Maple Gold updates Douay Resource Estimate containing more ounces

Maple Gold Mines Ltd. (“Maple Gold” or the “Company”) (TSX-V: MGM, OTCQB: MGMLF; Frankfurt: M3G – http://www.commodity-tv.net/… ) is pleased to announce an updated Mineral Resource Estimate (the “updated estimate”) for the Company’s Douay Gold Project (“Douay”), as prepared by Micon International Limited (“Micon”). The updated estimate includes additional drilling and assays from work completed during 2017 (see press release January 25, 2018), with updated block model wireframes, modified search ellipses and modified geologic interpretations, all of which targeted a more refined and constrained model.

The updated estimate successfully converts a significant proportion of Inferred Resources to the Indicated Resource category, which were absent from the 2017 Micon estimate. Mineral Resources at Douay are now estimated as 9,383,000 tonnes grading 1.59 g/t Au (0.48 million ounces) in the Indicated category, plus 84,152,000 tonnes grading 1.02 g/t Au (2.76 million ounces) in the Inferred category, using a 0.45 g/t cut-off grade (updated base-case) as highlighted below:
Table 1: Douay Gold Project Pit-Constrained Indicated & Inferred Resource Summary (Base-case)
CUT-OFF GRADE
(G/T AU) CATEGORY TONNES GOLD GRADE
(G/T) CONTAINED GOLD
(OUNCES)
0.45 INDICATED 9,383,000 1.59 479,000
INFERRED 84,152,000 1.02 2,759,000
*See Table 2 for additional cut-off grades & see disclosure notes appended to this press release

At a 0.5 g/t Au cut-off (same as Micon 2017), the updated 2018 estimate shows increased average grade of Inferred Resources (1.09 versus 1.05 g/t Au), increased level of confidence (addition of 467,000 contained ounces in the Indicated category) and increased contained ounces compared to the previous estimate (see Table 2 below). However, using a 0.45 g/t cut-off grade is currently believed to be the most optimal for currently contemplated conceptual pit-scenarios, and therefore has been selected as the base-case for the updated estimate. The Company will continue examining different scenarios as part of the ongoing evaluation process as new data is added and geological and economic models are updated.

Indicated Resources are present in the more closely drilled Douay West Zone (3,693,000 tonnes at 2.47 g/t Au, 294,000 ounces), and there are also four such areas within the Porphyry Zone (5,690,000 tonnes at 1.01 g/t Au, 185,000 ounces). The Indicated and Inferred Resources at various cut-off grades are summarized below in Table 2 below.

Maple Gold’s President & CEO, Matthew Hornor, stated: “We are pleased to enter the winter drilling season with an updated resource base that improves on the previous estimate in multiple ways, including a material increase in the number of contained ounces and upgrading a portion of the previously reported inferred resource to indicated resources of more than 450,000 ounces. We expect additional drill rigs to arrive at site very shortly and look forward to testing further infill, step-out and new discovery targets this winter.”
Table 2: Douay Gold Project Pit-Constrained Indicated & Inferred Resource Summary (Various Cut-Off Grades)
CUT-OFF GRADE
(G/T AU) CATEGORY TONNES GOLD GRADE
(G/T) CONTAINED GOLD
(OUNCES)
0.50* INDICATED 8,615,000 1.69 467,000
INFERRED 74,286,000 1.09 2,610,000
0.45** INDICATED 9,383,000 1.59 479,000
INFERRED 84,152,000 1.02 2,759,000
0.40 INDICATED 10,162,000 1.50 489,000
INFERRED 95,388,000 0.95 2,914,000
0.30 INDICATED 12,046,000 1.32 510,000
INFERRED 124,278,000 0.81 3,235,000
*For Comparison purposes: Micon 2017 estimate was all Inferred Resources of 83,327,000 tonnes grading 1.05 g/t Au for 2,813,000 contained ounces, using a 0.50 g/t cut-off grade. **Base-case. See disclosure notes appended to this press release.

The modelling changes, additional drilling and assay data, and updated interpretations have variably impacted contained ounces at each of the zones at Douay. A number of the zones appear to be merging into a larger unified system and a portion of the Company’s current and future drilling campaigns will continue to test targets that support this thesis. Figure 1 highlights the updated resource areas and conceptual pit shells.

Figure 1: Plan view of Micon 2018 Resource Areas
For comparison purposes, click here to view the conceptual pit-constrained plan view used in the Micon 2017 resource estimate.
Further information about assumptions, parameters, methods and risks in respect of the updated estimate will be available in a NI 43-101 technical report filed by Maple Gold on Sedar within 45 days following the date of this press release.
Notes:

1. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Micon does not believe that mineral resources estimate is materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
2. The quantity and grade reported includes both indicated and inferred resources for the Douay West and Porphyry zones and inferred resources for the remaining zones in the deposit. The inferred resources in this estimation are conceptual in nature and there has been insufficient exploration data to define these resources as an indicated category and it is uncertain if further exploration will result in upgrading them to an Indicated mineral resource category. There are no measured resources currently for the mineral zones comprising the Douay Project.
3. The mineral resource estimate has been prepared without reference to surface rights or the presence of overlying public infrastructure.
4. Figures may not total due to rounding.
5. A gold price of US $1,400 per ounce was used for the purposes of demonstrating economics.
6. The mineralized envelopes were re-modelled in GEMS at 0.3 g/t Au cut-off assuming an anastomosing style of mineralization with some inclusion of lower grade material for modelling purposes.
7. Although the Douay West, Porphyry Zones were able to produce supporting variograms, all zones within the entire deposit were estimated using Inverse Distance Cubed.
8. Search ellipses range from 50 m to 300 m using 3 passes to fill the model. The search ellipses were also optimized to reflect the anastomosing nature and different directions and dips within the mineralized zones.
9. Block size of 10 m x 2 m x 5 m was used.
10. The effective date of the mineral resource estimate is February 9, 2018.

Qualified Persons
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 Mines. The technical contents of this press release have also been reviewed and approved by Mr. William Lewis, B.Sc., P. Geo., of Micon, who is independent of Maple Gold and who is responsible for the Updated Pit-Constrained Mineral Resource Estimate. Both individuals are Qualified Persons under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Micon International Limited
Micon International Limited (Micon), mineral industry consultants, is an independent firm of senior geological, mining, metallurgical and environmental consultants. The firm operates from integrated offices in Toronto and Vancouver, Canada and Norwich and Cornwall, United Kingdom. The professionals of Micon have extensive experience in the mining industry with both mining companies and leading consultancy firms.

About Maple Gold

Maple Gold is a well-funded gold exploration company focused on advancing a district-scale gold project in one of the world’s premier mining jurisdictions. The Company’s 370 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 that remains open in multiple directions, with excellent infrastructure and several large scale operating mines within this prolific mining district. Maple Gold has a significant drill campaign under way 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”

B. Matthew Hornor, President & CEO

For Further Information, Please Contact:

Mr. Joness Lang
VP, Corporate Development
Office: +1 416.306.8124
Email: jlang@maplegoldmines.com

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. 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 with respect to the mineral resource estimate, including statements regarding contained ounces, optimal cut-off grade and average gold grade, as well as statements regarding upcoming exploration programs. 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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Goldmining issues letter to shareholders and reports on company plans for 2018

GoldMining Inc. (the "Company" or "GoldMining") (TSX-V: GOLD; OTCQX: GLDLF – https://www.youtube.com/…) today issued a Letter to Shareholders regarding the Company’s plans and outlook for 2018. The full report from the Company’s Chairman, Amir Adnani, follows.

Dear Shareholder,
First, I want to thank you for your ongoing support of our efforts over the last 12-months, which led to a significant expansion of our project portfolio. With three acquisitions of gold and gold-copper resource stage projects in 2017 – the La Mina Gold-Copper Project ("La Mina") in Colombia, the Yellowknife Gold Project ("YGP") in Canada and the Crucero Gold Project ("Crucero") in Peru – it was a very busy and exciting year for our Company.

Since our first acquisition in 2012, our efforts to consolidate assets have now placed us in the top tier of junior mining companies with respect to the amount of global gold resources. GoldMining’s global resources have grown to 9.5 million ounces gold (12.4 million ounces gold equivalent) in the measured and indicated categories and 11.7 million ounces gold (14.2 million ounces gold equivalent) in the inferred category. The table at the end of this letter provides additional details on our resources, including grades, gold-equivalents and tonnages for each of our projects.

With no debt, strong treasury and disciplined cost structure, we are ideally positioned for value realization, with the flexibility to aggressively advance our existing projects with resource expansion and development activities in the event the price of gold makes a clear breakout in 2018.

For now, despite the gold price showing signs of improvement – from US$1,158/ounce at the start of 2017 to over US$1,300 today – we continue to identify and actively assess numerous opportunities for accretive acquisitions.

In 2018, we plan to continue creating value for shareholders and believe we have the means, assets and opportunities to do so.

Building a large and diversified resource base in the Americas Expansion in Colombia

With the acquisition of the La Mina and Titiribi Gold-Copper Project ("Titiribi") in Colombia, we have consolidated a significant land package with gold-copper resources and multiple drill-targets for future exploration. La Mina and Titiribi are only 6 kilometres apart, are situated within the Mid Cauca Belt, one of the most prospective and under-explored gold belts in the world. In addition to the already defined gold and copper resource at La Mina, the project hosts several under-explored porphyry targets that we believe offer excellent opportunities for new discoveries in a region with excellent infrastructure.

