(TheNewswire)
November 23, 2020 - TheNewswire- Vancouver, BC., Apex Resources Inc.("Apex") (TSXV:APX) was issued a Cease Trade Order (the"Cease Trade Order") by the British Columbia SecuritiesCommission (the "Commission") on November 19, 2020 relatedto the Commission's technical disclosure review previously announcedin the Company's news release dated December 13, 2019.
In its technical disclosure review, the Commissionidentified two material deficiencies related to 2013 and 2016 filingsthat lead to the Company being placed on the Commission's"Issuers in Default" list. Resource estimates prepared bythe Company's joint venture partners for the East Emerald tungsten deposit on theCompany's Jersey-Emerald property (the "Jersey-EmeraldProperty") and for the Kena and GoldMountain zones on the Company's Kena-Daylightproperty (the "Kena-Daylight Property") had not been independently verified by the Company.
In February, 2020, the Company engaged RenaissanceGeoscience Services Inc. of Kamloops, BC ("Renaissance") toprepare updated resource estimates for the Jersey-Emerald Property andthe Kena-Daylight Property. The program involving site visits, drillcore inspections and core sampling by Renaissance commenced in March,2020 and final reports were submitted to the Commission in October,2020.
The Commission notified the Company on November 19,2020 that the reports submitted in October, 2020 are unacceptable andthat the Company will be subject to the Cease Trade Orderuntil : (1) the Company files a technical reportto support the Company's earlier disclosure made in its May 26, 2016Management Discussion and Analysis related to the Jersey-EmeraldProperty and in its January 22, 2018 news release related to theKena-Daylight Property; and (2) the Executive Director of theCommission has revoked the Cease Trade Order.
The Company is presently reviewing all options tocorrect this situation as quickly as possible. Once the requireddisclosure has been filed, the Company will seek to have the CeaseTrade Order revoked. The Company will provide updates as and whenwarranted.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Marc Lee, Investor and Corporate Communications
Tel: (604) 628-0519 Fax: (604) 628-0446
Email: mlee@apxresources.com or info@apxresources.com
This release was prepared by Apex's management. Neither TSX Venture Exchange nor its Regulation ServicesProvider (as the term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisrelease. This news release includes certain statements that may bedeemed "forward-looking statements." All statements in thisrelease, other than statements of historical facts, that addressfuture production, reserve potential, exploration drilling,exploitation activities and events or developments that Apex expectsare forward-looking statements. Although Apex believes theexpectations expressed in such forward-looking statements are based onreasonable assumptions, such statements are not guarantees of futureperformance and actual results or developments may differ materiallyfrom those in the forward-looking statements. Factors that could causeactual results to differ materially from those in forward-lookingstatements include market prices, exploitation and exploration successes,and continued availability of capital and financing, and generaleconomic, market or business conditions. Investors are cautioned thatany such statements are not guarantees of future performance and thoseactual results or developments may differ materially from thoseprojected in the forward-looking statements. For more information onApex, investors should review Apex's filings that are available at www.sedar.com orApex's website at www.apxresources.com .
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