UNB
One mis-step after another.
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United Bolero clarifies past news releases
2005-05-27 15:56 ET - News Release
Mr. William Morton reports
UNITED BOLERO ANNOUNCES RETRACTION AND CLARIFICATION OF STATEMENTS IN PAST NEWS RELEASES
United Bolero Development Corp.'s management has been made aware that certain descriptive terms and disclosures used in recent press releases do not conform to National Instrument 43-101 disclosure requirements. This release will amend terms, provide clarification, and retract certain statements that were inappropriate or untimely.
In news reported in Stockwatch on May 17, 2005, the company reported the results of a preliminary scoping study by Mine Development Associates. This work was not based on a mineral resource estimate that complies with NI 43-101. The company retracts the information reported in the May 17, 2005, news release and cautions investors from relying on that information.
In news reported in Stockwatch on March 9, 2005, the company reported that it had identified a higher grade zone within the Cannivan Gulch deposit. This estimate was not prepared by a qualified person who is independent of the company and was based on historical results that have not been verified. The company retracts the information reported in the March 9, 2005, news release and cautions investors from relying on that information.
In news reported in Stockwatch on Feb. 4, 2005, the company released that Roscoe Postle had been employed to prepare a preliminary scoping study. Subsequent to the company paying Roscoe Postle for this work to be done it was determined the company Mine Development Associates would be a better fit for United Bolero's needs and notice was given to Roscoe Postle to terminate the initial agreement.
In news reported in Stockwatch on March 31, 2005, the company announced it expected to be drilling in May, 2005. Although permits were applied for this process, the company has not received approval to date and therefore can not commence drilling in the prereleased time frame. The fact that a final agreement was not consummated with First Star Ventures (as previously released) on the Bald Butte project has also influenced United Bolero's decision to explore other options with regard to advancing its molybdenum projects in Montana. Options may include, but are not limited to, drill programs and securing a new joint venture partner. A financing may or may not be required to carry this program out depending on the status of the latter option.
Management will continue to explore all avenues and will announce the decisions when they are arrived at. |