Targets such as La Garrucha, that saw some of the longest and highest-grade gold and copper intersections before drilling was suspended in 2013 due to lack of funding by the previous owner, will be evaluated to determine the amount of additional drilling required to complete a maiden resource estimate. Several other geophysical and geochemical anomalies are untested by drilling, but clearly there is good potential to identify additional areas of gold-copper mineralization on the property.
Entry into Canada and Peru

Canadaꞌs Northwest Territories is an exciting and under-explored region of Canada with geopolitical stability. With two acquisitions in this region, we’ve consolidated over 11,000 hectares that comprise the Yellowknife Gold Project ("YGP"). The YGP is an advanced-stage gold project covering over 30 kilometres of the Yellowknife Greenstone Belt, which historically produced more than 15 million ounces of gold from the Con, Giant and Discovery Mines. The Discovery Mine, located on the YGP land package, historically produced over 1 million ounces of gold from high-grade ore from 1950 to 1969. Historic production is not necessarily indicative of potential future results and is referenced for information purposes only.

The YGP has been the focus of extensive historical work including drilling (231,609 metres in 1,061 holes), underground development at two deposits (2,400 metres), bulk sampling, and metallurgical test work. The potential to expand the existing resource base and identify new areas of gold mineralization is considered high by our technical team.

Our focus in 2018 will be to compile and review the existing extensive database to gain a better understanding of the potential of the Yellowknife Greenstone Belt covered by our project. An independent engineering group will be engaged to complete a technical report, including the completion of resource estimates, for several of the deposits that have been identified on the project.

We started 2018 by announcing our latest resource estimate on the Crucero Gold Project ("Crucero") in southeastern Peru, which we acquired in late 2017. Crucero is situated in a favourable mining jurisdiction with a pit-constrained resource and several nearby exploration targets. Our geologists are excited about the potential to expand the existing near surface gold mineralization at the A1 deposit and test several of the nearby targets.

Technical Team to Support Growing Portfolio

GoldMining’s technical team was strengthened with appointments of Dr. Ross Sherlock, Dr. Paul Zweng and Mr. Curtis Clark to its Technical Advisory Board. Collectively, they bring decades of exploration, development, production and financial experience to provide insight and guidance towards GoldMining’s portfolio of resource-stage projects and to help identify new opportunities for potential acquisition.

With an expanding portfolio in new jurisdictions, we will continue to consider additional key personnel to provide necessary in-country expertise to manage the technical, stakeholder, environmental, and permitting programs in order to keep our properties in good standing with local communities and government agencies.

Analyst Coverage
GoldMining is covered by several mining analysts, including Rodman & Renshaw (a unit of H.C. Wainwright & Co.), Roth Capital Partners and Cantor Fitzgerald. It is our intention to attend a number of investor conferences in 2018 and look forward to meeting current shareholders during these opportunities.

Thank you again for your ongoing support. We welcome your additional participation in the Company. Please call us at 1-855-630-1001, or email info@goldmining.com with any comments. Visit www.goldmining.com or follow us on Twitter @GoldMiningInc to learn more about the Company and to register for upcoming news. We look forward to sharing further developments with shareholders through another exciting year in 2018.

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.

Qualified Person
Paulo Pereira, President of GoldMining Inc. has reviewed and approved the technical information contained in this news release. Mr. Pereira holds a Bachelors 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.
For additional information, please contact:
GoldMining Inc.
Amir Adnani, Chairman
Garnet Dawson, CEO
Telephone: (855) 630-1001
Email: info@goldmining.com

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 Company, future work programs and the exploration potential of 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 GoldMining will confirm historical exploration results and historical resource estimates. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: 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 the Project, and that GoldMining may not be able to confirm historical exploration results for its projects. 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 their 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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First Cobalt Intersects High Grade Cobalt at Bellellen

First Cobalt Corp. (TSX-V: FCC, ASX: FCC, OTCQB: FTSSF) (the “Company” – https://www.youtube.com/…) today announced positive drill results from the historic Bellellen mine in the Cobalt Camp, Ontario. These early results confirm the presence of high grade cobalt and nickel along the known Bellellen vein system south of the historic mine workings.
Highlights
• 2.0 metres of 0.78% Co and 0.83% Ni, including 1.1 metres of 1.35% Co and 1.47% Ni along the Bellellen Vein system that extends for approximately 300 metres of strike length
• Several calcite veins and disseminated zones of mineralization have been intersected
• Assays pending for additional 12 holes drilled as part of the 1,100m program at Bellellen
• Further support to the thesis of metal zoning of cobalt-nickel rich versus silver rich areas within a single hydrothermal system; a relationship seen elsewhere in the Camp

Trent Mell, President & Chief Executive Officer, commented:
“First assays from Bellellen drilling confirm the grades found in muckpile material sampled in 2017 and support our view that we now have a third area of interest in the Cobalt Camp. The Bellellen structure has adequate strike length to remain a priority target. Our 2018 drill strategy is to test several new target areas to confirm the cobalt grades of known systems throughout the Camp and then focus on those of sufficient size to support large tonnage operations.”

Drilling at Bellellen began in January 2018 with 13 holes completed for over 1,100 metres. The program was intended to confirm the presence of cobalt-nickel mineralization away from historic mining and to identify the distribution of both vein-style and disseminated-style mineralization previously sampled from underground material.

Drill holes targeted the north-south trending Bellellen Vein and the northeast trending Frontier 2 Vein (Figure 1). In places, two holes were collared at the same location with different dip orientation to determine the direction of the veins.

Assays have been received from hole FCC-18-0007, returning 2.0m of 0.78% Co and 0.83% Ni, including 1.1m of 1.35% Co and 1.47% Ni. The mineralized intercept was about 20m from surface in a zone containing several veins (Figure 2). The highest grade of 2.40% Co over 0.3m represents visible cobalt minerals that also likely contain nickel. Anomalous cobalt (>0.05%) occurs within wallrocks on the margins of the high grade zone without visible veining. Fine disseminated cobalt minerals are likely present. Silver is relatively low suggesting the Bellellen area may represent a cobalt-nickel rich zonation in proximity to the silver-rich vein system at Keeley-Frontier.

Table 1. Summary of assay results from hole FCC-18-0007
From To Width Co Ag Ni
Sample ID – m – m – m – % – g/t – %
E6607467 – 26.2 – 26.5 – 0.3 – 0.05 – 2 – 0.03
E6607468 – 26.5 – 26.8 – 0.3 – 0.73 – 1 – 1.26
E6607469 – 26.8 – 27.3 – 0.5 – 1.11 – 3 – 1.78
E6607470 – 27.3 – 27.6 – 0.3 – 2.40 – 2 – 1.18
E6607472 – 27.6 – 28.2 – 0.6 – 0.05 – 4 – 0.02
average – 26.2 – 28.2 – 2.0 – 0.78 – 3 – 0.83
including – 26.5 – 27.6 – 1.1 – 1.35 – 2 – 1.47

Note: Lengths are measured along the drill core and true widths of mineralization are not known at this time.
Several holes in this program intersected carbonate veins containing cobalt-nickel minerals as well as pyrite, pyrrhotite and chalcopyrite. In some holes tight folding of the volcanic rocks is evident and the Nipissing Diabase appears to be deeper than expected from bedrock mapping. The overall structural interpretation of the Bellellen area is ongoing to determine if these high grade cobalt-nickel veins are locally concentrated where folds converge.

Figure 1. Bedrock geology and location of drilling stations in the 2017 drilling program. Silver-cobalt veins shown are compiled from historic maps and locations shown not be considered exact.
Cobalt-bearing minerals in hole FCC-18-0007 occur as discrete bands associated with small, centimetre-sized calcite veins occurring within chloritized mafic volcanic rocks. Disseminated pyrite and arsenopyrite occur in the wallrocks of the veins. Arsenopyrite is associated with anomalous cobalt. The hole was collared over 150m south of the main Bellellen mine shaft. Drill holes FCC-18-0008 and FCC-18-0013 were drilled to test the dip extension of the cobalt mineralization in FCC-18-0007. Disseminated pyrite and arsenopyrite as well as calcite veins have also been noted in these holes.

Elsewhere in the Cobalt Camp at the Silverfields mine, high cobalt-nickel mineralization occurs along the margin of high grade silver veins, defining an extensive system. Silverfields produced approximately 18 million ounces of silver and was one of the largest producers, with over one million tonnes milled, in the Cobalt Camp.

Figure 2. East-west geologic cross section of FCC-18-0007 and nearby drill holes. The section is 40m thick. Grid blocks are 50m by 50m. Easting co-ordinates are in UTM NAD83 Zone 17 co-ordinate system.
For a table of drill hole assay results to date, visit https://firstcobalt.com/….

Bellellen Mine
Mining at Bellellen mine began in 1909 around the same time the Haileybury, Frontier and Keeley mines began operations. The Bellellen mine contained high cobalt content relative to silver, thus it struggled to be economically viable in a silver mining era. Bellellen had intermittent production until 1943, when 12.3 tons of ore were shipped containing 9.25% Co and 11.55% Ni.
At Bellellen, the Nipissing Diabase has been interpreted at a depth of 125 metres below surface within a fold hinge. Between surface and the diabase, a thick sequence of mafic volcanic rocks occurs, suggesting depth potential to the known Co-Ag mineralization may exist in this area.

