Stronghold Metals Inc.
TSX VENTURE : Z

Stronghold Metals Inc.

November 23, 2010 16:30 ET

Stronghold Clarifies Histroical Disclosure

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2010) - STRONGHOLD METALS INC. ("Stronghold" or the Company") (TSX VENTURE:Z) - As a result of a review by the British Columbia Securities Commission, the Company provides the following clarification regarding its previous disclosure record:

1. The Company's presentation material previously stated that there was "potential to increase the Eagle Mountain resource to 1-1.5 million ounces, and this is only in the actual deposit". The Company retracts such statement and restates it as follows:

"Stronghold believes there might be 300,000 to 800,000 oz of additional exploration potential defined by more broadly spaced drilling in the immediate deposit area, at a comparable range to the inferred resources already defined. Stronghold cautions that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource larger than the current inferred resource and that it is uncertain if further exploration will result in the current inferred resource being increased or delineated as an indicated or measured mineral resource."

2. The Company's website previously contained a link to a Ubika Research Pre-initiation Report dated October 19, 2010 (the "Ubika Report"). The Ubika Report contains fundamental disclosure that is non compliant with NI 43-101. For example, it contains an Inferred Resource estimate that does not comply with NI 43-101 because it omits the tonnes and grade of the estimate. Furthermore, it contains an economic analysis of an Inferred Resource prohibited by s.2.3 (1)(b) of NI 43-101. The link to the Ubika Report has been removed from the Company's website and investors should not rely on same.

Mr. Tsitos stated: "We apologize for the deficiencies in certain of our investor materials. On being notified by the BCSC of their concerns, we immediately took action to resolve same. We now have filed a fully compliant independent NI 43-101 report prepared by A.C.A. Howe International Limited on the Eagle Mountain Project, that has confirmed IAMGOLD's Inferred Resource estimate. The Inferred Resource estimate is now considered current and NI 43-101 compliant. We intend to update all our investor materials to reflect same. The independent NI 43-101 report is posted on the Company's website at www.strongholdmetals.com and later on SEDAR and investors are encouraged to read it in its entirety."

Technical information contained in this press release has been reviewed and approved by Michael Byron, Ph.D., P.Geo, the Qualified Person (QP) for the Company.

On behalf of The Board of Directors of Stronghold Metals Inc.

Ioannis (Yannis) Tsitos, President, CEO & Director

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.

Contact Information

  • Stronghold Metals Inc.
    Ioannis (Yannis) Tsitos
    President, CEO & Director
    +1 604.806.0916
    +1 604.806.0956 (FAX)
    www.strongholdmetals.com