VANCOUVER, BC--(Marketwired - April 06, 2017) - Rizal Resources Corporation (TSX VENTURE: RZL) ("Rizal" or the "Company") is issuing the following press release to clarify its previous disclosure as a result of a technical disclosure review by the British Columbia Securities Commission ("BCSC").
The BCSC advised the Company that certain technical disclosure regarding production and development at the T'Boli project, including in its previous news releases, Management's Discussion and Analyses and website (collectively, the "Technical Disclosure"), contained information that was not in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). In particular the BCSC noted that the Company's disclosure included references to the terms ore, development, revised or detailed mine plan, economically viable reserve and similar references in connection with the Company's discussion of its current and proposed production plans and activities. Such references are typically supported by a technical report on the results of a preliminary economic assessment, pre-feasibility study or feasibility study, prepared in accordance with NI 43-101. The Company is currently working to obtain an independent technical report on a preliminary economic assessment ("PEA") of the T'Boli project. Until such a technical report is available, past references in the Company's disclosure to "detailed mine plan" or "revised mine plan" and "economically viable reserve" and similar statements are hereby retracted and should not be relied upon.
The Company advises that the T'Boli project has an inferred mineral resource but at this stage has no mineral reserves. Readers are cautioned that production in the absence of a feasibility study of mineral reserves demonstrating economic and technical viability is associated with an increased risk of failure of the mining operation due to increased uncertainty of results. Readers are further advised not to rely on the elements of a preliminary economic assessment disclosed in the technical report entitled Technical Report on the T'Boli Gold and Silver Project, South Cotabato, Mindanao, Philippines filed March 12, 2013.
On Behalf of the Board,
Peter Main, President and CEO
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.