Samples from surface muckpiles at Bellellen returned high values of Co coincident with Ag, Ni and Cu in various styles of mineralization (see September 28, 2017 press release). Mineralogy work on disseminated style mineralization found Co as glaucodot (Co,Fe)AsS as well as Co-bearing pyrite (see October 5, 2017 press release). This style of mineralization had not previously been recognized in the Cobalt Camp and suggests a broad hydrothermal system may be present at Bellellen.
Quality Assurance and Quality Control

First Cobalt has implemented a quality-control program to comply with common industry best practices for sampling and analyses. Samples are collected from drill core from a range of 30 to 100cm length. Half-core samples are submitted for analyses. Standards and blanks are inserted every 20 samples. Duplicates are made from quarter core splits every 20 samples. Geochemical data were received from SGS Canada in Lakefield, Ontario, Canada. No QA/QC issues have been noted. SGS has used a sodium-peroxide fusion and ICP finish for analyses on all samples. Over-range (> 1%) Co and Ni are determined by a separate fusion 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 is the largest land owner in the Cobalt Camp in Ontario, Canada. The Company controls over 10,000 hectares of prospective land and 50 historic mines as well as a mill and the only permitted cobalt refinery in North America capable of producing battery materials. First Cobalt began drilling in the Cobalt Camp in 2017 and seeks to build shareholder value through new discovery and growth opportunities.

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
In Europe:
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, "forward-looking 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. Factors that could cause actual results to differ materially from these forward-looking statements include the reliability of the historical data referenced in this press release and risks set out in First Cobalt’s public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com. Although First Cobalt believes 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 disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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Emerging new cluster of copper-gold – Discoveries at cloncurry

• Excellent drill results from three targets 25-30 kilometres south of Little Eva
• Companion: 32 metres at 1.48% copper, 0.98g/t gold from surface
• Veiled: 74 metres at 0.53% copper, 0.23g/t gold from surface
• Quamby: 13 metres at 0.61% copper, 4.6g/t gold from 29 metres including 2 metres at 23.6g/t gold from 30 metres
• Highest values include 8.6% copper, 27.1g/t gold, 85g/t silver and 0.2% cobalt
• Many more targets remain poorly tested or untested

Altona Mining Limited (“Altona” or “the Company” – http://www.commodity-tv.net/… ) today announced the results of a 30 hole RC drilling programme undertaken at the Cloncurry Copper Project (“Cloncurry”) in late 2017. The programme was designed to test new copper-gold in soil anomalies at the Companion, Veiled and Quamby prospects. Drill highlights include:

Companion 32 metres at 1.48% copper, 0.98g/t gold
15 metres at 1.44% copper, 0.84g/t gold
35 metres at 1.33% copper, 0.23g/t gold

Veiled 74 metres at 0.53% copper, 0.23g/t gold
24 metres at 0.84% copper, 0.22g/t gold
25 metres at 0.68% copper, 0.10g/t gold

Quamby 13 metres at 0.61% copper, 4.23g/t gold including 2 metres at 23.55g/t gold
60 metres at 0.44% copper, 0.05g/t gold
25 metres at 0.52% copper, 0.07g/t gold

The prospects add to an emerging cluster of copper-gold discoveries south of the proposed Little Eva mine development at Cloncurry. The cluster also includes the Hobby and Reaper prospects (see ASX release dated 29 November 2016).

The drilling is shallow and reconnaissance in nature and intersected both oxide and sulphide mineralisation. Of note were the higher gold grades compared to the deposits included in the mine plan for the Little Eva development. High silver values at Quamby and high cobalt values at Veiled were also recorded. The rocks intersected (Figures 1 to 3) and element association are typical of IOCG (Iron Oxide Copper Gold) deposits.

The tenor of mineralisation is excellent with the highest individual assays at Companion of 11.2%, 9.3% and 8.7% copper equivalent; at Veiled 3.0%, 2.4% and 2.3% copper equivalent; and at Quamby 27.1g/t and 20g/t gold.

At Companion the mineralised system has potential to be large with soil anomalism defined over an area of 0.6 by 3 kilometres, drilling is widely spaced over only 1.2 kilometres of strike.

At the Companion prospect (Figures 4 to 9), the new drill results and drill results from previous operators combine with geology and soil geochemistry to confirm the discovery of a large, structurally controlled copper-gold system.

This drilling programme comprised 9 holes of 48 to 96 metres depth spaced at approximate 300 metre intervals along the northernmost 1.2 kilometres of a larger 3 kilometre long copper-in-soil anomaly. The southern portion of the anomaly is essentially undrilled other than by shallow reconnaissance ‘geochemical’ holes. Soil anomalism occurs in three subparallel zones and mineralisation has been intersected in all three. High tenor copper-gold mineralisation was encountered within broader lower tenor mineralisation. Results were notable for their elevated gold grades and that many intercepts were at very shallow depths.

Better drill intercepts at a 0.3% copper equivalent cut-off grade, include:

32 metres at 1.48% copper, 0.98g/t gold from surface (CPR628)
15 metres at 1.44% copper, 0.84g/t gold from 25 metres (CP629)
35 metres at 1.33% copper, 0.23g/t gold from 4 metres (CPR634)

Mineralisation is developed within subparallel steeply dipping zones. Mineralisation is chalcopyrite and pyrite hosted in strongly silicified quartzite in fresh rock. Mineralisation occurs as malachite and goethite in the weathered zone, commonly to 30 metres depth.

It is likely that high grade mineralisation is developed along the mineralised zones as discrete lodes and shoots. The mineralisation is open along strike and at depth. Figures 8 and 9 provide cross sections at Companion illustrating steeply dipping high grade lodes.

Prior reconnaissance drilling by previous operators at Companion returned:

34 metres at 0.75%, 0.21g/t gold
12 metres at 0.73%, 0.32g/t gold
19 metres at 0.87%, 0.32g/t gold

The location of drill holes is provided in Figures 6 and 7, full results are given in Table 1, drill collar details in Table 2 and JORC Table 1 is provided as Appendix 1.

Veiled Prospect

At the Veiled prospect (Figures 4, 5 and 10), drill results and soil geochemistry suggest the discovery of a significant copper-gold system. There was no prior drilling at Veiled. The prospect is a 130 x 260 metre discrete ‘bullseye’ high tenor copper-in-soil anomaly identified in sampling programs undertaken over the last two years. There are small early 1900’s shallow copper oxide workings within the anomaly located on north striking structures with mineralised brecciated metasedimentary rock and gossan both in outcrop and float.

At the prospect, shallow reconnaissance RC drilling comprised 4 holes of 54 to 90 metres depth on two cross-sections 100 metres apart that targeted the centre and northern extent of the anomaly.

Copper-gold mineralisation was encountered within broader lower tenor mineralisation in three holes. Better drill intercepts at a 0.3% copper equivalent cut-off grade, include:

74 metres at 0.53% copper, 0.23g/t gold from surface (VLR001)
24 metres at 0.84% copper, 0.22g/t gold from surface (VLR002)
25 metres at 0.68% copper, 0.10g/t gold from 10 metres (VLR003)

One hole (VLR002) terminated in mineralisation. The mineralised zone is open at depth, while the limits to the copper-in-soil anomaly remain untested.

Mineralisation is associated with chalcopyrite and pyrite in altered metasediments in fresh rock. There are locally elevated cobalt values (up to 0.2%) with the best intersection being 6 metres at 0.12% cobalt in VLR001 from 10 metres. The mineralisation is also notable for elevated gold grades.

The base of weathering is approximately at 30 metres depth and mineralisation occurs as malachite associated with goethite-hematite rich zones. Higher grade zones within the oxide zone may reflect primary mineralisation or supergene enriched zones and further drilling is required.

Figure 11 provides a cross section at Veiled illustrating the apparent steep dipping high grade zones. The location of drill holes is in Figure 10, full results are given in Table 1, drill collar details in Table 2 and JORC Table 1 is provided in Appendix 1.

Quamby Prospect

At the Quamby prospect (Figure 4, 5 and 12) the drilling tested poorly understood gold-only and adjacent copper-gold soil anomalism.

The target comprises elevated gold in soils around the historic Quamby gold mine which is reported to have recovered 75,600 ounces of gold from leaching operations in the 1980’s and 1990’s. The mine has been drill tested but few of the results have been found. Those available include 16 holes (see September 2017 Quarterly Report) that are coincident with the soil anomalies located south of existing workings. To the west of the mine and partly co-incident with Quamby gold anomalism is a large copper and gold-in-soil anomaly.

Shallow reconnaissance RC drilling comprised 17 holes of 60 to 174 metres depth on cross-sections at 80 to 200 metre intervals was targeted to test the copper-gold in soil anomaly. A single hole was drilled beneath the Quamby mine.

All drill holes targeting the copper-in-soil anomaly encountered mineralisation. The drilling indicates broad zones up to 75 metre wide of low grade copper mineralisation with higher grade zones within.

Mineralisation occurs as disseminated chalcopyrite and pyrite hosted in strongly altered metasediments in fresh rock. In the weathered zone to approximately 25 metres depth, mineralisation occurs as malachite, native copper and chalcocite. Gold values up to 27.1g/t were intersected.


Better drill intercepts, at a 0.3% copper equivalent cut-off grade, include:

13 metres at 0.61% copper, 4.23g/t gold from 29 metres (QMR001)
including 2 metres at 23.6g/t gold and 54g/t silver from 30 metres
60 metres at 0.44% copper, 0.05g/t gold from 10 metres (QMR012)
31 metres at 0.46% copper, 0.01g/t gold from 24 metres (QMR013)
25 metres at 0.52 % copper, 0.07g/t gold from 17 metres (QMR016)

One hole (QMR001) intersected high grade gold and silver over 2 metres (23.55g/t gold and 54g/t silver) within a broader copper-gold mineralised zone and confirms similar drill results obtained by previous operators (Figure 13). The mineralisation has a unique silver rich signature and is poorly understood.

Figure 12 provides a plan of drilling in relation to soil anomalism and illustrates the wide zone of multiple intercepts encountered and relationship to the much larger copper-in-soils anomaly. The location of drill holes is given in Figure 12, full results are given in Table 1, drill collar details in Table 2 and JORC Table 1 is provided in Appendix 1.

Please direct enquiries to:

Alistair Cowden David Ikin Jochen Staiger
Managing Director Professional Public Relations Swiss Resource Capital AG
Altona Mining Limited Perth Tel: +41 71 354 8501
Tel: +61 8 9485 2929 Tel: +61 8 9388 0944 js@resource-capital.ch
altona@altonamining.com David.Ikin@ppr.com.au

About Altona and the Cloncurry Copper Project

Altona Mining Limited (“Altona”) is an ASX listed company focussed on the Cloncurry Copper Project (“Project”) in Queensland, Australia. The Project has Mineral Resources containing some 1.67 million tonnes of copper and 0.43 million ounces of gold. It is envisaged that a 7 million tonnes per annum open pit copper-gold mine and concentrator will be developed at the Project. The development is permitted with proposed annual production(1) of 39,000 tonnes of copper and 17,200 ounces of gold for a minimum of 14 years. The Definitive Feasibility Study was refreshed in July 2017. In November 2017 Altona announced the intention to merge with TSX listed Copper Mountain Mining Corporation, a large Canadian Copper Producer. A shareholder vote on the Scheme of Arrangement is expected in late March 2018.

1Refer to the ASX release ‘Updated DFS Delivers Bigger and Better Cloncurry Copper Gold Project’ dated 2 August 2017 which outlines information in relation to this production target and forecast financial information derived from this production target. The release is available to be viewed at www.altonamining.com or www.asx.com.au. The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target referred to in the above-mentioned release continue to apply and have not materially changed.

Competent Persons Statement

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Alistair Cowden, BSc (Hons), PhD, MAusIMM, MAIG, Mr Roland Bartsch, BSc(Hons), MSc, MAusIMM and Mr George Ross, MSc, MAIG. Dr Cowden, Mr Bartsch and Mr Ross are full time employees of the Company and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Cowden, Mr Bartsch and Mr Ross consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Copper Equivalence
Copper‐equivalent (“CuEq”) values are calculated using copper price US$2.95/lb and gold price of US$1,250/ounce and grade by the equation: CuEq. = copper % + (gold g/t x 0.62).

Copper‐Equivalent values do not specifically take into account the recoverability of copper or gold, however, for standard copper gold concentrates such as those at Little Eva, the differences in payability and recovery are small whereas the metal prices chosen have a large impact on the copper equivalent values.

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Endeavour Silver Provides 2018 Production and Cost Guidance

Endeavour Silver Corp. (TSX: EDR, NYSE: EXK – https://www.youtube.com/…) issued today the 2018 production and cost guidance for its three operating mines and one development project in Mexico: the Guanaceví mine in Durango state, the Bolañitos and El Cubo mines in Guanajuato state, and the El Compas mine, now under development in Zacatecas state.

In 2018, silver equivalent production is expected to increase by 20% compared to 2017. Endeavour forecasts higher silver and gold production at all three existing mines as well as initial production from the new fourth mine at El Compas by the end of March, with commercial production scheduled for the end of July.

With the higher forecast production, cash costs and all-in sustaining costs are expected to decline in 2018 compared to 2017. The 2018 capital budget will increase from 2017 due to the development of the new El Compas mine, and two new high grade orebodies at Guanacevi, whereas the exploration budget will decrease as the focus shifts towards more development activities this year.

2018 Production Guidance

Silver production is anticipated to be in the range of 5.8-6.4 million ounces (oz) and gold production is expected be in the 58,000-64,000 oz range. Silver equivalent production is forecast to be 10.2-11.2 million oz using a 75:1 silver:gold ratio , as shown in the table below.

Mine Ag (M oz) Au (K oz) Ag Eq (M oz) Tonnes/Day (tpd)
Guanacevi 2.2-2.5 5.0-5.5 2.6-2.9 900-1,050
Bolanitos 1.0-1.1 23.5-25.5 2.8-3.0 1,100-1,250
El Cubo 2.5-2.7 22.5-24.5 4.2-4.5 1,300-1,450
El Compas 0.1-0.1 7.0-8.5 0.6-0.8 0-250(1)
Total 5.8-6.4 58.0-64.0 10.2-11.2 3,300-4,000
(1) El Compas is scheduled to achieve commercial production by the end of July 2018

Bradford Cooke, Endeavour CEO, commented, “We are looking forward to a much better year, with higher production and lower costs in 2018, owing to improved operating performance at each of the three existing mines and the development of our fourth mine into commercial production.

“Guanacevi should continue to improve this year as the mine completes its recovery from the operating issues that held it back last year. Bolanitos and El Cubo should both see higher production from steady throughput, higher silver grades and improving metal recoveries.

“We look forward to bringing Endeavour’s fourth mine into commercial production in the third quarter as the El Compas construction program nears completion. Over the next few months, we anticipate a number of potential material developments to catalyze our future growth, including:

• Update of the El Compas project construction and optimized mine plan and economics
• Completion of construction and commissioning of production at El Compas
• Release of an optimized pre-feasibility study for Terronera
• Receipt of the final government environmental permits for Terronera
• Continued exploration results from Parral and other projects
• Additional acquisitions to expand our development project pipeline

“All in all, 2018 should be a rewarding year for Endeavour Silver shareholders, outlining our commitment to ensure both the sustainability of our current operations while investing in our development pipeline to fuel future growth.”

Operating Mines

At Guanaceví, mine performance should continue to improve over the course of 2018. After resolving several operating issues in 2017, management recently launched a seven month mine-site training program aimed at significantly improving workforce productivity and cutting costs. Plant throughput should rise from the 900 tpd in Q4, 2017 to 1,050 tpd in Q4, 2018 and average 1,000 tpd in 2018. Two new orebodies at Milache and SCS are being developed to commence production before year-end in order to reduce the onus on Porvenir Norte and Santa Cruz and increase operational flexibility.

At Bolañitos, steady mine production and plant throughput are forecast at 1,200 tpd similar to 2017, primarily from the LL-Asunción and Plateros vein orebodies plus some historic mine fill. Silver grades are expected to be higher than 2017 but gold grades will be lower. An improvement in metal recoveries is expected due to modifications in the flotation circuit implemented late last year.

At El Cubo, mine production and plant throughput will also continue steady at 1,400 tpd from the V-Asunción, Dolores, and San Nicolas veins. Ore grades should increase considerably as a higher grade area of the V-Asuncion orebody is scheduled for mining this year. Metal recoveries should rise incrementally after modifying the flotation circuit late last year.

Operating Costs

Cash costs, net of gold by-product credits, are expected to be $6.00-$7.00 per oz of silver produced in 2018. Consolidated cash costs on a co-product basis are anticipated to be $10.00-$11.00 per oz silver and $750-$800 per oz gold.

All-in sustaining costs (AISC), net of gold by-product credits, in accordance with the World Gold Council standard, are estimated to be $15.00-$16.00 per oz of silver produced in 2018 reflecting new investments in exploration and development programs. When non-cash items such as stock-based compensation are excluded, AISC are forecast to be in the $14.50-$15.50 range. Excluding the investment to develop the SCS and Milache ore bodies into production at Guanacevi, AISC would decrease by $2.00 per oz to $13.00-$14.00 per oz.

On a co-product basis, AISC are anticipated to be $15.50-$16.00 per oz silver and $1,150-$1,200 per oz gold. Direct operating costs are estimated to be in the range of $80-$85 per tonne.

Management has assumed a $17 per oz silver price, $1,275 per oz gold price, and 19:1 Mexican peso per US dollar exchange rate for its 2018 cost forecasts.

2018 Capital Budget

In 2018, Endeavour plans to invest $48.4 million on capital projects including $41.1 million in sustaining capital at the four operating mines and $7.3 million in growth capital at the two development projects. At current metal prices, the sustaining capital investments will be covered by operating cash flow.

Growth capital of $7.2 million is budgeted to complete the construction of the El Compas project to commercial production.

At Guanacevi, a capital budget of $25.9 million is planned for 2018, including sustaining capital of $10.3 million to develop 9.2 kilometres (km) of mine access at the North Porvenir and Santa Cruz mines. A total of $13.3 million is budgeted to development the new ore bodies. An additional $2.3 million will be invested on site infrastructure, including plant and office equipment and building improvements.

At Bolañitos, a capital budget of $2.6 million is planned for 2018, including $0.5 million on mine development to access resources in LL-Asunción and Plateros veins, plus mineralized fill from historic stopes not included in resources. An additional $2.1 million is planned for supporting site infrastructure, including mobile equipment, plant equipment, office equipment and building improvements.

