QTA Quaterra Resources Inc

Quaterra Resources Inc. (TSX VENTURE:QTA)(NYSE MKT:QMM) (the "Company" or
"Quaterra") announces that as a result of a review by the British Columbia
Securities Commission ("BCSC"), it is issuing this news release to clarify its
disclosure regarding the following issues.


The changes noted by the BCSC do not involve the overall tonnage, grade and
contained metal of resource estimates provided in the preliminary economic
assessment reports released by the Company, but rather the manner in which they
are presented. The changes also do not affect the mine plans, capital costs,
operating costs and financial analysis of any preliminary economic assessments
the Company has released.


Quaterra has been advised by the BCSC that it was selected for a continuous
disclosure review and has received comments on the following issues:


Two technical reports prepared for Quaterra and published by it together with a
request to file revised technical reports within ten days. The technical reports
are: MacArthur Copper Project Report dated May 23, 2012 and Nieves Project
Report dated December 20, 2012. Quaterra has requested the authors of the two
technical reports to address the issues raised by the BCSC and to deliver
amended reports. As a consequence, Quaterra issues this news release disclosing
that the technical reports as currently filed, do not comply with the
requirements of NI43-101. It is expected that revised technical reports will be
delivered and filed in mid-January 2014 and posted on SEDAR, EDGAR and the
Company's website www.quaterra.com.


Technical disclosure issues in the Company's website, fact sheet and corporate
presentation.

The Company is clarifying certain disclosures made in the Company's corporate
presentations, fact sheets and on the Company's website as detailed further in
this news release solely for the purpose of complying with NI 43-101's technical
disclosure rules.


1. Non-Compliant Disclosure of a PEA 

The disclosure on the website and corporate presentation of the MacArthur Copper
Project and Nieves preliminary economic assessments (PEAs) was based in part on
inferred resources. The disclosure did not include the proximate cautionary
language and details required under section 2.3(3) of NI 43-101. The following
language has now been added to the MacArthur and Nieves project description
sections of the website and presentation: "A PEA should not, however, be
considered to be a pre-feasibility or feasibility study, as the economics and
technical viability of the Project have not been demonstrated at this time. A
PEA is preliminary in nature and includes Inferred Mineral Resources that are
considered too geologically speculative at this time to have the economic
considerations applied to them to be categorized as Mineral Reserves. Thus,
there is no certainty that the production profile concluded in the PEA will be
realized. Actual results may vary, perhaps materially."


A Company factsheet on the website also did not include the proximate cautionary
language around the use of inferred resources in the PEA for the MacArthur
Copper Project. The fact sheet should have included the cautionary statement
above. The factsheet has been removed from the website.


2. Non-Compliant Disclosure of Historical Estimates 

The Company disclosed historical estimates on the website and its corporate
presentation without providing the necessary information required by section 2.4
of NI 43-101. The historic estimates on the website in each of the project
description sections of the Cave Peak and SW Tintic projects have been removed.


The following language has been added to the historic resource estimate on the
website and in the corporate presentation for the Bear Deposit at Yerington:
"The Bear Deposit was discovered in 1961 by Anaconda through condemnation
drilling. It is a large porphyry system, partially delineated through drilling
by both Anaconda in the 1960s and Phelps Dodge in the 1960s and 1970s. Quaterra
has data from 49 drill holes totaling 126,400 feet that define a system covering
an area of two square miles. Estimates of mineralized material by The Anaconda
Company are reportedly more than 500 million tons averaging 0.4% copper (Diles
and Proffett, 1995); there are no known resource estimates by Phelps Dodge. A
qualified person has not done sufficient work to classify this historic estimate
as a current mineral resource. It should not be relied upon and Quaterra does
not treat it as a current mineral resource. In order to do so, it would have to
be confirmed by additional drilling." Also, the Company has removed from its
presentation any addition of historic resources to current resources in
accordance with 2.4(5) of the Companion Policy 43-101CP.


3. Non-Compliant Exploration Target 

In a September 2012 Smartstox interview posted on the homepage of the Company's
website, it was stated that the Bear deposit at Yerington has potential for
20-30 billion pounds of copper. This disclosure did not include the necessary
information and cautionary language required by section 2.3(2) of NI 43-101. The
interview has been removed from the Company's website and investors are
cautioned that such disclosure should not be relied upon.


In a video posted on the homepage of the Company's website, the Company's copper
resources at Yerington were disclosed as containing over 1 billion tonnes and
6-7 billion pounds of copper. This disclosure did not include the necessary
information and cautionary language required by section 2.3(2) of NI 43-101. The
video has been removed from the Company's website and investors are cautioned
that such disclosure should not be relied upon.


4. Non-Compliant Disclosure of Mineral Resources 

In the overview sections of the MacArthur and Yerington projects, as well as the
Company presentation, reference was made to a Yerington district endowment of 24
billion pounds of copper. This disclosure has been retracted by the Company in
terms of sections 2.2(c) and 2.2(d) of NI 43-101, and removed from the website.
In the MacArthur section, it has been replaced by the following: "(The
Yerington) super district has a large metal endowment with several known copper
deposits controlled by different companies including those at Pumpkin Hollow,
Ann Mason and those associated with Quaterra's assets." In the Yerington section
it has been replaced by the following: "Yerington is a world-class copper
district with a large metal endowment in deposits controlled by a number of
companies." The reference in the Company presentation has been removed. The
Company has also removed any reference in the presentation where inferred
mineral resources are added to other categories.


