| To: LoneClone who wrote (162651) | 1/8/2022 3:37:32 PM | | From: LoneClone | | | | Corvus Gold Securityholders Approve Acquisition By AngloGold Ashanti
globenewswire.com
January 06, 2022 17:00 ET | Source: Corvus Gold
VANCOUVER, British Columbia, Jan. 06, 2022 (GLOBE NEWSWIRE) -- Corvus Gold Inc. (“Corvus” or the “Company”) – (TSX: KOR, NASDAQ: KOR) is pleased to announce that, at the special meeting (the “Meeting”) of shareholders and optionholders of Corvus (collectively, the “Securityholders”) today, Securityholders voted overwhelmingly in favour of the resolution (the “Arrangement Resolution”) approving the previously announced plan of arrangement (the “Arrangement”) between Corvus, 1323606 B.C. Unlimited Liability Company (the “Purchaser”), and AngloGold Ashanti Holdings plc. Pursuant to the Arrangement, the Purchaser will, among other things, acquire the remaining 80.5% of the outstanding common shares of Corvus (the “Common Shares”), not already owned by AngloGold Ashanti Limited and its affiliates (collectively, the “AGA Group”).
81,896,879 Common Shares, representing approximately 64.48% of the issued and outstanding Common Shares as at the record date of November 22, 2021 (the “Record Date”), and 11,948,500 options of Corvus (the “Options”), representing approximately 99.53% of the issued and outstanding Options as at the Record Date, were voted at the Meeting either in person or represented by proxy. The Arrangement Resolution was approved by (i) approximately 99.45% of the Common Shares voted at the Meeting (including those held by the AGA Group); (ii) approximately 99.52% of the Common Shares and Options voted at the Meeting, voting together as a class (including those held by the AGA Group); and (iii) approximately 99.12% of the Common Shares voted at the Meeting, after excluding votes from certain shareholders, including the AGA Group, as required under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. Details of the voting results from the Meeting will be filed under the Company's profile on SEDAR and under cover of a current report on Form 8-K under the Company’s profile on EDGAR.
Corvus will apply for a final order of the Supreme Court of British Columbia for approval of the Arrangement on January 11, 2022. Closing of the Arrangement remains subject to certain customary closing conditions, including obtaining the final order from the Supreme Court of British Columbia. Assuming the satisfaction of these closing conditions, the Arrangement is expected to close on or around January 18, 2022. Following completion of the Arrangement, the Company expects the Common Shares to be delisted from the Toronto Stock Exchange and Nasdaq Capital Markets. The Company will also be applying to the relevant securities regulatory authorities in Canada and the United States to cease to be a reporting issuer.
Shareholders who have questions or require assistance with submitting their Common Shares in exchange for the consideration pursuant to the Arrangement may direct their questions to Computershare Investor Services Inc., which is acting as the depositary under the Arrangement. Further information regarding the Arrangement is available in the proxy statement/management information circular (the “Circular”) of the Company dated November 25, 2021, which is available under Corvus’ profile on both SEDAR and EDGAR.
About Corvus Gold Inc.
Corvus Gold Inc. is a North American gold exploration and development company, focused on its near term gold-silver mining project at the North Bullfrog and Mother Lode Districts in Nevada. Corvus is committed to building shareholder value through new discoveries and the expansion of its projects to maximize share price leverage in an advancing gold and silver market.
On behalf of
Corvus Gold Inc.
(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
President & Chief Executive Officer
| Contact Information: | | Ryan Ko
Investor Relations
Email: info@corvusgold.com
Phone: 1-844-638-3246 (toll free) or (604) 638-3246 | | | | |
Forward-Looking Statements
Certain statements and information contained herein are not based on historical facts and constitute “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of United States securities laws (collectively, “forward looking information”). Such forward-looking information includes the anticipated timing for Corvus applying to the Supreme Court of British Columbia for the final order, the anticipated timing for the closing and the anticipated timing for delisting from the TSX and the NASDAQ and ceasing to be a reporting issuer in Canada and the United States. Forward-looking information is provided to help readers understand Corvus’ views of its short and longer term prospects, and can typically be identified by words and phrases about the future such as “outlook”, “may”, “estimates”, “intends”, “believes”, “plans”, “anticipates” and “expects”. Forward-looking information is not a promise or guarantee of future performance; it represents Corvus’ current views and actual results may differ materially from those in forward-looking information. Readers are cautioned that forward-looking information may not be appropriate for other purposes. Corvus assumes no obligation to update or revise forward-looking information contained herein, unless required to do so by securities laws. The forward-looking information contained herein is based on a number of assumptions which could prove to be significantly incorrect. Such assumptions include: assumptions regarding the ability of Corvus to receive, in a timely manner and on satisfactory terms, the necessary court and regulatory approvals; and the ability of the parties to satisfy in a timely manner the conditions to the closing of the Arrangement. Although the Company’s management believes that the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that forward-looking information herein will prove to be accurate. Actual results and developments may differ materially from those expressed or implied by the forward-looking information contained herein and even if such actual results and developments are realized or substantially realized, there can be no assurance that they will have the expected consequences or effects. Factors which could cause actual results to differ materially from current expectations include: changes in the price of gold and silver; general business, economic, competitive, political, regulatory and social uncertainties; risks relating to increases in operating costs and related inflationary pressures; the risk factors otherwise described in the Circular; and the risks set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended May 31, 2021 and the Quarterly Report on Form 10-Q for the period ended August 31, 2021. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.
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| To: LoneClone who wrote (162652) | 1/8/2022 3:43:16 PM | | From: LoneClone | | | | MINTO METALS REPORTS A STRONG FINISH TO 2021, PURCHASE PRICE DEFERRAL, AND PROVIDES OPERATIONAL GUIDANCE FOR 2022.
newswire.ca
Minto Metals Corp. Jan 07, 2022, 06:30 ET
WHITEHORSE, YT, Jan. 7, 2022 /CNW/ - MINTO METALS CORP. ("Minto" or the "Company") (TSXV: MNTO) today announced production results for the 12-month period ended December 31st, 2021, a purchase price deferral and operational guidance for the Calendar Year 2022.
Minto completed 2021 with consolidated production totaling 26 million pounds of payable copper, a 46% increase versus the prior year. The full-year results were highlighted with a strong finish in November and December during which the Company delivered an average of 3,000 tonnes per day of ore processed through the mill and 6.1 million pounds of payable copper.
| Twelve months ended
|
| Metal
| Dec. 31, 2021
| Dec. 31, 2020
| % Change
|
|
|
|
| Payable Copper (million pounds)
| 26.0
| 17.8
| 46%
| Gold (oz)
| 11,783
| 7,674
| 54%
| Silver (oz)
| 135,354
| 67,490
| 101%
|
|
|
|
|
| Calendar 2021
|
|
|
|
|
| H1
| H2
| Total
| Payable Copper (million pounds)
| 11.8
| 14.0
| 26.0
|
|
|
|
|
| Calendar 2020
|
| H1
| H2
| Total
| Payable Copper (million pounds)
| 10.0
| 7.8
| 17.8
|
|
|
|
| % Increase 2021 vs 2020
| 18%
| 81%
| 46%
|
"Our operation is showing positive momentum thanks to the efforts of our employees and contractors at our Minto mine located in the central Yukon. The 2021 copper production is up 46% compared to a year ago. The improved performance is encouraging and a testament to the drive and passion to win shown by everyone who works here at Minto" said Chris Stewart, President & Chief Executive Officer of Minto.
"From the mine's performance to the enhancements we have seen in our milling operation, we are pleased with the production growth in 2021. I joined Minto in mid-January of 2021, and we are now starting to see the benefits of the many changes we have made which will benefit our employees as well as all our stakeholders. I am optimistic about the future at Minto and look forward to building stronger relationships with the Selkirk First Nation and the various Yukon regulatory agencies.", Mr. Stewart added. "Our goal is to carry the momentum from 2021 into 2022. All indicators are giving us reasons to be encouraged about the bright future ahead."
