Hudson Resources Inc

Published : December 16th, 2015

HUDSON CLARIFIES AND CORRECTS DISCLOSURE

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Keywords :   Calcium | Greenland | Market | Silica |

HUDSON CLARIFIES AND CORRECTS DISCLOSURE

e4f97456-0de6-4fde-b9ad-a2750e986236.pdf


FOR IMMEDIATE RELEASE TSX-V: HUD

December 15, 2015 OTC: HUDRF

NR2015-11


HUDSON CLARIFIES AND CORRECTS DISCLOSURE

As a result of a review by the British Columbia Securities Commission, we are issuing the following news release to clarify our disclosure.


Vancouver, BC - HUDSON RESOURCES INC. (the "Company") - (TSX Venture Exchange "HUD"; OTCQX "HUDRF") was informed on November 23, 2015 that the Corporate Finance Department of the B.C. Securities Commission (the "Commission") had selected Hudson for a technical disclosure review. As a result of that review, a number of disclosure deficiencies were identified.

On May 25, 2015, Hudson filed a Preliminary Economic Assessment (PEA) titled "Preliminary Economic Assessment (PEA) for Specialty Alumina Production from the White Mountain Anorthosite Deposit, West Greenland" dated March 30, 2015. It was determined that certain aspects of the PEA did not comply with the requirements of NI 43-101 and Form 43-101F1. As a result of the review, Hudson has filed an amended PEA titled "Amended Preliminary Economic Assessment (Amended PEA) for Specialty Alumina Production from the White Mountain Anorthosite Deposit, West Greenland" dated December 9, 2015.


The economics of the PEA have not been changed as a result of the review (See NR2015-1 dated March 30, 2015 "Hudson Reports Robust Preliminary Economic Assessment (PEA) for Specialty Alumina Production from the White Mountain Anorthosite Deposit"). The PEA is preliminary in nature and there is no certainty that the preliminary assessment and economics will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.


Issues raised by the Commission include:

  • The certificates of the four Qualified Person's responsible for the PEA contained some technical errors and omissions with respect to the responsibilities of each of the QP's. These have now been corrected in the Amended PEA.

  • There were numerous references to the word "ore" in the report. Part 2.3(3) of the Companion Policy 43-101 CP to National Instrument 43-101 (the CP) notes the use of the word "ore" in the context of mineral resource estimates to be potentially misleading because "ore" implies technical feasibility and economic viability that should only be attributed to mineral reserves. This has been corrected throughout the Amended PEA.

  • The report mistakenly referred to a "probable reserve" as opposed to an "indicated resource" in the

    Interpretations and Conclusions section of the PEA. This has now been corrected in the Amended PEA.

  • The PEA did not contain the required cautionary language and appropriate notes to the Mineral Resource Estimate. This has been corrected in the Amended PEA.

  • The PEA contained CIM Definition Standards for resources that were out of date. The Amended PEA has been updated to include the most recent CIM Definition Standards dated May 10, 2014.

  • The PEA contained other statements which where potentially confusing with respect to the processing plans and the end products produced for sale. The PEA has been amended to make it clearer that the report is a stand alone study to assess the economic potential of producing specialty alumina and the co-products amorphous silica and calcium silicate.

The Commission noted that the Company has in various press releases, presentations, and other forms of public disclosure discussed its plans on developing the White Mountain Project to mine anorthosite for the E-Glass (fiberglass) industry. Due to the commercially sensitive nature of the data when negotiating long-term purchase agreements, Hudson has chosen up to now to refrain from publishing a technical report.

The White Mountain project is 100% owned by Hudson through its subsidiary, Hudson Greenland A/S. The project is permitted for the production of high quality calcium feldspar anorthosite for the E-Glass (fiberglass) industry. Hudson plans on initiating and completing construction of the E-glass project in 2016.

In the absence of any preliminary economic assessment, pre-feasibility, or feasibility technical report and with no mineral reserves, as opposed to mineral resources, to support the permitted mining operation under development, the Commission requires additional disclosure on risk as per part 4.2(6) in the Companion Policy NI 43-101 CP (the "Instrument") to National Instrument 43-101.

