SYS-CON MEDIA Authors: Pat Romanski, Elizabeth White, Yeshim Deniz, Glenn Rossman, Cynthia Dunlop

News Feed Item

Inca One Resource Corp.: Clarification and Retraction of Previously Issued Technical Disclosure

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/24/14 -- Inca One Resource Corp. (the "Company") (TSX VENTURE: IO) announces that, as a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify and/or retract its disclosure. In those instances where the Company has clarified or revised previous disclosure, the Company advises readers not to rely on such statements as they may continue to be found in the public domain.

The Company's website, investor materials and certain news releases contained disclosure regarding the Company's La Corizona project ("Corizona") that were not compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") as detailed below, and in particular in connection with the relationship between Corizona and the Company's Chala One gold milling facility ("Chala One").

The La Corizona Project Technical Report Non-Compliant Disclosure

The technical report entitled "La Corizona Project" prepared by John Buckle, P.Geo. dated May 22, 2013 (the "Report") found on the Company's website discloses in various places historical estimates that are not compliant with NI 43-101. Examples of historical estimates in the Report that are not compliant with NI 43-101 include, but are not limited to:


--  Page 33: a historical resource of 137,686 tonnes at 9.03 g/t gold
    reserve
--  Page 33: 1,226,176 tonnes of geological resource (without disclosed
    grade)

The disclosure in the Report found on the Company's website was not in compliance with NI 43-101 as it omitted information required by NI 43-101 about relevance and reliability, original historical classifications and grade. The Company therefore retracts the prior disclosure of these historical estimates.

The Company intends to amend the Report to be in compliance with NI 43-101. Until such time as a NI 43-101 compliant technical report has been prepared, the Report has been removed from the Company's website. The Company will also file its amended Report on the Company's profile on SEDAR at www.sedar.com.

Non-Compliant References to "Ore" or "Orebody"

The Operations section of the Company's website and the Company's corporate presentation dated November 2013 (the "Corporate Presentation") both refer to "10 faces to the orebody". The terms "ore" and "orebody" imply technical feasibility and economic viability that should only be attributed to mineral reserves. Given that there are no reserves associated with Corizona, the use of the word "orebody" is not compliant with NI 43-101 and the Company retracts the same. The Company has removed the disclosure from its website.

Misleading and Non-Compliant Disclosure with Respect to Corizona and Chala One

The Company has made certain disclosure with respect to the processing of material from Corizona at Chala One. The Company would like to clarify that the Chala One processing mill's only current source of mill feed is from Peruvian artisanal miners. On one occasion only, the Company processed a small amount of bulk sampling material from Corizona at Chala One. Such disclosure includes the following:


--  The Operations section of the Company's website disclosed that the
    Company is obtaining bulk sampling of 40 tpd, ramping up to 80 tpd at
    Corizona.
--  The Company's September 9, 2013 news release discloses that the Company
    will focus on generating cash flow from processing high-grade ore from
    the Company's Corizona mine and other Peruvian gold mining operations.
--  The Company's November 14, 2013 news release and the Company's
    Management Discussion and Analysis dated December 30, 2013 disclose that
    on November 9, 2013, the Company shipped its first load of 30 tons of
    material from Corizona to Chala One to be processed.
--  The Corporate Presentation and the Company's fact sheet (the "Fact
    Sheet") disclose that at 50 tpd, Chala One would generate approximately
    $4.3 million in gross operating profit.
--  The Corporate Presentation provides further details on the economics of
    Chala One.

The above disclosure, both each on its own and taken together as a whole, is misleading and not in compliance with NI 43-101 as it links production at Corizona with processing at Chala One, treats the transferred material as a mineral reserve and implies a positive economic analysis to support a production decision at Corizona. Accordingly, the Company clarifies that it has not made any economic analysis regarding Corizona and has not made a decision to advance Corizona to production.

In addition, although the Company sometimes refers to Corizona as the "Corizona mine", it is an exploration property, is no longer an operating mine and has no current production. Materials taken from Corizona are bulk sampling materials only.

With no current mineral resource, there is no valid basis for a preliminary economic analysis, and NI 43-101 restricts disclosure of economic results and future production quantities under these circumstances. The Company retracts the statements relating to potential operating profit and the economics of Chala One as they may be misinterpreted to disclosure results of an economic analysis regarding Corizona.

Regardless, the implication that Company has made a production decision without current resources and without first establishing mineral reserves and completing a feasibility study may be misleading as it did not provide adequate disclosure regarding the increased uncertainty and the higher risk of economic and technical failure associated with a production decision under these circumstances.

The Company has removed the Operations section, Corporate Presentation and Fact Sheet from its website and is updating it accordingly.

The technical content of this news release has been approved by Van Phu Bui, a director of the Company and a Qualified Person as defined in NI 43-101.

About Inca One Resources Corp.

Inca One is a Canadian based mineral resource company with a newly acquired gold milling facility & exploration assets in Peru, which was home to the Inca Empire. Peru is currently the largest gold producer in South America, hosting mines which have produced up to 26 million ounces of gold. A highly mineral rich country, Peru is one of the world's top producers of gold, silver, copper and zinc.

On behalf of the Board,

INCA ONE RESOURCES CORP.

Edward Kelly, President& CEO

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 NEWS RELEASE.

