VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 22, 2016) - K92 Mining Inc. (TSX VENTURE:KNT) ("K92" or the "Company") was selected for a Technical Disclosure Review by the British Columbia Securities Commission ("BCSC").
As a result of this review by the BCSC, K92 is issuing the following news release to clarify our Technical Report disclosure for the Kainantu Project.
Acting jointly with the author of the Company's "Independent Technical Report, Preliminary Economic Assessment of Irumafimpa and Kora Gold Deposits, Kainantu Project, Papua New Guinea" by Anthony Woodward, Nolidan Mineral Consultants on November 27, 2016 (the "Report"), the Company has reviewed the deficiencies identified in a Technical Disclosure Review, and will be updating and amending the Report in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
K92 does not expect changes to the resource estimates provided in the prior Report and no changes in the pre-tax NPV. However, a post-tax NPV will be included in the amended report. When K92 acquired the Kainantu Project, it acquired significant tax losses and these losses and other related factors will be considered and utilized in the preparation of the after-tax NPV.
K92 intends to amend and file an updated Report in accordance with NI 43-101 as soon as possible, and until the amended Report is filed, the previously filed Report should not be relied upon.
On behalf of the company,
Ian Stalker, Chief Executive Officer and Director
K92 Mining Inc.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding the realization of the preliminary economic analysis for Kora, expectations of future cash flows, the expected results of the Company's resources and after-tax Net Present Value analysis to be included in the amended Report, the proposed plant expansion, potential expansion of resources and the generation of further drilling results which may or may not occur. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the market price of the Company's securities, metal prices, exchange rates, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations, and regulations and other matters.. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.