Endeavour Silver Reports Second Quarter, 2018 Financial Results

Endeavour Silver Corp. (NYSE: EXK; TSX: EDR – http://www.commodity-tv.net/c/search_adv/?v=298293) released today its financial results for the Second Quarter ended June 30, 2018. The Company operates three silver-gold mines in Mexico, the Guanaceví mine in Durango state, and the Bolañitos and El Cubo mines in Guanajuato state. Endeavour is currently commissioning its fourth mine, El Compas, in Zacatecas state and advancing the Terronera mine project in Jalisco state to a development decision. 

The Company reports a net loss of $5.7 million in the Second Quarter, 2018 compared to $16 thousand loss in the Second Quarter, 2017, primarily due to higher depreciation and depletion charges and foreign exchange loss. Revenue increased 19% to $38.8 million and mine operating cash flow before taxes(1) increased 69% to $14.9 million due to higher production, but cash flow from operations before working capital changes decreased 17% to $3.6 million and EBITDA fell 26% to $2.7 million as compared to the same period last year.

Cash costs fell 9% to $7.61 per oz silver payable (net of gold credits) and all-in sustaining costs fell 16% to $17.28 per oz silver payable (net of gold credits).

Highlights of Second Quarter 2018 (Compared to Second Quarter 2017)

Financial
 

  • Net loss increased to 5.7 million (loss of $0.04 per share) compared to break even in 2017
  • EBITDA(1) decreased 26% to $2.7 million
  • Cash flow from operations before working capital changes decreased 17% to $3.6 million
  • Mine operating cash flow before taxes(1) increased 69% to $14.9 million
  • Revenue increased 19% to $38.8 million
  • Realized silver price decreased 2% to $16.76 per ounce (oz) sold
  • Realized gold price increased 1% to $1,281 per oz sold
  • Cash costs(1) fell 9% to $7.61 per oz silver payable (net of gold credits)
  • All-in sustaining costs(1) fell 16% to $17.28 per oz silver payable (net of gold credits)
  • Working capital has fallen 11% at $58.9 million compared to $66.2 million at year end
  • Secured ATM of up to $35.7 million primarily to advance the Terronera Project

Operations
 

  • Silver production increased 19% to 1,355,895 oz
  • Gold production increased 5% to 13,674 oz
  • Silver equivalent production was 2.4 million oz (at a 75:1 silver: gold ratio)
  • Silver oz sold increased 27% to 1,258,617 oz
  • Gold oz sold increased 12% to 13,800 oz
  • Bullion inventory at quarter-end included 176,452 oz silver and 265 oz gold
  • Concentrate inventory at quarter-end included 53,810 oz silver and 827 oz gold
  • Completed construction of the El Compas project, commenced plant commissioning
  • Completed engineering trade-off studies for Terronera, preparing updated PFS
  • Reported positive drill results from both an in-fill drill program at Terronera
  • Reported positive metallurgy and positive drill results from a step-out drill program at the Parral exploration property
  • Appointed VP, New Projects, Manuel Echevarria to oversee technical services and development projects
  • EBITDA, mine operating cash flow, cash costs and all-in sustaining costs are non-IFRS measures. Please refer to the definitions in the Company’s Management Discussion & Analysis.

Bradford Cooke, Endeavour CEO, commented, “Our financial performance in Q2, 2018 was tempered by higher depreciation and depletion charges primarily at Guanacevi, higher foreign exchange losses related to depreciation of the Mexican peso, higher current taxes primarily at Bolanitos and El Cubo and increased expenditures advancing Terronera and exploring Parral. 

“El Cubo continues to out-perform plan, delivering record grades and providing strong cash flow for the Company. Bolanitos is running a bit behind plan but continues to generate strong cash flow and should improve in Q3.  Guanacevi continues to be challenging, but the focus on higher development in Q2 is returning higher throughput in July. El Compas is expected to achieve commercial production in Q3 and start generating positive cash flow for the Company in the second half of this year.”

Financial Results

Revenue in the Second Quarter, 2018 totaled $38.8 million (2017 – $32.7 million) on sales of 1,258,617 silver ounces and 13,800 gold ounces at realized prices of $16.76 and $1,281 per ounce respectively, compared to sales of 988,821 silver ounces and 12,294 gold ounces at realized prices of $17.16 and $1,270 per ounce respectively in Q2, 2017.

After cost of sales of $34.2 million (2017 – $27.2 million), mine operating earnings amounted to $4.6 million (2017 – $5.4 million) from mining and milling operations in Mexico. The 26% increase in cost of sales was primarily due to increased depreciation and depletion. Excluding depreciation and depletion of $7.9 million (2017 – $3.3 million), share-based payments recovery of $0.1 million and an inventory write down of $2.5 million, mine operating cash flow before taxes was $14.9 million (2017 – $8.8 million) in Q2, 2018.

Net losses amount to $5.7 million (2017 –$16 thousand) after depreciation and depletion, exploration, general and administrative expenses and foreign exchange.  

Direct production costs per tonne in Q2, 2018 increased 3% compared with Q2, 2017.  The higher production costs per tonne were driven mainly by lower Guanaceví mine output due to increased mine development and the costs related to implementing a productivity optimization program.  The higher costs at Guanaceví were offset by increased production due to higher throughput and grades at El Cubo.

The out-performance of El Cubo resulted in 9% lower consolidated cash costs per oz, net of by-product credits (a non-IFRS measure and a standard of the Silver Institute).  Similarly, all-in sustaining costs (also a non-IFRS measure) decreased 16% to $17.28 per oz in Q2, 2018 due to lower operating costs per ounce and lower capital expenditures in Q2, 2018 compared to Q2, 2017, offset by higher general and administration charges at the corporate level.

The Condensed Consolidated Interim Financial Statements and Management’s Discussion & Analysis can be viewed on the Company’s website at www.edrsilver.com, on SEDAR at www.sedar.com and EDGAR at www.sec.gov. All amounts are reported in US$.

Conference Call

A conference call to discuss the results will be held today, Thursday, August 2, 2018 at 10:00am PT (1:00pm ET). To participate in the conference call, please dial the numbers below. No pass-code is necessary.

Toll-free in Canada and the US: 1-800-319-4610

Local Vancouver: 604-638-5340

Outside of Canada and the US: + 604-638-5340

A replay of the conference call will be available by dialing 1-800-319-6413 in Canada and the US (toll-free) or +604-638-9010 outside of Canada and the US. The required pass-code is 2443#. The audio replay and a written transcript will be available on the Company’s website at www.edrsilver.com under the Investor Relations, Events section.

About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that operates three high-grade, underground, silver-gold mines in Mexico. The Company is forecasting 20% production growth to 10.2-11.2 million oz silver equivalent in 2018. Endeavour is currently commissioning its fourth mine at El Compas, advancing towards development of the Terronera project and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer.  Our philosophy of corporate social integrity creates value for all stakeholders.

SOURCE Endeavour Silver Corp. 

Contact Information For more information, please contact:

Website: www.edrsilver.com

In Europe:

Swiss Resource Capital AG
info@resource-capital.ch  
www.resource-capital.ch

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward‑looking statements and information herein include but are not limited to statements regarding Endeavour’s anticipated performance in 2018 including changes in mining and operations and the timing and results of various activities. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

1) Silver equivalents are calculated using a 75:1 ratio.
2) Cost metrics, EBITDA, mine operating cash flow, operating cash flow before working capital changes are non-IFRS measures. Please refer to the definitions in the Company’s Management Discussion & Analysis.