In both the MacArthur and Yerington project description sections of the Company
website, and in the presentation, the Company aggregated measured and indicated
resources, and did not disclose them separately. The Company has amended the
resource tables in both website sections and in the presentation and now
discloses measured and indicated resources separately in accordance with section
2.2(b) of NI 43-101.


For MacArthur, the Company now discloses a measured oxide and chalcocite
resource of 71.8 million tons with an average grade of 0.218% TCu containing
313.2 million pounds of copper (using a 0.12% TCu cutoff). MacArthur's indicated
oxide and chalcocite resource is 87.3 million tons grading 0.208% TCu,
containing 362.3 million pounds of copper (using a 0.12% TCu cutoff). The
indicated primary sulfide resource is 1.1 million tons with an average grade of
0.292% TCu and contains 6.4 million pounds of copper (using a 0.15% TCu cutoff).
There is no measured primary sulfide resource estimate. The MacArthur news
release was first issued on May 23, 2012.


For Yerington, the Company now discloses a measured sulfide resource of 31
million tons at a grade of 0.33% TCu for 205 million pounds of copper (using a
0.15% TCu cutoff); the measured oxide and chalcocite resource is 6.5 million
tons at a grade of 0.25% TCu containing 33 million pounds of copper (using a
0.12% TCu cutoff). Yerington's indicated sulfide resource is 74 million tons at
a grade of 0.30% TCu containing 428 million pounds of copper (using a 0.15% TCu
cutoff); the indicated oxide and chalcocite resource is 17 million tons of
copper with a grade of 0.25% TCu containing 85 million pounds of copper (using
0.12% TCu cutoff). The Yerington news release was issued on November 20, 2013.


In the Nieves section of the corporate presentation the Company did not disclose
the measured and indicated resources separately. The Company has amended the
indicated resource on Nieves' Concordia vein in the presentation to 33 million
tonnes at a grade of 50 g/t silver containing 53.2 million ounces of silver.
There is no measured resource on the Concordia vein. The inferred resource of
the Concordia vein is 39.3 million tonnes at a grade of 32 g/t containing 40
million ounces of silver. The inferred resource for the San Gregorio vein is
18.8 million tonnes at a grade of 27 g/t containing 16.3 million ounces of
silver. The Nieves PEA news release was first issued on September 19, 2012.


5. Qualified Person 

On the Company website, presentation and fact sheet the Company did not disclose
the identity and relationship to the Company of the qualified person who
approved the technical information disclosed. Steven Dischler, P.E., who is a
non-independent Qualified Person within the meaning of NI 43-101 has now been
added to the website and the presentation. He supervised and approved the
disclosure of the technical information on the website and in the corporate
presentation. The fact sheet has been withdrawn from the website. Mr Dischler
also supervised the preparation and approved of the disclosure in this news
release.


About Quaterra Resources, Inc.

Quaterra Resources Inc. (TSX VENTURE:QTA)(NYSE MKT:QMM) is a junior exploration
and development company with a successful track record of making significant
mineral discoveries in North America. The Company's primary objective is the
advancement of its flagship projects in the Yerington copper district, Nevada.
The monetization of non-core assets is in progress to accelerate this effort.


On behalf of the Board of Directors,

Mr. Steven Dischler, President & CEO

Quaterra Resources Inc.

Disclosure note:

Some statements contained in this news release are forward-looking statements
within the safe harbor of the Private Securities Litigation Reform Act of 1995.
These statements generally are identified by words such as the Company
"believes", "expects", and similar language, or convey estimates and statements
that describe the Company's future plans, objectives or goals. Since
forward-looking statements are based on assumptions and address future events
and conditions, by their very nature they involve inherent risks and
uncertainties. Further information regarding risks and uncertainties which may
cause results to differ materially from those projected in forward-looking
statements, are included in filings by the Company with securities regulatory
authorities. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date thereof. The Company
does not undertake to update any forward-looking statement that may be made from
time to time except in accordance with applicable securities laws. References
may be made in this press release to historic mineral resource estimates. None
of these are NI 43-101 compliant and a qualified person has not done sufficient
work to classify these historic estimates as a current mineral resource. They
should not be relied upon and Quaterra does not treat them as current mineral
resources.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.


Should you wish to receive news releases by fax please provide your contact
details to Quaterra at 604-681-9059 (direct), 1-855-681-9059 (toll free) or
email info@quaterra.com.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Quaterra Resources Inc.
Mr. Steven Dischler
President & CEO
775-463-9600
www.quaterra.com

Quaterra Resources (TSXV:QTA)
Historical Stock Chart
From Oct 2024 to Nov 2024

Quaterra Resources (TSXV:QTA)
Historical Stock Chart
From Nov 2023 to Nov 2024