Outlook Guidance -2022
Minto is pleased to announce guidance for 2022 as we continue to ramp up our ore production throughout the year. We are committed to a cost control strategy while improving our mine and milling operations. Capital investment is required for the development of our assets and we are working closely with our partners at the Selkirk First Nation and the Yukon Government to facilitate the permits needed for this. Our goal is to deliver a high-quality product while protecting the Selkirk First Nation's land that we operate on.
The following table summarises the production, cost and capital expenditure outlook for 2022. The plan is to operate the mill at an average throughput of 3,000 tonnes/day for H1/2022 and 3,250 tonnes/day for H2/2022 as the ore production continues to ramp up towards our mill's ultimate permitted capacity of 4,200 tonnes/day.
Production and Cash Costs
|
|
| Minto Yukon
|
|
|
|
|
|
| Copper Production (million pounds)
|
| 28.0 - 31.0
| C1 cash cost (USD /lb)1
|
|
|
| $2.70 - $2.90
|
|
|
|
|
|
| Capital Expenditure (CAD millions, rounded)
|
|
| Mine Development (new areas)
| $13M
|
| Vehicle Lease
|
|
| $7M
|
| Sustaining
|
|
| $16M
| Exploration (CAD millions, rounded)
|
| $6M - $9M
| Note: Foreign Exchange used CDN:USD = 0.81
|
|
| 1)This is a non-GAAP measure. Please see "Non GAAP" at the end of this release
|
Permitting
Our previously communicated ore production ramp-up target of 4,000 tonnes/day in 2022 has been delayed as we await the necessary permits to expand our underground mine operations. As a result, our production rate has been adjusted down as outlined above in this release. Executing our "Fill the Mill" strategy is now expected to occur in 2023.
Other Highlights:
Investment in People
Minto is proud to announce the transition from contractor mining to Minto-managed mining. On January 1, 2022, for the first time in the history of the Minto mine, the Company began operating its underground mine operations with Minto employees. "This change signals a significant investment in our people and continues our cultural shift to delivering consistent, improved performance across the business and we believe our new employees, along with our current employees, are motivated to safely deliver on our targets for 2022. It is an exciting time for our company, and I am pleased with the team we have put in place to share in this great journey," said Mr. Stewart.
Purchase Price Deferral
Minto is also pleased to announce it has reached an agreement with Capstone Mining Corp ("Capstone") to defer paying part of Minto's purchase price obligation. In accordance with the Future Expenditures Agreement between Pembridge and Minto announced on December 1st, 2021, payments to Capstone of the purchase price are to be made by Minto. Of the total purchase price of USD $20 million, USD $5 million was paid by Minto on March 30th, 2021 and the remaining USD $15 million (with the contingent requirements having been met) was due in December 2021. Under a new agreement reached with Capstone, the amount to be paid in December 2021 was adjusted to USD $10 million which was paid to Capstone before December 31st, 2021. The remaining USD $5 million is now payable on January 15th, 2023.
Qualified Person
The technical contents of this news release have been reviewed and approved by Chris Stewart, P.Eng., President & CEO of Minto and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Non-GAAP Financial Measure
C1 Cash Costs
C1 cash costs consist of production and selling costs net of by-product credits and is provided in this news release as it is a key measure that management uses to monitor and evaluate the performance of the Company's mining operation. This measure does not have a standard meaning within GAAP and, therefore amounts presented may not be comparable to similar data presented by other mining companies. This performance measure should not be considered in isolation as a substitute for measures of performance in accordance with GAAP.
Cash Cost Calculation
| Production Costs (Cost of Production)
| Less: Exploration costs
| Less: Corporate Costs
| Less: By-product credits
| Total Cash Costs
| Cash Costs CAD/lbs
| Cash Costs USD/lbs (CAD/USD FX RATE)
|
About Minto Metals Corp.
Minto owns and operates the producing Minto mine located in the Minto Copper Belt of the Yukon, Canada. The Minto mine has been in operation since 2007 with underground mining commencing in 2014. Since 2007, approximately 500Mlbs of copper have been produced from the Minto mine. Capstone Mining (previous owners) put the Minto mine into care & maintenance in 2018 and the mine operations were shut down. In mid-2019 Minto (formerly Minto Explorations Ltd.) purchased the Minto mine operation and restarted the mine. The current Minto mine includes underground mining operations, a processing plant that produces a high-grade copper, gold and silver concentrate, and all supporting infrastructure associated with operating a remote mine located in Yukon. The Minto mine property is located on the Selkirk First Nation's Territory, sitting about 20 km WNW of Minto Landing on the west side of the Yukon River. Minto Landing is located on the east side of the Yukon River approximately 250 road-km north of the City of Whitehorse, the capital city of the Yukon.
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements"), within the meaning of applicable Canadian securities laws and "forward-looking information" within the meaning of applicable U.S. securities laws, which we refer to collectively as "forward-looking statements". Forward-looking statements are statements and information regarding possible events, conditions, or results of operations that are based upon assumptions about future conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements or assumptions in this press release include, but are not limited to: statements of production volume, cash costs, capital expenditures, exploration expenditures, permitting timelines, mill production, and investment in people.
Such forward looking statements are based on a number of material factors and assumptions, including, but not limited to: the accuracy of mineral reserves and mineral resources, grade, mine life, cash cost, net present value, internal rate of return and production and processing estimates, and other assumptions, projections and estimates made, such as the successful completion of development and exploration projects, planned expansions or other projects within the timelines anticipated and at anticipated production levels; that mineral resources can be developed as planned; interest and exchange rates; that required financing and permits will be obtained; general economic conditions; that labour disputes or disruptions, flooding, ground instability, geotechnical failure, fire, failure of plant, equipment or processes to operate are as anticipated and other risks of the mining industry will not be encountered; that contracted parties provide goods or services in a timely manner; that there is no material adverse change in the price of copper, gold or other metals; competitive conditions in the mining industry; title to mineral properties; costs; taxes; the retention of the Company's key personnel; and changes in laws, risks related to the direct and indirect impact of COVID-19 including rules and regulations applicable to Minto.
Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance, or achievements to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and you are cautioned not to place undue reliance on forward-looking statements contained herein. Some of the risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements contained in this news release, include, but are not limited to: mineral reserve and mineral resource estimates may change and may prove to be inaccurate; life of mine estimates are based on a number of factors and assumptions and may prove to be incorrect; Minto has a limited operating history and is subject to risks associated with establishing new mining operations; sustained increases in costs, or decreases in the availability, of commodities consumed or otherwise used by the Company may adversely affect the Company; actual production, costs, returns and other economic and financial performance may vary from the Company's estimates in response to a variety of factors, many of which are not within the Company's control; adverse geotechnical and geological conditions (including geotechnical failures) may result in operating delays and lower throughput or recovery, closures or damage to mine infrastructure; the ability of the Company to treat the number of tonnes planned, recover valuable materials, remove deleterious materials and process ore, concentrate and tailings as planned is dependent on a number of factors and assumptions which may not be present or occur as expected; the Company's operations may encounter delays in or losses of production due to equipment delays or the availability of equipment; the Company's operations are subject to continuously evolving legislation, compliance with which may be difficult, uneconomic or require significant expenditures; the Company may be unsuccessful in attracting and retaining key personnel; labour disruptions could adversely affect the Company's operations; risks related to the Company's use of contractors; the hazards and risks normally encountered in the exploration, development and production of copper, gold and silver; the Company's operations are subject to environmental hazards and compliance with applicable environmental laws and regulations; the Company's operations and workforce are exposed to health and safety risks; unexpected costs and delays related to, or the failure of the Company to obtain, necessary permits could impede the Company's operations; the Company's title to exploration, development and mining interests can be uncertain and may be contested; the Company's properties may be subject to claims by various community stakeholders; risks related to limited access to infrastructure and water; the Company's exploration programs may not successfully expand its current mineral reserves or replace them with new reserves; the Company's common shares may experience price and trading volume volatility; the Company's revenues are dependent on the market prices for copper, which have experienced significant recent fluctuations; the Company may not be able to secure additional financing when needed or on acceptable terms; Company shareholders may be subject to future dilution; risks related to changes in interest rates and foreign currency exchange rates; changes to taxation laws applicable to the Company may affect the Company's profitability; the risks related to the Company's internal controls over financial reporting and compliance with applicable accounting regulations and securities laws; the carrying value of the Company's assets may change and these assets may be subject to impairment charges; the Company may be liable for uninsured or partially insured losses; the Company may be subject to litigation; the Company may be unsuccessful in identifying targets for acquisition or completing suitable corporate transactions, and any such transactions may not be beneficial to the Company or its shareholders; the Company must compete with other mining companies and individuals for mining interests; and risks related to information systems security threats; and those risk factors set out in the Company's listing application dated November 12, 2021 as filed on SEDAR.
Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking statements, including those risk factors, you are cautioned that this list is not exhaustive and there may be other factors that the Company has not identified. Furthermore, the Company undertakes no obligation to update or revise any forward-looking statements included in or incorporated by reference in, this news release if these beliefs, estimates, and opinions or other circumstances should change, except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Minto Metals Corp.
 For further information: Chris Stewart, President & Chief Executive Officer, (647) 523-6618, David J. Birch, Chief Financial Officer, (416) 895-4824, E-mail: info@mintomine.com
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| To: LoneClone who wrote (162653) | 1/8/2022 3:44:58 PM | | From: LoneClone | | | | Ameriwest Lithium Nevada Exploration Update
globenewswire.com
January 07, 2022 09:00 ET | Source: Ameriwest Lithium Inc.
VANCOUVER, British Columbia, Jan. 07, 2022 (GLOBE NEWSWIRE) -- Ameriwest Lithium Inc. (“Ameriwest” or the “Company”) (CSE: AWLI) (OTC: AWLIF) (FSE: 5HV0), a North American lithium exploration and development company, is pleased to provide the following exploration update on its Nevada Properties.
Railroad Valley (“RRV”)
As announced by press release dated November 3, 2021, Ameriwest acquired seismic data for its 9,097-acre RRV property. A total of 26.7 line-miles of data was acquired from Seismic Exchange Inc. and Ameriwest retained Castillo Geophysical Limited and Legg Geophysical Inc. to reprocess and analyze the data. Results from the re-interpretation of the historic seismic data exceeded expectations. The interpretation showed the valley floor, sedimentary strata, faults, and, in combination with recently acquired MT data, the location and geologic explanation of potential brine on the claim block. The data indicates a potential brine reservoir at a depth of approximately 2,000 ft to 4,000 ft below surface.
On October 27, 2021, Ameriwest also announced results from a MT survey conducted at Railroad Valley. Based on results the seismic analysis and the results from the initial MT survey, Ameriwest plans to conduct further MT work at Railroad Valley in early 2022. Zonge International Inc. has been contracted to add two additional MT lines to the north and south of the initial two MT lines they completed in 2021. This work is being scheduled in early 2022, subject to weather and ground conditions.
Tom Carpenter, consulting geophysicist is also being retained to conduct a gravity study at RRV. Based on these combined geophysical studies (gravity, MT, and seismic), Ameriwest expects to be able to move forward with a drilling program at RRV in 2022, subject to permitting.
Edwards Creek Valley (“ECV”)
As announced by press release dated November 16, 2021, Ameriwest initiated a two-phase geophysical program at ECV. Phase 1 consisted of a gravity survey of approximately 272 stations on an 800 m by 800 m grid over the entire claim block, an area of 15,735 acres. Stations were also located along roads using an 800 m by 1,600 m spacing to get coverage on the exposed bedrock of the surrounding mountain ranges.
Field work was conducted over the period of November 11th to 19th, 2021. Field work and subsequent analysis were completed by Tom Carpenter, consulting geophysicist. Results show a large gravity low on the northeast half of the claim block and a second less pronounced gravity low on the southeastern section of the claims block. The gravity lows are interpreted to be deeper sections of the valley that have potential to host brine deposits.
Phase 2 was to consist of a Magnetotelluric (MT) survey conducted by Zonge International Inc. The survey was to consist of four profiles for a total of 22.4 km of MT lines. However, due to inclement weather and associated flooding of the playa, Zonge was able to only complete one of the four profiles in 2021. However, that single MT line showed a resistivity low at a depth of about 400 m to 1,000 m below surface. The resistivity low indicates the potential for the valley to host a brine deposit.
Based on the large gravity low identified in the northeast section of the claim block in Phase 1 and the preliminary results from the single MT line in Phase 2, Ameriwest now plans to expand the Phase 2 study to include two additional MT lines to the northeast of the four initially planned lines. Zonge plans to schedule this work in early 2022, dependent on weather and ground conditions in the valley.
Deer Musk East (“DME”)
On August 24, 2021, Ameriwest announced filing of a National Instrument 43-101 (“NI 43-101) Technical Report on its DME property. The report, titled, “Ni 43-101 Technical Report for the Deer Musk East Property, Clayton Valley, Esmeralda Property, Nevada, USA,” dated August 23, 2021, was prepared on behalf of Ameriwest Lithium by Raymond P. Spanjers, M.S. P.G.
As announced by press release on September 15, 2021, Ameriwest outlined results from geophysical studies at DME from a report, titled “Geophysical Exploration for Deer Musk East Claim Area” prepared by Advanced Geoscience Inc. (“AGI”). The report concluded that the results from the geophysics program “…demonstrate a strong likelihood for the occurrence of lithium brine deposits beneath the claim area.” The report recommended additional geophysics studies to further improve the definition of the brine targets. It also recommends drilling to assess the lithium content of the brine targets with the goal of ultimately generating mineral resources.
In related news, Ameriwest was advised in December 2021 of a complaint from Authium LLC related to a claim dispute at DME. The potential for this claim dispute is discussed in the Technical Report. Ameriwest staked certain placer claims that make up part of the DME property over Authium’s existing lode claims. Ameriwest’s position is that the deposit where it staked its claims is clearly a placer deposit, not a lode deposit, and Authium’s lode claims are therefore invalid. If necessary, Ameriwest plans to defend the validity of its placer claims through litigation.
Note that no mineral resources or reserves have yet been defined on the RRV, ECV, or DME properties.
Ameriwest invites interested stakeholders and shareholders alike to contact our investor relations team or visit our website and sign-up for regular news alerts which will help provide timely updates of ongoing activities. Company management believes strongly in regular communications, updates, and reports from the field as an important aspect of developing informative and useful engagement as the Company continues to help explore and develop the exciting and rapidly evolving lithium sector.
On Behalf of the Board of Directors,
David Watkinson
President and Chief Executive Officer
For further information, please contact:
Invictus Investor Relations
Tel: +1 (604) 343-8661
info@ameriwestlithium.com
globenewswire.com
About Ameriwest Lithium Inc. (CSE: AWLI) (OTC: AWLIF) (FSE: 5HV0)
Ameriwest Lithium Inc. is a Canadian-based exploration company with a focus on identifying strategic lithium mineral resource projects for exploration and development. The Company is currently focused on exploring Nevada’s Deer Musk East property, located in the prolific Clayton Valley, totalling 5,600 acres, the Railroad Valley property, totalling 9,097 acres, the Edwards Creek Valley totalling 16,940 acres and Arizona’s Thompson Valley totalling 2,859 acres. Additionally, Ameriwest’s current resource portfolio includes the ESN Project, located in White Pine County, Nevada, and the Koster Dam property, located in the Clinton Mining Division of British Columbia, in which Ameriwest has a 45% interest.
For more information visit: globenewswire.com.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company’s actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company’s strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
The Canadian Securities Exchange has not in any way passed upon the merits of the matters referenced herein and has neither approved nor disapproved the contents of this news release.
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| To: LoneClone who wrote (162654) | 1/8/2022 3:51:35 PM | | From: LoneClone | | | | Reyna Gold To Commence Trading On TSX Venture Exchange
accesswire.com
Friday, January 7, 2022 3:15 PM
VANCOUVER, BC / ACCESSWIRE / January 7, 2022 / Reyna Gold Corp. ("Reyna" or the "Company") (TSXV:REYG) is pleased to announce that its common shares (the "Common Shares") have been approved for listing on the TSX Venture Exchange (the "TSXV"). The Common Shares are expected to commence trading under the ticker symbol "REYG" as of market open on or about January 11, 2022.