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Endeavour Silver Produces 1,355,895 oz Silver and 13,674 oz Gold (2.4 Million oz Silver Equivalents) in the Second Quarter, 2018

Endeavour Silver Corp. (TSX: EDR, NYSE: EXK – http://www.commodity-tv.net/c/mid,36622,VRIC_2017/?v=297273) reports its production results for the Second Quarter, 2018 from the Company’s three silver-gold mines in Mexico: the Guanaceví mine in Durango state and the Bolañitos and El Cubo mines in Guanajuato state.

Silver production in the Second Quarter, 2018 increased 19% to 1,355,895 ounces (oz) compared to 1,143,788 oz silver in Q2, 2017 and gold production rose 5% to 13,674 oz compared to 13,058 oz gold in Q2, 2017, resulting in silver equivalent production of 2.4 million oz using a 75:1 silver-gold ratio.

Silver production was higher in Q2, 2018 compared to Q2, 2017 primarily due to higher mine output and ore grades at El Cubo. The Guanacevi mine continued in recovery mode as production was flat but mine development increased in Q2, 2018.  Gold production in Q2, 2018 compared to Q2, 2017 was higher at El Cubo and Guanacevi and lower at Bolanitos due to variations in gold grades at each mine.

Production Highlights for Second Quarter, 2018 (Compared to Second Quarter, 2017)

  • Silver production increased 19% to 1,355,895 oz
  • Gold production increased 5% to 13,674 oz
  • Silver equivalent production was 2.4 million oz (at a 75:1 silver: gold ratio)
  • Silver oz sold increased 27% to 1,258,617 oz
  • Gold oz sold increased 12% to 13,800 oz
  • Bullion inventory at quarter-end included 176,452 oz silver and 265 oz gold
  • Concentrate inventory at quarter-end included 53,810 oz silver and 827 oz gold

Bradford Cooke, Endeavour CEO, commented, “Our Second Quarter, 2018 production was much improved over Q2, 2017, continuing the trend established in the First Quarter 2018.  As a result, we are on track to meet our guidance of higher production and lower costs in 2018 thanks to improved operating performance at the El Cubo and the development of our fourth mine at El Compas.

“El Cubo is currently performing ahead of plan and Guanacevi is still lagging behind plan but with mine development up in Q2, 2018, and the Milache orebody coming into production, Guanacevi mine output should improve in Q3, 2018.  Our fourth and newest mine at El Compas should also achieve commercial production by the end of July, and be the main driver of increased production in the Second Half of 2018.

“Several catalysts are expected in Q3, 2018 to move our fifth and largest mine project at Terronera towards a development decision.  An optimized pre-feasibility study is forthcoming, the final two government environmental permits (mine dumps and tailings facilities) are anticipated shortly and an initial debt facility to help fund the new Terronera silver-gold mine is currently being prepared.”

Operations Summary for Second Quarter, 2018

At Guanacevi, mine output was lower in Q2, 2018 compared to Q2, 2017 due to restricted ore access related to certain operating issues that slowed mine development in 2017, and the reallocation of mine personnel to implement a productivity optimization program in 2018.  However, ore grades and metal recoveries were both higher in Q2, 2018 due to better dilution control, normal grade variations and lower throughput in the plant.  As a result, silver production was down slightly and gold production was up significantly, resulting in higher silver equivalent production. Management anticipates silver production will improve in Q3, 2018 due to increased mine development in Q2, 2018, completion of the productivity optimization program and commencement of production of development ore from the Milache ore body in Q3, 2018.

At Bolañitos, mine output and gold grades were lower but silver grades were higher in Q2, 2018 compared to Q2, 2017. The grade fluctuations are due to variations of geology and the access within the LL-Asunción vein impacted the mine output.  Silver equivalent production in Q2, 2018 was lower than Q2, 2017 due primarily to the lower gold grades. Gold grades are expected to return to plan during the year.   

At El Cubo, mine output, silver grades and gold grades were all higher, Q2, 2018 compared to Q2, 2017, which resulted in a sharp increase in production in Q2, 2018.  The higher grades are according to plan and expected to continue throughout 2018.

The El Compas mine development project remains on track for commercial production by the end of July. Mining and stockpiling of ore commenced and commissioning of the plant was initiated in Q2, 2018 using low grade ore.  A total of 4,900 tonnes of run-of-mine ore were stockpiled in Q2, 2018 but only 1,023 tonnes were processed to test all the plant circuits as of June 30th.  As expected, plant circuits are being modified, configured and fine-tuned to resolve normal start up issues.  Both mine and plant are now ramping up throughput to achieve commercial production at the PEA target capacity of 250 tonnes per day by the end of July.

Release of Second Quarter, 2018 Financial Results and Conference Call

The 2018 Second Quarter Financial Results will be released before market on Thursday, August 2, 2018 and a telephone conference call will be held the same day at 10:00am PT (1:00pm ET). To participate in the conference call, please dial the numbers below. No pass-code is necessary.

Toll-free in Canada and the US: 1-800-319-4610
Local Vancouver: 604-638-5340
Outside of Canada and the US: +604-638-5340

A replay of the conference call will be available by dialing 1-800-319-6413 in Canada and the US (toll-free) or +604-638-9010 outside of Canada and the US. The required pass-code is 2443#. The audio replay and a written transcript will be available on the Company’s website at www.edrsilver.com under the Investor Relations, Events section.

About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company with three high-grade, underground, silver-gold mines in Mexico. The Company is forecasting 20% production growth to 10.2-11.2 million oz silver equivalent in 2018. Endeavour is currently developing its fourth mine at El Compas, permitting its fifth mine at Terronera and exploring its organic portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer.  Our philosophy of corporate social integrity creates value for all stakeholders.

SOURCE Endeavour Silver Corp. 

Contact Information – For more information, please contact:
Galina Meleger, Director, Investor Relations

Toll free: (877) 685-9775
Tel: (604) 640-4804
Fax: (604) 685-9744
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward‑looking statements and information herein include but are not limited to statements regarding Endeavour’s anticipated performance in 2018, the timing and results of various future activities, the reliability of Mineral Reserve and Resource estimates, the economic analysis and proposed development new mines.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, the reliability of Mineral Reserve and Resource estimates, operational plans and economic analysis, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico, operating or technical difficulties in mineral exploration, development and mining activities, risks and hazards of mineral exploration, development and mining, the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties, as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including, but not limited to, the reliability of Mineral Reserve and Resource estimates, operational plans and economic analysis, the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

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Maple Gold intersects several mineralized zones in east-central Resource Area: including 21m of 3.49 g/t Au and 27.5m of 1.25 g/t Au

Maple Gold Mines Ltd. (“Maple Gold” or the “Company”) (TSX-V: MGM, OTCQB: MGMLF; Frankfurt: M3G- https://www.youtube.com/watch?v=EQ5Ha9MCkWE&t=3s) is pleased to report additional drill results from the eastern half of the Porphyry Zone within the current Resource Area at the Douay Project. Within this area (see Figure 1) a total of sixteen (16) infill and step-out holes were drilled in 2018, with all assays now received.  The highlighted results below are from holes that were drilled in an area with lower drill density (see Figure 1), so the opportunity exists to define additional zones further north. The main intercepts in DO-18-247 and DO-18-254 show significantly higher grades than adjacent holes, indicating that grade may increase with depth in this area.

  • DO-18-247 cut several mineralized zones, including 0m of 3.49 g/t Au, including 6.0m of 9.32 g/t Au, both uncapped (see Figure 2A).
  • DO-18-254 cut 5m of 1.25 g/t Au, including 2.1m of 5.36 g/t Au (see Figure 2B)
  • DO-18-244 cut several mineralized zones, including 7m of 2.06 g/t Au and three others over 1 g/t Au (see Figure 2C)

In addition to the highlights mentioned above, several other drill-holes confirmed lateral and vertical continuity of mineralization (see Table 1: Highlighted Drill-Results from the Eastern Portion of the Porphyry Zone appended to this press release).

