As a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify our disclosure.
On November 16, 2015 in an interview was conducted with analyst Jay Taylor, wherein the Company disclosed a non-compliant resource and made other statements that did not have sufficient cautionary language. Therefore the Company provides the following clarifications:
A) The Ladner Gold Project (Carolin Mine) has an NI 43-101 compliant inferred resource estimate of 607,000 oz au grading 1.5 g/t with a .5 g/t cut off.
B) The Tailings Storage Facility has an NI 43-101 indicated resource estimate of approx. 24,000 oz au grading 1.83 g/t with a 1 g/t cutoff, and an inferred resource of 5000 oz au grading 1.85 g/t with 1 g /t cutoff. The report notes that approx. 85,000 oz au were processed during production from 1982-1984. Approx. 45,000 oz au was recovered and the balance reported to the tailings. However there have been insufficient studies to verify potential material remaining in the tailings beyond the current resource estimate and it is uncertain if further studies will result in the delineation of additional mineral resources.
C) The McMaster Zone has an NI 43-101 inferred resource estimate of 79,000 oz au grading 1 g/t with a .5 g/t cut-off.
D) The Company has amended presentation materials to more prominently display current resource estimates.
Work recommendations include confirmation of historical resource estimates underground at the Carolin Mine and continued exploration and drilling from surface at the McMaster Zone.
The Company advises readers not to rely on such previous statements as they may continue to be found in the public domain and we direct the reader to the most current Technical Report dated May 29, 2015, prepared for the Company by Cliff Pearson P.Geo an independent Qualified Person, for further information.
For more detailed information, technical reports and resource estimates can be found on the Company's website @ www.newcarolingold.com.
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based junior company focused on the exploration, evaluation and development of our strategic 144 sq. kms of contiguous mineral claims, collectively known as the Ladner Gold Project. The project is located near Hope, BC, in the prospective and under-explored Coquihalla Gold Belt, which is host to several historic small gold producers including the Carolin Mine, Emancipation Mine, Pipestem Mine and numerous gold prospects.
For additional information, please visit the Company's website at www.newcarolingold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
'Robert L. Thast'
President & Chief Executive Officer
Phone: 604-542-9458
Cell: 604.220.5031
E-mail: [email protected]
Web site: www.newcarolingold.com
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 the accuracy of this press release.
Caution concerning forward-looking information
This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.