As such, Hudson cautions the reader that where projects are put into production without first establishing mineral reserves, as opposed to mineral resources, supported by a technical report and completing a feasibility study such projects have historically had a higher risk of economic or technical failure.

Qualifications

Mr. John Goode, P.Eng. is a qualified person as defined by National Instrument 43-101 and is responsible for Sections 1 - 3, 13, 17.4 - 17.5, 18.5, 20.9, 21.1, 21.3 - 21.5, 21.8, 22, and 26 of the Amended PEA and has verified the disclosure in this release.

Ronald G. Simpson, B.Sc., P,Geo., President of Geosim Services Inc., is an independent Qualified Person as defined by NI 43-101 and is responsible for Section 14 of the Amended PEA and has verified the disclosure in this release.

Don Hains, P.Geo, is a qualified person as defined by National Instrument 43-101 and is responsible for Sections 1 - 3, 16, 17.1 - 17.3, 18.1 - 18.4, 20.1 - 20.8, 21.1, 21.2, 21.4 - 21.7 and 22 of the Amended PEA and has

verified the disclosure in this release.

Dr. Michael Druecker is a qualified person as defined by National Instrument 43-101 and is responsible for Sections 1 - 12, 15, 19, 23 - 27 of the Amended PEA and has verified the disclosure in this release.


ON BEHALF OF THE BOARD OF DIRECTORS

"James Tuer"

James Tuer, President


For further information:

James Tuer, President

Ph: 604-628-5002 or 604-688-3415

[email protected]


Forward-Looking Statements

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this news release, including, without limitation, statements regarding the use of proceeds from the private placement, and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include market prices, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Read the rest of the article at www.noodls.com
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Hudson Resources Inc

EXPLORATION STAGE
CODE : HUD.V
ISIN : CA44415F1036
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Hudson Res. is a silver and gold exploration company based in Canada.

Hudson Res. holds various exploration projects in Greenland.

Its main exploration properties are GARNET LAKE in Canada and SARFARTOQ in Greenland.

Hudson Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 4.0 millions as of today (US$ 3.2 millions, € 3.0 millions).

Its stock quote reached its highest recent level on February 02, 2007 at CA$ 2.41, and its lowest recent point on June 16, 2023 at CA$ 0.03.

Hudson Res. has 134 600 000 shares outstanding.

