TORONTO, Oct. 7, 2015 /CNW/ - Mangazeya Mining Ltd.
("Mangazeya" or the "Company") (NEX: MGZ.H)
announces the withdrawal of the "Technical report for Nasedkino
Gold Deposit in Mogocha, Trans-Baikal Territory, Russian Federation" (the "2014 Technical
Report") for Dalsvetmet LLC (a Russian company within
Mangazeya) prepared by LLC Miramine in compliance with the JORC
code.
The 2014 Technical Report was filed on Sedar on December 15, 2014. This report was prepared in
accordance with the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (JORC). Due to
non-compliance of the 2014 Technical Report with Form 43-101F1 of
the National Instrument NI 43-101 the Company withdraws the 2014
Technical Report and informs investors not to rely on the technical
report's estimates.
The "Technical report 43-101 for Nasedkino Project Mogocha,
Transbaikal Region, Russian
Federation dated October 10,
2012 by SRK Consulting" (the "2012 Technical Report")
was filed on Sedar on November 26,
2012. The 2012 Technical Report is the only reliable
estimate of mineral resources as of March
2012. The 2012 Technical Report resulted in the feasibility
report submitted to the State Commission on Mineral Reserves
("GKZ"). The feasibility report was returned to the Company
for further geological study. Given the circumstances listed above,
there is no updated reserves estimates for the Nasedkino property
since the 2012 Technical Report for investors to rely on.
Currently the Company is in the process of preparation of the
updated feasibility report and will be ready to submit the report
to GKZ in early 2016. Subject to the results of GKZ's review the
Company will consider preparation of a technical report in
accordance with NI 43-101 in order to announce the revised
resources and reserves estimates.
The Company believes that the withdrawal of the technical report
will not lead to material changes in mineral reserve estimates of
Nasedkino deposit and valuation of the deposit's assets in
consolidated financial statements.
Nasedkino license area is situated 440 kilometres northeast of
Chita (the administrative capital of the Zabaikalsky Territory).
Nasedkino mine is not in the production stage.
About Mangazeya Mining Ltd.
Mangazeya Mining Ltd. is a NEX-listed mining and exploration
company, focused on the development of mineral resources in the
Russian Federation.
Caution Concerning Forward-Looking Information
This news release contains forward looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and forward-looking information within the
meaning of applicable Canadian securities laws (collectively,
"forward-looking statements") relating, but not limited to, the
Company's expectations, intentions and beliefs (including, without
limitation, statements regarding, the Bridge Loan (including the
timing of advances thereunder and the terms thereof), the Company's
financial position, financial alternatives and the Company's
ability to continue operations and the Loan Facility (including the
occurrence of an event of default thereunder and its potential
effect on the Company)). Words such as "may", "will", "should",
"anticipate", "plan", "expect", "believe", "estimate" and similar
terminology are used to identify forward-looking statements. Such
statements are based on assumptions, estimates, opinions and
analysis made by the management of the Company in light of their
experience, current conditions and their expectations of future
developments as well as other factors which they believe to be
reasonable and relevant. Forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
actual results to differ materially from those expressed or implied
in the forward-looking statements. Risks and uncertainties that may
cause actual results to vary include but are not limited to: the
Company's ability to obtain additional financing on acceptable
terms or at all; the Company's ability to demonstrate compliance
with NEX listing requirements; changes in equity and debt markets;
inflation; uncertainties relating to the availability and costs of
financing needed to complete exploration, development and
production activities; failure to establish estimated mineral
resources or mineral reserves (the Company's mineral resource and
mineral reserve figures are estimates and no assurances can be
given that the indicated levels of gold will be produced);
exploration costs varying significantly from estimates; delays in
the exploration and development of, and/or commercial production
from, the properties in which the Company has an interest;
unexpected geological or hydrological conditions; the speculative
nature of mineral exploration and development, including the
uncertainty of reserve and resource estimates; operational and
technical difficulties, including the failure of major mining
and/or milling equipment; the ability of the Company to service its
existing debt facilities; fluctuations in gold and other commodity
prices; the existence of undetected or unregistered interests or
claims, whether in contract or in tort, over the property of the
Company; success of future exploration and development initiatives;
competition; operating performance of facilities; environmental and
safety risks, including increased regulatory burdens, seismic
activity, weather and other natural phenomena; inability to, or
delays in, obtaining necessary permits and approvals from
government authorities; risks relating to labour; and other
exploration, development and operating risks; changes to and
compliance with applicable laws and regulations, including
environmental laws; political, economic and other risks arising
from the Company's activities in Russia; fluctuations in foreign exchange
rates; and those risks set out in the Company's public documents
filed on SEDAR. Although the Company believes that the assumptions
and factors used in preparing the forward-looking information are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all.
Any forward-looking statement speaks only as of the date on
which it is made and, except as may be required by applicable laws,
the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although the Company
believes that the assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not
guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent
uncertainty therein.
Neither the 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.
SOURCE Mangazeya Mining Ltd.