Click here to close now.

SYS-CON MEDIA Authors: Elizabeth White, AppDynamics Blog, Ian Goldsmith, Ed Featherston, Pat Romanski

News Feed Item

Belvedere Resources Limited: Disclosure Clarification

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/08/13 -- Belvedere Resources Limited (TSX VENTURE:BEL) ("The Company") announces as a result of a review by the British Columbia Securities Commission (BCSC), we are issuing the following news release to clarify our disclosure.

The issues identified by the BCSC involve the 2012 progress report and the September 2012 Corporate Presentation titled Investor Update and the Company website as detailed below. The Company retracts this presentation in its entirety and an updated presentation has been placed on the Company website. The Company retracts the 2012 progress report and has removed it from the Company website. The Company has clarified its disclaimer on the website in accordance with the issues identified below. The Company takes these issues very seriously and new systems have been put in place to make sure that the Company's current and future disclosure complies fully with NI 43-101.

Technical Disclosure Issues

1. Non-Compliant Disclosure of Mineral Resources

In its corporate presentation of September 2012, and on the Company's 2012 progress report which were available on the Company website, a number of issues were identified with the way in which the Company reported mineral resources that are contrary to NI 43-101:

a) Inferred mineral resources were added to other categories of resources.

b) The Company failed to disclose each category of mineral resources or mineral reserves separately.

c) The Company disclosed resources solely in the form of metal content.

The summary resources table which detailed the categories, tonnages and grades of the mineral resources for each project was inadvertently missing from the end of the September 2012 corporate presentation.

2. Restricted Disclosure

In both the corporate presentation of September 2012 and the 2012 progress report, the Company had added historical estimates to its current mineral resources, giving the impression that it was treating them as current resources. Subsequent to the dates of these reports, an NI 43-101 compliant resource estimate was announced for the Kopsa Au-Cu project (News Release, 29th October, 2012). The remaining historical resources are such a minor component of the Company's resource base that all references to historical resources have now been removed from the Company's disclosures. Consequently, the misleading historical figures have now been replaced or removed, and all Company disclosures (website, presentations etc) have been checked and replaced with the updated figures compliant with the requirements of NI 43-101.

3. Qualified Person

On its website, 2012 progress report and corporate presentation, the Company failed to properly identify, and disclose the relationship to Company, of the qualified person who approved, prepared or supervised the preparation of the technical information. The Company has now added the relationship of the Qualified Person to the Company and states that the qualified person prepared and approved the technical information contained within the relevant website and other disclosures.

For purposes of clarity, the Company retracts all previous references to its gold resources from the aforementioned disclosures, and replaces them with the following summary resources table, detailing the categories, tonnages and grades of the mineral resources listed above, as well as the titles and dates of the relevant supporting Technical Reports.

To see the resource table, please select the following link:

http://media3.marketwire.com/docs/bel_800.jpg

Relevant Technical Reports


--  "Mineral Resource Estimate of the Rantasalmi Gold Project in Finland"
    filed on SEDAR October 19th, 2011, prepared by Alexandra Akyurek (CSci,
    MSc MIMMM) acting as an Independent Qualified Person according to NI 43-
    101. 
    
--  "Kopsa Gold-Copper Deposit, Central Ostrobothnia, Finland" filed on
    SEDAR 29th October 2012, has been prepared under the supervision of
    Pekka Loven (MSc), MAusIMM(CP) #301822, who is acting as an Independent
    Qualified Person in compliance with NI 43-101. The results were first
    disclosed in a press release dated 29th October, 2012. 
    
--  "Hirsikangas Gold Deposit, Central Ostrobothnia, Finland." filed on
    SEDAR 30th November, 2009, prepared by Thomas Lindholm MSc (FAusIMM)
    acting as an Independent Qualified Person according to NI 43-101. 
    
--  "The Kiimala Property, Central Ostrobothnia, Finland." filed on SEDAR
    October 12th, 2011, prepared by Hannu Makkonen PhD (EurGeol) acting as
    an Independent Qualified Person according to NI 43-101. 

