At the request of IIROC the Company wishes to clarify certain disclosure. On Monday April 30, 2018, an unauthorized news release was distributed on the Company from B-tv. The disclosure in the “news release” was derived from a video titled “President & CEO of Banyan Gold Corp, Tara Christie speaks on the company’s two top tier projects with high potential to host multi-million ounces” that was authorized by the Company. There were certain deficiencies in the disclosure as follows:
- The disclosure of the mineral resources in the “release” and the video does not comply with the requirements of NI 43-101, 3.4 – Disclosure Applicable to Written Disclosure of Mineral Resources - specifically the metals that comprise the “AuEq’s” are not disclosed nor is the conversion formula.
These items can be found in the following table below and in point 2 below the table. They were also identified in our March 22, 2018 news release where the new resources estimate was first mentioned by the Company, however, the details were not identified in the video.
In situ Tonnes
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate.
(2) Mineral resources are reported at a cut-off grade of 0.3 g/t AuEq. AuEq grade is based on $1,350.00/oz Au, $17.00/oz Ag and assumes a 100% recovery. The AuEq calculation does not apply any adjustment factors for difference in metallurgical recoveries of gold and silver. This information can only be derived from definitive metallurgical testing which has yet to be completed.
- The “news release” also does not comply with the requirements of NI 43-101, 3.1 – Written Disclosure to Include Name of Qualified Person as it does not disclose the name of the qualified person who prepared, supervised the preparation or approved the scientific and technical disclosure in the news release.
Paul D. Gray, PGeo., Banyan Gold's vice-president, exploration, and a qualified person as defined by N.I. 43-101 is the qualified person who approved the scientific and technical disclosure in the video. As previously discussed, Banyan did not issue the news release.
- the “news release” makes references to “high potential to host multi-million ounces” several times. This repetitive disclosure in the “news release” and also in the “video” is considered overly promotional based on the Company’s current disclosure record.
While Banyan has updated the Hyland Project Resource above and it remains open in all directions and to depth per the N.I. 43-101 report to be filed on May 1, 2018. The Company’s Aurex-McQuesten project does not yet have a N.I. 43-101 defined mineral resource to date.
About Banyan Gold
Banyan is a growth stage gold exploration company whose flagship property, the Hyland Gold Project, is approximately 70km NE of Watson Lake, Yukon, along the southeast end of the Tintina Gold Belt.
The Hyland Main Zone Indicated Gold Resource Estimate, prepared in accordance with NI 43-101, at a 0.3 g/t gold equivalent cutoff, contains 8.6 million tonnes grading 0.85 g/t AuEq for 236,000 AuEq ounces with an Inferred Mineral Resource of 10.8 million tonnes grading 0.83 g/t AuEq for 288,000 AuEq ounces.
The 9,230 ha Aurex-McQuesten Property, in close proximity to Victoria Gold's Eagle Project and Alexco Resource's Keno Hill Silver District, is highly prospective for structurally controlled, intrusion related gold-silver mineralization in relation to quartz monzonite dykes of the Tombstone intrusive suite.
Banyan trades on the TSX-Venture Exchange under the symbol “BYN”. For more information, please visit the corporate website at www.BanyanGold.com or contact the Company.
ON BEHALF OF BANYAN GOLD CORPORATION
(signed) "Tara Christie"
President & CEO
For more information, please contact:
Tara Christie David Rutt
Tel: (888) 629-0444 Tel: (888) 629-0444
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Banyan’s objectives, goals or future plans, statements regarding exploration expectations, exploration or development plans and mineral resource estimates. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent in resource estimates , capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in Banyan’s public documents filed on SEDAR. Although Banyan believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Statements in this news release regarding Banyan Gold which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations.