a little too optimistic in their reporting:
Liberty Silver Provides Update on Technical Report and Clarifies Disclosure
TORONTO, ONTARIO--(Marketwire - Feb. 28, 2013) - Liberty Silver Corp. (TSX:LSL) ("Liberty Silver" or the "Company") announces that it has submitted to staff of the Ontario Securities Commission ("OSC") its technical report to support the updated resource estimate announced on January 7, 2013 with respect to its Trinity Silver Project. As a result of a review by staff of the OSC, the Company is providing the following update and clarification, regarding its disclosure on the Trinity Silver Project.
The report prepared by SRK Consulting (US) Inc. ("SRK") and submitted by the Company to staff of the OSC, built upon a previous resource estimate contained in the National Instrument 43-101 ("NI 43-101") technical report dated December 1, 2011 and filed on SEDAR (www.sedar.com). The December 2011 inferred resource estimate utilized historic results from over 400 drill holes on the property, the data from which have been included in a GIS database. During 2012, the Company drilled 18 RC holes near the main Trinity Silver deposit area which assisted in validating the December 2011 inferred resource estimate. The new technical report prepared by SRK, and submitted to staff of the OSC, includes the results of Liberty Silver's 2012 RC drilling program and the unverified historical drilling on the Hi Ho Property, which is located immediately adjacent to the historical open pit area. The Hi Ho Property and the Company's 2012 drilling results were not included in the December 2011 technical report.
The staff of the OSC expressed concerns with the uncertainty related to the mid-1980's historical drilling from the Hi Ho Property acquired in 2012. It has been determined that additional confirmatory drilling, which was identified and recommended in the new technical report, be completed to verify the historical drilling prior to preparing an updated resource estimate. As a result, the new technical report will not be filed by the Company on SEDAR.
The Company is evaluating an appropriate confirmatory drilling program to support the use of historical results in an updated resource estimate to be prepared in accordance with NI 43-101. The Company has engaged SRK, the Company's independent engineering firm and one of the largest global firms of its kind, to prepare an updated resource estimate when the confirmatory drilling program is completed. There can be no assurance that any confirmatory drilling will be successful or that any results of confirmatory drilling will support an updated NI 43-101 resource estimate for the Trinity Silver Project.
Accordingly, the Company retracts the announcement of an updated resource estimate made on January 7, 2013 and cautions investors that no reliance should be made on this resource estimate disclosure. Please refer to the December 1, 2011 technical report for the inferred resource estimate on the Trinity Silver Project.
This release has been reviewed by Tim Percival, CPG, Reno, Nevada, consultant to the Company and a Qualified Person as defined in NI 43-101
AI
