Deep-South Clarifies Technical Disclosure
VANCOUVER, BC, Feb. 17, 2023 /PRNewswire/ - Deep-South Resources Inc. ("Deep-South" or the Company) (TSXV: DSM) announces that, as a result of a continuous disclosure review by the British Columbia Securities Commission (the "BCSC"), the Company is issuing the following news release to clarify its disclosure as it pertains to its Technical Report entitled "Haib Copper Project 2020 Preliminary Economic Assessment" on the Haib Copper project near Noordover in the south of Namibia ("Technical Report"). The Technical Report was filed on SEDAR on February 1, 2021.
In order to satisfy several deficiencies with National Instrument 43- 101 - Standards of Disclosure for Mineral Projects ("NI 43-101") noted by the BCSC during its recent continuous disclosure audit of the Company, the Company understands it will need to amend the Technical Report accordingly. However, as the verdict of the High Court of Namibia concerning the review of the decision of the Minister of Mines of Namibia to not renew the Haib Copper licence is scheduled for February 23, 2023, the Company will await the verdict to make a decision to amend the Technical Report. Therefore, at the present time, Deep-South advises that the estimates and economic assessment in the current Technical Report should not be relied upon as they are not supported by a compliant NI 43-101 technical report.
Further, in connection with the BCSC's recent continuous disclosure review of the Company, and separate from the Technical Report item addressed above, Deep-South will also update and clarify additional disclosure contained on its website and in its corporate presentation to address such comments.
Deep-South Resources is a mineral exploration and development company. Deep-South's growth strategy is to focus on the exploration and development of quality assets in significant mineralized trends and in proximity to infrastructure in stable countries. In using and assessing environmentally friendly technologies in the development of its copper projects, Deep-South embraces the green revolution.
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.
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SOURCE Deep-South Resources Inc.