At El Cubo, a capital budget of $12.6 million is planned for 2018, including 5.9 km of mine development for $7.6 million, $2.0 million for refurbishment of underground mobile equipment, $1.8 million to increase the capacity of the tailings facility and an additional $1.2 million for site infrastructure, including vehicles, plant equipment, office equipment and building improvements.

In 2017, Endeavour received government environmental permits to build the Terronera mine and plant but the Company still awaits receipt of the dumps and tailings permits. Upon receipt of these final permits, and assuming a positive production decision and appropriate debt financing, the 2018 growth capital budget will be amended accordingly.

Mine Mine Development Other Capital Sustaining Capital Growth Capital Total Capital
Guanaceví $23.6 million $2.3 million $25.9 million – $25.9 million
Bolañitos $0.5 million $2.1 million $ 2.6 million – $2.6 million
El Cubo $7.6 million $5.0 million $12.6 million – $12.6 million
El Compas – – – $7.2 million $7.2 million
Corporate – – – $0.1 million $0.1 million
Total $29.0 million $6.6 million $41.1 million $7.3 million $48.4 million

Exploration Budget

In 2018, the Company plans to drill 44,000 metres (m) and spend $11.1 million on brownfields and greenfields exploration, development engineering, and land payments across its portfolio of properties. At the three existing mines, 17,000 m of core drilling are planned at a cost of $2.8 million. At the exploration and development projects, expenditures of $8.3 million are planned to drill 27,300 m, to advance engineering studies and meet property holding obligations.

At El Compas, 6,600 m will be drilled for $1.0 m primarily on the Calicanto concessions. The 2018 drilling will further test the new zones of high grade mineralization within the Misie-Karla-Karla HW and Calicanto veins discovered in 2017.

At Terronera, $1.7 million will be spent to complete an updated pre-feasibility study and a 6,600 m drill program. The 2018 drilling will focus on extending mineralization in the Terronera vein to the southeast of the current resource, plus testing other veins.

At Parral, $2.2 million will be spent on drilling 12,000 m to extend historic and new resource areas and complete a preliminary economic assessment.

In Chile, the Company will conduct a 3,000 m drill program on one property exploring for bulk tonnage silver-lead-zinc manto mineralization.

Project 2018 Activity Drill Metres Expenditures (millions)
Guanaceví Drilling 6,600 $0.8
Bolanitos Drilling 5,400 $1.0
El Cubo Drilling 5,000 $1.0
El Compas Drilling 6,600 $1.0
Terronera Drilling/Update PFS 5,400 $1.2
Parral Drilling/PEA 12,000 $2.2
Guadalupe y Calvo Mapping – $0.2
Chile Drilling 3,000 $1.3
Mexico Holding Costs/Land Payments – $2.4
Total 44,000 $11.1

About Endeavour – Endeavour Silver Corp. is a mid-tier precious metals mining company with three high-grade, underground, silver gold mines in Mexico. In 2018, the Company is forecasting a 20% production increase to 10.2-11.2 million oz silver equivalent. Endeavour has a compelling pipeline of silver-gold exploration and development projects and plans to build new mines over the next three years to fuel its next stage of organic growth. Our mission is to become a premier senior producer in the silver mining sector.

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
In Europe:
Swiss Resource Capital AG
Jochen Staiger
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 and the timing and results of various future 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; 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.

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Endeavour Silver Produces 4.9 Million oz Silver and 53,007 oz Gold

Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) reports 2017 production of 4.9 million ounces (oz) silver and 53,007 oz gold, meeting the company’s revised guidance on silver and exceeding revised guidance on gold. Silver equivalent production totaled 8.9 million oz at a 75:1 silver: gold ratio, approaching the top end of revised guidance.

Silver production in the Fourth Quarter, 2017 was 1,436,962 oz and gold production was 14,577 oz, for silver equivalent production of 2.5 million oz, marking the third consecutive quarter of improved production and a 30% increase over the Fourth Quarter, 2016. Endeavour owns and operates three silver mines in Mexico: the Guanaceví mine in Durango state and the Bolañitos and El Cubo mines in Guanajuato state.

Production Highlights for Fourth Quarter, 2017 (Compared to Fourth Quarter, 2016)

• Silver production increased 32% to 1,436,962 oz
• Gold production increased 28% to 14,577 oz
• Silver equivalent production was 2.5 million oz (at a 75:1 silver: gold ratio)
• Silver ounces sold totaled 1,392,518 oz
• Gold ounces sold totaled 14,117 oz
• Bullion inventory at year-end included 209,337 oz silver and 487 oz gold
• Concentrate inventory at year-end included 31,984 oz silver and 739 oz gold

Production Highlights for Fiscal 2017 (Compared to Fiscal 2016)

• Silver production decreased 9% year-on-year to 4,919,788 oz
• Gold production decreased 8% to 53,007 oz
• Silver equivalent production was 8.9 million oz (at a 75:1 silver: gold ratio)
• Silver ounces sold totaled 4,892,855 oz
• Gold ounces sold totaled 51,460 oz

Bradford Cooke, CEO, commented, "In 2017, silver equivalent production met the low end of our original guidance and the high end of our revised guidance, notwithstanding several operating challenges at the Guanacevi mine. I am pleased to say our operations team resolved many of those operating issues and they have plans to complete Guanacevi’s recovery to normal operations in 2018.

“After a tough start to the year in the first quarter, Endeavour posted three consecutive quarters of improved production, making the fourth quarter our best of the year. Ore grades and throughput both improved in the second half. A productivity optimization program is being launched at Guanacevi this month and additional operational improvements are planned this year at Bolanitos and El Cubo. As we advance our development projects and continue optimizing our existing mines, we look forward to delivering one of the best growth profiles in the silver mining sector.

“The El Compas mine and plant development project continues to move forward on time and budget, targeting initial production in late March, 2018. Both the main mine portal and the secondary ramp entrance infrastructure are now complete; the main mine ramp has advanced 174 meters, and plant refurbishment was 82% complete at the end of December. Management is excited about the recent high grade drilling results at the nearby Calicanto property and the other properties we acquired in the Zacatecas district in 2017. Drilling will resume at Calicanto this month.

“At Terronera, we received permits to build the mine and plant and we await receipt of the dumps and tailings permits. Several trade-off studies were completed in 2017 and management expects to release a summary of an updated pre-feasibility study in February. Assuming a positive production decision in the first quarter, we plan to break ground in the second quarter and target initial production by late 2019. We are equally excited about the 2017 high grade drilling results at Terronera and drilling will resume this month.

“In the third quarter, we appointed a new Vice-President, Engineering, to oversee our technical services and development projects. Over the past few months, we have built a core engineering team, including managers of mining, construction, permitting and resource estimation, to significantly expand our internal capabilities to evaluate, design and build our new mines. This group is responsible for the delivery of our development projects, reaffirming our renewed focus on growth.”

Operating Highlights for 2017

Consolidated Production

Fourth Quarter Production by Mine

2017 Production by Mine

1) 2017 silver equivalents based on a 75:1 gold:silver ratio; 2016 silver equivalents based on a 70:1 gold:silver ratio
2) gpt = grams per tonne

Guanaceví Mine

• Silver equivalent production met revised guidance but was below original guidance for 2017 due to lower throughput resulting from mine flooding, related to an incursion of hot water and power outages from power grid problems and a lightning strike that caused pumps to fail. These problems were resolved in the 2nd half of 2017. Additionally, slower mine development due to narrower vein widths than modeled also contributed to lower mine output. Initial production from the Milache and Santa Cruz Sur orebodies in the 2nd half of 2018 should help boost both throughput and grades
• Silver production met revised guidance, based on lower throughput partly offset by higher silver recovery
• Gold production beat revised guidance, based on lower throughput partly offset by higher gold grade
• Completed 10.5 kilometres (km) of underground mine development
• Extended the Porvenir Centro and Santa Cruz mineralized zones

Bolañitos Mine

• Silver equivalent production significantly exceeded guidance for 2017
• Silver production met guidance due to higher throughput and silver recovery, partly offset by lower silver grade
• Gold production beat guidance due to higher throughput, higher gold grade and recovery
• Completed 3.6 km of underground mine development
• Extended the LL-Asuncion and Plateros orebodies

El Cubo Mine

• Silver equivalent production was below guidance for 2017
• Silver production met guidance, notwithstanding slightly lower throughput and silver recovery
• Gold production was below guidance due to lower throughput and gold grade
• Completed 9.2 km of underground mine development
• Explored several targets at El Cubo North

Sustainability Programs

• Endeavour was active once again investing in sustainability programs for safety, health, education, environment and community
• Bolanitos and El Cubo both received the annual “Socially Responsible Company” Award
• The Company planted 43,939 trees and cacti to reclaim disturbed ground in 2017
• The 2017 Annual Review and Sustainability Report will be published in early May

Upcoming News

Over the next month, Endeavour expects to release:

• Updated economics for the new El Compas mine
• Year-end reserve and resource estimates
• 2018 production and cost guidance

Summary results of an optimized pre-feasibility study for Terronera are scheduled for release in mid-late February.

Release of 2017 Financial Results and Conference Call
The 2017 Fourth Quarter and year-end consolidated financial results will be released before market on Monday, February 26, 2018 and a telephone conference call will be held the same day at 10:00am PDT (1:00pm EDT). 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 1979#. The audio replay and a written transcript will also be made available on the Company’s website at www.edrsilver.com.

