FSC / Press Release
Coventry Removes Analyst Reports from Website
Not For Distribution In The United States Or Dissemination Through Any U.S.
Vancouver, British Columbia CANADA, February 15, 2013 /FSC/ - Coventry Resources
Inc. (TSX-V:CYY, ASX:CYY)("Coventry" or, the "Company") announces that, as a
result of a review by the British Columbia Securities Commission (the "BCSC"),
it has removed from its website research reports prepared by Argonaut Securities
Pty Ltd., an Australian investment dealer (the "Argonaut Reports"). The
Argonaut Reports were posted to the Company's website in error following an
overhaul of the Company's website subsequent to its recent merger with an ASX
listed issuer. The Company regrets this oversight. The Company is issuing this
news release to clarify certain disclosure contained in the Argonaut Reports.
Among other things, the Argonaut Reports contained share price guidance. By
posting this information on its website, this might have been interpreted as the
Company giving guidance as to the future value or price of its securities. To
do so would be a breach of the Securities Act (British Columbia) (the "Act").
The Company expressly disclaims any forecast as to its future share price.
The Argonaut Reports also contained disclosure that does not comply with
National Instrument 43-101 - Standards of Disclosure of Mineral Projects ("NI
43-101") or the Act. Specifically:
* The Argonaut Reports disclosed results of a mining study that was not in
compliance with NI 43-101 and that did not contain cautionary language required
by NI 43-101.
* The Argonaut Reports disclosed a quantity of gold in excess of what the
Company's technical reports and exploration results to date support.
* The Argonaut Reports disclosed a resource estimate for the Company's Cameron
Lake Property that did not comply with various requirements of NI 43-101 for
disclosure of resource classification, tonnage, grade, disclosure of each class
of resource separately and not adding inferred resources to other classes of
The Argonaut Reports are not supported by the Company's previous disclosure and
are not supported by a technical report under NI 43-101. The resource and
reserve estimates and economic projections in the Argonaut Reports should not be
relied upon. Reference should be made to the current technical disclosure on
the Company's website (at www.coventryres.com) and to the Company's current
technical reports available on the Company's website and under the Company's
profile on SEDAR at www.sedar.com.
The Company also wishes to clarify disclosure related to its Rainy River
Project. The Rainy River Project is located in the western-most part of Northern
Ontario, immediately to the north of Canada's border with the United States. The
Company's rights to the Rainy River Project are derived primarily from options
held by the Company to acquire, in the aggregate, 132.7 square kilometres of
mineral rights. These options over specific parcels will be exercised or
allowed to lapse as exploration results warrant.
To date, the Company has completed only the first stage of its evaluation of the
Rainy River Project consisting of a detailed interpretation of geophysical data,
geological mapping, geochemical water sampling, 46 backhoe dug pits and 181
reverse circulation drillholes (4,349 metres) for geochemical analyses.
There is no current or, to the best of the Company's knowledge, historical
mineral resource or reserve estimates on the Rainy River Project and the Company
has not completed (or commenced) any preliminary economic assessment,
pre-feasibility or feasibility study on the viability of the Rainy River
The Rainy River Project is adjacent to the Rainy River deposit owned by Rainy
River Resources Ltd. and information regarding the project owned by Rainy River
Resources Ltd. is not necessarily indicative of the mineralization on Coventry's
Rainy River Project.
The Company's Rainy River Project is a grass roots exploration project and at
this time, the Company's primary focus is on the Cameron Gold Camp Project, the
Company's only material mineral project.
About Coventry Resources Inc.
Coventry Resources Inc. is focused on the advancement the Cameron Gold Camp
Project in north-western Ontario, Canada. A positive preliminary economic
assessment ("PEA"1) was announced on January 15, 2013 confirming favourable
economics for the Cameron Gold Camp Project. In addition to the existing
resource, Coventry has identified a number of exploration targets along the
Cameron Lake Shear Zone where the Company believes it can continue to expand
Coventry's resource base. The Company is led by a strong management team with a
proven ability to explore, develop, finance and operate mining projects.
For further information about Coventry Resources Inc., please contact:
President and CEO
1 (416) 364 3700
Vice President, Investor Relations
1 (604) 899 1505
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.
Tony Goddard, Vice-President Exploration and Director of Coventry Resources
Inc., who is supervising the Company's exploration at the Rainy River Project,
and is a "qualified person" as defined by NI 43-101, is responsible for the
content of this press release.
Preliminary Economic Assessment
1 A PEA is preliminary in nature as it includes inferred mineral resources that
are considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral reserves at
this time, and as such there is no certainty that the preliminary assessment and
economics set forth in the PEA will be realized.
This press release is available in PDF. Please click on the following link to
view the PDF file:
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-0- Feb/16/2013 0:30 GMT
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