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White Rock, B.C. / TNW-ACCESSWIRE / October 8, 2014 / New Carolin Gold Corp. (the "Company" or "New Carolin") (TSX-V: LAD). As a result of a review by the British Columbia Securities Commission, we are issuing the following news release to clarify our disclosure.
On March 14, 2012 the Company issued a press release announcing the results of a preliminary economic assessment of a proposal to reclaim and reprocess the tailings located in the tailings impoundment at the Company's Ladner Gold Project, which was prepared by and for a third party. Unfortunately, the preliminary economic assessment was never properly completed by a qualified person (as defined in NI 43-101), rendering the Company unable to file an NI 43-101 compliant technical report in support of it. Therefore, the Company hereby retracts the information contained in the March 14, 2012 news release and any other reference to the preliminary economic assessment in any other of the Company's filings, announce ments or its website and cautions that such information is not and cannot be supported by a technical report and thus should not be relied upon.
In addition, the Company's Ladner Gold Project contains three deposits that have been the subject of mineral resource estimates which are not currently supported by a technical report in compliance with NI 43-101. Therefore, the estimates should not be relied upon until a valid and compliant report is prepared and filed.
To address the foregoing, the Company is preparing and intends to file an updated technical report. Until that is complete, readers of the Company's disclosure record are cautioned to view same only in the context of the foregoing comments and not rely on any statements regarding economic analysis of the tailings project.
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based junior company focused on the exploration, evaluation and development of our strategic 144 square kilometers of contiguous mineral claims, collectively known as the Ladner Gold Project. The project is a short drive from Vancouver, British Columbia, in the prospective and under-explored Coquihalla Gold Belt, which is host to several historic small gold producers including the Carolin Mine, Emancipation Mine, Pipestem Mine and numerous gold prospects. For further Company and technical information, please visit the Company's website at www.newcarolingold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Robert L. Thast" / "Peter A. Ball"
President & Chief Executive Officer / Executive Chairman & Director
Phone: 778.294.3211
E-mail: ceo@newcarolingold.com / E-mail: peter@newcarolingold.com
Web site:www.newcarolingold.com
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 the accuracy of this press release. We seek Safe Harbor.
Not for distribution in the United States.
This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
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