05/25/2021 | Press release | Distributed by Public on 05/25/2021 14:07
Vancouver, British Columbia--(Newsfile Corp. - May 25, 2021) - Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the 'Company' or 'Kuya') announces that as a result of a recent review by the British Columbia Securities Commission ('BCSC'), the Company is issuing the following news release to clarify its prior scientific and technical disclosures.
NI 43-101 Technical Report
The technical report on the Bethania Silver Project (the 'Bethania Property') with an effective date of July 31, 2019 (the 'Technical Report') on the Bethania Property was not compliant with National Instrument 43-101 ('NI 43-101'). The Company confirms that all estimates of the quantity, grade, and metal or mineral content which it has made in respect of its Bethania Property are historical estimates under NI 43-101, as such estimates have not been verified as a current mineral resources or reserves and were prepared before the Company acquired the Bethania Property. The Company confirms that it is not treating such historical estimates as a current mineral resources or reserves.
To address these deficiencies the Company will file an amended NI 43-101 Technical Report and an amended Annual Information Form in the applicable reporting jurisdictions.
In the Technical Report the Company disclosed the following historical estimates:
Figure 1
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Figure 2
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Notes to the above table in accordance with Section 2.4 of NI 43-101:
A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves and the Company is not treating the historical estimates as current mineral resources or mineral reserves. Investors should not rely on the historical estimates as current mineral resources or mineral reserves until they have been verified and supported in a technical report in accordance with NI 43-101.
The Company will include the above disclosure in its re-filed amended Technical Report to be filed within 45 days.
The scientific and technical information in this news release has been reviewed and approved by Scott Jobin-Bevans, P.Geo., who is a Qualified Person for the Company under the definitions established by NI 43-101.
Additional Technical Disclosure on Social Media
In addition, the Company wishes to clarify disclosure in its social media platforms as it relates to the Bethania Property. The Company understands that through previous social media postings the Company has discussed and posted short video clips taken from larger interviews that disclosed a current mineral resource on the Bethania Property. The Company would like to clarify that there is no current mineral resources on the Bethania Property and that there is currently only historical estimates as noted above. Any previous clips or videos posted by the Company have been removed from the Company's social media platforms and to the extent any 3rd party sites currently host such videos the Company would like to make clear that the disclosure should not be treated as a current mineral resources as noted above.
Further, the Company will update its website and its corporate presentation to ensure that all references to the historical estimate at the Bethania Property comply with NI 43-101.
About Kuya Silver Corporation
Kuya is a Canadian‐based silver‐focused mining company that owns the Bethania Project, which includes the Bethania mine, located in Central Peru. The Bethania mine was in production until 2016, toll‐milling its ore at various other concentrate plants in the region, the Company's plan is to implement an expansion and construct a concentrate plant at site before restarting operations. The Bethania mine produced silver‐lead and zinc concentrates from the run of mine material, until being placed on care and maintenance due to market conditions and lack of working capital.
For more information, please contact the Company at:
Kuya Silver Corporation
Telephone: (604) 398‐4493
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www.kuyasilver.com
Reader Advisory
This news release may contain statements which constitute 'forward-looking information', including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words 'may', 'would', 'could', 'will', 'intend', 'plan', 'anticipate', 'believe', 'estimate', 'expect' and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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