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Financings of Hudson Resources Inc
4/5/2011Closes Equity Financing and Overallotment Option Exercised f...
4/1/2011. Announces Signing of Underwriting Agreement and Pricing of...
4/12/2010CLOSES $5,000,000 PRIVATE PLACEMENT
3/12/2010ANNOUNCES PRIVATE PLACEMENT
12/16/2009Confirms $1.6M Raised by Exercise of Warrants
6/16/2009 Private Placement
Nominations of Hudson Resources Inc
11/6/2012Announces Appointment of Herb Wilson to Board
5/3/2010ANNOUNCES BOARD CHANGES AND APPOINTMENT OF CFO
Project news of Hudson Resources Inc
2/19/2014s Alumina Development Program at its White Mountain Anorthos...
11/27/2013Completes Community Meetings for the White Mountain Project ...
9/19/2013Produces High Quality Alumina From Its White Mountain Anorth...
1/23/2013Reports 94% Aluminum Extraction from Initial Leaching Testwo...
9/24/2012s Rare Earth Project and Introduces New Anorthosite Project ...
12/7/2011(Sarfartoq)Reports Robust Preliminary Economic Assessment (PEA) for the...
7/12/2011(Sarfartoq)Awards Sarfartoq REE Project Environmental Impact Study
6/9/2011(Sarfartoq)Awards Sarfartoq Rare Earth Project Preliminary Economic Ass...
4/14/2011(Sarfartoq)Presents Sarfartoq REE Project to European Parliament
2/21/2011(Sarfartoq)Clarifies Continuous Disclosure Statements
8/12/2010(Sarfartoq) Drills 310M of 1.0% treo including 94M of 1,8% treo at Sarf...
5/27/2010(Sarfartoq)Provides Update on Drilling Program at Sarfartoq Rare Earth ...
11/5/2009(Sarfartoq)Drill Results Confirm High Grade Rare Earth Zones on the Gre...
9/17/2009Reports Additional High Grade Rare Earth Assays from Greenla...
9/9/2009(Sarfartoq)Commences Drilling Greenland Rare Earth Project
8/11/2009Exploration Program Delineates Three High Grade Rare Earth D...
7/23/2009(Sarfartoq)Completes first phase of Rare Earth exploration program
2/20/2009(Garnet Lake)2008 Garnet Lake Bulk Sample Results and Additional High Gra...
12/5/2008(Sarfartoq)IDENTIFIES HIGH GRADE NIOBIUM, URANIUM & TANTALUM
9/10/2008(Garnet Lake)GREENLAND DIAMOND PROJECT SEPTEMBER UPDATE
Corporate news of Hudson Resources Inc
7/26/2016HUDSON COMMENCES CONSTRUCTION AT THE WHITE MOUNTAIN ANORTHOS...
4/19/2016HUDSON SIGNS MANDATE LETTER WITH THE EUROPEAN INVESTMENT BAN...
12/16/2015HUDSON CLARIFIES AND CORRECTS DISCLOSURE
12/15/2015Hudson Clarifies and Corrects Disclosure
10/2/2015HUDSON SIGNS EXPLOITATION LICENSE AND IMPACT BENEFIT AGREEME...
9/17/2015HUDSON CLOSES SECOND TRANCHE OF EQUITY FINANCING FOR TOTAL P...
9/11/2015HUDSON AWARDED 30 YEAR MINING LICENSE FOR THE WHITE MOUNTAIN...
9/9/2015HUDSON ANNOUNCES GRANTS OF OPTIONS
9/3/2015HUDSON CLOSES EQUITY FINANCING FOR TOTAL PROCEEDS OF $4,023,...
8/20/2015HUDSON SECURES SHORT TERM BRIDGE LOAN
8/19/2015Hudson Secures Short Term Bridge Loan
8/8/2015HUDSON ANNOUNCES PRIVATE PLACEMENT
7/30/2015HUDSON SIGNS 10-YEAR GLOBAL SUPPLY AGREEMENT FOR THE WHITE M...
7/30/2015IIROC Trading Resumption - HUD
7/30/2015IIROC Trading Halt - HUD
3/30/2015HUDSON REPORTS ROBUST PRELIMINARY ECONOMIC ASSESSMENT (PEA) ...
3/30/2015Reports Robust Preliminary Economic Assessment (PEA) for Spe...
12/11/2014HUDSON PRODUCES SPECIALTY GRADE CALCINED ALUMINA USING WHITE...
7/29/2014Hudson's White Mountain Calcium Feldspar Used Successfully i...
5/2/2014Hudson Initiates Mining Application for Its White Mountain A...
4/24/2014Hudson Announces Grants of Options
8/7/2013Continues to Advance Its White Mountain Anorthosite Project ...
4/4/2013Commences Prefeasibility Study for the White Mountain Anorth...
2/12/2013Aheadoftherd Must Read - Anorthosite Has Huge Three Market P...
1/30/2013Reports Indicated Resource of 27.4 Million Tonnes for the Wh...
1/21/2013(Sarfartoq)Reports High Grade Rare Earth Assays from 2012 Drill Program...
10/12/2012Announces Grants of Options and Corporate Update
9/9/2011Drills Highest Grade Intervals to Date at its Greenland Rare...
6/6/2011Retains Brisco Capital to Provide Investor Relation Services
5/10/2011Commences 10,000M Rare Earth Drill Program in Greenland
3/10/2011ANNOUNCES PROPOSED EQUITY FINANCING
2/2/2010APPROVES 2010 FIELD PROGRAM FOR ITS RARE EARTH PROJECT IN GR...
1/26/2010ADDS JOHN MCCONNELL AS DIRECTOR
11/26/2009Hong Kong Rare Earth Conference Summary
11/5/2008CONVERTS TECK DEBT TO EQUITY
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