Mr. Michael Dehn reports
UNITED BATTERY METALS RETRACTS TECHNICAL DISCLOSURES
As a result of a review by the British Columbia Securities Commission and the Investment Industry Regulatory Organization of Canada, United Battery Metals Corp. is issuing the following news release to retract and clarify its disclosure. The information contained in this news release is intended to provide certain retractions of and clarification to disclosure on the company's Oct. 15, 2018, news release, its management discussion and analysis for the year ended July 31, 2018, and its website.
The company disclosed on the website, the 2018 annual MD&A, and in the Oct. 15 news release a historical resource estimate in respect of its Wray Mesa property without certain related disclosure and cautionary language required pursuant to National Instrument 43-101 -- Standards of Disclosure for Mineral Properties. The company retracts the disclosure of the foregoing historical resource estimate, cautions investors not to rely on the historical estimate and advises that a qualified person has not done sufficient work to estimate current mineral resources or mineral reserves on the company's Wray Mesa property. The company has revised and refiled the 2018 annual MD&A to remove references to the historical resource estimate and has filed the amended 2018 annual MD&A to its SEDAR profile.
In the Oct. 15 news release, the company disclosed that the technical report which contained the aforementioned historical estimate was available on SEDAR. The company also posted a copy of such report on the website. The company wishes to clarify that the foregoing technical report was prepared for a third party prior to the company's acquisition of the Wray Mesa property, is posted to such third party's SEDAR profile, and that the such technical report is not a current technical report and is not posted to the company's SEDAR profile. The foregoing technical report has been removed from the company's website and the company cautions that it has not confirmed or verified the information contained in the technical report. The company has commissioned SRK Consulting to prepare a current technical report in respect of the Wray Mesa property addressed to the company. The company anticipates that the current technical report will be filed on SEDAR in the first quarter of 2019.
The Oct. 15 news release contained a reference to the word "ore." The use of the word ore in the context of mineral resource estimates is considered to be potentially misleading because ore implies technical feasibility and economic viability that should only be attributed to mineral reserves. The company retracts the reference to ore, and clarifies that there is no estimate of mineral reserves with respect to the Wray Mesa property.
The website contained a reference to an exploration target on the Wray Mesa property without certain required information and cautionary language required by National Instrument 43-101. The company retracts such disclosure and has removed it from its website.
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