STATEMENTS IN THIS PRESS RELEASE REGARDING THE COMPANY WHICH ARE NOT HISTORICAL FACTS ARE "FORWARD-LOOKING STATEMENTS" THAT INVOLVE RISKS AND UNCERTAINTIES. SUCH INFORMATION CAN GENERALLY BE IDENTIFIED BY THE USE OF FORWARDING-LOOKING WORDING SUCH AS "MAY", "EXPECT", "ESTIMATE", "ANTICIPATE", "INTEND", "BELIEVE" AND "CONTINUE" OR THE NEGATIVE THEREOF OR SIMILAR VARIATIONS. SINCE FORWARD-LOOKING STATEMENTS ADDRESS FUTURE EVENTS AND CONDITIONS, BY THEIR VERY NATURE, THEY INVOLVE INHERENT RISKS AND UNCERTAINTIES SUCH AS THE RISK THAT THE CLOSING MAY NOT OCCUR FOR ANY REASON. ACTUAL RESULTS IN EACH CASE COULD DIFFER MATERIALLY FROM THOSE CURRENTLY ANTICIPATED IN SUCH STATEMENTS DUE TO FACTORS SUCH AS: (I) THE INABILITY OF THE PARTIES TO CONSUMMATE THE DEFINITIVE LETTER AGREEMENT; (II) FLUCTUATION OF MINERAL PRICES; (III) A CHANGE IN MARKET CONDITIONS; (IV) THE INABILITY TO PRODUCE THE TECHNICAL REPORT FOR ANY REASON WHATSOEVER; AND (V) THE REFUSAL OF THE EXCHANGE TO ACCEPT THE PROPOSED TRANSACTION FOR ANY REASON WHATSOEVER. EXCEPT AS REQUIRED BY LAW, THE COMPANY DOES NOT INTEND TO UPDATE ANY CHANGES TO SUCH STATEMENTS.

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.

@CloudExpo Stories
SYS-CON Events announced today that SOA Software, an API management leader, 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. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accel...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SYS-CON Events announced today that Utimaco 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. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customiz...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff hap...
SYS-CON Events announced today that ElasticBox is holding a Hackathon at DevOps Summit, November 6 from 12 pm -4 pm at the Santa Clara Convention Center in Santa Clara, CA. You can enter as an individual or team of up to 10 developers. A New Star Is Born Every Month! All completed ElasticBoxes will then be sent to a judging panel - 12 winners will be featured on the ElasticBox website in 2015. All entrants will receive five full enterprise licenses for one year + ElasticBox headphones + Elasti...
Once the decision has been made to move part or all of a workload to the cloud, a methodology for selecting that workload needs to be established. How do you move to the cloud? What does the discovery, assessment and planning look like? What workloads make sense? Which cloud model makes sense for each workload? What are the considerations for how to select the right cloud model? And how does that fit in with the overall IT tranformation? In his session at 15th Cloud Expo, John Hatem, head of V...
Cloud services are the newest tool in the arsenal of IT products in the market today. These cloud services integrate process and tools. In order to use these products effectively, organizations must have a good understanding of themselves and their business requirements. In his session at 15th Cloud Expo, Brian Lewis, Principal Architect at Verizon Cloud, will outline key areas of organizational focus, and how to formalize an actionable plan when migrating applications and internal services to...
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, will discuss how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP ...
Ixia develops amazing products so its customers can connect the world. Ixia helps its customers provide an always-on user experience through fast, secure delivery of dynamic connected technologies and services. Through actionable insights that accelerate and secure application and service delivery, Ixia's customers benefit from faster time to market, optimized application performance and higher-quality deployments.
SYS-CON Events announced today that Calm.io has been named “Bronze Sponsor” of DevOps Summit Silicon Valley, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Calm.io is a cloud orchestration platform for AWS, vCenter, OpenStack, or bare metal, that runs your CL tools puppet, Chef, shell, git, Jenkins, nagios, and will soon support New Relic and Docker. It can run hosted, or on premise and provides VM automation / expiry, self-service portals,...
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, will focus on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud pla...
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of 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. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue bu...
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce t...
As Platform as a Service (PaaS) matures as a category, developers should have the ability to use the programming language of their choice to build applications and have access to a wide array of services. Bluemix is IBM's open cloud development platform that enables users to easily build cloud-based, creative mobile and web applications without having to spend large amounts of time and resources on configuring infrastructure and multiple software licenses. In this track, you will learn about the...
Blue Box has closed a $10 million Series B financing. The round was led by a strategic investor and included participation from prior investors including Voyager Capital and Founders Collective, as well as the Blue Box executive team. This round follows a $4.3 million Series A closed in December of 2012 and led by Voyager Capital. In May of this year, the company announced general availability of its private cloud as a service offering, Blue Box Cloud. Since that release, the company has dem...
SYS-CON Events announced today that Verizon has been named "Gold Sponsor" of 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. Verizon Enterprise Solutions creates global connections that generate growth, drive business innovation and move society forward. With industry-specific solutions and a full range of global wholesale offerings provided over the company's secure mobility, cloud, strategic network...
SimpleECM is the only platform to offer a powerful combination of enterprise content management (ECM) services, capture solutions, and third-party business services providing simplified integrations and workflow development for solution providers. SimpleECM is opening the market to businesses of all sizes by reinventing the delivery of ECM services. Our APIs make the development of ECM services simple with the use of familiar technologies for a frictionless integration directly into web applicat...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic...
Cloudwick, the leading big data DevOps service and solution provider to the Fortune 1000, announced Big Loop, its multi-vendor operations platform. Cloudwick Big Loop creates greater collaboration between Fortune 1000 IT staff, developers and their database management systems as well as big data vendors. This allows customers to comprehensively manage and oversee their entire infrastructure, which leads to more successful production cluster operations, and scale-out. Cloudwick Big Loop supports ...
To manage complex web services with lots of calls to the cloud, many businesses have invested in Application Performance Management (APM) and Network Performance Management (NPM) tools. Together APM and NPM tools are essential aids in improving a business’s infrastructure required to support an effective web experience… but they are missing a critical component – Internet visibility. Internet connectivity has always played a role in customer access to web presence, but in the past few years use...