VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 28, 2014) -NGEx Resources Inc. (TSX:NGQ) ("NGEx" or the "Company") reports that as a result of a review by the British Columbia Securities Commission, it is issuing this news release to clarify and retract certain technical disclosure.
The Company's February 24, 2014 news release and February 24, 2014 corporate presentation provided an update on certain ongoing conceptual studies regarding a high level assessment of possible development options at its Los Helados Project.
The Company clarifies that the foregoing internal conceptual studies do not imply the results of an economic analysis of the potential viability of Mineral Resources on the Los Helados Project and clarifies that a preliminary economic analysis has not been prepared with respect to the development of the Los Helados Project. The Los Helados Project contains Indicated and Inferred Mineral Resources that are not Mineral Reserves and do not have demonstrated economic viability. The Company further clarifies that a development decision has not been made. Various development scenarios continue to be considered in respect of the Los Helados Project and any such conceptual planning is subject to change and the completion of further studies.
The Company retracts all disclosure in the above-noted documents that relate to the internal conceptual studies and advises that the disclosure should not be relied upon because the internal conceptual studies referred to in those documents are not supported by a technical report compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects and such a report cannot be completed without significant additional work.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of NGEx Resources Inc. Forward-looking information includes, but is not limited to, statements with respect to the timing and nature of any potential development scenarios, estimation of commodity prices, mineral resources, costs, the success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining activities, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotations thereof. All such forward-looking information is based on the opinions and estimates of the relevant management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict.
Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks and uncertainties relating to, among other things, changes in commodity prices, currency fluctuation, financing, unanticipated resource grades, infrastructure, results of exploration activities, cost overruns, availability of materials and equipment, timeliness of government approvals, taxation, political risk and related economic risk and unanticipated environmental impact on operations as well as other risks and uncertainties described under "Risks Factors" in the Company's Annual Information Form available under the Company's profile at www.sedar.com and the Company's website.
Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this document is qualified by these cautionary statements. Readers should not place undue reliance on forward-looking information.
Forward-looking information is provided for the purpose of providing information about management's current expectations and plans and allowing investors and other to get a better understanding of the Company's operating environment. These factors are not, and should not be construed as being, exhaustive. Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral resources described can be profitably produced in the future. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. The Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
On behalf of the board
Wojtek Wodzicki, President and CEO
NGEx Resources Inc.
(604) 689-4250 (FAX)