12/13/2019 | Press release | Distributed by Public on 12/13/2019 16:26
December 13, 2019, Vancouver, BC Apex Resources Inc. ('Apex') (TSXV: APX) has recently been selected for a technical disclosure review by the BC Securities Commission. The review assessed the Company's disclosure practices and overall level of compliance. The review identified two material deficiencies related to 2013 and 2016 filings that lead to the Company being placed on the Commission's Issuers in Default list. Both issues require that the Company must file an independent NI 43-101 compliant technical report.
In its News Release dated April 11, 2013 the Company disclosed an increase in mineral resources on its Kena Project related to a resource update reported by the Company's joint venture partner. Prior to disclosing the resource update Apex should have verified the resource and filed an independent technical report.
In its MD&A filed on May 26, 2016 the Company disclosed an increase in tungsten resources on its Jersey Emerald Project related to a resource update filed by another operator. Prior to disclosing the resource update Apex should have verified the resource and filed an independent technical report.
The updated resource estimates discussed above for the Kena-Daylight and Jersey Emerald projects are presently not supported by compliant NI 43-101 technical reports prepared for Apex Resources Inc. These two resource estimates should not be relied upon until they have been verified and supported by independent NI 43-101 compliant reports. Apex is in conversations with consulting firms to review these previously indicated resource estimates. Compliant updated NI 43-101 Technical Reports are expected to be completed early in the New Year.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Marc Lee, Investor and Corporate Communications
Tel: (604) 628-0519 Fax: (604) 628-0446