Golden Tag Resources Ltd.

Golden Tag Resources Ltd.

May 28, 2015 16:27 ET

Golden Tag Clarifies Its Disclosure on the Mineral Resources on the San Diego Property, Durango State Mexico

MONTREAL, QUEBEC--(Marketwired - May 28, 2015) - Golden Tag Resources Ltd. (the "Company") (TSX VENTURE:GOG) announces that as a result of a review by the British Columbia Securities Commission, we are issuing the following news release to clarify our disclosure on the Mineral Resources on the San Diego Property, Durango State Mexico.

Deficiencies in Filing and Technical Disclosure

The company filed a technical report for the San Diego Project, dated April 12, 2013, in support of a material change in mineral resources which was disclosed in a news release on February 26, 2013. Golden Tag has determined that several areas of the technical report do not comply with the requirements of NI 43-101 and Form 43-101F1. Golden Tag was placed on the Commission's Issuers in Default list due to the material deficiencies in the Company's technical report until these deficiencies are repaired.

The Company has also determined that the Corporate Presentation of July 2014, and the San Diego Project Presentation of March 2014, available through the Golden Tag website, included reporting and analysis which may be misleading and contrary to the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").

Corrective Action:

The Company confirms that the principal conclusions and recommendations of the 2013 report are unchanged and the Company is working to correct and rectify all reporting issues. A corrected NI 43-101 Resource report is in preparation and is planned to be filed in early June. The Company has removed presentations with non-compliant reporting and analysis from its website and a new presentation will be provided at the Golden Tag Annual General Meeting in June.

San Diego Mineral Resources

The Company also confirms that Mineral Resources on the San Diego property remain unchanged. Mineral Resources are presented in the Golden Tag News Release dated February 26 2013, as corrected in the Golden Tag press release of March 4 2013. Investors are encouraged to review the revised Ni 43-101 Technical Report (June 2015) for material information about the San Diego project.

The Mineral Resource Estimate for the San Diego property was undertaken by SGS Canada Inc. - SGS Geostat Group under the management and supervision of M. Claude Duplessis, Ing. and M. Guy Desharnais Ph.D, P.Geo., Independent Qualified Persons (QP's) in accordance with NI 43-101.

David Rigg, P.Geo, CEO, is the Qualified Person as defined by NI 43-101 who has reviewed and approved the technical content of this news release.

Neither 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.

Contact Information

  • Marc A. Carrier
    President & CFO
    P. 514.426.8542
    F. 514.426.8543