About Belvedere: Belvedere Resources Limited is a mining Company incorporated in British Columbia with a primary focus on nickel, gold, cobalt and copper in Finland. The Company currently produces 2200t of nickel in concentrate/year from the Hitura nickel mine in Central Finland. The Company has a number of advanced gold projects in close proximity to the Hitura mine.

Qualified Person Statement: The technical contents of this news release have been prepared and approved by Dr. Toby Strauss (CGeol), a person qualified under the terms of National Instrument 43-101. Toby Strauss is an Officer and a Director of the Company.

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.

Contacts:
Belvedere Resources Ltd.
David Pym
CEO

Belvedere Resources Ltd.
Suite #404, Vancouver World Trade Centre, 999 Canada Place
Vancouver. BC
V6C 3E2, Canada
www.belvedere-resources.com

Humbercrest Capital Inc.
Scott Findlay
+1 647 274 2536

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The truth is, today’s databases are anything but agile – they are effectively static repositories that are cumbersome to work with, difficult to change, and cannot keep pace with application demands. Performance suffers as a result, and it takes far longer than it should to deliver new features and capabilities needed to make your organization competitive. As your application and business needs change, data repositories and structures get outmoded rapidly, resulting in increased work for applica...
Docker offers a new, lightweight approach to application portability. Applications are shipped using a common container format and managed with a high-level API. Their processes run within isolated namespaces that abstract the operating environment independently of the distribution, versions, network setup, and other details of this environment. This "containerization" has often been nicknamed "the new virtualization." But containers are more than lightweight virtual machines. Beyond their small...
Grow your business with enterprise wearable apps using SAP Platforms and Google Glass. SAP and Google just launched the SAP and Google Glass Challenge, an opportunity for you to innovate and develop the best Enterprise Wearable App using SAP Platforms and Google Glass and gain valuable market exposure. In his session at @ThingsExpo, Brian McPhail, Senior Director of Business Development, ISVs & Digital Commerce at SAP, outlined the timeline of the SAP Google Glass Challenge and the opportunity...
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo – to be held June 9-11, 2015, at the Javits Center in New York City, NY – is now accepting Hackathon proposals. Hackathon sponsorship benefits include general brand exposure and increasing engagement with the developer ecosystem. At Cloud Expo 2014 Silicon Valley, IBM held the Bluemix Developer Playground on November 5 and ElasticBox held the DevOps Hackathon on November 6. Both events took place on the expo fl...
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps,...
A new definition of Big Data & the practical applications of the defined components & associated technical architecture models This presentation introduces a new definition of Big Data, along with the practical applications of the defined components and associated technical architecture models. In his session at Big Data Expo, Tony Shan will start with looking into the concept of Big Data and tracing back the first definition by Doug Laney, and then he will dive deep into the description of 3V...
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
NuoDB just introduced the Swifts 2.1 Release. In this demo at 15th Cloud Expo, Seth Proctor, CTO of NuoDB, Inc., discussed why scaling databases in the cloud is challenging, why building your application on top of the infrastructure that is designed with this in mind makes a difference, and what you can do with NuoDB that simplifies your programming model, your operations model.
Hovhannes Avoyan, CEO of Monitis, Inc., a provider of on-demand systems management and monitoring software to 50,000 users spanning small businesses and Fortune 500 companies, has surpassed 1.5 million page views on the SYS-CON family of online magazines, which includes Cloud Computing Journal, DevOps Journal, Internet of Things Journal, and Big Data Journal. His home page at SYS-CON can be found at Montis.SYS-CON.com
As enterprises look to take advantage of the cloud, they need to understand the importance of safeguarding their confidential and sensitive data in cloud environments. Enterprises must protect their data from (i) system administrators who don't need to see the data in the clear and (ii) adversaries who become system administrators from stolen credentials. In short, enterprises must take control of their data: The best way to do this is by using advanced encryption, centralized key management and...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make sm...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...