The Exchange will issue a bulletin confirming the date on which trading will commence. Upon listing, the Company will be listed as a Tier 2 Mining Issuer on the TSXV. The Company is currently focused on the exploration of the La Gloria Project, located within the Mojave-Sonora Megashear in Mexico.
About the Company
Reyna Gold Corp. is a gold exploration company focused on district-scale exploration on two major gold belts in Mexico. The company has a portfolio of assets on the Mojave-Sonora Megashear and the Sierra Madre Gold and Silver Belt consisting of over 57,000 hectares/ 570 sq km. The Company has an experienced management team with a proven track record of wealth creation in Mexico through project discovery, advancement and monetization.
On behalf of the board of directors of Reyna Gold Corp.,
"Michael Wood"
Michael Wood
President, Chief Executive Officer and Director
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 news release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, statements with respect to future events or future performance of the Company, the anticipated timing of listing, the Company's plans regarding future exploration activities and benefits arising from the listing of the Company's common shares on the TSXV. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading "Risk Factors" in the Company's final long form non-offering prospectus dated December 6, 2021 available for review on the Company's profile at www.sedar.com. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
SOURCE: Reyna Gold Corp. |
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| To: LoneClone who wrote (162655) | 1/10/2022 12:22:26 PM | | From: LoneClone | | | | Verde announces 2022 guidance and two year outlook
ca.finance.yahoo.com
Verde AgriTech PLC
Mon., January 10, 2022, 3:00 a.m.·2 min read
BELO HORIZONTE, Brazil, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) (“Verde” or the “Company”) is pleased to announce its 2022 guidance of 700,000 tonnes production, with sales of $72.3 million, EBITDA of $28.4 million, net earnings per share (“EPS”) of $0.50; and a 2023 guidance of 1.4 million tonnes.
2022 Guidance
The Company’s target is detailed on a quarterly basis, reflecting the market demand's seasonality, as follows:
Period
| Q1 2022
| Q2 2022
| Q3 2022
| Q4 2022
| FY 2022
| Sales target (tonnes)
| 115,000
| 200,000
| 250,000
| 135,000
| 700,000
| Revenue ($’000)
| 10,070
| 21,954
| 27,228
| 13,011
| 72,263
| EBITDA ($’000)
| 1,358
| 10,155
| 13,414
| 3,506
| 28,434
| EPS ($)
| 0.02
| 0.18
| 0.25
| 0.06
| 0.50
|
The 2022 guidance is underpinned by the following assumptions:
Grant of mining concession
Average Brazilian Real (“R$”) to Canadian dollar exchange rate: C$1.00 = R$4.40
Average KCl CFR Brazil of US$500, compared to current price of US$760 per tonne (as per the market intelligence firm Acerto Limited weekly price as of December 3, 2021).
Sales Incoterms: 50% CIF and 50% FOB
Sales channels: 50% direct sales and 50% indirect sales
“Over the previous years, seeing that we were producing and selling a new product, our guidance was limited to volume and revenue. From 2022 onwards we are pleased to add EBITDA and EPS to Verde's guidance,” said Cristiano Veloso, Verde’s Founder and CEO.
2023 Guidance
For 2023, Verde’s sales volume target is 1.4 million tonnes. This target represents a potential 100% growth Year-on-Year (“YoY”).
Investors Newsletter
Subscribe to receive the Company’s monthly updates at:
http://cloud.marketing.verde.ag/InvestorsSubscription
The last edition of the newsletter can be accessed at: https://bit.ly/Newsletter-November2021
About Verde AgriTech
Verde is an agricultural technology company that develops and produces fertilizers. Rooting our solutions in nature, we make agriculture healthier, more productive, and profitable for farmers. We work to improve the health of all people and the planet.
Cautionary Language and Forward-Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. The Cautionary Language and Forward-Looking Statements can be accessed at this link.
For additional information please contact:
Cristiano Veloso, President, Founder & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: investor@verde.ag
www.investor.verde.ag | www.verde.ag | www.supergreensand.com |
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| To: LoneClone who wrote (162656) | 1/10/2022 3:05:07 PM | | From: LoneClone | | | | Wallbridge Announces 2022 Exploration Program at Flagship Properties on Detour-Fenelon Gold Trend
wallbridgemining.com
January 10, 2022
View PDF
Toronto, Ontario – January 10, 2022 – Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) today announced that it has approved a $70 million exploration program for 2022 that will focus on growing the gold mineral resources at the Company’s flagship Fenelon and Martiniere properties, located on the highly prospective Detour-Fenelon Gold Trend in Northern Abitibi, Quebec.
“We see excellent potential to build on our track record of exploration success over the past years to further grow mineral resources at both Fenelon and Martiniere in 2022, with most known mineralized gold trends remaining open for expansion, and additional opportunities within the existing resource footprints,” said Marz Kord, President & CEO of Wallbridge. “After validating the multi-million-ounce potential of this emerging gold camp with a significant mineral resource estimate in 2021, we plan to maintain a similar pace of exploration work this year, with 8 to10 active drills. We expect this program to deliver a number of catalysts for our shareholders over the course of 2022, as we update our mineral resource estimates for Fenelon and Martiniere and will lay the groundwork for an economic study that will incorporate our properties across the Detour-Fenelon Gold Trend.”
The Detour-Fenelon Gold Trend (see Figure 1) has a demonstrated potential to host world-class gold deposits yet remains highly underexplored in comparison to other prolific gold belts in the southern portion of the Abitibi, such as the Timmins-Porcupine, Kirkland Lake and Val d’Or camps. Regional exploration on this trend is expected to account for approximately 10% of the Company’s 2022 exploration budget.
“The goal of our regional exploration program in 2022 will be to add new discoveries to our growing inventory of ‘drill bit successes’ on the Company’s largely underexplored yet highly prospective land package of roughly 910 km2, located just east of the 30+ million-ounce Detour Lake deposit,” said Attila Péntek, Wallbridge’s Vice President, Exploration. “Our 2022 program makes Wallbridge one of the most active gold explorers in Quebec and we intend to build on our track record of delivering shareholder value through exploration success once again this year.”
2022 Exploration Program
Wallbridge finished 2021 with approximately $40 million of cash on hand and expects to receive approximately $10 million in 2020 refundable tax credits from the province of Quebec. The balance of the 2022 exploration budget of $70 million is expected to be funded from other sources.
Approximately 60-65% of the Company’s planned drilling in 2022 will be targeted at Fenelon, 25-30% will be targeted at Martiniere, and the remaining 10% will be allocated to regional exploration (see details in table below). These results will be supplemented by approximately 60,000+ metres of drilling completed in 2021 after the cut-off date for the Company’s November 2021 Mineral Resource Estimate. In addition, funding has been allocated for preparation work for economic studies and underground maintenance.
2022 Drill Program Highlights: Fenelon & Martiniere
In November 2021, less than three years from the discovery of the Area 51 and Tabasco/Cayenne Zones, Wallbridge announced a maiden Mineral Resource Estimate for Fenelon Gold and an updated Mineral Resource Estimate for the Martiniere Gold Property totalling 2.67 million ounces of indicated gold resources and 1.72 million ounces of inferred gold resources (for details see Wallbridge press release dated November 9, 2021 and Technical Report filed December 23, 2021 on SEDAR).
The Fenelon deposit remains open laterally in most directions, and at depth below the current extent of drilling at approximately 1,000 metres. Expansion drilling in 2022 will focus on adding resources within the 2021 resource open pit shell and within the known footprint of the gold system where drill spacing was not sufficient to include mineralization in the 2021 Mineral Resource Estimate. Drilling will also aim to extend known gold zones and test extensions of the main host rocks (Jeremie Diorite, Main Gabbro), as well as structures important in controlling gold mineralization (Sunday Lake Deformation Zone, Jeremie Fault, and other secondary fault zones).
At Martiniere, the deposit is currently separated into multiple isolated zones with very little drilling in between, resulting in several smaller open pits in the 2021 Mineral Resource Estimate. Drilling in 2022 will focus on connecting these zones to form a more continuous orebody that can support a more optimal open pit configuration. In addition, both the Martiniere West and the Bug Lake Trends are open along strike and drilling is limited below 400 metres of vertical depth. Lateral and depth extensions of the known zones will also be targeted in the 2022 drill program.
