Great Atlantic Clarifies Technical Disclosures
FOCUSED ON EXPLORING ATLANTIC CANADA
(FRA: PH01) (OTCBB: PRZCF)
VANCOUVER, British Columbia – January 5, 2018 – GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) announces that as a result of a review by the British Columbia Securities Commission, we are issuing the following news release to clarify our disclosure. The information contained in this news release is intended to provide clarification to disclosure on the Company’s May 31, 2016 news release (the “May 31, 2016 News Release”), its website (the “Website”), and disclosure contained in the corporate presentation (the “Corporate Presentation”), contained on the Website.
News Release dated May 31, 2016
In its May 31, 2016 news release, the Company disclosed a mineral resource estimate on its Golden Promise Project. It constituted the first-time disclosure of a mineral resource estimate for the Golden Promise Project, and triggered the requirement for the Company to file an independent technical report under s. 4.2(1)(j)(i) of National Instrument 43-101 Standards of Disclosure for Mineral Properties (“NI 43-101”). The statements in the above noted news release regarding mineral resources on the Golden Promise Project are not supported by a NI 43-101 compliant technical report, contrary to NI 43-101, such that mineral resource estimates should not be relied on until they have been verified and supported by a NI 43-101 compliant technical report on the Golden Promise Project.
A NI 43-101 compliant technical report is in preparation and will be filed as soon as practicable.
The Company retracts all disclosure relating to historical estimates on its Pilley’s Mine Project contained on its website.
The disclosures were of “historical estimates” on its Pilley’s Mine Project, but without providing all of the information required by s. 2.4 of NI 43-101. These historical estimates did not include any more recent data or estimates, and a qualified person (as defined under NI 43-101) has not done sufficient work to classify these historical estimates as current mineral resources.
The Company retracts the Corporate Presentation which contained statements regarding potentially more Au (gold) than previously indicated on the Golden Promise Project.
The disclosure is restricted by section 2.3(1)(a) of NI 43-101 because it does not include the information and cautionary language required by s. 2.3(2) of NI 43-101. Disclosures of potential quantity and grade, expressed as a range, of a target for further exploration must include with equal prominence that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource; and state the basis on which the disclosed potential quantity and grade has been determined.
The Company cautions investors that all non-compliant disclosure contained on any website or any other written disclosure document is not to be relied upon.
Website and IR Materials
The Website and investor relations materials disclose exploration information that did not include all of the information required by sections 3.2 and 3.3 of NI 43-101. The Company and its qualified person did not verify exploration information. Additionally, contrary to s. 3.2(c) of NI 43-101, the Company did not provide an explanation as to why the information has not been verified by a QP. As such, the Company retracts all disclosure relating to the exploration information and has removed such disclosure from its Website and investor relations materials.
The Company retracts all non-compliant disclosures referenced above, and is amending its website and corporate presentation.
Failure to Name the Qualified Person
The Company did not name a Qualified Person in its Corporate Presentation or on its Website. The company hereby withdraws all previous website, investor relations and presentation materials. The Company is in the process of preparing new website materials under the review of a Qualified Person.
Technical material in this news release has been reviewed by David Martin, P.Geo., a Qualified Person as defined in NI 43-101.
About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in Atlantic Canada. Great Atlantic is currently building the company utilizing a project generation model, with a focus on antimony, tungsten and gold.
On Behalf of the board of directors
This news release may contain forward-looking statements including but not limited to the completion of a NI 43-101 compliant technical report, geological interpretations, and statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “will”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Actual results may differ materially from those currently anticipated in such statements and the Company undertakes no obligation to update such statements, except as required by law. The reader is cautioned not to place undue reliance on any forward-looking information.
Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including that: the current price of and demand for minerals being targeted by the Company will be sustained or will improve; the Company’s current exploration programs and objectives can be achieved; results of exploration activities; the Company will be able to obtain required exploration licences and other permits; general business and economic conditions will not change in a material adverse manner; financing will be available if and when needed on reasonable terms; the Company will not experience any material accident; and the Company will be able to identify and acquire additional mineral interests on reasonable terms or at all. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict.
Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that resource exploration and development is a speculative business; that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; equipment breakdowns; labour disputes; the increase in cost estimates and the potential for unexpected costs and expenses; the results of exploration activities; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; potential defects in title to the Company’s properties; fluctuating prices of commodities; operating hazards and risks; competition; potential inability to find suitable acquisition opportunities and/or complete the same; and other risks and uncertainties listed in the Company’s public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement.
There can be no assurance that that economic resources will be discovered or developed on any properties. Accordingly, actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, commodity prices, title dispute claims, government regulations, equipment failures, increase in costs, the loss of key directors, employees, advisors or consultants and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither 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.