International Silver Ridge Resources Inc.

December 13, 2010 16:00 ET

International Silver Ridge Resources Inc. Clarifies Previous Disclosure Following Review by TSX-V

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2010) -


International Silver Ridge Resources Ltd. ("Silver Ridge") (TSX VENTURE:SR.H) is issuing this press release to clarify certain technical disclosure in its press release of August 26, 2010 filed on SEDAR relating to its proposed acquisition (the "Business Combination") of NMC Mining Corp. ("NMC") as the result of review by the TSX Venture Exchange (the "TSX-V).

The August 26 press release contained disclosure of an inferred mineral resource of 1.8 million tonnes on NMC's Normanby Property in Papua New Guinea. The disclosure was based on a technical report dated July 19, 2010 entitled "Independent Report on the Imwauna Prospect, Normanby Property – Milne Bay Province, Papua New Guinea" (the "Technical Report") prepared by Ralph N. Stagg, a "qualified person" within the meaning of National Instrument 43-101. The estimation of the resource contained in the Technical Report was stated in the Technical Report to have been prepared by an employee of New Guinea Gold Corp., the vendor of the Normanby Property to NMC, under Mr. Stagg's supervision. As a result of the regulatory review, Silver Ridge reviewed the preparation of the resource estimate, and due to Mr. Stagg's personal circumstances was unable to get the necessary information to substantiate the extent or quality of his supervision. Silver Ridge has therefore concluded that the independence of the resource estimate referred to in the Technical Report is not verifiable, and therefore not prepared in compliance with NI 43-101. For that reason, Silver Ridge recognizes that the resource estimate contained in the Technical Report may be misleading to the public, and therefore wishes to retract any and all reference to a resource on NMC's Normanby Property. The resource estimate referred to in Silver Ridge's August 26, 2010 press release should not be relied upon. Silver Ridge intends to file a revised technical report on the Normanby Property containing no reference to a resource as soon as the remaining comments of the TSX-V are resolved, and the consents of the authors obtained.

Silver Ridge remains committed to the completion of the Business Combination with NMC as soon as practicable.

Completion of the Business Combination is subject to a number of conditions, including the approval of the TSX-V, the completion of satisfactory due diligence, and the requisite majority approval of shareholders of each of NMC and Silver Ridge. There can be no assurance that the Business Combination will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Filing Statement to be prepared in connection with the Business Combination, any information released or received with respect to the proposed Business Combination may not be accurate or complete and should not be relied upon. Trading in the securities of Silver Ridge should be considered highly speculative. The TSX-V has in no way passed upon the merits of the proposed Business Combination and has neither approved nor disapproved the contents of this press release.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Silver Ridge and NMC, including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory and shareholder approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Proivder (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

  • International Silver Ridge Resources Inc.
    Michael Reimann
    604 664-6360
    NMC Mining Corp.
    Managing Director
    604 468-8900