June 22, 2012
As a result of a non-comprehensive review by the British Columbia Securities Commission, GWR wishes to clarify disclosure presented in Company web presentations or news releases:
- in our June 19, 2012 news release we reported a combined indicated and inferred resource, contrary to NI43-101 Section 2.2(c). Due to the uncertainty attached to inferred resources, they must not be added to other categories. The resource is correctly presented in our previous, April 19, 2012 news release.
- presentations posted on our website contained a slide showing locations for several producing mines within the Quesnel Trough, including resources estimates for those deposits in the form of contained ounces. The information was gathered from the respective deposit owner/operator websites, but should have added published grade and tonnage figures, and respective website sources of that information. Similarly, another slide showed the estimated in ground metal value for those deposits, restricted by Section 2.3 (1c).
- presentations posted on our website contained a slide stating an historical grade/tonnage estimate for the Spout North Zone. The slide reported these historical estimates without including the following information and cautionary language required under s. 2.4 of NI 43-101”:
“This historical estimate was determined in 1993 by David St. Clair Dunn, P. Geo. (British Columbia) as reported in BC Geological Survey Branch Assessment Report 23,251, Feb, 1993). The estimate is based on 19 NQ drill holes within the North Spout Zone. The method used is not considered reliable and the resulting resource has been superseded by the June 2012 NI43-101 compliant resource estimate announced by the Company on April 19, 2012.”
- The Company’s website and presentations contain suitable content-disclaimers, but do not disclose the relationship of the qualified person to the Company. A note providing this information has been added as follows:
“Rob Shives, P. Geo., GWR Director and V.P Exploration, is the Qualified Person (as defined by NI43-101) who has reviewed and approved the technical content of this (website, news release or presentation)”.
GWR has addressed the above disclosure issues.GWR Resources
GWR is an active mineral exploration company currently exploring for copper and gold in British Columbia’s prolific Quesnel Trough. The Lac La Hache copper-gold porphyry/skarn magnetite-copper project hosts multiple zones containing commercial grades of gold, copper, silver and magnetite. The project is located between producing mines at Imperial Metals’ Mt. Polley Copper-Gold Mine and New Gold Inc.’s New Afton Copper-Gold project (Teck-Cominco’s legendary Afton mine). The Lac La Hache project is well-served by rail, road and power infrastructure.
For further information, please contact:
John van Driesum, President/CEO
Telephone Number: 778-440-4472
Rob Shives, VP Exploration
Telephone Number: office 250-396-4978 / cell 613-882-1755
Neither the 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.
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