Mr. Len Harris reports
PRINCETON COPPER DRILL PROGRAM UPDATE
As a result of a review by the B.C. Securities Commission, Anglo-Canadian
Mining Corp. is issuing this news release to clarify its disclosure. Some of the
information in news releases and management's discussions and analyses used the term resource to describe
the company's Combination zone on the Princeton property. This disclosure
of a resource is restricted and not compliant with the standards of
disclosure for mineral projects as set out by National Instrument 43-101 and
could be misleading.
In the company's news releases, dated Jan. 23, 2013, Oct. 10, 2013,
and Dec. 3, 2013, the company uses the term resource to describe
the Combination zone.
This also occurs in the company's MD&A dated Dec. 6, 2013, and in the
MD&A dated June 30, 2014.
The company clarifies that it has not yet received an initial current resource
estimate for its Princeton mineral property, and retracts the use of the
term resource with respect to the Combination zone on the
Princeton property. The company also wishes to retract any statements
which imply a resource and cautions readers that there can be no guarantee
that further drilling will allow a qualified person to estimate an initial mineral
resource on the Combination zone.
An exploration target has been estimated by the company and confirmed by
limited drilling. Mineralization occurs in drill holes in an east-west direction
of 220 metres and a north-south direction of 140 metres. The vertical
depth is zero to 100 metres. There are 22 holes in the Combination zone (the
average distance between holes is 25 metres), and 16 of them carry
mineralization: the range is 0.15 to 0.77 per cent copper over varying widths. The
potential quality and grade are conceptual in nature, there has been
insufficient exploration to define a mineral resource, and it is uncertain if
further exploration will result in the target being delineated as a mineral
resource.
A qualified person has not done sufficient work to classify the
mineralization as current mineral resources. Anglo-Canadian is not
treating the mineralization as current mineral resources. In addition,
there are no historical resource estimates on the Princeton mineral
property.
Further work which would be required to upgrade or verify this
mineralization is as follows:
- Conduct a drilling and sampling program sufficient to allow for an
initial current resource estimate;
- An initial current resource estimate can then be prepared, provided that
sufficient drilling and sampling are done to satisfy Canadian Institute of Mining, Metallurgy and Petroleum standards for
mineral resources.
In the company's news release dated Oct. 10, 2013, the company stated an NI
43-101 report is expected in the last quarter of 2013. Similar disclosures were
made in a December, 2013, news release and in MD&As dated Dec. 6,
2013, Dec. 23, 2013, March 18, 2014, and the most recent June 30, 2014.
The company made these statements with the intent of completing a technical
report based on the drilling results. The company retracts previous guidance
about the timing of its initial technical report, and is not providing further
guidance about a pending technical report at this time.
James A. Turner, PGeo, a qualified person, has read and approved this release.
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