About Endeavour – Endeavour Silver Corp. is a mid-tier precious metals mining company with three high-grade, underground, silver gold mines in Mexico. Since start up in 2004, Endeavour has grown its mining operations organically to produce 8.9 million ounces of silver equivalents in 2017. Development of Endeavour’s high-grade discovery on the Terronera property in Jalisco state, the permitted El Compas mine and plant in Zacatecas state, and the prospective Parral properties in Chihuahua state, should facilitate the Company’s goal to become a premier senior producer in the silver mining sector.

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 and the timing and results of various future 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; 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.

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Klondex Announces New Open Pit Mineral Resource Estimate at Fire Creek

Vancouver, BC – December 21, 2017– Klondex Mines Ltd. (TSX: KDX; NYSE American: KLDX) (“Klondex” or the “Company” – http://www.commodity-tv.net/…) is pleased to provide an initial open pit Mineral Resource estimate for its Fire Creek mine (“Fire Creek”) located in northern Nevada, USA, which incorporates the results from the 2017 open pit surface and underground exploration drill programs. This Mineral Resource estimate is in addition to the Company’s previously announced underground Mineral Resources. Klondex plans to provide a complete Mineral Reserve and Resource update, for all sites, during the first quarter of 2018.

Fire Creek Open Pit Mineral Resource Highlights: (See Table 1 and Figures 1-3)
• Total Indicated Mineral Resource estimate of 42.9M tons grading 0.026 AuEq opt (0.88 AuEq g/t) for a total of 1.1M AuEq ounces
• Total Inferred Mineral Resource estimate of 31.7M tons grading 0.035 AuEq opt (1.19 AuEq g/t) for a total of 1.1M AuEq ounces
• This initial Mineral Resource estimate excludes all underground Mineral Resources reported at Fire Creek, however there is potential to mine relatively higher grade underground resources, outside the underground mine plan, from surface
• The open pit mineralization is open to the north, south and west
• The Company will remain focused on mining and further delineating the high grade underground veins while looking for strategic alternatives to advance and develop the bulk tonnage open pit Mineral Resource

Table 1: Fire Creek Open Pit Mineral Resource Estimate
Category Tons (M) Au opt Au g/t Ag opt Ag g/t AuEq opt AuEq g/t Au
Moz Ag
Moz AuEq Moz
Indicated 42.9 0.025 0.87 0.055 1.88 0.026 0.88 1.093 2.350 1.105
Inferred 31.7 0.034 1.17 0.091 3.12 0.035 1.19 1.085 2.882 1.101
1. Mineral resources are calculated at a gold price of US$1,400 per ounce and a silver price of US$19.83 per ounce.
2. Metallurgical recoveries for gold and silver are 65% and 30%, respectively for oxide mineralization and 60% and 25% respectively for mixed mineralization.
3. One ounce of gold is equivalent to 183.53 ounces of silver.
4. Mineral Resources include 10% dilution and 5% mining losses.
5. Cut off grades for the Mineral Resources are 0.01opt AuEq.
6. The effective date for the Mineral Resource is November 30, 2017.
7. Mineral Resources which are not Mineral Reserves have not yet demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
8. The quantity and grade of reported Inferred Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category.
9. The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.

Mr. Paul Huet, President and CEO, commented, “The results of this initial open pit drill program are extremely exciting for Klondex. We believe that the addition of these open pit mineral resources has the potential to significantly extend Fire Creek’s mine life.” Mr. Huet continued, “Fire Creek continues to demonstrate it is a world-class property and we now have data suggesting the underground and open pit potential is robust with the possibility for these resources to significantly expand with our continued district exploration programs. We will continue to maximize the full value of this asset for our shareholders. Management will continue to focus our efforts on the higher grade, underground mineralization while exploring and evaluating strategic alternatives to advance and develop the open pit potential of this asset.”

In 2017, a total of 21 surface and 10 underground core drill holes were drilled for a total of 14,758 ft (4,498 m). This drilling targeted wide zones of low grade mineralization above the high grade vein system currently in production, with the intent to develop a bulk minable resource. Also included in these new resources is historical drilling conducted since 2004, which consists of 1,474 surface and underground drill holes totaling 1,022,240 ft (311,578 m).

A technical report in support of the Mineral Resource estimate described herein and prepared in accordance with National Instrument 43-101 will be filed on SEDAR and EDGAR within 45 days from the date hereof.

Assays were performed by American Assay Laboratories of Sparks, Nevada, as directed under the supervision of Klondex staff. This organization is an ISO 17025 accredited independent laboratory.

Qualified Person
Scientific and technical information in this press release has been reviewed and approved by Mark Odell, P.Eng. (NV Lic#13708) of Practical Mining LLC, an “independent qualified person” within the meaning of National Instrument 43-101.

About Klondex Mines Ltd. (www.klondexmines.com)
Klondex is a junior-tier gold and silver mining company focused on exploration, development, and production in a safe, environmentally responsible, and cost-effective manner. The Company has 100% interests in four producing mineral properties: the Fire Creek Mine, the Midas Mine and ore milling facility, the Hollister Mine, all of which are located in the state of Nevada, USA, and the True North Mine and mill in Manitoba, Canada. The Company also has a 100% interest in the Aurora mine and ore milling facility, also located in Nevada, USA.

For More Information
John Seaberg
Senior Vice President, Strategic Relations
O: 775-284-5757
M: 303-668-7991
jseaberg@klondexmines.com

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

Cautionary Note Regarding Forward-looking Information
This news release contains certain information that may constitute forward-looking information or forward-looking statements under applicable Canadian and United States securities legislation (collectively, “forward-looking information”), including but not limited to the Company remaining focused on mining and further delineating high grade underground veins while looking for strategic alternatives to advance the open pit resource, the new information significantly extending Fire Creek’s mine life, the exploration potential at the Fire Creek Mine, the timing of an updated mineral reserve and mineral resource update and future exploration and production plans of Klondex. This forward-looking information entails various risks and uncertainties that are based on current expectations, and actual results may differ materially from those contained in such information. These uncertainties and risks include, but are not limited to, the strength of the global economy; the price of gold; operational, funding and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; the degree to which mineral reserve estimates are reflective of actual mineral reserves; the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations; and the ability of Klondex to fund its substantial capital requirements and operations. Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials filed with the securities regulatory authorities in Canada and United States available at www.sedar.com and www.sec.gov, respectively. Readers are urged to read these materials. Klondex assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by law.

Cautionary note to U.S. investors regarding estimates of measured, indicated and inferred resources and proven and probable reserves
The terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101-Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)-CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (“CIM Definition Standards”) These definitions differ from the definitions in the SEC Industry Guide 7 (“SEC Industry Guide 7”) under the Securities Act.

The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in, and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of a mineral deposit in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all, or any part, of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable.

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Rye Patch Gold announces Florida Canyon November production

Vancouver, British Columbia, December 11, 2017 – Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch” – http://www.commodity-tv.net/… ) reports November production metrics at the Company’s flagship Florida Canyon mine in Pershing County, Nevada.

Production Highlights for the month of November 2017 as compared to the Company’s preliminary economic assessment “plan” (see description below) are:

• Placed 8,059 ounces of gold on the pad (23 percent above plan);
• Produced 3,491 ounces of gold and 1,825 ounces of silver, 20 percent higher than October;
• Mined 730,900 tons of ore (21 percent above plan);
• Crushed 728,900 tons of ore (21 percent above plan);
• Maintained a grade of 0.011 opt of gold including over liner material; and
• Achieved a low strip ratio of 0.45 for the month (74 percent below plan).

“Production reaching 3,500 ounces represents a key milestone in the continuing upward production trend. At this point mining operations now begin to contribute positive cash flows to the Company,” stated William Howald, the Company’s President and CEO.

Howald continued, “Three of the four new 785 haulage trucks are working with the fourth to be operational in early December. Over liner material has been laid over an extent that maximizes leach cell size and allows for a primary leach cycle of 45 days before stacking the second lift. Over liner will be completed in late December. The positive trend is continuing in Q4.”

“The October and now November production results confirm the Florida Canyon mine is ramping up to commercial production in Q1 2018,” he added.

“Plan” refers to the Company’s preliminary economic assessment effective March 16, 2016 and dated January 27, 2017 titled “Amended Technical Report – Preliminary Economic Assessment for the Florida Canyon Mine, Pershing County, Nevada” available on the Company’s website and under the Company’s profile at www.sedar.com.

Mr. William Howald, AIPG Certified Professional Geologist #11041, Rye Patch Gold’s CEO and President with a BSc. in Geological Engineering, is a Qualified Person as defined under National Instrument 43-101. He has reviewed and approved the contents of this news release.

About Rye Patch Gold Corp.
Rye Patch Gold Corp. is a Nevada based, Tier 1, mining company engaged in the mining and development of quality resource-based gold and silver mines and projects along the established Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the operating Florida Canyon Gold Mine, Rye Patch Gold Corp. now controls a trend scale platform with mining operations, resource projects and exploration upside.

The combination of operations and organic growth along a major Nevada gold trend positions Rye Patch as an emerging mid-tier gold producer with tremendous value added potential. For more information, please visit our website at www.ryepatchgold.com.

