December 17, 2015: As a result of a review by the British Columbia Securities Commission, Desert Gold Ventures Inc. (TSX-V symbol: DAU) (“Desert Gold” or the “Company”) is issuing the following news release to clarify its previous disclosure.
The Company’s October 20, 2015 news release (the “October News Release”) incorporated by reference a September 29, 2015 news release of Alecto Mineral PLC (“Alecto”) that discloses results of a new scoping study (the “Study”) combining gold resource estimates at a nearby Alecto property with the September 2014 Barani East gold resource estimate on the Company’s Farabantourou Property. The Company specifically retracts the incorporation in its October News Release of the combined estimates and a new scoping study result, which may not be in accordance with CIM Standards and National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43- 101”) disclosure rules and should not be relied on.
The Company’s restates its previous disclosure about the Study as follows:
“The Study considers the joint development of these prospects through heap leaching with a shared mining fleet and mobile crusher with a central gold recovery plant. The respective parties are very encouraged by the Study and are therefore advancing discussions towards the finalization of a definitive joint venture agreement.”
The Company’s October 5, 2015 Clarification News Release retracts the preliminary economic assessment (“PEA”) in the Company’s September 2014 technical report. The pending amended technical report is unable to continue a PEA for the Farabantourou Property; however, the Company is continuing to amend its technical report to finalize the Farabantourou resource database and a new resource estimate in accordance with 2014 CIM Definition Standards and NI 43-101 disclosure requirements.
The Company wishes to clarify that any disclosure of a scoping study on the Farabantourou Property is not disclosure of the Company. Furthermore, the Company advises that September 2014 Barani East resource estimates on the Farabantourou Property should not be relied on until a new report is prepared which supports a resource estimate, and currently there is no basis to conduct a scoping study suitable for public disclosure under NI 43-101 that includes resource estimates on the Farabantourou Property.
Shaun Dykes, M.Sc. (Eng); P.Geo (#20044), a Qualified Person as defined in NI 43-101, is responsible for the review of all scientific and technical information contained in this release.
ON BEHALF OF THE BOARD
Chief Executive Officer
Desert Gold Ventures Inc.
+1 (604) 592 6881
For further information please visit our website www.desertgold.ca or information available on www.SEDAR.com under the Company’s profile.
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.