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Salazar Resources Ltd.: Cease Trade Order and Requirement for New Technical Report
9/13/2010 12:14:39 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Sep 13, 2010 (MARKETWIRE via COMTEX News Network) --
Salazar Resources Ltd. (TSX VENTURE: SRL)(FRANKFURT: CCG) (the "Company") announces that at 3:07pm (PDT) on September 10, 2010, the British Columbia Securities Commission (the "BCSC") notified the Company that the Executive Director of the BCSC had ordered that all trading in securities of the Company cease (the "Cease Trade Order") until the Company filed a technical report on its Curipamba Project in Ecuador supporting the mineral resource estimates (the "February 2009 Mineral Resource Estimate") that the Company disclosed on the Curipamba Project in a news release dated February 25, 2009.
On March 10, 2009, the Company filed a technical report in respect of the Curipamba Project dated February 4, 2009 and entitled "Technical Report on the Curipamba Project, Bolivar Province, Central West Ecuador" (the "Existing Technical Report"). In its letter of June 28, 2010, the BCSC advised the Company that it was conducting a technical disclosure review of the Company and that the BCSC had concerns with respect to the Existing Technical Report. Since June 28, 2010, the Company has, in good faith, attempted to address the BCSC's concerns in respect of the Existing Technical Report. As noted in the Company's July 2, 2010 and July 30, 2010 news releases, the Company commissioned an amended technical report from the author of the Existing Technical Report (the "Amended Technical Report") and filed the same with the BCSC. On September 10, 2010, when it issued the Cease Trade Order, the BCSC advised the Company that it continued to have significant concerns about the Amended Technical Report and the qualifications, objectivity and independence of the author thereof. The BCSC also stated that the Company should consider retaining a new independent qualified person to re-do or verify the February 2009 Mineral Resource Estimate and prepare a new technical report.
As part of the Company's 2010 work program at Curipamba a new resource estimate and report was scheduled for preparation on completion of the current drill program. Discussions and negotiations have been ongoing with Scott Wilson Roscoe Postle Associates Inc. ("SWRPA") to complete this work but as a result of the cease trade order the Company has moved up the engagement of SWRPA. Mr. Wayne Valliant of SWRPA has been retained as the Qualified Person to review the February 2009 Mineral Resource Estimate and subsequent data and to prepare a new technical report, which the Company has requested to be prepared on an expedited basis commencing immediately. Mr. Valliant is familiar with the project and visited the site during August 2010. Because the February 2009 Mineral Resource Estimate at the Curipamba Project is currently unsupported by a compliant National Instrument 43-101 ("NI 43-101") technical report, contrary to NI 43-101, the February 2009 Mineral Resource Estimate should not be relied on until it has been independently verified and supported by a NI 43-101 compliant technical report.
Said Mr. Salazar "We respect that the BCSC is working to protect the interests of shareholders and investors but we are disappointed that we were not afforded a final opportunity by the BCSC to address their concerns before the BCSC imposed a cease trade order on the securities of the Company. In any event as the cease trade order has been issued we are now working diligently to have it revoked. The Company's work programs and drilling results in Ecuador are not in question, and are properly managed with all the necessary QA / QC to ensure accurate results. When the Existing Technical Report was filed in 2009 we had understood it was compliant, however at this time given that a cease trade order has been issued it is no longer a question of defending the 2009 report. We had fortunately already been working with SWRPA to prepare a new technical report taking into account all results received from the current drilling program. SWRPA will now be working on a new resource estimate and technical report right away, and we expect to have a new resource estimate completed within approximately the next 10 days. In the meantime we are working to have the Cease Trade Order revoked. We regret that the Cease Trade Order has been issued but we assure all shareholders that we are working diligently to have it revoked and that we will continue to work to build a strong and successful company."
ON BEHALF OF THE BOARD OF SALAZAR RESOURCES LIMITED
Fredy Salazar, President & CEO
Salazar Resources Limited
Salazar Resources Ltd. is a publicly-listed (TSX VENTURE: SRL) mineral resource company engaged in the exploration and development of new highly prospective areas in Ecuador. Led by a senior Ecuadorian management team and most notably by its namesake Fredy Salazar, this team has been instrumental in other major discoveries throughout Ecuador. Being an Ecuadorian based company gives the company a strategic advantage enabling the company to complete exploration at a rapid pace. With an excellent property portfolio (3 projects - 42,900 hectares), good geopolitical positioning and a number of strategic corporate and financial partnerships, Salazar has positioned itself to be a strategic player in Ecuador and throughout South America.
Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in the forward looking statements. Although we believe that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.
Neither 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.
Contacts: First Canadian Capital 1.866.580.8891 info@salazarresources.com www.salazarresources.com
SOURCE: Salazar Resources Limited
mailto:info@salazarresources.com http://www.salazarresources.com
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