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Anglo-Canadian Mining Corp
Symbol URA
Shares Issued 58,946,611
Close 2014-09-02 C$ 0.02
Market Cap C$ 1,178,932
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Anglo-Canadian retracts use of "resource" for Princeton

2014-09-03 02:48 ET - News Release

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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