Maple Gold’s President and CEO, Matthew Hornor, stated: “We continue to intersect new zones of mineralization and given the widely spaced drilling in this eastern part of the Resource Area there is still good potential to make additional discoveries with further drilling.”

DO-18-247 (Figure 1 and 2A) confirmed the down-dip extension of the mineralized zones cut in historical hole DO-11-72 collared 260m to the north, with a significantly higher-grade intercept in the 2018 hole as compared to historical holes. Compared to the existing block model, DO-18-247 will improve block grades, and should allow the conceptual pit to extend to greater depth. Similarly, DO-18-254 confirmed the lateral continuity of the same interpreted mineralized zone, again with higher than expected grades. The up-dip extension of this zone will require additional drilling. The DO-18-254 intercept of 27.5m averaging 1.25 g/t Au intercept is part of a broader and lower grade envelope of 61.5m averaging 0.76 g/t Au.

Drill-hole DO-18-244 was collared 325m to the NE of DO-18-247, and was an infill hole that confirmed continuity of mineralization between older holes. In addition, the hole also cut 4 separate high-grade zones outside the northern limits of the current blocks that are interpreted to be new zones. The nearest drill-holes testing these structures occur 141m to the west. This eastern portion of the Porphyry Zone is a geologically more complex part of the deposit. Syenite is less abundant in this area as compared to the western part of the Porphyry Zone (see Figure 2: A, B & C).

Qualified Person

The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc, P. Geo., Vice-President Exploration, of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this news release through his direct participation in the work.

Quality Assurance (QA) and Quality Control (QC)

Maple Gold implements strict Quality Assurance (“QA”) and Quality Control (“QC”) protocols at Douay covering the planning and placing of drill holes in the field; drilling and retrieving the NQ-sized drill core; drill-hole surveying; core transport to the Douay Camp; core logging by qualified personnel; sampling and bagging of core for analysis; transport of core from site to the analytical laboratory; sample preparation for assaying; and analysis, recording and final statistical vetting of results. For a complete description of protocols, please visit the Company’s QA/QC page on the website at: http://maplegoldmines.com/index.php/en/projects/qa-qc-qp-statement

About Maple Gold

Maple Gold is an advanced gold exploration company focused on defining a district-scale gold project in one of the world’s premier mining jurisdictions. The Company’s 377 km² Douay Gold Project is located along the Casa Berardi Deformation Zone within the prolific Abitibi Greenstone Belt in northern Quebec, Canada. The Project has an established gold resource[1] that remains open in multiple directions, with excellent infrastructure and several large scale operating mines within this prolific mining district. Maple Gold has now completed a significant winter drill campaign to expand on the known Resource Areas and test new discovery targets within the Company’s 55 km of strike along the Casa Berardi Deformation Zone. For more information please visit www.maplegoldmines.com.

ON BEHALF OF MAPLE GOLD MINES LTD.

“Matthew Hornor”

  1. Matthew Hornor, President & CEO

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 PRESS RELEASE.

Forward Looking Statements:

This news release contains “forward-looking information" and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada, including statements about the prospective  mineral potential of the Porphyry Zone, the potential for significant mineralization from other drilling in the referenced drill program and the completion of the drill program. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding timing and completion of the private placement. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are intended to identify forward-looking statements.

Forward-looking statements are based on certain estimates, expectations, analysis and opinions that management believed reasonable at the time they were made or in certain cases, on third party expert opinions. Such forward-looking statements involve known and unknown risks, and uncertainties and other factors that may cause our actual events, results, performance or achievements to be materially different from any future events, results, performance, or achievements expressed or implied by such forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

[1] (Micon 2018) 479,000 ounces at 1.59 g/t Au (Indicated category) and 2,759,000 ounces at 1.02 g/t Au (Inferred category), using a 0.45 g/t Au cut-off grade. Please visit www.maplegoldmines.com or the Company’s SEDAR filings for a copy of the Micon 2018 report.

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White Gold Corp. closes c$10 million private placement of flow-through common shares

White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the "Company") has closed the brokered private placement of 10,526,720 common shares (the “Shares”) of the Company, issued on a flow-through basis, at a price of C$0.95 per Share, for aggregate gross proceeds of approximately C$10.0 million (the “Offering”). The Offering was conducted by a syndicate of agents, co-led by Clarus Securities Inc. and GMP Securities L.P. and including Primary Capital Inc., Canaccord Genuity Corp. and Sprott Private Wealth L.P. (collectively, the “Agents”).

The gross proceeds of the Offering will be used by the Company to incur Canadian exploration expenses (the “Qualifying Expenditures”) on its properties in the White Gold District of the Yukon Territory prior to December 31, 2019. The Company will renounce the Qualifying Expenditures to subscribers of Shares for the fiscal year ended December 31, 2018.

David D’Onofrio, Chief Executive Officer stated, “We are pleased to close this financing to maintain our strong financial position and continue to pursue our exciting exploration program focused on new discoveries in the White Gold district and increasing the size of our flagship Golden Saddle deposit. We would also like to thank all parties who have been instrumental in this financing as well as Agnico and Kinross for their continued support.”

Following the Offering, Agnico Eagle Mines Limited (“Agnico”) will continue to hold approximately 19.9% of the Company and Kinross Gold Corp. (“Kinross”) will continue to hold approximately 19.9% of the Company.

The Agents received a cash commission equal to 6.0% of the gross proceeds of the Offering, except with respect to Shares sold to certain strategic investors where the cash commission was equal to 2.0%. The Agents also received compensation options equal to 6.0% of the number of Shares sold under the Offering (each, a “Compensation Option”). Each Compensation Option entitles the Agents to purchase one Share at a price of C$0.95 per common share for a period of two years from the date of closing of the Offering.

The Shares issued pursuant to the Offering (and any Shares issued upon exercise of the Compensation Options) are subject to a statutory hold period expiring on November 6, 2018.  The Offering remains subject to the final approval of the TSX Venture Exchange.

The Company also announces that a total of 3,250,000 options to purchase common shares of the Company have been granted to directors, officers, employees and consultants at an exercise price of $0.95 per share, expiring on July 5, 2023. The grant is subject to regulatory approval.

Agnico and Kinross, both insiders of the Company, acquired Shares in connection with the Offering. Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, the Company notes that it has not filed a material change report 21 days prior to the expected closing date of the Offering. A shorter period was reasonable and necessary in the circumstances as the Company wished to complete the Offering in a timely manner following receipt of required regulatory approval.

About White Gold Corp.

The Company owns a portfolio of 19,606 quartz claims across 30 properties covering over 390,000 hectares representing approximately 40% of the Yukon’s White Gold District. The Company’s flagship White Gold property has a mineral resource of 960,970 ounces Indicated at 2.43 g/t gold and 262,220 ounces Inferred at 1.70 g/t gold as set forth in the technical report entitled “Independent Technical Report for the White Gold Project, Dawson Range, Yukon, Canada”, dated March 5, 2018, filed under the Company’s profile on SEDAR. Mineralization on the Golden Saddle and Arc is also known to extend beyond the limits of the current resource estimate. Geologic models in this area conceptually include an estimated seven million to 10 million tonnes grading between one g/t to 1.5 g/t gold. Regional exploration work has also produced several other prospective targets on the Company’s claim packages which border sizable gold discoveries including the Coffee project owned by Goldcorp Inc. (disclosed M&I gold resource of 4.1M oz) and Western Copper and Gold Corporation’s Casino project (disclosed P&P gold reserves of 8.9M oz Au and 4.5B lb Cu). The Company has outlined an extensive exploration plan to further explore its properties. For more information visit www.whitegoldcorp.ca.

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.

