Apex Resources Inc. Announces Cease Trade Order
November 23, 2020
November 23, 2020, Vancouver, BC., Apex Resources Inc. ("Apex") (TSXV: APX) was issued a Cease Trade Order (the "Cease Trade Order") by the British Columbia Securities Commission (the "Commission") on November 19, 2020 related to the Commission's technical disclosure review previously announced in the Company's news release dated December 13, 2019.
In its technical disclosure review, the Commission identified two material deficiencies related to 2013 and 2016 filings that lead to the Company being placed on the Commission's "Issuers in Default" list. Resource estimates prepared by the Company's joint venture partners for the East Emerald tungsten deposit on the Company's Jersey-Emerald property (the "Jersey-Emerald Property") and for the Kena and Gold Mountain zones on the Company's Kena-Daylight property (the "Kena-Daylight Property") had not been independently verified by the Company.
In February, 2020, the Company engaged Renaissance Geoscience Services Inc. of Kamloops, BC ("Renaissance") to prepare updated resource estimates for the Jersey-Emerald Property and the Kena-Daylight Property. The program involving site visits, drill core 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 and that the Company will be subject to the Cease Trade Order until: (1) the Company files a technical report to support the Company's earlier disclosure made in its May 26, 2016 Management Discussion and Analysis related to the Jersey-Emerald Property and in its January 22, 2018 news release related to the Kena-Daylight Property; and (2) the Executive Director of the Commission has revoked the Cease Trade Order.
The Company is presently reviewing all options to correct this situation as quickly as possible. Once the required disclosure has been filed, the Company will seek to have the Cease Trade Order revoked. The Company will provide updates as and when warranted.
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: moc.secruoserxpa@eelm or moc.secruoserxpa@ofni
This release was prepared by Apex's management. Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that Apex expects are forward-looking statements. Although Apex believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Apex, investors should review Apex's filings that are available at www.sedar.com or Apex's website at www.apxresources.com