16 DECEMBER 2015Hudson Resources Press Release
Hudson files amended PEA for Specialty Alumina production
Edited by : AL CIRCLE
2 min read
Hudson Resources Inc. informed on November 23, 2015 that the Corporate Finance Department of the B.C. Securities Commission had selected Hudson for a technical disclosure review. As a result of that review, a number of disclosure deficiencies were identified.
On May 25, 2015, Hudson filed a Preliminary Economic Assessment (PEA) titled "Preliminary Economic Assessment (PEA) for Specialty Alumina Production from the White Mountain Anorthosite Deposit, West Greenland" dated March 30, 2015. It was determined that certain aspects of the PEA did not comply with the requirements of NI 43-101 and Form 43-101F1. As a result of the review, Hudson has filed an amended PEA for Specialty Alumina production from the White Mountain Anorthosite Deposit, West Greenland dated December 9, 2015.
The economics of the PEA have not been changed as a result of the review. The PEA is preliminary in nature and there is no certainty that the preliminary assessment and economics will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Issues raised by the Commission include:
• The certificates of the four Qualified Person's responsible for the PEA contained some technical errors and omissions with respect to the responsibilities of each of the QP's. These have now been corrected in the Amended PEA.
• There were numerous references to the word "ore" in the report.
• The report mistakenly referred to a "probable reserve" as opposed to an "indicated resource" in the Interpretations and Conclusions section of the PEA. This has now been corrected.
• The PEA did not contain the required cautionary language and appropriate notes to the Mineral Resource Estimate. This has been corrected in the Amended PEA.
• The PEA contained CIM Definition Standards for resources that were out of date. The Amended PEA has been updated to include the most recent CIM Definition Standards dated May 10, 2014.
• The PEA contained other statements which where potentially confusing with respect to the processing plans and the end products produced for sale. The PEA has been amended accordingly.
The White Mountain project is 100% owned by Hudson through its subsidiary, Hudson Greenland A/S. The project is permitted for the production of high quality calcium feldspar anorthosite for the E-Glass (fiberglass) industry. Hudson plans on initiating and completing construction of the E-glass project in 2016.
On May 25, 2015, Hudson filed a Preliminary Economic Assessment (PEA) titled "Preliminary Economic Assessment (PEA) for Specialty Alumina Production from the White Mountain Anorthosite Deposit, West Greenland" dated March 30, 2015. It was determined that certain aspects of the PEA did not comply with the requirements of NI 43-101 and Form 43-101F1. As a result of the review, Hudson has filed an amended PEA for Specialty Alumina production from the White Mountain Anorthosite Deposit, West Greenland dated December 9, 2015.
The economics of the PEA have not been changed as a result of the review. The PEA is preliminary in nature and there is no certainty that the preliminary assessment and economics will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Issues raised by the Commission include:
• The certificates of the four Qualified Person's responsible for the PEA contained some technical errors and omissions with respect to the responsibilities of each of the QP's. These have now been corrected in the Amended PEA.
• There were numerous references to the word "ore" in the report.
• The report mistakenly referred to a "probable reserve" as opposed to an "indicated resource" in the Interpretations and Conclusions section of the PEA. This has now been corrected.
• The PEA did not contain the required cautionary language and appropriate notes to the Mineral Resource Estimate. This has been corrected in the Amended PEA.
• The PEA contained CIM Definition Standards for resources that were out of date. The Amended PEA has been updated to include the most recent CIM Definition Standards dated May 10, 2014.
• The PEA contained other statements which where potentially confusing with respect to the processing plans and the end products produced for sale. The PEA has been amended accordingly.
The White Mountain project is 100% owned by Hudson through its subsidiary, Hudson Greenland A/S. The project is permitted for the production of high quality calcium feldspar anorthosite for the E-Glass (fiberglass) industry. Hudson plans on initiating and completing construction of the E-glass project in 2016.
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