This news release does not constitute an offer to purchase securities. The securities offered in the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.

Forward-Looking Statements

Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward looking statements contained herein include, but are not limited to, the anticipated size and completion the Offering and the receipt of applicable regulatory approvals, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

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Caledonia declares quarterly dividend of 6.875 cents per share

Caledonia Mining Corporation Plc (“Caledonia” or the “Company” – http://www.commodity-tv.net/c/search_adv/?v=298338) today announces that its board of directors has declared a dividend of six and seven eighths United States cents (US$0.06875) on each of the Company’s common shares.

The relevant dates relating to the dividend are as follows:

  • Ex-dividend date: July 12, 2018
  • Record date: July 13, 2018
  • Dividend cheque mailing date: July 27, 2018

Shareholders and depositary interest holders in Canada and the UK will be paid in Canadian Dollars and Sterling respectively.  The Canadian Dollar and Sterling dividend payments will be calculated using the relevant Bank of Canada exchange rates on the record date.  Note that the dividend is no longer subject to Canadian withholding tax and it is no longer eligible for the purposes of the Income Tax Act (Canada).

Caledonia’s Dividend Policy

Caledonia’s strategy to maximise shareholder value includes a quarterly dividend policy which the board of directors adopted in 2014. It is expected that the current dividend of twenty-seven and a half United States cents per annum, paid in equal quarterly instalments, will be maintained. 

About Caledonia Mining

Caledonia’s primary asset is a 49% interest in an operating gold mine in Zimbabwe (“Blanket Mine”).  Caledonia’s shares are listed on NYSE American (symbol: CMCL) and on the Toronto Stock Exchange (symbol: CAL) and depositary interests representing the shares are traded on London’s AIM (symbol: CMCL). 

As at March 31, 2018, Caledonia had cash of approximately US$13.4m.  Blanket Mine plans to increase production from 56,136 ounces of gold in 2017 to approximately 80,000 ounces by 2021; Blanket Mine’s target production for 2018 is 55,000 to 59,000 ounces. Caledonia expects to publish its results for the quarter to June 30, 2018 on or about August 13, 2018.

For further information please contact:

Caledonia  Mining Corporation Plc
Mark Learmonth                                               Tel: +44 1534 679 802
Maurice Mason                                                 Tel: +44 759 078 1139

WH Ireland
Adrian Hadden/Ed Allsopp                             Tel: +44 20 7220 1751

Blytheweigh
Tim Blythe/Camilla Horsfall/Megan Ray      Tel: +44 207 138 3204

In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

Cautionary Note Concerning Forward-Looking Information

Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia’s current expectations, intentions, plans, and beliefs.  Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, estimates of future/targeted production rates, our plans and timing regarding further exploration and drilling and development,.  This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.  Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices and delays in the development of projects.

Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.  Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company’s title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs and risks relating to the uncertainty of timing of events including targeted production rate increase.  Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information.  By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur.  Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

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Maple Gold intersects several mineralized zones and extends mineralization at depth in west-central Resource Area

Maple Gold Mines Ltd. (“Maple Gold” or the “Company”) (TSX-V: MGM, OTCQB: MGMLF; Frankfurt: M3G – https://www.youtube.com/watch?v=QHmDlWCznkI&t=11s) is pleased to report additional drill results from the western half of the Porphyry Zone within the current Resource Area at the Douay Property. Within this area (see Figure 1) a total of eight (8) infill and step-out holes were drilled in 2018, with assays pending for the westernmost hole of these only. Both geological observations and assay results for these new holes show good continuity of mineralization in this area, with several higher grade intervals, within a syenite dyke or dyke swarm in the hanging wall of one of the Casa Berardi Faults (see Figure 2).

  • DO-18-229 cut several mineralized zones, including 0m of 1.90 g/t Au, 8.5m of 3.80 g/t Au (uncapped) and 5.5m of 1.94 g/t Au, all of which form part of a broader envelope of lower-grade halo mineralization which extends to surface in historical hole D-92-07 (see Figure 2A).
  • DO-18-234 cut several mineralized zones, including an upper zone in basalt with 7.0m grading 1.47 g/t Au and a lower zone in syenite with 27.9m grading 0.66 g/t Au. The latter extends to surface in historical hole DO-05-02 (see Figure 2B)
  • DO-18-230 also cut multiple mineralized zones, including an upper zone in basalt with 8m grading 1.25 g/t Au and a lower zone in syenite with 24.0m grading 0.75 g/t Au, including 7.0m grading 1.17 g/t Au. These zones also extend to surface in holes DO-12-97 and 70586-0, respectively (see Figure 2C)

In addition to the highlights mentioned above, several other drill-holes successfully confirmed both lateral and vertical continuity of mineralization (see Table 1: Highlighted Drill-Results to-date from the Western Portion of the Porphyry Zone, below).

Maple Gold’s President and CEO, Matthew Hornor, stated: “Infill and step-out drilling has successfully confirmed down-dip extensions of existing mineralized zones in the main Porphyry Zone. Further drill results are expected in the coming weeks from the Nika Zone, the eastern half of the Porphyry Zone and also from new greenfields drilling to the NE and NW of the Resource Area.”

Table 1: Highlighted 2018 Drill Results to-date from Western Portion of the Porphyry Zone
(Newly reported drill-holes shaded grey)

Intervals given are all down-the hole lengths, which are estimated to be approximately 90% of true width. Coordinates are NAD83 Zone 17N. All assays were performed by ALS Laboratories by AU-ICP21, i.e. 30 g fire assay with ICP finish with any over limits (>10 g/t Au) redone by AU-GRA21, i.e. gravimetric analysis of 30g sample weight. Nominal cut-off to obtain intercepts is 0.25 g/t Au, but depending on grade distribution effective cut-offs can be somewhat higher or lower. All intercepts are uncapped, those identified with (*) include samples with overlimits (>10 g/t Au); which may be subject to grade capping during future resource estimation.

2018 drilling in the western half of the Porphyry Zone shows a broad (90-130m true width) halo of gold mineralization, extending several hundred meters along strike and mainly hosted in syenites (see Figures 1,2) within which higher grade (>1 g/t Au) intervals are found. In some cases the lower portion of the halo has the best grades (e.g. DO-18-229 shown in Figure 2A), in others the upper portion (DO-18-230 shown in Figure 2C). Narrow high grade structures are also found in basaltic wallrocks (Figure 2B).

The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc, P. Geo., Vice-President Exploration, of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this news release through his direct participation in the work.

Quality Assurance (QA) and Quality Control (QC)

Maple Gold implements strict Quality Assurance (“QA”) and Quality Control (“QC”) protocols at Douay covering the planning and placing of drill holes in the field; drilling and retrieving the NQ-sized drill core; drill-hole surveying; core transport to the Douay Camp; core logging by qualified personnel; sampling and bagging of core for analysis; transport of core from site to the analytical laboratory; sample preparation for assaying; and analysis, recording and final statistical vetting of results. For a complete description of protocols, please visit the Company’s QA/QC page on the website at: http://maplegoldmines.com/index.php/en/projects/qa-qc-qp-statement

About Maple Gold

Maple Gold is an advanced gold exploration company focused on defining a district-scale gold project in one of the world’s premier mining jurisdictions. The Company’s 377 km² Douay Gold Project is located along the Casa Berardi Deformation Zone within the prolific Abitibi Greenstone Belt in northern Quebec, Canada. The Project has an established gold resource[1] that remains open in multiple directions, with excellent infrastructure and several large scale operating mines within this prolific mining district. Maple Gold has now completed a significant winter drill campaign to expand on the known Resource Areas and test new discovery targets within the Company’s 55 km of strike along the Casa Berardi Deformation Zone. For more information please visit www.maplegoldmines.com.

