Good Mining Exploration Inc. Announces Revocation of OSC Cease Trade Order and Future Plans
January 12, 2017: Coldwater, ON – Good Mining Exploration Inc. (“GMEI” or the “Company”) announces that the cease trade order (the “CTO”) issued by the Ontario Securities Commission (the “OSC”) on June 22, 2015 was revoked effective January 11, 2017.
Revocation of OSC Cease Trade Order
The OSC issued the CTO because the Company failed to file a technical report prepared by an independent qualified person, within 45 days of disclosure of information, as such term is defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101 “), with respect to certain mineral resource estimates that the Company made available to the public by posting them on its website beginning on November 5, 2014 and other mineral estimates made available on November 18, December 8 and 22, 2014 and May 5 and 12, 2015, as required by subsection 4.2(5)(a)(iii) and sections 5.1 and 5.3 of NI 43-101;
The Company was unable to file a technical report within the mandated timeline because it became aware that the assay results previously certified by the independent lab that processed the samples from its exploration program, which constituted all of the data required in the technical report under NI 43-101, were revoked by the laboratory due to lab error prior to the technical report being completed. The Company has filed a legal claim in the Ontario Superior Court of Justice against the laboratory for negligence and breach of contract.
The Company posted a News Release in its website on July 5, 2016 retracting the previous mineral estimates and advising that the above noted previously reported results had been issued based on certified results that were subsequently revoked by the testing laboratory due to their errors.
An independent geologist J-P Paiement of SGS Canada Inc., who is a “qualified person” as defined in NI 43-101, confirmed that there was no economic basis for reprocessing the cores from the CanRee area of the GMEI Bow-Mac Property.
After the revocation of the assays by ELRFS, GMEI began to focus on potential gold prospects in the Golden Target area of its property that were observed in the three drill holes obtained in 2014 under a permit approved by Ministry of Northern Development and Mines (“MNDM”) and First Nations. Under that permit GMEI drilled 3 exploratory drill holes within the Golden Target area of the Bow-Mac project property.
In 2015, the Company hired Joel Scodnick, P. Geo, who is a “qualified person” as defined in NI 43-101, and who has significant experience working in the region, as its geologist. Mr. Scodnick was laid off in 2016, pending the revocation of the CTO and the Company being able to raise capital going forward.
Under a further permit approved by MNDM and First Nations in 2015, in the summer or 2015, Mr. Scodnick supervised the drilling of three additional holes in the Golden Target area focusing on gold exploration. In addition, Mr. Scodnick together in consultation with Shaun Parent, J-P Paiement, Jerry Grant (all professional geologists) worked toward gold exploration in the Golden Target area conducting further field grid mapping, chip sampling, VLF survey, prospecting and geologic research. Based on the foregoing work, new gold exploration targets in the Golden Target area of the GMEI Bow-Mac Property have been identified.
Based on the above noted work, in December 2015 Mr. Scodnick on behalf of GMEI, with the backing of the local First Nations groups, submitted a further Exploration Permit Application with the MNDM. The permit was approved by the MNDM in January 2016.
Mr. Scodnick, together with SGS Canada, have confirmed that the exploration program based toward gold is designed to investigate some magnetic anomalies, and the anomalous sampling, and to determine if GMEI holds a “property of merit”. The additional permitted exploration program will be conditional upon raising exploration funds on a private placement basis.
On behalf of the Board Directors of GOOD Mining Exploration Inc.
President, Chief Executive Officer
Ph. 705-716-5948 / Email. firstname.lastname@example.org