On behalf of the Board of Directors
‘William Howald’
William C. (Bill) Howald, CEO & President

For additional information contact:
Rye Patch Gold Corp
investorrelations@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604) 638-1589
In Europe:
Swiss Resource Capital AG – Jochen Staiger
info@resource-capital.ch – www.resource-capital.ch

Forward-Looking Statements
This news release contains forward-looking statements relating to future plans and objectives of the Company, future deliveries of gold, proposed operations of the Company including mine development, funding requirements, timeline for commercial production, future events and conditions and other statements that are not historical facts, all of which are based on assumptions and subject to various risks and uncertainties. The Company’s actual results, programs and financial position could differ materially from those anticipated in such forward looking statements as a result of the following assumptions and risk factors, some of which may be beyond the Company’s control. These assumptions and risk factors include: future deliveries of gold pursuant to the forward gold price contract facility, the achievement of mine redevelopment plans and achievement of commercial production; the availability of funds; the financial position of Rye Patch; the timing and content of work programs; the results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the reliability of calculation of mineral resources; the reliability of calculation of precious metal recoveries; the receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses; fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. As a result, the Company cannot guarantee that the Florida Canyon mine redevelopment and achievement of commercial production will be completed on the terms and within the time disclosed herein or at all.

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

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COPPER MOUNTAIN to acquire Altona Mining to form a major new Copper Producer

Copper Mountain Mining Corporation (“Copper Mountain” or “CMMC”) [TSX:CMMC] and Altona Mining Limited (“Altona” or “AOH”) [ASX:AOH] are pleased to jointly announce that they have agreed to combine the companies by way of a Scheme of Arrangement (“Scheme”) under the Australian Corporations Act 2001 pursuant to which CMMC will acquire the entire issued capital of Altona (the “Transaction”).

The acquisition will be effected pursuant to a Merger Implementation Deed (“MID”) under which Altona has agreed to propose the Scheme that would allow Altona to become a wholly owned subsidiary of CMMC. The MID is attached at Annexure C.

Under the Transaction, each share of Altona (“Altona Share”) will be exchanged for 0.0974 (“Exchange Ratio”) of either a CHESS Depositary Interest of CMMC (“CMMC CDI”), which will trade on the Australian Securities Exchange ("ASX"), or, if elected, a CMMC common share (“CMMC Share”), which trades on the Toronto Stock Exchange (“TSX”). The total consideration offered for all of the outstanding shares of Altona is valued at approximately A$93 million and represents 17 cents per share, a 41.7% premium to A$0.12, the closing price of Altona shares on the day prior to the execution of the MID .

Altona’s key asset is the 100% owned undeveloped open pit Cloncurry Copper Project (“Cloncurry”) in Queensland, Australia, a mining friendly jurisdiction. Cloncurry currently has a measured and indicated mineral resource containing over 2 billion pounds (0.95 million tonnes) of copper and an inferred resource of 1.6 billion pounds (0.72 million tonnes) of copper. There is potential to add resources at depth and along strike in each of the deposits, and through exploration at numerous prospective targets within Altona’s approximately 397,000 hectare (3,970 sqkm) land package.

CMMC’s principal asset is the 75% owned large open pit Copper Mountain Mine located in southern British Columbia near the town of Princeton. CMMC has a strategic alliance with Mitsubishi Materials Corporation which owns 25% of the Copper Mountain Mine and purchases 100% of the copper concentrate produced a under life of mine offtake agreement. CMMC is on track to achieve production guidance for 2017 of 75-85 million pounds (34,000-38,500 tonnes) of copper . The Copper Mountain mine has a large resource that remains open laterally and at depth.

Directors and senior management of Altona have agreed to vote in favour of the Scheme in the absence of a Superior Proposal and subject to the Independent Expert concluding the Scheme is in the best interest of shareholders. Directors and senior management of Altona have provided voting intention statements in favour of the Scheme.
Highlights of the Proposed Combination

• A multi-jurisdictional, mid-tier copper producer.
• Annual potential copper production of approximately 160 million pounds (73,000 tonnes) of copper by 2020 .
• Combined Proven and Probable Reserves of 2.1 billion pounds (0.92 million tonnes) of copper.
• Combined Measured and Indicated Resources over 4.1 billion pounds (1.8 million tonnes) of copper and an additional 3.6 billion pounds (1.5 million tonnes) of copper in Inferred Resources.
• One of the leading TSX/ASX listed copper production companies, with significant production growth and exploration potential in two tier one mining jurisdictions.
• The combined company will have approximately C$78 million in cash.
• Enhanced trading liquidity in both Canada (TSX) and Australia (ASX).
• Pro forma market cap of approximately C$300 million, with CMMC shareholders owning 71.5% and Altona shareholders owning 28.5% of the combined entity.
• The strength and complementary nature of Altona’s assets, management team, regional operating experience, and exploration expertise gives CMMC a stronger platform to grow.
• CMMC’s construction and operational experience are well positioned to bring Cloncurry into production.
• Offer represents a 41.7% premium to Altona’s price of A$0.12 per share, being the closing price on the day prior to the execution of the MID.
• Major Altona shareholder (Matchpoint) has indicated support for the Scheme.

Management Commentary

Mr Jim O’Rourke, President and Chief Executive Officer of CMMC, commented: “Our Copper Mountain Mine is an efficient, stable operation with a long life ahead of it. At current copper prices, it is generating significant cash flow. For some time, CMMC has patiently been evaluating cost competitive opportunities to achieve a step-change in copper production. Cloncurry exemplifies the criteria of low-risk, near-term and high quality for which we have been seeking. We intend to progress Cloncurry into production with the aim of doubling CMMC’s copper production profile to the range of 160 million pounds (73,000 tonnes) of copper per annum with significant precious metals credits. This additional copper production is timely to capitalize on the projected strong copper cycle.”

Dr Alistair Cowden, Managing Director of Altona, added: “We are delighted to join CMMC to form a new high growth copper producer. We are excited to bring CMMC’s depth of experience in constructing and operating a large scale open pit copper mine to bear upon the Cloncurry Copper Project. Altona’s shareholders will receive a premium and will also gain immediate exposure to copper production just as copper prices have recovered and market shortfalls are predicted over the near term. This is a great opportunity for our shareholders to participate in the creation of a leading mid-sized copper producer.”


Merger Summary

CMMC and Altona have executed a MID under which Altona has agreed to propose the Scheme that would allow Altona to become a wholly owned subsidiary of CMMC. The consideration being offered to Altona Shareholders is one CMMC share for every 10.2669 Altona shares, which represents 17 cents per share, a premium of 41.7% to Altona’s last price of A$0.12 as of the close on 17 November 2017 and based on CMMC’s 5 day trailing VWAP from 17 November 2017.

In conjunction with the Scheme, CMMC will seek a listing on the ASX and apply for quotation of CMMC shares in the form of CHESS Depositary Interests (“CDIs”), which would enable Altona shareholders to elect to receive the Scheme consideration in the form of CMMC CDIs.

The Scheme is subject to customary conditions for a transaction of this nature, which are set out in full in the MID. Major conditions include:

• Approval being received from the shareholders of Altona and the court in relation to the Scheme.
• Approval being received from the shareholders of CMMC and the TSX for the issue of consideration shares.
• The Independent Expert concluding that the Scheme is in the best interests of Altona shareholders.
• Approval for and quotation of CMMC CDIs on the ASX.
• Foreign Investment Review Board approval.
• Other customary regulatory and court approvals for a transaction of this nature.

The parties have agreed that unless the MID is terminated, Altona will not solicit any competing proposal or participate in any discussions or negotiations in relation to any competing proposal unless failure to do so would involve a breach of the fiduciary duties of its Directors. Altona and CMMC have agreed to pay a break fee of A$0.9 million in certain circumstances leading to the Scheme not proceeding.

Benefits to Copper Mountain Shareholders

• Acquisition of the low risk Cloncurry Copper Project (“Cloncurry”), including significant copper and gold resources and reserves, and a large mineral tenure position. The Cloncurry project is located in one of the world’s most prominent base metals production regions in Queensland, Australia, host to leading mines including Mt Isa, Dugald River, Cannington and Ernest Henry.
• Development of Cloncurry has the potential to double CMMC’s production profile, with the anticipated addition of over 80 million pounds (39,000 tonnes) of copper and 17,000 ounces of gold per annum in concentrate based on Altona’s updated Definitive Feasibility Study (“DFS”) completed in July 2017 . The DFS states that the major required permits, including Native Title, Mining Licenses and an Environmental Authority, have been received.
• Significant increase in overall contained copper in Measured and Indicated Resources (by 104% to 4.1 billion pounds of copper) and Proven and Probable Reserves (by 87% to 2.0 billion pounds (0.92 million tonnes of copper), in addition to regional discovery potential surrounding Cloncurry.
• Asset and geographical diversification, providing a lower risk profile for the combined entity.
• Exposure to Altona’s large land package and their exploration success in Australia.
• Increased market prominence in combination, leading to a potential re-rating as a mid-tier copper producer.

Benefits to Altona Shareholders

• CMMC has an experienced management team with proven development and mine operation capabilities, having expertise in financing, building, commissioning and operating the 12-14 million tonnes per annum open pit Copper Mountain Mine (“Copper Mountain Mine”) located in southern British Columbia, Canada. CMMC will use this operational expertise to maximise the value of Altona’s Cloncurry project.
• With CMMC’s annual production guidance of 75-85 million pounds (34,000-38,500 tonnes) of copper in 20172, combined with 86 million pounds (39,000 tonnes) of potential copper production from Cloncurry, the combined entity has the potential to become a top 4 Australian copper producer.
• Altona shareholders to receive a significant premium of 41.7% to Altona’s closing share price on 17 November 2017, a 36.9% premium to Altona’s trailing 10-day VWAP and a 33.2% premium to Altona’s 20-day VWAP as of the close on 17 November 2017.
• Benefit of immediate cash flow from CMMC’s production asset, whilst retaining ongoing exposure to Cloncurry as it progresses through development.
• Creation of a leading copper producing company with a diversified portfolio of production and development assets that will be uniquely positioned on the ASX.

