Vancouver-based Rio Cristal Resources Corp. (TSX-V:RCZ) this morning retracted the disclosure it made early last year of mineral resources at its Bongara project in north central Peru.
The company said it made the move in connection with an ongoing technical review by the BC Securities Commission (BCSC) and stated that it is preparing a revised technical report to replace the technical report filed by John Brophy on March 2, 2012.
“As a result of the concerns raised by the BCSC in relation to the methods, parameters and assumptions used for estimating mineral resources at the Bongara project, Mr. Brophy has determined in conjunction with the company to remove from the report the calculation of any mineral resources,” the company stated this morning. It added that Brophy has determined that “additional metallurgical analysis” is required to produce a compliant resource estimate.
In retracting the mineral resource announced February 21, 2012, the company confirmed that “investors should not rely on the previously disclosed mineral resources until a new mineral resource estimate is prepared and supported by an independent technical report compliant with [disclosure regulation National Instrument 43-101].”
In August, the BCSC cease-traded Barkerville Gold Mines Ltd. for submitting a non-compliant technical report to back up a published resource estimate of 10.6 million indicated ounces of gold at its Cow Mountain deposit.
