July 5, 2016
As a result of a review by staff of the Ontario Securities Commission, Good Mining Exploration Inc. (“GMEI” or the “Company”) is issuing the following corrective news release regarding its prior disclosures made concerning the CanRee project.
Since November 5, 2014, the Company issued a series of news releases that were publicly available on the Company’s website, disclosing the results of a series of inferred and indicated mineral resource estimates for the CanRee exploration project, which must be withdrawn. The dates of these News Releases are listed below:
November 5, 2014
November 18, 2014
December 8, 2014
December 22, 2014
May 5, 2015
May 12, 2015
(the “News Releases”)
The Elliot Lake Research Field Station (the “Lab” or “ELRFS”), of Laurentian University, is the independent accredited commercial laboratory that the Company hired to perform assays on approximately 2300 core samples from the CanRee exploration project. All assay data disclosed in the aforementioned News Releases was certified by the Lab, and relied upon by the Company and its Qualified Person.
During a meeting on May 25, 2015, the Lab advised Management that due to an error in the interpretation of the results of the analysis process, technical information certified by the Lab was invalid. The Lab errors were disclosed to Management during final preparation of a 43-101 Technical Report co-authored by the Company in-house Professional Geologist (“P. Geo”), and an independent third party P. Geo contracted by the Company. On May 26, 2015, the Company was contacted by the Ontario Securities Commission (“OSC”) in respect of a failure to file the 43-101 Technical Report within regulatory timelines. The News Releases concerning the ELRFS sampling and the CanRee project were subsequently removed from the Company’s Website.
Given the withdrawal of the certified technical information by the Lab, the Company was unable to complete and file a 43-101 Technical Report, resulting in the Cease Trade Order being issued by the OSC on June 22, 2015. Management determined that it would be impractical to file a 43-101 Technical Report with no reportable assay results.
The Company has filed a lawsuit against Laurentian University for breach of contract and damages.
The Company has identified potential gold exploration targets following some limited surveying and sampling completed in Q3 2015. The Company intends to apply to the OSC to revoke the Cease Trade Order, so that it can raise additional funds to investigate and explore the new targets. The Company hired Joel Scodnick, P. Geo, who has significant experience working in the region, as its geologist. Mr. Scodnick, together with SGS Canada, have confirmed that an exploration program could be designed to investigate some magnetic anomalies, and anomalous sampling, to determine if GMEI holds a “property of merit”.
In December 2015, the Company applied for an Exploration Permit for its Bow-Mac Project with the Ministry of Northern Development and Mines (“MNDM”). On January 27, 2016 the Exploration Permit was granted by MNDM. Any future work and exploration on the claims held by the Company will be dependent on the Company being able to obtain a revocation of the Cease Trade Order from the Commission, and the Company being able to raise sufficient capital for the future work and exploration.
About GOOD Mining Exploration Inc. ( www.goodmining.com )
GOOD Mining Exploration Inc. is a privately-owned Junior Mining Exploration Company established and registered in the Province of Ontario, Canada, in October of 2012. The Company is involved primarily in prospecting, staking of claims, and the subsequent registration of those claims to acquire the mineral rights on high potential parcels of land in Northern Ontario. Further to that, advanced exploration techniques such as geophysics, diamond core drilling, channeling, pitting and trenching are executed as may be indicated.