VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 4, 2014) - ATAC Resources Ltd. (TSX VENTURE:ATC) is pleased to announce the completion and filing of a positive Preliminary Economic Assessment ("PEA") for the oxide portion of the Tiger Deposit located at the western end of the Company's 100% owned Rackla Gold Project, Yukon.
A summary of the results from the PEA was announced on July 23, 2014. The report titled "Preliminary Economic Assessment (PEA) NI 43-101 Technical Report on the Tiger Gold Project Yukon Territory, Canada" is filed on SEDAR and can be viewed at www.sedar.com under the ATAC profile or on ATAC's website at www.atacresources.com.
The independent Technical Report was prepared by Kappes Cassiday & Associates, Tetra Tech, Inc., Giroux Consultants Ltd., Resource Strategies and Gerald G. Carlson, Ph.D., P.Eng., all of whom are independent qualified persons as defined by National Instrument 43-101.
As a matter of record, ATAC also reports that a typographical error was contained in the Economic Results and Sensitivities Summary table comprising part of the July 23, 2014 PEA summary news release. In the $1,100 US$/oz column of the table, the After-Tax Cumulative Net Cash Flow should have read "$26.3 million" not "$10.4 million" as originally reported.
The independent qualified persons responsible for preparing the Tiger Deposit Preliminary Economic Assessment are Dan Kappes, P.Eng. of KCA, Sabry Abdel Hafez, Ph.D., P.Eng. of Tetra Tech, Gary Giroux, M.A.Sc., P.Eng. of Giroux Consultants Ltd., Rob McIntyre, R.E.T. of Resource Strategies and Gerald G. Carlson, Ph.D., P.Eng. an independent consultant. All of the aforementioned qualified persons have reviewed and approved the contents of this news release.
Robert C. Carne, M.Sc., P.Geo., the President and a Director of ATAC Resources Ltd., is the company's designated qualified person for this news release within the meaning of NI 43-101 and has reviewed and validated that the information contained in the release is consistent with that provided by the independent qualified persons responsible for the PEA.
ATAC Resources Ltd. is a Yukon-based exploration company focused on developing Canada's only Carlin-type gold district at its 100% owned Rackla Gold Project. Recent work on the 1,700 sq/km project has resulted in a positive Preliminary Economic Assessment for the Tiger Deposit, drilling of multiple high-grade Carlin-type gold zones and the identification of numerous early-stage gold exploration targets. The Rackla Gold Project has no underlying royalties or third-party interests. ATAC is well financed with approximately $21 million in its treasury.
On behalf of Management and the Board of Directors of ATAC Resources Ltd.,
Graham Downs, CEO
ATAC Resources Ltd.
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 NEWS RELEASE.
This news release contains forward-looking information. Forward looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the estimation of inferred and indicated mineral resources; (ii) the success of exploration activities; (iii) the results of the PEA including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, and production timelines for the Tiger Deposit.
These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources, the realization of resource estimate, gold metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Tiger Deposit in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Tiger Deposit, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to changes in gold prices and the worldwide demand for and supply of gold, risks related to increased competition in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Tiger Deposit may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, and environmental risks. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking information. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.