SCOTTSDALE, Arizona, March 05, 2018 (GLOBE NEWSWIRE) -- TriStar Gold Inc. ("TriStar Gold" or the "Company") (TSX-V:TSG) announces that as a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify certain disclosure.
In a December 4, 2017 press release (the “Press Release”), the Company disclosed an updated mineral resource estimate (the “Updated Mineral Resource Estimate”) for the Castelo de Sonhos project (the “Project”). In the Press Release, the Company disclosed that it intended to complete and file a technical report regarding the Updated Mineral Resource Estimate within 45 days. On December 7, 2017, the Company filed a material change report in respect of the Updated Mineral Resource Estimate (the “Material Change Report”). The Company wishes to clarify that at the time it disseminated the Press Release, the Company was of the view that the Updated Mineral Resource Estimate did not constitute a material change in respect of the Company, and that the Material Change Report was subsequently filed in error. The Company further advises that the Company does not currently plan to file a technical report on a voluntary basis in relation to the Updated Mineral Resource.
In a “feature video” (the “Video”) posted on the Company’s website, the Company made a statement with respect to the potential annual gold production at Project. The Company retracts the foregoing disclosure regarding the potential annual gold production at the Project, and clarifies that insufficient work has been completed on the Project to accurately estimate future gold production.
The Company wishes to clarify that the exploration target range it disclosed in its press release of January 28, 2016, was conceptual in nature, and was a quantitative assessment of the upside and downside potential of the Project. As such, it served as a useful point of reference as the Company planned and executed its drilling campaigns in 2016 and 2017. Now, with drilling covering approximately half of the area covered by the exploration target range, resources have been estimated for approximately half of the target area, and the value of the conceptual target is significantly less now than it was two years ago. Accordingly, the Company will no longer rely on or reference its assessment of the exploration target range and will focus on extending the drilling to all of the remaining prospective areas, so that resources can be reliably estimated throughout the Project area. The reality of drilling is now more meaningful and informative than the conceptual projections presented two years ago, and comparisons of the two provide investors with no useful additional information.
The Company wishes to clarify that any statements in the “fact sheet” formerly posted to the Company’s website with respect to the reserve replacement potential of the Project were intended to convey the Company’s view that the Project would be an appealing property for acquisition by a producing mining company seeking to replace its reserves, and that the foregoing statements were not meant to imply that the Company has established any reserves on the Project.
TriStar Gold is an exploration and development company focused on precious metals properties in the Americas that have potential to become significant producing mines. The Company’s current flagship property is Castelo de Sonhos in Pará State, Brazil. The Company’s shares are listed on the TSX Venture Exchange under the symbol TSG. Further information is available at www.tristargold.com.
For further information, please contact:
TriStar Gold Inc.
President and CEO
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.
This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning the Company’s plans with respect to the preparation of technical reports. Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks.
Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.