Estrella Gold Corporation (TSXV:EST) clarified its technical disclosure on its website and retracted certain documents as a result of a review by the British Columbia Securities Commission. The Company reviewed its website and determined that some of its previously disclosed fact sheets and corporate presentations were not completely in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Properties (NI 43-101). The following items have been retracted: in its May 2012 technical presentation, an economic analysis including cash flow and Net Present Value estimates from its Colpayoc property in Peru; in the same presentation, the economic analysis was not supported by a PEA and has thus been deleted. The Company’s only NI 43-101 report on the Colpayoc property is the “Colpayoc Gold Project Technical Report dated December 21, 2011″ and this report remains current and is available on the Company’s website. Further, the Company did not specify the category of the gold resource in its Colpayoc property in its July 2012 and January 2013 fact sheets and technical and corporate presentations. These have been corrected by retracting these disclosures and updating the website with the latest fact sheet and corporate presentation that clearly identify the estimated resource at the Colpayoc property is all in the “inferred” category. The Company also retracted all other resource information on its adjacent properties that the Company did not have proper references.
As quoted in the press release:
The Company hereby retracts the disclosure of the economic analysis, including the cash flow and NPV analysis. In addition, the Company was in violation of National Instrument 43-101, Part 2.3(3) as this economic analysis (i.e. cash flow and NPV) was not supported by a preliminary economic assessment (i.e. PEA). The Company does not intend on completing a PEA in the foreseeable future. The Company has deleted these estimates and removed all such references to these estimates from our presentations and website. The Company’s only NI 43-101 report on the Colpayoc property is the “Colpayoc Gold Project Technical Report dated December 21, 2011″ and this report remains current and is available on the Company’s website.
The Company also corrected some potentially misleading disclosure in our earlier fact sheets and presentations related to the Colpayoc property such as “minimum gold resource”, “+313,000 oz Gold” and “the resource can be rapidly increased” by retracting such disclosures and updating our website with the latest fact sheet and corporate presentation.
Finally, the Company did not disclose who the qualified person was approving the technical information on its website and certain presentations. The Company’s former Chief Executive Officer was the qualified person reviewing the previously disclosed technical information.