June 12, 2015: Desert Gold Ventures Inc. (TSX-V symbol: DAU) (“Desert Gold” or the “Company”) reports that as a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify the Company’s previous disclosure.
Some information, pertaining to the Barani East Prospect, Kenieba District, Western Mali (the “Mali Project”) in previous Company news releases included disclosure of technical information that was not compliant with the standards of disclosure for mineral projects as set out by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and as a result could be misleading.
The Company specifically retracts the statement in its September 17, 2014 news release that uses the designation “orebody” because it implies technical feasibility and economic viability that should only be attributed to mineral reserves.
The Company clarifies the statement in its September 17, 2014 news release that discloses results of an economic analysis without prominent cautionary language that states that mineral resources that are not mineral reserves and do not have demonstrated economic viability. The Company should have included this cautionary language because of the current status of the NI 43-101-compliant work completed on the Mali Project.
The Company clarifies the statement in its September 17, 2014 news release that discloses results of a preliminary economic assessment (“PEA”) without prominent cautionary language that states that the PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the PEA will be realized. The Company should have included this cautionary language because of the current status of the NI 43-101-compliant work completed on the Mali Project.
The Company specifically retracts the statement in its March 10, 2015 news release that sums inferred resources with other classes of mineral resources because NI 43-101 specifically prohibits adding inferred mineral resources to other categories of mineral resources.
The Company intends to amend the report titled “A Technical Report on the Barani East Prospect, Kenieba District, Western Mali”, dated September 16, 2014, (the “Amended Report”) to be in compliance with NI 43-101, which Amended Report will be filed on SEDAR when available.
The Company’s previously disclosed mineral resource estimates on the Barani East prospect and preliminary economic assessment should not be relied on until such time as a NI 43-101 compliant technical report has been prepared which supports the disclosed mineral resource estimates and preliminary economic assessment.
ON BEHALF OF THE BOARD
Chief Executive Officer
Desert Gold Ventures Inc.
+1 (604) 592 6881
For further information please visit our website www.desertgold.ca or information available on www.SEDAR.com under the Company’s profile.
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.