nova Minerals Corp.
Wolf Wiese, President/ Chief Executive Officer
Certain information regarding the Company set forth in this press release contain forward-looking information that involve substantial known and unknown risks and uncertainties. The forward-looking information is subject to numerous risks and uncertainties, some of which are beyond the Company's and management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, imperfection of reserve or resource estimates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The Company's actual results, performance or achievement could differ materially from those expressed in or implied by, the forward-looking information and accordingly, no assurance can be given that any of the events anticipated to occur or transpire form the forward-looking information will provide any benefits to the Company.
Neither the CNSX Exchange nor its regulations services accepts responsibility for the adequacy or accuracy of this release.