Spanish Mountain Gold Clarifies Technical Disclosure
1120‐1095 West Pender Street
Vancouver, British Columbia, V6E 2M6
Tel: 604.601.3651
January 21, 2019
Spanish Mountain Gold Clarifies Technical Disclosure
Vancouver, BC ‐ Spanish Mountain Gold Ltd. (the “Company”) (TSX‐V: SPA) 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:
1. In its news releases and corporate presentation, the Company has made certain
statements about its mineral resources that are not in compliance with the
requirements of National Instrument 43‐101 Standards of disclosure for Mineral Project.
These statements should not be relied upon. Amendments have been made to the
corporate presentation. To clarify, the Company has only defined mineral resources for
its project, which are not mineral reserves and do not have demonstrated economic
viability. Inferred mineral resources cannot be added to measured and indicated
resources. The Company has not commenced any feasibility study in accordance with NI
43‐101 to support a mineral reserve estimate for the project. There is no basis to
support that the recent drill results may improve the Project’s economics over its 2017
Preliminary Economic Assessment. Furthermore, the Second Zone should have been
referred as the resource ounces within the current resource that have not been included
in the 2017 PEA.
2. There are a number of places where the technical report dated May 17, 2017 does not
comply with the requirements of NI 43‐101 and Form 43‐101F1. The Company is
currently addressing the issues and will make amendments to the technical report to
comply with the requirements. An amended report will be filed on SEDAR as soon as it
is available. The technical report, as currently filed, does not comply with the
requirements of NI 43‐101. Until a compliant technical report is filed, the mineral
resources are not supported by a technical report and should not be relied upon.
3. The cautionary statements in the corporate presentation regarding the inclusion of
mineral resources in a PEA have been revised to conform to CIM Definition Standards.
4. In the Company’s news releases, website and investor relations materials, there are
instances where qualify person disclosure does not accompany the presented technical
information, which is contrary to the requirement of NI 43‐101 s.3.1. The Company has
amended its website and IR materials to reflect that Judy Stoeterau, P.Geo, an Officer
and VP‐Geology of the Company, is the Qualified Person as defined under NI43‐101.
Except as otherwise indicated, Ms. Stoeterau has approved the scientific and technical
information.
About Spanish Mountain Gold
Spanish Mountain Gold Ltd is focused on advancing its flagship Spanish Mountain gold project in
southern central British Columbia. The Company has adopted a two‐zone project approach in
which the pit‐delineated high grade core (the First Zone) of the multi‐million ounce resource is
expected to sustain a robust stand‐alone operation exceeding 24 years. The positive economics
of the First Zone have been demonstrated in a Preliminary Economic Assessment completed in
2017. Furthermore, the resource ounces not included in the PEA (the Second Zone) present
future opportunities for the project. Additional information about the Company is available on
its website: www.spanishmountaingold.com.
On Behalf of the Board,
SPANISH MOUNTAIN GOLD LTD.
Larry Yau
Chief Executive Officer
Inquiries:
Spanish Mountain Gold Ltd.
Phone: (604) 601‐3651
E‐mail: [email protected]
Website: www.spanishmountaingold.com
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward‐looking information, which involves known and unknown risks, uncertainties and
other factors that may cause actual events to differ materially from current expectation. Important factors that could
cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents
filed from time to time on www.sedar.com. Readers are cautioned not to place undue reliance on these forward‐
looking statements, which speak only as of the date of this press release. The company disclaims any intention or
obligation, except to the extent required by law, to update or revise any forward‐looking statements, whether as a
result of new information, future events or otherwise.