IIROC as a player in news releases? Far as I can see, no big spike in price, volume or shorts after the release.
2012-10-17 16:41 ET - News Release
Mr. William Kocken reports
CLARIFYING NEWS RELEASE ON BRALORNE PEA
Bralorne Gold Mines Ltd. has been instructed by IIROC to issue this news release to clarify its recently announced preliminary economic assessment on the Bralorne project located near Gold Bridge, B.C.
The company has been instructed to retract all the results of the economic analysis of the postulated case of increasing operations to 250 tonnes per day because the results of this part of the analysis are not based on a current resource estimate as required by disclosure regulations. The results of the postulated case must not be relied upon.
The postulated case should be considered as a sensitivity analysis only that looks at expanding the mine if sufficient resources can be defined. The analysis was done to determine the physical and capital requirements and the potential economic benefit. The results of the analysis are goals for further exploration and development.
The preliminary economic analysis of the current operation shows that the company is expected to have a positive net present value discounted at 5 per cent of $6.4-million based on gold prices of $1,650 (U.S.) per ounce for 2012 and $1,500 (U.S.) per ounce for succeeding years, thus providing an acceptable return on investment. For clarification, the mine life on which the present operation's 85-tonne-per-day production-rate net present value is based is 4.3 years, as described in the PEA report by Beacon Hill Consultants (1988) Ltd.
Furthermore, since the PEA is based on mineral resources and not reserves, the company has been instructed by IIROC to state, as required by disclosure regulations, that mineral resources that are not mineral reserves do not have demonstrated economic viability.
2012-11-08 11:32 ET - News Release
Mr. William Kocken reports
BRALORNE GOLD MINES LTD.: BCSC TECHNICAL DISCLOSURE REVIEW
As a result of a review by the British Columbia Securities Commission, Bralorne Gold Mines Ltd. is issuing the following news release to clarify its disclosure.
On Oct. 18, 2012, the company filed on SEDAR a technical report dated Oct. 15, 2012, entitled, "Preliminary Economic Assessment on the Bralorne Gold Mines Property." The BCSC has identified issues with the report and author's certificates that are non-compliant with National Instrument 43-101. Primarily, the report contained a sensitivity analysis at a proposed production rate of 250 tonnes per day with a mine life of 10 years, which was based upon a potential expansion of mineral resources. This has been identified as contrary to the requirements of NI 43-101. The report was posted on the company's website, and referred to in the company's investor relations material, and consequently, the BCSC also identified issues with the company's website and investor relations material.
The technical report will be revised and resubmitted to the BCSC, and the website and investor relations materials are being withdrawn until they can be corrected. The report will be revised and refiled to ensure that any economic analyses are limited to known mineral resources and are qualified by the cautionary statements as required by NI 43-101.
The reader is cautioned not to rely on the non-compliant information previously posted on the website, including information in the technical report.