VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2012) - Mesa Exploration Corp. (TSX VENTURE:MSA)(PINKSHEETS:MSAJF)
(the "Company") announces that, as a result of a review by the British Columbia Securities Commission, we are issuing the following news release to clarify our disclosure.
Changes have been made to the Company's corporate presentation (the "Corporate Presentation") which is available on our website. Slide 16 of the Corporate Presentation stated that the Moonshine Spring Project is "adjacent to a 4 million pound U308 deposit owned by Denison Mines". The reference to "4 million pound" has been deleted from this statement because it is not compliant with section 2.2(d) of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), as it only reported contained pounds of uranium. The statement "Surface potash brine estimated to contain 5.1 million tons KCl (not 43-101)" has been deleted from Slide 7, as it does not include the disclosure regarding historical estimates required by section 2.4 of NI 43-101. Slide 13 of the Corporate Presentation stated that the Green Energy Project has a "potential for millions of barrels of brine, $30.00 gross value per barrel". The reference to "$30.00 gross value per barrel" has been deleted from this statement, as its inclusion is contrary to section 2.3(1) of NI 43-101, which prohibits the disclosure of the gross value of metal or mineral in a deposit. Also, in order to comply with section 3.1 of NI 43-101, Dana Durgin, AIPG Certified Professional Geologist and technical advisor to the Company has been added to the Corporate Presentation and the Company's website as the Qualified Person responsible for the technical disclosure set out therein.
In addition, the Company intends to re-file its Management's Discussion and Analysis for the year ended March 31, 2012 (the "filed MD&A"). The nature and substance of the changes to be made to the filed MD&A are as follows:
- The filed MD&A states, "The 6 million pound Moonshine Springs uranium deposit is located within 2 miles of the project". The re-filed MD&A will remove the reference to the number of pounds from this statement because its inclusion is contrary to section 2.2(d) of NI 43-101, as it only reported contained pounds of uranium.
- The filed MD&A indicates that a 1966 report suggests the Green Energy project has a "minimum brine reservoir of 15 million barrels with upside in the hundreds of millions of barrels." The re-filed MD&A will delete this statement, as it does not contain the disclosure regarding historical estimates required by section 2.4 of NI 43-101.
- The re-filed MD&A will indicate that the technical reports prepared for the Company, which are referred to in the MD&A, were prepared by Dana Durgin, AIPG Certified Professional Geologist and a Qualified Person as defined by NI 43-101, so as to comply with section 3.1 of NI 43-101.
- The re-filed MD&A will include revised disclosure regarding the Lisbon Valley Project which will state that "during the year ended March 31, 2011, the Company recognized a partial impairment on the property due to the expiration of some claims. For the year ending March 31, 2012, the Company has renewed all current claims and is maintaining its mineral property interests for future development."
- The re-filed MD&A will include an analysis of liquidity, including its ability to generate sufficient amounts of cash, the Company's expected fluctuations in liquidity, working capital requirements for the next 12 months and liquidity risks.
- The re-filed MD&A will include a comparison of disclosure previously made about how the Company was going to use proceeds from any financing, an explanation of variances and the impact of the variances on the Company's ability to achieve its business objectives and milestones.
- The re-filed MD&A will delete the discussion regarding Controls and Procedures and Disclosure, Controls and Procedures, which are voluntary disclosures for the Company.
About Mesa Exploration Corp.
Mesa is developing and exploring a portfolio of mineral properties in the United States where it controls significant land holdings in proven mining districts with excellent access and infrastructure. Mesa currently has 14.8 million shares issued and outstanding, 50% of the shares are controlled by insiders and institutions. For further information please visit our website at www.MesaExploration.com.
ON BEHALF OF THE BOARD
MESA EXPLORATION CORP.
Foster Wilson, President and CEO
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company 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 unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com.
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.