Regional Exploration
Wallbridge intends to allocate approximately 10% of the 2022 budget to pursue further grassroots discoveries on its extensive land package. Spanning 97 kilometres in an east-west direction along the Detour-Fenelon Gold Trend, (roughly equivalent to the distance between Rouyn-Noranda and Val d’Or), Wallbridge’s 910 km2 Detour-Fenelon land package offers excellent potential for new gold discoveries.
As reported on October 21, 2021, the Company has completed an initial 5,300 metre drill program on the Casault Gold Property, discovering new gold mineralization in the first drill hole. Full assay results are pending, and the Company is reviewing plans to continue exploration on this property in 2022.
At Grasset, within 10 kilometres of the Fenelon deposit, the Company has been drilling since November to follow-up on the Grasset Gold showings, where historic intersections include 1.66 grams per tonne (g/t) of gold over 33 metres, and 6.15 g/t of gold over 4.04 metres.
Assay results of completed holes along with further details on planned regional exploration activities in 2022 will be reported when available.
Figure 1. Wallbridge’s Detour-Fenelon Gold Trend land package
About Wallbridge Mining
Wallbridge is currently advancing the exploration and development of its 100%-owned Fenelon Gold and Martiniere properties, located along the highly prospective Detour-Fenelon Gold Trend, an emerging gold camp in northwestern Québec. Both properties are located on the Company’s 910 km2 land package, with significant potential for further discoveries over a 97-kilometre strike length of this underexplored belt. Wallbridge is also the operator of, and a 17.8% shareholder in, Lonmin Canada Inc., a privately?held company with a portfolio of nickel, copper, and platinum?group metals (PGM) projects in Ontario's Sudbury Basin.
This news release has been authorized by the undersigned on behalf of Wallbridge Mining Company Limited.
For further information please visit the Company's website at www.wallbridgemining.com or contact:
Wallbridge Mining Company Limited
Marz Kord, P. Eng., M. Sc., MBA
President & CEO
Tel: (705) 682?9297 ext. 251
Email: mkord@wallbridgemining.com
Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: vvargas@wallbridgemining.com
Cautionary Note Regarding Forward-Looking Information
This press release of Wallbridge Mining Company Limited ("Wallbridge" or the "Company") contains forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and interpretations as at the date of this press release.
All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”
FLI herein includes, but is not limited to: future drill results; the Company’s ability to convert inferred resources into measured and indicated resources; environmental matters; stakeholder engagement and relationships; parameters and methods used to estimate the mineral resource estimates (each an “MRE”) at the Fenelon Gold and Martiniere properties (collectively the “Deposits”); the prospects, if any, of the Deposits; future drilling at the Deposits; and the significance of historic exploration activities and results.
FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this press release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained herein to reflect new events or circumstances, except as may be required by law. Unless otherwise noted, this press release has been prepared based on information available as of the date of this press release. Accordingly, you should not place undue reliance on the FLI or information contained herein.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI.
Assumptions upon which FLI is based, without limitation, include: the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Deposits; the accuracy of key assumptions, parameters or methods used to estimate the MREs; the ability of the Company to obtain required approvals; the results of exploration activities; the evolution of the global economic climate; metal prices; environmental expectations; community and non-governmental actions; and any impacts of COVID-19 on the Deposits, the Company’s financial position, the Company’s ability to secure required funding, or operations. Risks and uncertainties about Wallbridge's business are more fully discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedar.com.
Covid?19 ? Given the rapidly evolving nature of the Coronavirus (COVID?19) pandemic, Wallbridge is actively monitoring the situation in order to continue to maintain as best as possible the activities while striving to protect the health of its personnel. Wallbridge' activities will continue to align with the guidance provided by local, provincial and federal authorities in Canada. The Company has established measures to continue normal activities while protecting the health of its employees and stakeholders. Depending on the evolution of the virus, measures may affect the regular operations of Wallbridge and the participation of staff members in events inside or outside Canada.
Information Concerning Estimates of Mineral Resources
The disclosure in this press release and referred to herein was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). The terms "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" used in this press release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the "CIM Definition Standards"), which definitions have been adopted by NI 43-101. Accordingly, information contained in this press release providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.
Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, "inferred mineral resources" are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. 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 is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.
Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the "SEC Modernization Rules"), with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". Information regarding mineral resources contained or referenced in this press release may not be comparable to similar information made public by companies that report according to U.S. standards. While the SEC Modernization Rules are purported to be "substantially similar" to the CIM Definition Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards. Accordingly, there is no assurance any mineral resources that the Company may report as "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the resource estimates under the standards adopted under the SEC Modernization Rules. |
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| To: LoneClone who wrote (162657) | 1/10/2022 3:25:14 PM | | From: LoneClone | | | | Sandstorm Gold Royalties Announces Record Revenue and Gold Equivalent Ounces Sold in 2021
newswire.ca
Sandstorm Gold Ltd. Jan 10, 2022, 08:30 ET
DESIGNATED NEWS RELEASE
VANCOUVER, BC, Jan. 10, 2022 /CNW/ - Sandstorm Gold Ltd. ("Sandstorm Gold Royalties" or the "Company") (NYSE: SAND) (TSX: SSL) is pleased to report that the Company sold approximately 67,500 attributable gold equivalent ounces1 and realized preliminary revenue2 of $114.8 million for the full 2021 year, both representing a record for the Company. During the year, Sandstorm realized preliminary total sales, royalties, and income from other interests1 of $120.7 million.
During the three months ended December 31, 2021, the Company sold approximately 16,600 attributable gold equivalent ounces1 and realized preliminary revenue2 of $29.8 million. Preliminary cost of sales, excluding depletion2 for the three month period was $3.7 million resulting in cash operating margins1 of approximately $1,570 per attributable gold equivalent ounce1. These results should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2021 as and when released.
Note 1
Sandstorm Gold Royalties has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") including (i) attributable gold equivalent ounces (ii) total sales, royalties, and income from other interests, and (iii) cash operating margin. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these non-IFRS measures differently. Note these figures have not been audited and are subject to change. (i) As the Company's operations are primarily focused on precious metals, the Company presents attributable gold equivalent ounces as it believes that certain investors use this information to evaluate the Company's performance in comparison to other mining companies in the precious metals mining industry who present results on a similar basis. The Company's royalty and other commodity stream revenue, including adjustments for contractual income relating to those interests (see total sales, royalties, and income from other interests in (ii) below), is converted to an attributable gold equivalent ounce basis by dividing total sales, royalties, and income from other interests, for that period by the average realized gold price per ounce from the Company's gold streams for the same respective period. These attributable gold equivalent ounces when combined with the gold ounces sold from the Company's gold streams equal total attributable gold equivalent ounces sold and may be subject to change. (ii) Total sales, royalties, and income from other interests is calculated by taking total revenue which includes sales and royalty revenue, and adding contractual income relating to royalties, streams and other interests excluding gains and losses on dispositions ($114.8 million + $5.9 million = $120.7 million). The Company presents total sales, royalties, and income from other interests as it believes that certain investors use this information to evaluate the Company's performance in comparison to other streaming and royalty companies in the precious metals mining industry. (iii) The Company presents cash operating margin as it believes that certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metals mining industry who present results on a similar basis. Cash operating margin is calculated by subtracting cost of sales, excluding depletion from Total Sales, Royalties, and Income from other interests and dividing this figure by attributable gold equivalent ounces sold ([$29.8 million - $3.7 million]/16,600 attributable gold equivalent ounces).
Note 2
These figures have not been audited and are subject to change. As the Company has not yet finished its year-end annual close procedures, and the audit of its 2021 financial statements is not complete, the anticipated financial information presented in this press release is preliminary, subject to final year-end closing adjustments, and may change materially. The information presented above has not been audited by the Company's independent accountants, should not be considered a substitute for audited financial statements, and should not be regarded as a representation by the Company as to the actual financial results.
