Advertisements

Canoro Resources Ltd. (CNS.H:CA) News

Related Symbols:  

Related Topics:  


 October 27, 2010 - 5:08 PM EDT
Print Email Article Font Down Font Up
Canoro Resources Ltd. Demands Accurate Disclosure by Assam Company India Limited, Its Joint Venture Partner in the Amguri PSC Oil and Gas Fields
Canoro Resources Ltd. Demands Accurate Disclosure by Assam Company India Limited, Its Joint Venture Partner in the Amguri PSC Oil and Gas Fields
    <<


    >>

VANCOUVER, British Columbia, Oct. 27 /CNW/ -- Canoro Resources Ltd. (the "Company") (TSXV: CNS) wishes to notify investors and other stakeholders that it believes certain information regarding indicated recoverable resources from the Amguri and AA-ON/7 projects that has been publicly disclosed by Assam Company Limited ("Assamco") (BSE: ASSAMCO), its minority joint venture partner in the Amguri production sharing contract in India (the "Amguri PSC"), in its corporate presentation and in its 2010 Annual Report contains numerous material misrepresentations and does not correspond to the reserves report dated March 31, 2010 authored for the Company by Sproule International Limited ("Sproule"). Sproule is an independent full-service international geological, geophysical, and petroleum engineering consulting company. Such disclosures by Assamco include:

    <<

    --  Incorrect and materially overstated recoverable resources estimates;
    --  Overstatement of Assamco's share of reserves; and
    --  Misleading categorization of resources.


    >>

In its disclosure, Assamco has alleged that its technical data is based upon various reports authored by Sproule.

The Company cautions investors not to rely upon Assamco's disclosure in evaluating the Amguri PSC, its reserves, the Company's interest therein and the Company.

In conjunction with the foregoing, the Company has demanded that Assamco and Sproule provide corrective disclosure respecting the misrepresentations.

We wish to make it perfectly clear that we believe Assamco's public disclosures regarding the indicated recoverable resources from the Amguri and AA-ON/7 projects are not supported by fact, and that we will not condone such misleading disclosure.

    <<
    For further information, please visit the Company's website at
     www.canoro.com or contact: Rene Randall
    Telephone: 1 (604) 408 8538
    Email:  rrandall@bmgmt.com


    >>

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy

    <<
    and accuracy of the contents of this news release.



    >>

Rene Randall, +1-604-408-8538, rrandall@bmgmt.com, for Canoro Resources Ltd. Web Site: http://www.canoro.com


Source: Canada Newswire (October 27, 2010 - 5:08 PM EDT)