[1] (Micon 2018) 479,000 ounces at 1.59 g/t Au (Indicated category) and 2,759,000 ounces at 1.02 g/t Au (Inferred category), using a 0.45 g/t Au cut-off grade. Please visit www.maplegoldmines.com or the Company’s SEDAR filings for a copy of the Micon 2018 report.

Forward Looking Statements:

This news release contains “forward-looking information" and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada, including statements about the prospective  mineral potential of the Porphyry Zone, the potential for significant mineralization from other drilling in the referenced drill program and the completion of the drill program. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding timing and completion of the private placement. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are intended to identify forward-looking statements.

Forward-looking statements are based on certain estimates, expectations, analysis and opinions that management believed reasonable at the time they were made or in certain cases, on third party expert opinions. Such forward-looking statements involve known and unknown risks, and uncertainties and other factors that may cause our actual events, results, performance or achievements to be materially different from any future events, results, performance, or achievements expressed or implied by such forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

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Osisko Acquires Silver Stream From Falco in Respect to The Horne 5 Project in Rouyn-Noranda, Quebec

Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (TSX & NYSE: OR – https://www.youtube.com/watch?v=uTC7vKdXuyA&t=2s ) is pleased to announce that it has entered into a binding term sheet to provide Falco Resources Ltd. (“Falco”) (TSXV: FPC) with a senior secured silver stream credit facility (“Silver Stream”) with reference to up to 100% of the future silver produced from the Horne 5 property (“Horne 5” or the “Project”) located in Rouyn-Noranda, Québec from Falco. As part of the Silver Stream, Osisko will make staged upfront cash deposits to Falco of up to C$180 million and will make ongoing payments equal to 20% of the spot price of silver, to a maximum of US$6 per ounce.

“Today’s announcement marks the beginning of a new chapter in the history of Osisko. The Horne 5 Silver Stream takes our Accelerator model from concept to reality, and validates the effort our team has put forward in supporting the advancement of the Project through the development and the feasibility study. With this commitment, Osisko looks forward to supporting another great mine build in Quebec, one of the top mining jurisdictions in the world,” commented Sean Roosen, Chair and CEO of Osisko.

Horne 5 is a development-stage project located in Rouyn-Noranda, Québec. Horne 5 is located in the former Horne mine that was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Falco completed a feasibility study for the Project in 2017 that demonstrated positive economics, and estimated annual payable gold production of 219,000 ounces at US$399 per gold ounce over a 15 year life of mine. Falco is currently in the permitting process and working on obtaining all third-party approvals to advance project construction. Osisko is the largest shareholder of Falco and currently owns 12.7% of its issued and outstanding common shares of Falco.

Concurrent to the announcement of the Silver Stream, Osisko is also announcing the purchase from Falco of a secured debenture having a principal amount of C$7,000,000 (“Debenture”).

Benefits to Osisko

The Silver Stream on Horne 5 will provide Osisko with:

  • A significant silver streaming interest on an advanced North American project;
  • Mid-term cash flow from Québec, one of the best mining jurisdictions in the world;
  • Upside potential through further resource conversion and exploration at Horne 5; and
  • Maintains the Company’s focus on low-risk jurisdictions.

The Silver Stream Purchase

Pursuant to a silver purchase agreement to be entered into by Osisko and Falco, Osisko will purchase up to 100% of the refined silver from the Project. Payable silver under the Silver Stream will be subject to minimum payability rates based on the product produced. As consideration for the Silver Stream, Osisko will pay to Falco staged upfront cash deposits of up to C$180 million (the “Deposit”) plus ongoing payments equal to 20% of the spot price of silver on the day that refined silver is delivered, to a maximum of US$6 per ounce of refined silver. The silver produced from the Project and properties within a 5 km area of interest will be subject to the Silver Stream transaction.

Stream Installments:

The Deposit will be paid in four installments thus earning Osisko a perpetual 90% silver stream in respect of future silver produced from the Property. The installments will be as follows:

  • A first deposit of $25 million on closing of the Silver Stream, net of any amounts owing by Falco to Osisko;
  • A second deposit of $20 million upon Falco receiving all necessary material third-party approvals, licenses, rights of way, and surface rights in regards to the Project;
  • A third deposit of $35 million following receipt of all material permits required for the construction of a mine on the Project, a positive construction decision for the Project, and raising a minimum of $100 million in equity, joint venture or any other non-debt financing for the construction of the mine; and
  • A fourth deposit of $60 million upon the total projected capital expenditure for the Project having been demonstrated to be financed.

Optional Fifth Installment:

  • Concurrently with the fourth deposit, Osisko may elect, in its sole discretion, to increase the Silver Stream to a perpetual 100% of future silver produced from the Property by making an additional fifth deposit of $40 million. The optional installment will be payable on a pro rata basis with the fourth installment.

The Silver Stream will be secured by a first priority lien on the Project and all assets of Falco.

Closing of the Silver Stream is anticipated to occur in September 2018 and is subject to the satisfaction of customary conditions, including the finalization of definitive documents, obtaining regulatory approvals, consents from third parties and approval from a majority of the disinterested shareholders of Falco (the “Disinterested Shareholder Approval”).

Pursuant to an agreement between Falco and Glencore Canada Corporation (“Glencore”), the Silver Stream is subject to a right of first refusal in favor of Glencore. Following the execution of binding term sheets between Falco and Osisko, a formal notice was sent to Glencore. Glencore shall have a period of 60 days to notify Falco in the event that it wishes to purchase the stream agreement in accordance with the terms described therein.

The Debenture

Osisko shall purchase from Falco a Debenture having a principal amount of C$7,000,000 (the “Principal”). Upon receipt of Disinterested Shareholder Approval, the Debenture shall be convertible (the “Conversion”) into units of Falco (the “Units”). There will be no interest payable at any time on the outstanding Principal of the Debenture unless Falco fails to obtain Disinterested Shareholder Approval for the Conversion, in which case interest shall accrue retroactively from the closing date of the Debenture transaction at a rate per annum that is equal to 7%, compounded quarterly. Accrued interest shall be payable upon repayment of the Principal when due, as per the terms of the Debenture. The maturity date of the Debenture shall be the earlier of (i) the date of the meeting of the Falco shareholders to be held to obtain the Disinterested Shareholder Approval and (ii) December 31st, 2018.

On the date upon which Falco obtains the Disinterested Shareholder Approval from shareholders for the Conversion, the Debenture shall be converted into such number of Units of Falco that is equal to the Principal divided by a conversion price, as described below. The conversion price for the Debenture shall be the higher of (i) the 10-day volume weighted average price (“VWAP”) of Falco’s shares on the TSX Venture Exchange (“TSXV”) on the date of announcement of the Debenture and (ii) the 5-day VWAP of Falco’s shares on the TSXV following the date hereof for which the maximum allowable discount allowed by the TSXV shall be applied (the “Conversion Price”). Each Unit shall consist of one common share and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder to purchase one common share of Falco, subject to customary anti-dilution clauses, at a price that represents a 30% premium to the Conversion Price for a period of thirty-six (36) months from the date the Units are issued.

The closing of the Debenture is expected to occur at the end of June, 2018 and is subject to receipt of all necessary regulatory approvals. The Units, if issued following receipt of the Disinterested Shareholder Approval, will be subject to a hold period of four months from the date that the Debenture is issued in accordance with applicable Canadian securities laws.

