VANCOUVER, BRITISH COLUMBIA, August 20, 2013 -- Lupaka Gold Corp. ("Lupaka Gold" or "the Company") (TSX:LPK, BVL:LPK, FRA:LQP) announces that as a result of a technical disclosure review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify certain technical disclosures previously made by the Company. None of the clarifications affect the mineral resource estimates for the Company's mineral projects.
The technical disclosure review identified certain instances in which the technical report for the Crucero Gold Project did not meet the form requirements for technical reports prescribed by National Instrument 43-101 ("NI 43-101"). A revised technical report addressing the deficiencies is expected to be filed later this month. The mineral resource estimates provided in the report will not change.
Investors are advised that the technical report for the Invicta Gold Project titled "NI 43-101 Technical Report on Resources Invicta Gold Project Huaura Province, Peru" dated April 16, 2012, which was formerly only available on SEDAR under the Andean American Gold Corporation profile, has now also been posted to Lupaka Gold's SEDAR profile.
The technical disclosure review identified disclosure of mineral resource estimates that did not comply with sections 2.2, 2.3 and 3.4 of NI 43-101. The Company has amended or removed disclosures that did not include required information regarding the estimates (including the effective date of the mineral resources, the key assumptions and methods used to estimate such mineral resources, and any known risks that could materially affect the potential development of such mineral resources), did not disclose each category of resources separately, did not use applicable mineral resource categories, added inferred mineral resources to other categories of mineral resources and / or disclosed resources for properties owned by other issuers solely in the form of metal content. The Company has amended or removed the Summer 2013 and Winter 2013 corporate presentations, the Company's fact sheets and all video interviews that were formerly accessible on the Company's website. The Company's amended corporate presentation will be posted to the Company's website under the "Investors" tab concurrently with the filing of the amended technical report for the Crucero Gold Project.
The Company's Summer 2013 corporate presentation incorporated a diagram of the A-1 Zone Plan View Map showing the drill holes and mineralized zone of the Crucero Gold Project that had been carried over from a previous year's technical report, and that was not the most current available. Investors should rely on the current A-1 Zone Plan View Map which will be made available in the Company's corporate presentation.
The Company's Summer 2013 corporate presentation and the Korelin video interview that were formerly accessible on the Company's website described the Company as having "proven gold" and the Crucero Gold Project as having "measured" resources. As previously disclosed, the Company confirms that the Crucero Gold Project has NI 43-101 compliant mineral resource estimates in the indicated and inferred categories and the Invicta Gold Project has NI 43-101 compliant measured, indicated and inferred resources, but that none of the Company's projects currently have mineral reserves and the Crucero Gold Project does not have measured resources as those terms are defined by NI 43-101.
In those instances where the Company has amended, retracted or clarified previous disclosure, the Company advises readers not to rely on such statements as they may continue to be found in the public domain.
About the Company
Lupaka Gold is a well-financed, Peru-focused gold explorer with geographic diversification and balance through its asset-based resource projects spread across northern, central and southern Peru.
Lupaka Gold's flagship project is the Crucero Gold Project, its 5,500 hectare gold property is located in the northern part of Puno, a southern region of Peru. The Company holds a 100% indirect interest through Minera Pacacorral S.A.C. in the Crucero Gold Project.
As a result of the Company's recent acquisition of Andean American, Lupaka Gold's assets also include the 100% owned Invicta Gold Project in the central Lima region of Peru, which has near-term underground gold, silver and copper development potential. Lupaka Gold also owns a 17% stake in Southern Legacy Minerals Inc., owner of the AntaKori copper-gold deposit located in the northern Cajamarca region of Peru.
William Burstow, Lupaka Gold's consulting geologist and a "qualified person" as defined by NI 43-101, has reviewed and approved the scientific and technical information contained in this news release, and has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information or opinions contained in this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lupaka Gold Corp.
+1 (604) 681-5900
or visit the Company's website at www.lupakagold.com.