VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 17, 2013) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Finore Mining Inc. (CNSX:FIN) ("Finore" or the "Company") announces that in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), all non-compliant disclosure and forward-looking statements regarding resource estimates have been removed from Finore Mining Inc.'s website, including a corporate presentation and corporate fact sheet on the Läntinen Koillismaa Project (the "LK project"), Finland.
Finore is in the process of modifying and updating its fact sheet and presentation on the LK project to comply with NI 43-101 regulations, in accordance with the Company's recent technical report (the "Technical Report") dated September 18, 2013, authored by Mining Plus Canada, an independent engineering consulting firm.
More specifically, Finore has removed certain positive and optimistic entries stated in the corporate presentation dated October 2012. The large potential exploration target disclosed by the corporate presentation is not compliant because if failed to disclose ranges of tonnes and grade, did not state the basis for the estimate, and omitted prominent cautionary language required by NI 43-101. In addition, it is not supported by the subsequent resource estimate, and the much smaller estimate of an exploration target in the Technical Report. The company hereby retracts the prior exploration target in the corporate presentation.
Finore also advises investors the Technical Report contains a small estimate of a potential 0.5 to 2.0 Mt exploration target, named East Zone, grading in the range of 0.3 to 0.6 g/t Palladium. The potential is based on three drill holes spaced approximately 50 metres from each other with the mineralization open along strike and depth. The East Zone is located less than 100 metres east of the main Kaukua Zone where the indicated and inferred resources were estimated. 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.
The resource estimates in the Technical Report are not affected by the retraction of the stated large potential exploration target.
Investors can review the Company's NI 43-101 compliant technical report, filed on Sedar on September 19, 2013 for the current resource estimate on the LK project.
Mohan R. Vulimiri, M.Sc, P.Geo, Director, is the qualified person responsible for the contents of this press release.
On behalf of the Board,
Peter Tegart, President & CEO
The CNSX does not accept responsibility for the adequacy or accuracy of this release.
This press release contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performances or achievements of the Company to be materially different from the results, performances or expectations implied by these forward looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.