Related Party Transactions

The Silver Stream and the Debenture are considered “related party transactions” for Falco under Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (“Regulation 61-101”). Osisko understands that Falco is exempt from the requirements to obtain a formal valuation in connection with the Silver Stream and the Debenture pursuant to the exemption in section 5.5(b) of Regulation 61-101, as the shares of the Falco are not listed on any of the specified markets. The Silver Stream and the Conversion of the Debenture are subject to receipt of the Disinterested Shareholder Approval of Falco. The Debenture is exempt from disinterested shareholder approval pursuant to section 5.7(1)(f) of Regulation 61-101, as the Debenture, at the time of closing, (i) is not convertible, directly or indirectly, into equity or voting securities of Falco or a subsidiary of the Company without Disinterested Shareholder Approval, and (ii) is on reasonable commercial terms that are not less advantageous to the Company than if the Debenture was obtained from an arm’s length party. The special meeting of shareholders of Falco to obtain the Disinterested Shareholder Approval for the Silver Stream and the Conversion of the Debenture is expected to occur in September, 2018.

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 130 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by five cornerstone assets, including a 5% NSR royalty on the Canadian Malartic Mine, which is the largest gold mine in Canada. Osisko also owns a portfolio of publicly held resource companies, including a 15.5% interest in Osisko Mining Inc., a 12.7% interest in Falco Resources Ltd. and a 32.4% in Barkerville Gold Mines Ltd.

Osisko’s head office is located at 1100 Avenue des Canadiens-de Montréal, Suite 300, Montréal, Québec, H3B 2S2.

Forward-looking Statements

Certain statements contained in this press release may be deemed “forwardlooking statements” within the meaning of applicable Canadian and U.S. securities laws. These forwardlooking statements, by their nature, require Osisko to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forwardlooking statements. Forwardlooking statements are not guarantees of performance. These forwardlooking statements, may involve, but are not limited to the finalization of definitive agreements relating to the Silver Stream facility and the Debenture, the terms and conditions of the Silver Stream facility, the Debenture and the Conversion of the Debenture, the anticipated date of the shareholder meeting of Falco, the anticipated closing date of the Debenture and the Silver Stream and the amount and terms of deposit payments to be made by Osisko under the Silver Stream facility, the anticipated benefits deriving from the investment and transaction between Osisko and Falco, the receipt of third party consents and regulatory approvals. Words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “continue”, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forwardlooking statements. Information contained in forwardlooking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including the receipt of regulatory approvals, Disinterested Shareholder Approval and third party consents, and the finalization of definitive agreements relating to the Silver Stream facility and the Debenture, management’s perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. Osisko considers its assumptions to be reasonable based on information currently available, but cautions the reader that their assumptions regarding future events, many of which are beyond the control of Osisko, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect Osisko and its business.

For additional information with respect to these and other factors and assumptions underlying the forwardlooking statements made in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form of Osisko which is filed with the Canadian securities commissions and available electronically under Osisko’s issuer profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission and available electronically under Osisko’s issuer profile on EDGAR at www.sec.gov. The forward looking information set forth herein reflects Osisko’s expectations as at the date of this press release and is subject to change after such date. Osisko disclaims any intention or obligation to update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise, other than as required by law.

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Caledonia Mining Corporation Plc Results for the Quarter ended 31 March 2018

Caledonia Mining Corporation Plc (“Caledonia” or the “Company” – https://www.youtube.com/watch?v=QYYGO-DNYsM&list=PLBpDlKjdv3yq3mPe4_-LvOr9_6ij_XRiM&index=6 ) announces its operating and financial results for the first quarter of 2018 (“Q1” or the “Quarter”).

Gold production in the Quarter was 12,924 ounces, marginally higher than the first quarter of 2017 and in-line with expectations.  Adjusted earnings per share of 40.1 cents were 51% higher than the corresponding figure in 2017, largely due to a higher realised gold price, and the increased export credit incentive. Operating cash flows for the Quarter were $7 million and the Company’s balance sheet remains strong with net cash of $13.4 million as at 31 March 2018.

Commenting on the results, Steve Curtis, Caledonia’s Chief Executive Officer said:

“The first quarter of 2018 was one of very strong cash generation at Blanket.  The business generated operating cash flows after tax of $7 million which supported capital investment in the mine of $5.2 million and an increase in our cash balance at the end of the quarter to $13.4 million. As we continue to grow production to our target of 80,000 ounces by 2021, maintain cost control and benefit from economies of scale we look forward to further increasing cash flows and earnings.

“Gold production was marginally higher in the Quarter compared to the first quarter of 2017 and was in-line with our expectations.  We expect that production will deliver the usual increase in the second half of the year as we see the benefit of the increased level of mine development in the first half of the year, which will improve our access to higher grade areas.

“Profits in the Quarter benefitted from an 8% increase in the average realised gold price and a 3% reduction in all-in sustaining costs to $832 per ounce which contributed to a 10% increase in gross profit and a 35% increase in net attributable profit. On mine costs were marginally higher at $687 per ounce due to various operational factors which we expect to be addressed as the Central Shaft project is commissioned in 2020. Profit and cash flow were also boosted by the Government of Zimbabwe increasing the Export Credit Incentive (“ECI”) from 2.5% to 10% of revenue with effect from 1 February 2018.

“Regrettably our safety performance during the quarter was marred by a fatal accident at the mine on the 23 February 2018. My fellow directors and I express our sincere condolences to the family and friends of the deceased. The Company has embarked upon renewed efforts in the business to improve our safety performance.

“The Central Shaft remains a key enabler of long term value of the business and I am pleased to report that the project is progressing on schedule and within budget and importantly, remains fully funded by operating cash flow. For our technical team to deliver production and a transformational project for the business is a significant achievement. Following the decision to extend the shaft sinking project in November of 2017 the shaft has now reached 30 Level (990 metres) and work has commenced on establishing the station on this level.

“The operating environment and the investment climate in Zimbabwe continue to improve with government showing very pleasing levels of support of the mining industry, including the increase in the ECI for gold producers.  The Zimbabwe gold sector offers exciting opportunities but is in need of significant capital investment. In March, the government enacted legislation which completely removed the requirement for gold producers to implement indigenisation which has created the opportunity for Caledonia to potentially increase its stake in the Blanket Mine subject to agreement with our local partners. We have been encouraged by the level of support that the new leadership has shown for the mining sector and the Zimbabwean economy in general and look forward to the opportunities that the improving macroeconomic environment in Zimbabwe is likely to present.

“We maintain our guidance of 55,000 to 59,000 ounces for the full year and earnings guidance of between 165 cents and 190 cents per share.”

Strategy and Outlook

Caledonia remains on track to achieve the production target of 80,000 ounces by 2021 at its Zimbabwean subsidiary, Blanket Mine. The Company’s strategic focus continues to be the implementation of the Investment Plan at Blanket, which was announced in November 2014 and is expected to extend the life of mine by providing access to deeper levels for production and further exploration.  Implementation of the Investment Plan remains on target in terms of timing and cost.  Caledonia’s board and management believe the successful implementation of the Investment Plan is in the best interests of all stakeholders because it is expected to result in increased production, reduced operating costs and greater flexibility to undertake further exploration and development, thereby safeguarding and enhancing Blanket’s long-term future.  Caledonia’s cash position is expected to improve as a result of the implementation of the Investment Plan; Caledonia will continue to assess new opportunities to invest surplus cash.

Dividend Policy

On 4 July 2017, following the consolidation on 26 June 2017 of the Company’s shares, the Company announced an increased quarterly dividend of 6.875 cents per share which was paid on 28 July 2017 and further quarterly dividends of the same amount were paid on 27 October 2017, 26 January 2018 and 27 April 2018. The dividend of 6.875 cents per share effectively maintains the dividend at the previous level of 1.375 cents per share, after adjusting for the effect of the one-for-five share consolidation. The quarterly dividend of 6.875 cents is Caledonia’s current dividend policy which it is envisaged will be maintained.

