Academy Ventures says resources not NI 43-101-compliant
2008-02-08 08:26 MT - News Release
Mr. Ioannis Tsitos reports
NEWS RELEASE CLARIFICATION ACADEMY VENTURES EXECUTES LETTER OF INTENT TO ACQUIRE BONASIKA Ltd AND ITS BAUXITE MINING & EXPLORATION ASSETS IN GUYANA
Academy Ventures is presenting a clarification in relation to the company's news in Stockwatch dated Feb. 7, 2008, about the execution of a binding letter of intent with Bonasika Ltd., the 100-per-cent holding company of Guyana Industrial Minerals Inc. (Ginmin). Ginmin is the holder of specific mineral titles in Guyana issued by the Guyana Geology and Mines Commission and the Minister of Mines of Guyana, as referred in the company's news release.
Data reported in the news release in relation to existing bauxite tonnage in the properties, have been provided by Ginmin. Most references to resources are classified as historical mineral resource estimates, and as already reported in the news release, estimations are based on historical drill holes by Demba, a Guyanese subsidiary of ALCAN, or other credible sources.
It must be noted that a qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon. The Bonasika feasibility study is not compliant with regulations and is intended for internal company use only.
Academy would like to re-enhance the fact that Bonasika will commence immediately the preparation of a National Instrument 43-101-compliant engineering report on the properties owned by Ginmin, as specified in the executed letter of intent. The report and consent of an independent qualified person will be submitted to the TSX Venture Exchange in conjunction with seeking its acceptance to the transaction within 45 days.
The company's qualified person and company's director is Egil Livgard, PEng.
