Vancouver, British Columbia (September 11, 2015) - Sutter Gold Mining Inc. (SGM:TSX-V) (SGMNF:OTCQX) ("Sutter" or the "Company") announces that as a result of a recent review by the British Columbia Securities Commission (the "BCSC"), the Company is issuing the following news release to clarify certain technical disclosures made by the Company in an August 2015 presentation.
On August 14, 2015, Sutter posted a presentation (the "Corporate Presentation") to its website which contained disclosure that was subsequently identified by the BCSC as being non-compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Prior to this posting, on July 23, 2015 the Company had filed an updated technical report dated July 2, 2015 (the "2015 Report") for the Lincoln Project in Sutter Creek, California, which included an updated Preliminary Economic Assessment (the "PEA") on the Lincoln-Comet resource. The August 2015 Corporate Presentation contained certain errors and disclosure issues which did not reflect data from the 2015 Report.
Specifically, the Corporate Presentation contained the following errors and disclosure issues, contrary to the requirements of NI 43-101:
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As the disclosure described above was contrary to the disclosure requirements of NI 43-101, it should not be relied upon. The Company retracts the non-compliant or misleading representations contained within the Corporate Presentation and the Corporate Presentation has been removed from the Company's website.
The disclosure in this news release has been reviewed by Paul Tietz (Mine Development Associates, Reno, Nevada), a Qualified Person as defined in NI 43-101. Mr. Tietz is a co-author of the 2015 Report. Neither Mr. Tietz nor any persons associated with Mine Development were consulted by the Company on the preparation of the Corporate Presentation and had not approved the technical information disclosed in the Corporate Presentation.
Sutter currently holds a number of precious metals properties in California, USA, including the permitted Lincoln underground mine near Sutter Creek, California, as well as a new, permitted processing facility, located near the entrance to the Lincoln Mine. In March 2014, the project was put on care and maintenance while certain mineral processing issues are being evaluated and the Company reduced costs due to capital constraints.
For further information, please contact:
Chief Financial Officer
T:303 238 1438
This news release contains "forward-looking information" under Canadian securities law. Any information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words such as "expect", "anticipate", "believe", "plans", "estimate", "scheduling", "projected" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information relates to, among other things: the price of silver and gold; the accuracy of mineral resource and mineral reserve estimates; the ability of the Company to finance its operations and capital expenditures; future financial and operating performance including estimates of the Company's revenues and capital expenditures and estimated production.
Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licenses; title to properties; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; operations and political conditions; environmental risks; and risks and hazards of mining operations. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information. Forward-looking information about the future is inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company's forward-looking information is based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking information.
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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