Following the implementation of indigenisation in September 2012, Caledonia owns 49 per cent of the Blanket Mine in Zimbabwe. Caledonia continues to consolidate Blanket and the operational and the financial information set out below is on a 100 per cent basis unless otherwise indicated.

Cautionary Note Concerning Forward-Looking Information

Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia’s current expectations, intentions, plans, and beliefs.  Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, estimates of future/targeted production rates, and our plans and timing regarding further exploration and drilling and development.  This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.  Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors.

Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.  Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company’s title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations.  Shareholders are cautioned not to place undue reliance on forward-looking information.  By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur.  Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

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First Cobalt Doubles Length of Kerr Area Target

First Cobalt Corp. (TSX-V: FCC; ASX: FCC; OTCQX: FTSSF) (the “Company” – https://www.youtube.com/watch?v=LY4qXCoWstE&t=1s) is pleased to announce that results of recent drilling have doubled the strike length of the mineralized zone in the Kerr area to over 200 metres. Further potential for mineralization exists along strike of this newly-identified mineralized zone, located south of Kerr Lake in the Cobalt North area of the Canadian Cobalt Camp. The Kerr area contains several drill targets, with the Kerr #2 target now a priority for follow up.

Highlights

  • New assay results confirm the mineralized zone at the Kerr #2 target has doubled in strike length from the previously reported 100m to over 200m
  • The zone contains a polymetallic network of veins and disseminated mineralization with cobalt, silver, copper, lead and zinc
    • High grade intercepts include 0.56% Co over 1.8m as well as 1.45% Co, 940 g/t Ag and 0.44% Ni over 0.3m within longer intervals of mineralization including 5.0m of 0.10% Co and 4.6m of 0.27% Co
    • A silver intercept of 8.0m of 31 g/t Ag is part of the same vein network, highlighting the potential for undiscovered cobalt-rich areas near the historic mines
  • Mineralized zone remains open along strike and drilling in the area is ongoing

Trent Mell, President & Chief Executive Officer, commented:

“In short order First Cobalt has doubled the strike length of a newly discovered cobalt-rich zone and there is potential to increase this further. This is a testament to the integrated geological model our team has developed and continues to update with new data. The presence of a network of veins and disseminated mineralization across more than 200 metres is encouraging for our strategy of identifying open pit targets in this historic Canadian mining district. Our 2018 drilling program will continue targeting 15 areas containing past-producing mines, but the Kerr area is now a high priority for exploration work.”

Drilling in the Kerr #2 target in Cobalt North has confirmed that a zone of cobalt mineralization recently identified by First Cobalt (see March 26, 2018 press release) extends across more than 200 metres, double the size initially recognized. A network of multiple veins, at various orientations, containing cobalt and several other metals has been intersected along with disseminated mineralization. Further potential for mineralization exists along strike and additional drilling will continue to test the target.

Drill holes are designed using a 3D geological model of the entire Kerr area compiled by First Cobalt and based on digital compilation of historic mine workings, integrated with exploration drilling and surface bedrock geology maps. At the Kerr #2 target, elevated silver was intersected by historic drilling but not developed by underground mining. Four holes were initially planned to test this intersection along the general trend of mineralization in the area. Assay results from two holes, FCC-18-0021 and FCC-18-0023 collared over 160m apart, showed cobalt mineralization also occurs with grades including 10.4m of 0.15% Co and 44 g/t Ag.

Mineralization in these two holes is considered continuous and is now extended by two additional holes, FCC-18-0022 and FCC-18-0032, based on oriented drill core interpretation (Figure 1). 

Two distinct zones of mineralization were intersected in FCC-18-0032 with cobalt-bearing veins occurring along with veins containing copper, zinc and lead. Silver and nickel occur within the cobalt-bearing veins (Table 1). Assays from FCC-18-0032 returned 5.0m of 0.10% Co, including 1.45% Co, 940 g/t Ag and 0.44% Ni over 0.3m. Additional intercepts include 4.6m of 0.27% Co, including 0.56% Co and 11 g/t Ag over 1.8m and 0.21% Co over 0.3m. A separate cobalt-bearing vein was also intersected containing 0.21% Co and 10 g/t Ag over 0.3m that reflects an extension of this network beyond these two zones. Within the network, veins occur in varying directions as measured in oriented core.

Hole FCC-18-0022 was collared in the same location as FCC-18-0021 drilling eastward and intersected an 8.0m zone of fractured rock with thin calcite veins containing elevated silver along with copper, zinc and lead. This silver mineralization is considered part of the same network of veining containing cobalt in the nearby drill holes and demonstrates a similar metal zoning seen throughout the Cobalt Camp.

The northeast trend of the mineralized zone is roughly parallel to the trend mined at both the Kerr Lake and Drummond mines. Similarly, the trend of the contact between the Nipissing Diabase and Archean sedimentary rocks occurs in the same orientation. A regional fold structure is interpreted from compiled map information also trending northeast and is considered the major control of the location of the vein network developed at Kerr Lake. North-south vein orientations similar to those occurring at the historic Hargrave Mine may have developed parallel to the orientation of the sedimentary rocks. Intersections between the regional fold orientation and sedimentary rocks are high priority targets for further exploration drilling.

Coarse cobalt minerals occur within veins with and without calcite. Nickel and silver are also concentrated within the cobalt-bearing veins. Copper, zinc and lead occur as separate minerals and are often in separate veins or disseminated within the host rocks. The host to the mineralization zones are fine grained sedimentary rocks considered to be part of the Archean sequence below the unconformity with the Proterozoic sedimentary rocks. In places the Archean sedimentary rocks contain up to 5% disseminated iron sulphide mineralization that predates the veins.

For a table of drill hole locations and assay results to date, visit https://firstcobalt.com/projects/greater-cobalt-project

Cobalt North

The Kerr Lake area contains several historic mines including Crown Reserve, Kerr Lake, Lawson, Drummond, Conisil and Hargrave, and produced over 50 million ounces silver mainly between 1905 to 1950. Other historic mines owned by First Cobalt in the Cobalt North area include the Silver Banner, Juno, Silverfields, Hamilton, Ophir mines. The Kerr Lake Mine consisted of thirteen separate shafts with underground development over 20km. The deepest shaft was less than 200m.

Cobalt was not previously an exploration focus in this area although some cobalt, nickel and copper were produced as secondary metals at the Kerr Lake and Drummond mines. Cobalt had not been assayed within the mines or in exploration drill holes previously, so the potential for an extensive polymetallic mineralization system remains to be explored. Limited exploration activities in the 1970s and 1980s around Kerr Lake examined copper-zinc-lead mineralization within the Archean rocks.

Silver-bearing veins are concentrated along a northeast-trending corridor beneath Kerr Lake, but north-south trending veins were also mined, specifically at the Drummond and Hargrave mines.

The 2018 Cobalt North drill program consists of 17,000 metres with over 7,000 metres in the Kerr Lake area designed to test trends in mineralization found in historic drilling and major structures interpreted to be associated with mineralization. Disseminated polymetallic cobalt-silver-copper-zinc-lead mineralization has been recognized in samples from underground material in muckpiles from the Drummond mine showing a wide range of styles occur in this area (October 26, 2017 press release).

Quality Assurance and Quality Control

First Cobalt has implemented a quality control program to comply with common industry best practices for sampling and analysis. Samples are collected from drill core from a range of 30 to 100cm length. Half-core samples are submitted for analysis. Standards and blanks are inserted every 20 samples. Duplicates are made from quarter core splits every 20 samples. Geochemical data were received from AGAT Laboratories in Mississauga, Ontario, Canada. All results have passed QA/QC protocols. AGAT has used a sodium-peroxide fusion and ICP finish for analyses on all samples. High silver values (>20 g/t) are determined by a separate three-acid digestion and ICP finish.

