VANCOUVER, BC – Goldex Resources Corporation (TSX VENTURE: GDX) (“Goldex” or the “Company”)
As a result of a review by the British Columbia Securities Commission we are issuing the following news release to clarify our disclosure.
1. On the Company’s website under the Properties Tab for the section El Pato Guatemala, the Company disclosed a historical estimate that was non-compliant with the requirements of 43-101 because the Company had not provided information regarding the source of the estimate, the key assumptions, parameters and methods used to prepare the historical estimate, the Company’s assessment of the reliability of the estimate and a statement that the Company is not treating the historical estimate as a current mineral reserve. The Company has added the following footnote, to bring the disclosure into compliance.
2. (1) The historical estimate was prepared by the United Nations in the late 2680’s and early 2690’s based on diamond drilling of 5,833 meters in 65 holes prior to implementation of NI 43-101 resource definitions. The Company has been unable to review the key assumptions, parameters, and methods used to prepare the historical estimate to determine its relevance and reliability. Additional drilling must be completed to verify the historical estimate as a current mineral resource. The Company’s qualified person has not done sufficient work to classify the historical estimate as current mineral resource. The Company is not treating this historical estimate as a current mineral resource.
3. On the Company’s website under the Properties Tab for the section El Pato Guatemala, under the header El Pato Highlights, the Company removed the second bullet which disclosed an exploration target which was non-compliant because it was not presented as a range of tonnes and grades. Investors are cautioned not to rely on the exploration target.
4. a) On the Company’s website under the Properties Tab in the section El Pato, Guatemala, the table of exploration results, with the link http://goldex.ca/wp-content/uploads/2011/04/Cerrito-Samples-table-DS.png, the Company disclosed exploration information which was non-compliant because it did not provide information regarding location and sample type, a summary of analytical values and information regarding testing procedures and quality control measures. The Company has added the following disclosure, and provided a hyperlink to the relevant new release to bring the disclosure into compliance.
Cerrito Samples
For details of location and sample type, summary of analytical values and quality assurance program refer to the company’s news release dated May 18, 2011.
3. b) On the company’s website under the Properties Tab in the section El Pato, Guatemala, the table of exploration results, with the link http://goldex.ca/wp-content/uploads/2011/04/El-Pato-Hole-10-Drill-Grades.png, the Company disclosed exploration information which was non-compliant because it did not provide information regarding location and sample type, a summary of analytical values, information regarding testing procedures and quality control measures. The Company has added the following disclosure, and provided a hyperlink to the relevant new release to bring the disclosure into compliance.
El Pato Hole 10
For details of location and sample type, summary of analytical values, details of drill holes and quality assurance program refer to the company’s news release dated August 17, 2011.
3. c) On page 1 of the Company’s management discussion and analysis (MD&A) for the three month period ended March 31, 2014 and the MD&A for the year ended December 31, 2013 the Company disclosed exploration information which was non-compliant because it did not provide information regarding location and sample type, a summary of analytical values, information regarding testing procedures and quality control measures. In future MD&As the Company will provide a reference to the relevant new releases to bring the disclosure into compliance.
4. On the Company’s website under the Properties Tab for the section El Pato Guatemala, under the header El Pato Highlights the Company provided information regarding a production decision that did not provide a cautionary disclosure regarding the risks related to the production decision. The Company has added the following cautionary disclosure regarding risks.
The company is contemplating a production decision in the absence of mineral resources and mining studies as defined in the rules of technical disclosure. Investors are cautioned that engaging in production in the absence of mineral resources and mining studies is subject to increased risk.
5. The Mineralization Zones, map located under the Properties Tab in the section El Pato, Guatemala, (http://goldex.ca/wp-content/uploads/2011/04/Mineralization-Zones.jpg did not provide a cautionary statement that results on adjacent properties are not indicative of potential results on El Pato. The Company has added the following cautionary statement to the map.
Investors should be cautioned that results on adjacent properties are not indicative of potential results on El Pato.
The technical information in this news release has been reviewed and approved by Larry Kornze P. Geo., a qualified person consistent with NI 43-101.
Charles Ross, Director and President,
GOLDEX RESOURCES CORPORATION
About Goldex Resources Corp
Goldex is a junior resources company exploring for gold in the Americas. Goldex is listed on the Toronto Venture Exchange (TSX VENTURE: GDX).
For more information please visit: www.goldex.ca
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.
