CHIHUAHUA, Mexico, Nov. 27 /PRNewswire-FirstCall/ — Mexoro Minerals Ltd. Issues Clarifying Release (OTC Bulletin Board: MXOM).
As a result of a review by the British Columbia Securities Commission, Mexoro Minerals Ltd. (the “Company”) is issuing the following news release to clarify certain prior disclosure respecting its Cieneguita Property. The information contained in this release is intended to provide clarification of prior disclosure contained in the Company’s August 28, 2008 release. However, the issuance of this release shall not be deemed to be an admission that the original releases and filings described herein, when made, included any untrue statement of material fact or omitted to state a material fact necessary to make a statement contained therein not misleading.
We are issuing this press release to clarify that (i) the inferred mineral resource estimate respecting the Cieneguita Property as disclosed in the Company’s press release dated August 28, 2008 is not supported by a compliant Canadian National Instrument 43-101 technical report; and (ii) the inferred mineral resource estimate disclosed should not be relied on until supported by a compliant Canadian National Instrument 43-101 technical report. Furthermore, the Company has clarified and retracted all non-compliant Canadian National Instrument 43-101 disclosure on its website regarding the Cieneguita Property.
The Company is in the process of obtaining a technical report on the Cieneguita Property by an independent consultant which is intended to be in compliance with the requirements of Canadian National Instrument 43-101 and which is expected to be filed in early December, 2008 with the British Columbia Securities Commission. No assurances may be given that the technical report, when filed, will support the inferred mineral resource estimate announced in the August 28, 2008 press release.
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “potential” and similar expressions. These statements reflect the Company’s current beliefs and are based upon information currently available to it. Accordingly, such forward looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward looking statements.
Cautionary Note to US Investors:
All mineralized material have been calculated in accordance with the definition standards on mineral resources and mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum and disclosed as required by the Canadian Securities Administrators pursuant to Canadian National Instrument 43-101, commonly referred to as NI 43-101. U.S. SEC reporting requirements for disclosure are governed by SEC Industry Guide 7. NI 43-101 and Industry Guide 7 differ materially.
The United States Securities and Exchange Commission allows disclosure for U.S. reporting purposes only on mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as “reserves,” “resources,” “proven,” “probable,” “measured,” “indicated,” or “inferred” which may not be consistent with the reserve definitions established by Industry Guide 7. We caution U.S. investors that while these terms are recognized and required by Canadian Securities Administrators pursuant to National Instrument 43-101, the U.S. Securities and Exchange Commission does not recognize it. In this press release the term “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian Securities Administration rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally minable. U.S. investors are urged to consider closely the disclosure in our filings with the SEC. You can review and obtain copies from the SEC website at http://www.sec.gov/edgar.shtml .
Corporate Headquarters
Mexoro Minerals Ltd.
C. General Retana #706
Col. San Felipe, C.P. 31203
Chihuahua, Chih., Mx
Tel: +52 (614) 426 5505
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