Canada Silver, Updated 43-101 Technical Report filed on Graal Nickel & Copper Project

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Overig advies 08/05/2023 15:20
The company announces that it has filed an updated National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) compliant technical report dated April 6, 2023 on SEDAR for its Graal Nickel & Copper Project, Saguenay-Lac-St-Jean, Québec, Canada. The updated report was prepared by Claude Duplessis P.Eng. GoldMinds Geoservices Inc. QP and Hugues Guérin Tremblay P.Geo. Laurentia Exploration Inc. QP. The report updates the NI 43-101 report dated July 4, 2022 prepared by Claude Duplessis P.Eng. GoldMinds Geoservices Inc. QP, Hugues Guérin Tremblay P.Geo. Laurentia Exploration Inc. QP and Alizée Liénard, P. Geo. Laurentia Exploration Inc. The updated NI 43-101 report recommends a work program in an amount of $500,000 on the Graal project, including a diamond drilling program for 2,000 metres.

Management Cease Trade Order Announced.
The Company announces that it has obtained a management cease-trade order (“MCTO”) from the British Columbia Securities Commission (“BSCS”), the Company’s principal regulator, under National Policy 12-203 Management Cease Trade Orders (“NP 12-203”) with respect to the Company’s audited financial statements and management’s discussion and analysis for the financial year ended December 31, 2022 (collectively, the “Annual Documents”).

The MCTO prohibits the Chief Executive Officer and Chief Financial Officer of the Company from trading in securities of the Company until the Company files the Annual Documents and the BCSC revokes the MCTO. The issuance of the MCTO does not affect the ability of persons other than the CEO and CFO to trade in the Company’s securities.

Canada Silver Cobalt did not file the Annual Documents by the prescribed legal deadline of May 1, 2023 due to the fact that the Company had to make the necessary arrangements with its auditors to complete the audit of its annual financial statements. The Company has made the necessary arrangements for the audit and is working expeditiously with its auditors to complete the annual financial statements, with the goal of filing the Annual Documents on or before May 10, 2023.

Canada Silver Cobalt confirms that it intends to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it has not filed the Annual Documents. Canada Silver Cobalt is not currently subject to any insolvency proceedings. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this news release.

About Canada Silver Cobalt Works Inc.

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