|By Marketwired .||
|January 3, 2014 04:30 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/03/14 -- 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.
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 [email protected].
Quaterra Resources Inc.
Mr. Steven Dischler
President & CEO
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
Sep. 30, 2014 10:30 AM EDT Reads: 1,507
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
Sep. 29, 2014 06:45 AM EDT Reads: 1,878
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
Sep. 28, 2014 09:45 AM EDT Reads: 1,541
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
Sep. 27, 2014 11:30 PM EDT Reads: 1,909
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
Sep. 27, 2014 10:30 PM EDT Reads: 1,826
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
Sep. 27, 2014 10:30 PM EDT Reads: 2,292
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
Sep. 27, 2014 09:45 PM EDT Reads: 2,502
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
Sep. 27, 2014 08:45 PM EDT Reads: 2,377
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
Sep. 27, 2014 01:00 PM EDT Reads: 2,045
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
Sep. 27, 2014 11:00 AM EDT Reads: 2,229
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
Sep. 26, 2014 11:45 PM EDT Reads: 1,555
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
Sep. 26, 2014 10:45 PM EDT Reads: 1,492
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
Sep. 26, 2014 07:45 PM EDT Reads: 2,302
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
Sep. 26, 2014 06:15 PM EDT Reads: 1,665
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Sep. 26, 2014 06:00 PM EDT Reads: 1,596
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
Sep. 26, 2014 05:00 PM EDT Reads: 1,592
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Sep. 26, 2014 10:00 AM EDT Reads: 2,080
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
Sep. 26, 2014 10:00 AM EDT Reads: 1,539
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
Sep. 26, 2014 09:45 AM EDT Reads: 1,448
With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.
Sep. 26, 2014 09:00 AM EDT Reads: 1,430