VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 11, 2014) - Pistol Bay Mining Inc. (TSX VENTURE:PST) ("the Company") wishes to clarify certain portions of an article distributed by GlobeNewswire on March 10th 2014.
The Company would like to retract statements in the article that refer to Pistol Bay as planning on being one of the first producing mines, that the Company's capex has and will remain low and that it could produce 150,000 tonnes per year and 1,000 tonnes of concentrate at full production.
Any projection of production is not appropriate at this time unless it can be supported by a feasibility study. The Company will continue to work at advancing the Portland Graphite project as quickly as possible.
About Pistol Bay Mining Inc. (TSX VENTURE:PST) is a diversified Junior Canadian Mineral Exploration Company with a focus on graphite, precious and base metal properties in North America.
On Behalf of the Board of Directors
PISTOL BAY MINING INC.
Charles Desjardins, President and Director
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.
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.