VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/03/15 -- WPC Resources Inc. (the "Company" or "WPC") (TSX VENTURE: WPQ) announces that, as a result of a review by the British Columbia Securities Commission ("BCSC"), the Company is clarifying disclosure relating to its previous technical disclosure for the Ulu Gold Property ("Ulu"). The BCSC has placed the Company on the Commission's Issuers in Default List as a result of NI 43-101 compliance issues regarding the resource estimate in the recently filed Ulu technical report.
On April 14, 2015 the Company issued a press release announcing an updated mineral resource estimate for Ulu and on June 1, 2015 the Company filed a technical report titled "Technical Report on the Ulu Gold Property, Nunavut, Canada" dated May 26, 2015 (the "Report"). The mineral resource estimate contained in the Report is unsupported by a compliant technical report, contrary to NI 43-101, and should not be relied on until supported by a new or amended technical report.
To address the deficiencies contained in the Report, the Company is preparing a new technical report to address any non-compliance issues. G. H. Giroux, P.Eng. of Giroux Consulting Inc., Bob Singh, P.Geo. of North Face Software Ltd. and Paul Cowley, P.Geo. of Buena Tierra Developments Ltd., are Qualified Persons as defined in NI 43-101 and have reviewed or supervised the preparation of the technical content in this news release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains certain "forward-looking information" within the meaning of Canadian securities laws. Actual results may differ materially from those indicated by such forward-looking information. All information included herein, other than statements of historical fact, including the expected completion of the Offering and the timing thereof, and the expected use of proceeds are forward-looking statements and involves various risks and uncertainties. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. 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 accuracy of this Release.
Issued and Outstanding: 65,500,304 Common Shares
Contacts:
WPC Resources Inc.
Stephen Wilkinson
President
778-379-1433