ABOUT SANDSTORM GOLD ROYALTIES
Sandstorm Gold Royalties is a gold royalty company that provides upfront financing to gold mining companies that are looking for capital and in return, receives the right to a percentage of the gold produced from a mine, for the life of the mine. The Company has acquired a portfolio of 230 royalties, of which 29 of the underlying mines are producing. Sandstorm Gold Royalties plans to grow and diversify its low cost production profile through the acquisition of additional gold royalties. For more information visit: www.sandstormgold.com.
CAUTIONARY STATEMENTS TO U.S. SECURITYHOLDERS
The financial information included or incorporated by reference in this press release or the documents referenced herein has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, which differs from US generally accepted accounting principles ("US GAAP") in certain material respects, and thus are not directly comparable to financial statements prepared in accordance with US GAAP.
The disclosure and information contained or referenced herein uses mineral reserve and mineral resource classification terms that comply with reporting standards in Canada, and mineral reserve and mineral resource estimates are made in accordance with Canadian NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum — CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards"). These standards differ significantly from the mineral reserve disclosure requirements of the United States Securities Exchange Commission (the "SEC") set forth in Industry Guide 7. Consequently, information regarding mineralization contained or referenced herein is not comparable to similar information that would generally be disclosed by U.S. companies under Industry Guide 7 in accordance with the rules of the SEC. Further, the SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Securities Exchange Act of 1934 ("Exchange Act"). These amendments became effective February 25, 2019 (the "SEC Modernization Rules") and, commencing for registrants with their first fiscal year beginning on or after January 1, 2021, the SEC Modernization Rules replaced the historical property disclosure requirements included in SEC Industry Guide 7. As a foreign private issuer that files its annual report on Form 40-F with the SEC pursuant to the multi-jurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards. The SEC Modernization Rules include the adoption of terms describing mineral reserves and mineral resources that are "substantially similar" to the corresponding terms under the CIM Definition, but there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the mineral reserve or mineral resource estimates under the standards adopted under the SEC Modernization Rules. U.S. investors are also cautioned that while the SEC recognizes "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under the Modernization Rules, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable. Further, "inferred mineral resources" have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the "inferred mineral resources" exist. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies, except in rare cases. For the above reasons, information contained or referenced herein regarding descriptions of our mineral reserve and mineral resource estimates is not comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements of the SEC under either Industry Guide 7 or SEC Modernization Rules.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release contains "forward-looking statements", within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Sandstorm Gold Royalties. Forward-looking statements include, but are not limited to, the future price of gold, silver, copper, iron ore and other metals, the estimation of mineral reserves and resources, realization of mineral reserve estimates, the timing and amount of estimated future production. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", or similar terminology.
Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Sandstorm Gold Royalties to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Sandstorm Gold Royalties will operate in the future, including the receipt of all required approvals, the price of gold and copper and anticipated costs. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will purchase gold, other commodities or receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the section entitled "Risks to Sandstorm" in the Company's annual report for the financial year ended December 31, 2020 and the section entitled "Risk Factors" contained in the Company's annual information form dated March 30, 2021 available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.
SOURCE Sandstorm Gold Ltd.
 For further information: For more information about Sandstorm Gold Royalties, please visit our website at www.sandstormgold.com or email us at info@sandstormgold.com; ERFAN KAZEMI, CHIEF FINANCIAL OFFICER, 604 689 0234; KIM BERGEN, CAPITAL MARKETS, 604 628 1164
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| To: LoneClone who wrote (162658) | 1/10/2022 3:40:19 PM | | From: LoneClone | | | | Golden Goliath Identifies High Priority Exploration Targets on Wish Ore Property
newsfilecorp.com
Vancouver, British Columbia--(Newsfile Corp. - January 10, 2022) - Golden Goliath Resources Ltd. (TSXV: GNG) (OTC Pink: GGTHF) (FSE: GGZ) Golden Goliath Resources is pleased to report that the Company has received the final interpretation on the airborne geophysics survey that was flown on our Wish Ore project last season.
The Company holds 100% ownership of the Wish Ore property, located in the Batchewana Bay area between Sault Ste Marie and Wawa Ontario. Part of the 2021 exploration work on Wish Ore included an airborne Mag and VLF-EM survey. Peter Diorio, P.Geo. of GeophysicsOne Inc., was contracted to do this interpretation and compile its results with the existing property data.
Figure 1: Regional Overview of GNG Wishore Property
To view an enhanced version of Figure 1, please visit:
orders.newsfilecorp.com
The excellent work by Mr. Diorio has identified 19 Areas of Interest (AOIs) for follow-up. While all of the anomalies look very encouraging, the most exciting of these are AOI 4 and AOI 8 which are located adjacent to known gold mineralization on the property at the Trench zone and the New Zone. AOI 1 and AOI 15 show large-scale potential as they appear to be associated with a 700 meter zone of interpreted flexure along the deep seated Carp River fault and the intersection of a northwest trending structure. AOI 13 is also an anomaly near the junction of the Carp River Fault and a northwest trending structure. Prospecting in 2019 identified large angular mineralized boulders 200 meters down ice southwest of this anomaly. In the underexplored southwest end of the property AOI 7 consists of an anomalous northwest trending mag low which cuts three east west trending mag highs. The area of the mag low is associated with VLF conductors and interpreted structures. This is interpreted to represent an area of alteration where magnetic minerals were destroyed by the alteration similar to what is seen in the areas of intense quartz carbonate alteration elsewhere on the property.
Figure 2: Areas of Interest with Qtz carbonate zones on image of VLF Amplitude (Cutler, Maine) from Terraquest survey
To view an enhanced version of Figure 2, please visit:
orders.newsfilecorp.com
The company is now working with our key advisors to put together an exploration plan to test these targets.
Golden Goliath CEO Paul Sorbara PGeo comments: "Our previous work on this property has shown widespread gold mineralization. This new geophysics gives us the tools to focus our search on some very exiting targets."
This news release has been reviewed by Gordon MacKay, P.Geo. who is acting as QP under the NI 43-101 requirements.
On behalf of the Board of Directors
Paul Sorbara, MSc, PGeo
CEO, Golden Goliath Resources Ltd.
About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). The Company is focused on exploring and developing the gold and silver potential of properties in the Red Lake District of Ontario. The Company also holds a 100% interest in the San Timoteo property, located in the Sierra Madre Occidental Mountains of northwestern Mexico, as well as NSR royalties on several other nearby properties.
To find out more about Golden Goliath visit our website at www.goldengoliath.com.
Cautionary Statements Regarding Forward Looking Information
Certain statements included herein may constitute "forward-looking statements". All statements included in this press release that address future events, conditions or results, including in connection with exploration activity, future acquisitions and any financing, are forward-looking statements. These forward-looking statements can be identified by the use of words such as "may", "must", "plan", "believe", "expect", "estimate", "think", "continue", "should", "will", "could", "intend", "anticipate" or "future" or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties and assumptions, including those mentioned in the Company's continuous disclosure documents, which can be found under its profile on SEDAR ( www.sedar.com). Many of such risks and uncertainties are outside the control of the Company and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Company is under no obligation, 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 expressly required by applicable law.
FOR MORE INFORMATION CONTACT:
Golden Goliath Resources Ltd.
J. Paul Sorbara, M.Sc., P.Geo
President & CEO
Phone: +1(604) 682-2950 Email: jps@goldengoliath.com
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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| To: LoneClone who wrote (162659) | 1/10/2022 3:48:21 PM | | From: LoneClone | | | | Canada Silver Cobalt Reports High-Grade Silver and Cobalt Intersections at Castle East with up to 2,571.53 g/t Silver
Many excellent intercepts providing silver and cobalt continuity up to 2,571.53 g/t Silver over 0.50m and 1.12% Cobalt over 0.51m coming from the 61 Zone
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Coquitlam, British Columbia--(Newsfile Corp. - January 10, 2022) - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) (FSE: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce a continued expansion at Castle East with strong intercepts from the 61 Zone.