Altona Board and Shareholder Support

The Altona Board are in favour of the Scheme and unanimously recommend that Altona shareholders vote in favour of the Scheme, in the absence of a Superior Proposal and subject to the Independent Expert concluding that the Scheme is in the best interests of Altona shareholders.

Each of Altona’s directors and officers has entered into a Support Deed undertaking to vote in favour of the Scheme, in the absence of a Superior Proposal and subject to the Independent Expert concluding that the Scheme is in the best interests of Altona shareholders.

Altona’s major shareholder, Matchpoint Asia Fund Limited, has also indicated that it will vote in favour of the Scheme , in the absence of a Superior Proposal and subject to the Independent Expert concluding that the Scheme is in the best interests of Altona shareholders.

CMMC Shareholder approval

CMMC is required to obtain the approval of the TSX and its shareholders in connection with the issue of common shares under the Scheme. Each of CMMC’s directors and officers have agreed to vote in favour of the required CMMC shareholder resolutions.

The CMMC Board unanimously recommends that CMMC shareholders vote in favour of the issue of CMMC common shares contemplated by the Scheme. The CMMC Board intends to vote any CMMC Shares in respect of which they have the power to direct a vote in favour of the necessary resolutions.

Management Team and Board of Directors

CMMC will continue to be headquartered in Vancouver, British Columbia and plans to retain a regional office in Perth, Australia on implementation of the Scheme. Dr Alistair Cowden, Managing Director of Altona, will remain in his position until the Scheme closes, after which he will be appointed to join the Board of Directors of CMMC and will continue in an executive role in Australia.

Indicative Timetable

Full particulars of the Scheme, including terms and recommendations will be provided to Altona shareholders through a Scheme Booklet which will include an Independent Expert’s Report by KPMG Corporate Finance, a division of KPMG Financial Advisory Services (Australia) Pty Ltd. The indicative timetable for implementation of the Acquisition is anticipated to be as follows:

Event Indicative Date
1st Australian Court hearing to approve Scheme Booklet 6 February 2018
Scheme Booklet sent to Altona shareholders 8 February 2018
Altona Scheme meeting 15 March 2018
2nd Australian Court hearing to approve Scheme 22 March 2018
Scheme becomes effective 23 March 2018

Principal Advisors

CMMC’s corporate adviser is Haywood Securities Inc., its Canadian legal advisor is Farris, Vaughan, Wills & Murphy LLP and its Australian legal advisor is Clayton Utz.

Altona’s corporate adviser is Hartleys Limited, its Australian legal advisor is Gilbert + Tobin and its Canadian Legal advisor is Fasken Martineau LLP.

About Copper Mountain Mining Corporation

CMMC’s principal asset is the 75% owned large open pit Copper Mountain Mine located in southern British Columbia near the town of Princeton. CMMC has a strategic alliance with Mitsubishi Materials Corporation which owns 25% of the Copper Mountain Mine and purchases 100% of the copper concentrate produced a under life of mine offtake agreement. CMMC is on track to achieve production guidance for 2017 of 75-85 million pounds of copper. The Copper Mountain mine has a large resource of copper that remains open laterally and at depth. This significant exploration potential is being evaluated over the next few years in order to fully appreciate the property’s development potential. Additional information is available on CMMC’s web page at www.cumtn.com.

About Altona Mining Limited

Altona’s principal asset is the Cloncurry Copper Project in Queensland, Australia found within a dominant 3,970km2 land package in the highly prospective Mt. Isa inlier. It is envisaged that a 7 million tonnes per annum open pit copper-gold mine and concentrator will be developed. The development is
permitted with proposed annual production of 39,000 tonnes of copper and 17,200 ounces of gold for a minimum of 14 years. The Definitive Feasibility Study was refreshed in August 2017.
For further information please contact:

Copper Mountain Mining Corporation Altona Mining Limited
Jim O’Rourke
President & CEO
Copper Mountain Mining Corporation
Phone: +1 604-682-2992 ext. 223 Alistair Cowden
Managing Director
Altona Mining Limited
Phone: +61 8 9485 2929

Dan Gibbons
Investor Relations
Copper Mountain Mining Corporation
Phone: +1 604-682-2992 ext. 238 David Ikin
Media Relations – Australia
PPR
Phone: +61 8 9388 0944

Rod Shier
Chief Financial Officer
Copper Mountain Mining Corporation
Phone: +1 604-682-2992 ext. 222 Jochen Staiger
Swiss Resource Capital AG – Germany
Phone: +41 71 354 8501
info@resource-capital.ch

Competent Person’s Statement: Cloncurry Project

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves for the Cloncurry Project is based on information compiled by Dr Alistair Cowden, BSc (Hons), PhD, MAusIMM, MAIG and Mr Roland Bartsch, BSc (Hons), MSc, MAusIMM. Dr Cowden and Mr Bartsch are full time employees of Altona and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Cowden and Mr Bartsch consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Please note that full JORC 2012 disclosure of Resources and Reserves is provided in the ASX release of 2 August 2017 entitled “The Cloncurry Project: JORC 2012 Disclosure” and accompanying release revised on 27 September 2017 entitled “Updated DFS Delivers Bigger and Better Cloncurry Project”.

Competent Person’s Statement: Copper Mountain Mine

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves for the Copper Mountain Mine is based on information compiled from public disclosure by TSX listed Copper Mountain Limited (CMMC) by Dr Alistair Cowden, BSc (Hons), PhD, MAusIMM, MAIG and Mr Roland Bartsch, BSc (Hons), MSc, MAusIMM. Dr Cowden and Mr Bartsch are full time employees of Altona and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Cowden and Mr Bartsch consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Please note that Canadian Mineral Resource and Reserve estimates as adopted by listed entities in Canadian Securities Exchanges are classified according to the CIM Definition Standards in the manner of the JORC Code and NI 43-101 disclosure corresponds to that required by the JORC Code. Disclosure by CMMC in the most recent NI 43-101 report complies with the CIM Guidelines, which are closely related to the JORC Code in their key definitions. The CMMC resources and reserves can therefore be quoted as ‘qualifying foreign estimates’ according to ASX Listing rules. The most recent disclosure of resources and reserves can be found on SEDAR at www.sedar.com. The most recent disclosure by CMMC is in the CMMC Annual Information Form dated 30 March 2017.

The qualifying foreign estimates have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the foreign estimates as mineral resources or ore reserves in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration word that the foreign estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code.

Qualified Persons

Mr Peter Holbek, P.Geo. and Vice President Exploration of CMMC, is the Qualified Person who has reviewed and approved CMMC’s mining technical information included in this news release.

Dr Alistair Cowden, BSc (Hons), PhD, MAusIMM, MAIG and Mr Roland Bartsch, BSc (Hons), MSc, MAusIMM are full time employees of Altona in the positions of Managing Director and General Manager, Exploration for Altona, are the Qualified Persons who have reviewed and approved Altona’s mining technical information included in this news release.

Cautionary Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”), which reflect management’s expectations regarding CMMC’s future growth, results of operations (including, without limitation, future production and capital expenditures), performance (both operational and financial) and business prospects (including the timing and development) and opportunities. Wherever possible, words such as “plans”, “indications”, “potential”, “estimates”, “predicts”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend”, “ability to” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, have been used to identify such forward looking information. Specific forward-looking statements in this news release include completion of the Scheme, CMMC’s listing on the ASX, projected production profile, anticipated growth in copper resources and reserves particularly at Cloncurry, re-rating of the combined entity, the completion of construction of the Cloncurry Copper Project, potential to explore other target areas close to the Cloncurry Copper Project, and the estimated combined market capitalization of CMMC and Altona. Although the forward-looking information contained in this news release reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, CMMC cannot be certain that actual results will be consistent with such forward looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain all requisite approvals, including that of the CMMC and Altona shareholders, the Australian court, the TSX and the Foreign Review Board, the accuracy of mineral reserve and mineral resource estimates, copper prices, exchange rates, energy costs, future economic conditions, anticipated future estimates of cash flow and courses of action. CMMC cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities, the actual results of reclamation activities; integration results of the CMMC and Altona management and operating teams, conclusions of economic evaluations; fluctuations in the value of the Canadian dollar relative to the United States dollar and the Australian dollar and vice versa; changes in project parameters as plans continue to be refined; changes in labour costs other costs of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, cave-ins, pit-wall failures, flooding, rock bursts and other acts of God or unfavourable operating conditions and losses, detrimental events that interfere with transportation of concentrate or the smelters ability to accept concentrate, including declaration of Force Majeure events, insurrection or war; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, and the factors discussed in the section entitled “Risk Factors” in the CMMC Annual Information Form dated March 30, 2017, and in other filings of CMMC with securities and regulatory authorities which are available at www.sedar.com. CMMC does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Nothing in this report should be construed as either an offer to sell or a solicitation to buy or sell CMMC securities.

This press release is dated as of the date on the first page. All references to CMMC include its subsidiaries unless the context requires otherwise.

The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.

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