650 0 Kommentare Pan American Goldfields Clarifies Its Disclosure

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 4, 2013) - As a result of a review by the British Columbia Securities Commission ("the BCSC"), the securities regulatory authority in the Province of British Columbia, Pan American Goldfields Ltd. (the "Company") (OTCQX:MXOM) is issuing the following news release to clarify the Company's disclosure, based on discussions between the management team and the BCSC.

Technical Report Compliance:

The review by the BCSC has identified a number of technical compliance and filing issues with respect to the technical report entitled "Cieneguita Project, Preliminary Economic Assessment, Chihuahua, Mexico", by M3 Engineering and Technology Corporation, dated May 16, 2013 (the "Technical Report"). The updated mineral resource estimate and preliminary economic assessment are not supported by a compliant, fully independent NI 43-101 technical report, contrary to NI 43-101, and should not be relied on until they are independently verified and supported by an amended technical report. To correct the current situation going forward, the Company is working with the relevant Qualified Persons and is correcting the issues and intends to file an amended Technical Report on or before 25th November, 2013.

Clarification of previous disclosure:

The review by the BCSC has identified a number of disclosure issues with respect to the Technical Report, also occurring in the Company's news releases, website, and investor materials. Specifically:

1. Non-compliant disclosure of Preliminary Economic Assessment (PEA)

In its previous news releases, on its website, and investor presentation, the Company referred to the results of a PEA in a manner contrary to NI 43-101. Disclosure did not include prominent cautionary language required by section 2.3(3) and 3.4(e) of NI 43-101. The Company clarifies that the preliminary economic assessment is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realised. Mineral resources that are not mineral reserves do not have demonstrated economic viability.