Drilling Highlights:
61 Zone grades include 2,571.53 g/t silver over 0.50m, and 1.12% cobalt over 0.51m in hole CS-21-77W1, as well as 1,951.82 g/t silver over 0.55m, and 0.76% cobalt over 0.46m in hole CS-21-77. Both intercepts provide an up-dip extension to the 61-vein structure with CS-21-77W1 providing 22m of up-dip extension from discovery hole CS-21-61 that graded 30,416.91 g/t over 0.42m (See press release August 9, 2021).
Matt Halliday, President and Chief Operating Officer, commented: "Our team is extremely encouraged with these results. These intercepts are incredible, and we are continuing to expand on all our major mineralized zones. We can't wait to deliver more news on Big Silver, the 17m zone and zone 50 as we are getting results in and compiled. We are excited about the major upcoming resource update which will include several of the new high-grade silver veins discovered over the course of the drill program since the last resource estimate was published in May 2020."
Table 1: Sample Details
| Hole ID | Zone | From (m) | To (m) | Length (m) | Ag (g/tonne) | AuEq (g/tonne) | Co (%) | | CS-21-61W1 | 61 Zone | 470.35 | 471.00 | 0.65 | 807.48 | 10.26 | <0.01 | | CS-21-77 | 61 Zone | 471.96 | 472.42 | 0.46 | 685.48 | 8.71 | 0.76 | | CS-21-77 | 61 Zone | 493.16 | 493.71 | 0.55 | 1951.82 | 24.81 | 0.10 | | CS-21-77W1 | 61 Zone | 452.35 | 453.00 | 0.65 | 823.78 | 10.47 | <0.01 | | CS-21-77W1 | 61 Zone | 453.00 | 453.50 | 0.50 | 2571.53 | 32.69 | 0.01 | | CS-21-77W1 | 61 Zone | 453.50 | 454.15 | 0.65 | 733.41 | 9.32 | <0.01 | | CS-21-77W1 | 61 Zone | 486.00 | 486.51 | 0.51 | 681.57 | 8.66 | 1.12 |
Note: Gold equivalent (AuEq) is based on USD $23.19 oz/ton Ag and USD $1,824.28 oz/ton Au calculated Jan. 5, 2022.
Ongoing drilling in the Castle East area is geared toward expanding the existing resource panels outlined in the Company's maiden Resource Estimate reported in a news release May 28, 2020. The resource estimate was the first ever in the Greater Cobalt Camp, and identified zones 1A and 1B of the Robinson Zone with an average silver grade of 8,582 g/t (250 oz/ton) in a combined 27,400 tonnes of material for a total of 7.56 million Inferred ounces of silver using a cut-off grade of 258 g/t AgEq (mineral resources that are not mineral reserves do not have demonstrated economic viability). Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020 and a signature date of July 13, 2020.
Location
The Castle Property is located near the town of Gowganda and is 80 km west-northwest of Temiskaming Shores, Ontario, Canada. It is also 15 km east of Aris Gold Corp's Juby Gold deposit, 30 km due south of Alamos Gold's Young-Davidson mine, 75 km southwest of Kirkland Lake Gold's Macassa Complex, and 100 km southeast of new gold discoveries in the Timmins West area.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO), President, COO and VP Exploration of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region's first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
CCW has 39,017.96 hectares of electric vehicle (EV) battery metals exploration properties (containing nickel, copper and cobalt) with 15 properties in Quebec and 1 in Northern Ontario. Exploration is underway at the Graal massive sulphide formation in Northern Quebec. Drill core has been encouraging with initial XRF results up to 2.79% nickel and 25.68% copper in hole NRC 21 03; lab results are still pending.
Canada Silver Cobalt's flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver and battery metals. More information at www.canadasilvercobaltworks.com.
"Frank J. Basa"
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements which include, but are not limited to, comments regarding the Offering and comments that involve other future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address the Offering, resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, future financings, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. No assurance can be given that the Offering will close on the terms and conditions set out in this news release or at all. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. A detailed discussion of the risk factors encountered by Canada Silver Cobalt is available in the Company's Annual Information Form dated July 19, 2021 for the fiscal year ended December 31, 2020 available under the Company's profile on SEDAR at www.sedar.com. |
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| To: LoneClone who wrote (162660) | 1/10/2022 4:44:27 PM | | From: LoneClone | | | | Ivanhoe Mines Provides 2022 Production and Cost Guidance for Kamoa-Kakula Copper Complex
2022 production guidance of between 290,000 to 340,000 tonnes of copper in concentrate
Kamoa Copper produced 105,884 tonnes of copper in concentrate in 2021, exceeding the upper end of the guidance range, reflecting outstanding ramp-up of the Phase 1 operation
Record monthly production of 18,853 tonnes achieved in December, with plant recovery averaging 88.5%
Phase 2 expansion now 80% complete, expected to start operations in Q2 2022; pre-commissioning activities underway
Phase 3 concentrator expansion targeted for 2024, with earthworks to access new mining areas well underway
Kamoa Copper's outstanding growth profile is aligned with first-class sustainability and social initiatives in keeping with the project's goal of producing the world's "greenest copper"
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Riyadh, Saudi Arabia--(Newsfile Corp. - January 10, 2022) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chair Robert Friedland announced today, ahead of the inaugural Future Minerals Forum, that the 2022 annual production guidance for the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC) is between 290,000 and 340,000 tonnes of copper in concentrate.
The figures are on a 100%-project basis and metal reported in concentrate is prior to refining losses or deductions associated with smelter terms.
The guidance range for cash costs (C1) per pound of payable copper in 2022 is between $1.20 and $1.40 per pound of payable copper. Cash costs (C1) per pound of payable copper for Q3 2021 totaled $1.37/lb, while cost of sales per pound of payable copper sold for Q3 2021 was $1.08/lb. "Cash costs (C1) per pound" is a non-GAAP financial performance measure. Additional information is provided in the Non-GAAP Financial Performance Measures section of this news release.
Kamoa Copper's copper-in-concentrate production for the year ended December 31, 2021, totalled 105,884 tonnes, exceeding the upper end of the increased guidance range of 92,500 to 100,000 tonnes. The year-end total was boosted by record monthly production of 18,853 tonnes achieved in December.
2021 guidance had been raised from an initial range of 80,000 to 95,000 tonnes, during the course of the successful ramp-up of Kamoa Copper's Phase 1 concentrator plant, which began operations in late May 2021 and reached commercial operations on July 1, 2021.
During the month of December, a record 372,000 tonnes of ore were milled at an average feed grade of 5.98% copper, exceeding the monthly design run rate of 316,667 tonnes by more than 17%.
Copper flotation recoveries also achieved a record 88.5% in December. The Phase 1, steady-state design copper recovery is approximately 86%, depending on ore feed grade.
Kamoa Copper expects to begin operations at the Phase 2 concentrator plant in Q2 2022. The Phase 2 concentrator plant is identical to the Phase 1 concentrator, with a nameplate milling capacity of 3.8 million tonnes per annum (Mtpa), and a similar ramp-up profile for the new concentrator is targeted, with the benefit of additional knowledge gained during the commissioning of Phase 1.
The Phase 3 expansion also is advancing, with work ongoing on new box cut to open up the Kamoa Mine. An updated pre-feasibility study (PFS), including the Phase 3 expansion, is expected in Q3 2022.
Watch a new video showcasing Phase 1 operations and the Phase 2 and Phase 3 expansion work underway at the Kamoa-Kakula Copper Complex: https://vimeo.com/663982551/a4a47fa41f
Chart 1: Cumulative tonnes of copper produced from May 2021 to December 31, 2021.
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2022 Guidance for Kamoa-Kakula
Guidance is based on a number of assumptions and estimates as of December 31, 2021, including among other things, assumptions about the timing of the Phase 2 expansion and anticipated costs and expenditures. Production and cost guidance assumes the Phase 2 concentrator plant will commence copper production in Q2 2022 and that ramp-up will be in line with what was achieved with Phase 1. Guidance involves estimates of known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different.
| Kamoa-Kakula 2022 Guidance |
| | Contained copper in concentrate (tonnes) | 290,000 - 340,000 | | Cash cost (C1) ($ per pound) | 1.20 - 1.40 |
Cash costs (C1) per pound of payable copper for Q3 2021 of $1.37/lb reflected the measured ramp-up of production at Kamoa-Kakula to steady-state, and are expected to trend downward as the Phase 2 concentrator plant is commissioned and the mine's fixed operating costs are spread over increased copper production.