Qualified and Competent Person Statement

Dr. Frank Santaguida, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the contents of this news release. Dr. Santaguida is also a Competent Person (as defined in the JORC Code, 2012 edition) who is a practicing member of the Association of Professional Geologists of Ontario (being a ‘Recognised Professional Organisation’ for the purposes of the ASX Listing Rules). Dr. Santaguida is employed on a full-time basis as Vice President, Exploration for First Cobalt. He has sufficient experience that is relevant to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code.

About First Cobalt

First Cobalt aims to create the largest pure-play cobalt exploration and development company in the world. The Company controls over 10,000 hectares of prospective land covering over 50 historic mines as well as mineral processing facilities in the Cobalt Camp in Ontario, Canada. The First Cobalt Refinery is the only permitted facility in North America capable of producing cobalt battery materials.

First Cobalt seeks to build shareholder value through new discovery, mineral processing and growth opportunities, with a focus on North America. On March 14, 2018, First Cobalt announced a friendly merger with US Cobalt Inc. (TSX-V: USCO, OTCQB: USCFF), which remains subject to regulatory approvals. This transaction will strategically position First Cobalt as a leading non-DRC cobalt company with three significant North American assets: the Canadian Cobalt Camp, with more than 50 past producing mines; the Iron Creek Project in Idaho, which has a historic mineral resource estimate (non-compliant with NI 43-101) of 1.3M tons grading 0.59% cobalt; and the only permitted cobalt refinery in North America capable of producing battery materials.

US Cobalt is scheduled to hold a shareholder vote on May 17, 2018 with the transaction expected to close by the end of May 2018.

On behalf of First Cobalt Corp.

Trent Mell
President & Chief Executive Officer

For more information visit www.firstcobalt.com or contact:
Heather Smiles
Investor Relations
info@firstcobalt.com
+1.416.900.3891

Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forwardlooking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects‘, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. In particular, forward-looking information included in this news release includes, without limitation, the anticipated closing date of the Transaction, the receipt of final court approval and other regulatory approvals. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for each of First Cobalt and US Cobalt, filed on SEDAR at www.sedar.com. Although First Cobalt and US Cobalt believe that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt and US Cobalt disclaim any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Historic Estimates

US Cobalt considers the cobalt and copper tonnage and grade estimates above as historical estimates. The historical estimates do not use categories that conform to current CIM Definition Standards on Mineral Resources and Mineral Reserves as outlined in National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) and have not been redefined to conform to current CIM Definition Standards. They were prepared in the 1980s prior to the adoption and implementation of NI 43-101. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and US Cobalt is not treating the historical estimates as current mineral resources. More work, including, but not limited to, drilling, will be required to conform the estimates to current CIM Definition Standards. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the Iron Creek property. US Cobalt has not undertaken any independent investigation of the historical estimates nor has it independently analyzed the results of the previous exploration work in order to verify the accuracy of the information. US Cobalt believes that the historical estimates are relevant to continuing exploration on the Iron Creek property.

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GoldMining to Acquire Additional Gold Claims Contiguous with Yellowknife Gold Project

GoldMining Inc. (the "Company" or "GoldMining") (TSX-V: GOLD; OTCQX: GLDLF) is pleased to announce that it has entered into an agreement (the "Agreement") with an arm’s length vendor (the "Vendor") to indirectly acquire the Narrow Lake property ("Narrow Lake" or the "Property").  The Property includes the N1 and N2 claims, which cover a total area of 618 hectares and are contiguous with the southern boundary of the Company’s Nicholas Lake-Ormsby property, one of the four properties that comprise the Yellowknife Gold Project ("YGP").  With this latest acquisition, the YGP will have an expanded total area of 12,120 hectares upon closing.

The YGP has been the subject of substantial drilling, underground development, metallurgical testwork and historic gold production from the high-grade Discovery Mine, which the Company acquired in July 2017.

Agreement

Pursuant to the Agreement, GoldMining will pay $50,000 cash and issue $38,000 in common shares of GoldMining ("GOLD Shares") on closing and an additional $100,000 in cash or GOLD Shares, at the Company’s discretion, on the first anniversary of the closing date, in consideration for the Property.  The number of GOLD Shares issuable shall be based on the volume-weighted average price of GOLD Shares on the TSX Venture Exchange (the "TSX-V") for the ten trading days immediately prior to the date of such payment.  GoldMining granted the Vendor a 1% net smelter royalty with respect to the N1 and N2 claims upon commercial production.  The transaction is subject to customary closing conditions, including, among other things, receipt of requisite approvals.  The parties currently expect closing to occur by the end of May 2018. 

Narrow Lake

Narrow Lake was part of the Morris Lake Project that was explored by Viking Gold Exploration Inc. from 2009 to 2010.  Exploration programs included geological mapping, rock and lake sediment geochemistry, geophysics (ground magnetic and electromagnetic surveys) and shallow diamond drilling (2,539 metres in 12 holes), which identified several conductors on strike with the Ormsby gold deposit. 

The Property has potential for both, bulk mineable gold mineralization as outlined at the Ormsby deposit, located approximately 300 metres to the northeast, and high-grade gold mineralization, as mined from underground at the Discovery Mine located 3 kilometres to the northeast.  The Ormsby deposit was the focus of extensive exploration by previous operators, including surface and underground drilling (120,760 metres), underground development (1,579 metres), bulk sampling and metallurgical testwork.  The Discovery Mine was in operation from 1949 to 1968 with estimated production of one million ounces of gold.  Reference to historical production at the Discovery Mine is for informational purposes only and is not indicative of the Companyꞌs potential future results at the YGP.  Future exploration programs would be designed to examine the potential for these styles of mineralization on the YGP and at Narrow Lake.

Shares for Debt

The Company has, through a subsidiary, entered into a debt settlement agreement and will issue 34,188 GOLD Shares in satisfaction of $40,000 of debt owed by the subsidiary to an arm’s length creditor, at a deemed price of $1.17 per GOLD Share.  Such GOLD Shares will be subject to a four month and one day hold period from the date of issuance.  The transaction will be completed on or about the date hereof upon receipt of TSX-V approval.

Qualified Person

Paulo Pereira, President of GoldMining Inc. has reviewed and approved the technical information contained in this news release.  Mr. Pereira holds a Bachelor degree in Geology from Universidade do Amazonas in Brazil, is a Qualified Person as defined in National Instrument 43-101 and is a member of the Association of Professional Geoscientists of Ontario.

About GoldMining Inc.

GoldMining is a public mineral exploration company focused on the acquisition and development of gold assets in the Americas.  Through its disciplined acquisition strategy, GoldMining now controls a diversified portfolio of resource-stage gold and gold-copper projects in Canada, U.S.A., Brazil, Colombia and Peru.  Additionally, GoldMining owns a 75% interest in the Rea Uranium Project, located in the Western Athabasca Basin of Alberta, Canada.

Forward-looking Statements

This document contains certain forward-looking statements that reflect the current views and/or expectations of GoldMining with respect to its business and future events, including expectations and future plans respecting the completion of the acquisition of the Property and its projects.  Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which GoldMining operates, including that the acquisition of the Property will complete as contemplated and that the conditions under the Agreement will be satisfied.  Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that the parties may not satisfy all of the conditions under the Agreement, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with GoldMiningꞌs expectations, accidents, equipment breakdowns, title and permitting matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on its projects, and that GoldMining may not be able to confirm historical exploration results.  These risks, as well as others, including those set forth in GoldMiningꞌs filings with Canadian securities regulators, could cause actual results and events to vary significantly.  Accordingly, readers should not place undue reliance on forward-looking statements and information.  There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate.  GoldMining does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

Neither the TSX Venture Exchange, nor its Regulation Services Providers (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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