Red Crescent Resources Limited

Red Crescent Resources Limited

May 28, 2013 17:04 ET

Red Crescent Announces Results of OSC Review

TORONTO, ONTARIO--(Marketwired - May 28, 2013) - Red Crescent Resources Limited ("Red Crescent" or the "Company") (TSX:RCB) (FRANKFURT:7RC) announces that the Ontario Securities Commission (the "OSC") is reviewing the Company's disclosure record.

In the course of the review OSC staff has advised that it believes certain portions of the technical reports for the Hakkari project dated April 13, 2011 (the "Hakkari Technical Report") and the Tufanbeyli project dated July 25, 2011 (the "Tufanbeyli Technical Report", and together with the Hakkari Technical Report, the "Technical Reports") do not strictly comply with NI 43-101. The Company's independent geological consultant, MSA Group Services, is working directly with the OSC to resolve any disclosure issues in the Technical Reports. Further, OSC staff has advised that it believes there were certain accounting issues that need to be addressed in the audited annual financial statements and management discussion and analysis (the "MD&A") for the year ended December 31, 2012. The chief financial officer of the Company is working directly with OSC staff to resolve its concerns.

Once all disclosure issues have been clarified, the Company will file any of the amended Technical Reports, 2012 annual information form, and the MD&A, as may be required. The Company advises shareholders not to rely on the Technical Reports, the reports filed under the Company's SEDAR profile as "other" on November 21, 2011, or any economic projections or any projections of mineral resources contained in the Company's disclosure record until the above issues are clarified.

About Red Crescent Resources Limited

Red Crescent Resources Limited (TSX:RCB) (FRANKFURT:7RC) is a Canadian-based, base metals focused, mineral exploration and mine development company with mining operations in Turkey, targeting historically inaccessible areas where no modern application of exploration techniques or technology has been applied, with high potential for discovery of significant base metal deposits.

Contact Information

  • Red Crescent Resources Limited
    Grant Sawiak
    Assistant Secretary
    416.941.8852 (FAX)