Certain of the information contained on this website and documents incorporated into it constitute “forward-looking statements” within the meaning of applicable securities legislation. Such forward-looking statements and information include statements regarding: the future price of metals; targets for production; the estimation of mineral resources and reserves; cash operating costs and certain significant expenses; success of exploration activities; the timing and scope of future commencement of mining or production; anticipated grades and recovery rates; asset retirement obligation estimates; the ability to secure financing; title disputes or claims; and potential acquisitions or increases in property interests. Often, but not always, forward-looking statements or information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations (including grammatical variations) of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These risks, uncertainties or other factors include, but are not limited to, inherent speculative nature and hazards associated with exploration and development activities; uncertainties related to fluctuation in metal prices; uncertainties related to actual capital costs, operating costs and expenditures, production schedules and economic returns; risks that the Company’s title to its properties could be challenged; risks related to environmental regulations; risks related to legal proceedings; risks related to increased competition; the uncertainties related to surface rights in the countries in which the Company’s material mineral projects are located; uncertainties related to the Company’s resource and reserve estimates, which are based on detailed estimates and assumptions; assumptions regarding the need for financing and uncertainties related to the availability of such financing; uncertainties in government policies and regulations; and risks that the Company’s directors and officers may have conflicts of interest.
Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-looking statements and information on this website are qualified by this cautionary statement.
The estimation of mineral resources and reserves has been performed in accordance with the reporting system of the former Soviet Union and the State Geological and Subsurface Survey of Ukraine (SGSSU). Up to 1995 the State Commission of Ukraine on Mineral Resources used the classification system of the former Soviet Union. After 1995, the State Geological and Subsurface Survey of Ukraine (SGSSU) used the United Nations Framework Classification for Fossil Energy and Mineral Reserves and Resources (UNFC). This is different than other reporting codes used internationally (JORC, NI43-101, US SEC, SAMREC, PERC, CRIRSCO).
There have been no JORC or NI 43-101 compliant Mineral Resource estimates publically released for any of the properties. Although previous and historical estimates are useful in demonstrating the general potential of the properties, these estimates assumed considerably different gold prices and operating costs than might be expected at present and are therefore considered historical. Avellana cautions that a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves; Avellana is not treating the historical estimates as relevant or as current mineral resources or mineral reserves and the historical estimates should not be relied upon.