VANCOUVER, BC, Feb. 17,
2023 /CNW/ - Deep-South Resources Inc.
("Deep-South" or the Company) (TSXV: DSM) announces that, as
a result of a continuous disclosure review by the British Columbia
Securities Commission (the "BCSC"), the Company is issuing the
following news release to clarify its disclosure as it pertains to
its Technical Report entitled "Haib Copper Project 2020 Preliminary
Economic Assessment" on the Haib Copper project near Noordover in
the south of Namibia ("Technical
Report"). The Technical Report was filed on SEDAR on February 1, 2021.
In order to satisfy several deficiencies with National
Instrument 43- 101 - Standards of Disclosure for Mineral
Projects ("NI 43-101") noted by the BCSC during its recent
continuous disclosure audit of the Company, the Company understands
it will need to amend the Technical Report accordingly. However, as
the verdict of the High Court of Namibia concerning the review of the decision
of the Minister of Mines of Namibia to not renew the Haib Copper licence
is scheduled for February 23, 2023,
the Company will await the verdict to make a decision to amend the
Technical Report. Therefore, at the present time, Deep-South
advises that the estimates and economic assessment in the current
Technical Report should not be relied upon as they are not
supported by a compliant NI 43-101 technical report.
Further, in connection with the BCSC's recent continuous
disclosure review of the Company, and separate from the Technical
Report item addressed above, Deep-South will also update and
clarify additional disclosure contained on its website and in its
corporate presentation to address such comments.
About Deep-South Resources
Inc.
Deep-South Resources is a mineral exploration and development
company. Deep-South's growth strategy is to focus on the
exploration and development of quality assets in significant
mineralized trends and in proximity to infrastructure in stable
countries. In using and assessing environmentally friendly
technologies in the development of its copper projects, Deep-South
embraces the green revolution.
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.
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SOURCE Deep-South Resources Inc.