C1 cash cost is a non-GAAP measure used by management to evaluate operating performance and include all direct mining, processing, and general and administrative costs. Smelter charges and freight deductions on sales to final port of destination (typically China), which are recognized as a component of sales revenues, are added to C1 cash cost to arrive at an approximate cost of delivered finished metal.
Cost of sales per pound of payable copper sold for Q3 2021 was $1.08/lb. For historical comparatives see the Non-GAAP Financial Performance Measures section of this news release. Please also see the Management's Discussion and Analysis for the three and nine months ended September 30, 2021, for discussion of non-GAAP measures. All figures in the above table are on a 100%-project basis.
"Kamoa Copper's outstanding operational success in 2021 is a product of the culture and values promoted throughout the organization," said Mr. Friedland. "We are focused on training and empowering our young, talented Congolese workforce to operate this globally significant copper mining and smelting complex for generations to come. We invest deeply in our people and we celebrate their diversity, as diversity is a core value and a key to our strength. Collectively we are determined to create long-term stakeholder and shareholder value through continued investment in discovering and developing world-class orebodies, technological innovation, strong corporate governance, environmental stewardship, empowering our host communities and intense focus on health and safety.
"The Phase 2 expansion remains significantly ahead of schedule, and we are well on the way to doubling our annualized copper production to more than 400,000 tonnes starting early in Q2 2022, vaulting Kamoa Copper into the ranks of the world's ten largest copper mines.
"Our outstanding team of geologists are confident that the Kamoa and Kakula mines are just the initial discoveries of a major new mining district, which extends the storied African Copperbelt in a southwesterly direction all the way to the Zambian border. We will be conducting an extensive drilling campaign on our majority-owned Western Foreland exploration licences this year to unlock the potential of this highly-prospective ground."
The Kamoa Copper Complex with the Phase 1 and Phase 2 concentrator plants at the Kakula Mine. A small portion of Ivanhoe's Western Foreland exploration licences are in the background.
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Muhemba Richard (left), operating an ore-truck simulator under the guidance of trainer Kasongo Kabila at Kamoa Copper's state-of-the-art training centre.
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A 3D illustration of Kamoa-Kakula's Phase 2 concentrator flotation cells. The picture below shows the current progress, which is approximately 80% complete.
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A convoy of trucks transporting Kamoa Copper's copper concentrate for export to international markets.
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Kamoa-Kakula's Phase 1 (at top) and Phase 2 ball mills.
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Phase 2 expansion now 80% complete, expected to start operations in Q2 2022
Construction of the second 3.8-Mtpa concentrator plant (Phase 2) continues to progress ahead of schedule with hot commissioning expected to start in Q2 2022. Engineering, procurement and fabrication activities all are effectively complete, with construction activities well advanced. As of the end of December, the overall project was approximately 80% complete. Some pre-commissioning activities have started.
The main construction focus now has shifted from structural steel erection and installation of platework, equipment and piping (SMPP) to electrical, control and instrumentation (EC&I) installation. Most areas have been handed over from the SMPP contractor to the EC&I contractor. All of the Phase 2 surface piping has been installed. Installation of cable racking is nearing completion and cable pulling and instrument installation is well advanced.
More than 675 truckloads of Phase 2 plant construction equipment and materials already have been delivered to site.
Updated PFS study, including Phase 3 expansion, expected in Q3 2022; work on new box cut to open up the Kamoa Mine advancing
Kamoa Copper also is advancing the Phase 3 expansion, with operations at the first stream of the Phase 3 concentrator expected by the end of 2024. The Phase 3 concentrator will be located adjacent to the Kansoko Mine (at the Kansoko Sud orebody) and is being designed as two identical streams with a common dry front end, the same as the Phase 1 and 2 concentrators, but at a larger nameplate milling capacity per stream than the 3.8-Mtpa capacity of the Phase 1 and 2 concentrators.
The Phase 3 concentrator is expected to be supplied with ore from the established mine at Kansoko, as well as from two new planned mines, named Kamoa 1 and Kamoa 2. The Kamoa 1 and Kamoa 2 mining areas will be accessed via a twin-decline system (the Kamoa Mine decline), and the box cut for the declines is under construction.
Phase 3 also includes the construction of a direct-to-blister smelter, with a production capacity of 500,000 tonnes per annum of blister copper. Basic engineering, led by China Nerin Engineering Co., Ltd. of Jiangxi, China, is ongoing and expected to be completed in Q2 2022.
The planned smelter is to be built adjacent to the Phase 1 and 2 concentrator plants, and is designed to meet the International Finance Corporation's emissions standards. The smelter has been sized to process the majority of the copper concentrate forecast to be produced by Kamoa-Kakula's Phase 1, Phase 2 and Phase 3 concentrators. With a nameplate capacity of 500,000 tonnes per annum of blister copper, it is projected to be one of the largest, single-line blister-copper flash smelters in the world, and the largest in Africa.
Power for the Phase 3 expansion will be supplied by the upgrading of turbine 5 at the Inga II hydropower complex to provide an additional 162 megawatts (MW) of renewable hydropower. Basic engineering for the design of a new turbine wheel and runners is ongoing at the Heidenheim offices of contractor Voith Hydro, and the contractor's team is preparing to mobilize on site.
Study work on all aspects of the Phase 3 expansion is progressing well, with further information to be provided in Q2 2022 as estimates are completed, and an updated PFS expected to be released in Q3 2022.
Mining crews produce 756,000 tonnes grading 5.25% copper from the Kakula and Kansoko mines in December
Underground mine production from the Kakula and Kansoko mines was 756,000 tonnes grading 5.25% copper from November 21st to December 31st, including 272,000 tonnes grading 6.53% copper from the Kakula Mine's high-grade centre and 77,600 tonnes grading 4.15% copper from the Kansoko Mine. The production measuring month was longer than normal in order to close out the year.
Production levels from the mine are well above target, and will be boosted by three additional underground ore trucks commissioned on December 28, 2021.
The project's surface stockpiles now contain approximately 4.19 million tonnes of high-grade and medium-grade ore at an estimated, blended average of 4.63% copper. Contained copper in the stockpiles at the end of December now totals more than 194,000 tonnes (the current copper price is approximately $9,600 per tonne).
Chart 2: Growth in cumulative tonnes of contained copper in surface stockpiles from May 2020 to December 31, 2021.
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Chart 3: Cumulative tonnes and grade of contained copper in surface stockpiles from May 2020 to December 31, 2021.
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Ore stockpiles at the Kakula North decline containing 2.04 million tonnes grading 5.13% copper as of December 31, 2021.
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Ore stockpiles at the Kakula South decline containing 1.45 million tonnes grading 4.26% copper as of December 31, 2021.
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The Kansoko Mine decline and ore stockpiles containing 696,000 tonnes grading 3.92% copper as of December 31, 2021.
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Floribert Monga, Instrument Technician, wiring a distribution box for a control valve in the Phase 2 concentrator plant.
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Boris Kitupa, Security Supervisor (left), and Philo Nsenga, Security Controller, monitoring security cameras in the Kakula North control room.
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Stani Kayinda, Assistant Boilermaker, working on the Phase 2 concentrator plant.
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Jean Mabungu, Fitter, at the Phase 2 concentrator plant.
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About the Kamoa-Kakula Copper Complex
Kamoa-Kakula is projected to be the world's highest-grade major copper complex, with an initial mining rate of 3.8 Mtpa at an estimated, average feed grade of more than 6.0% copper over the first five years of operations, and 5.9% copper over the initial 10 years of operations. Phase 1 is expected to produce approximately 200,000 tonnes of copper per year, while the Phase 2 expansion is forecast to increase production to more than 400,000 tonnes of copper annually.
Based on independent benchmarking, the project's phased expansion scenario to 19 Mtpa would position Kamoa-Kakula as the world's second-largest copper mining complex, with peak annual copper production of more than 800,000 tonnes.
The Kamoa-Kakula Copper Project is a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the Government of the Democratic Republic of Congo (20%). A 2020 independent audit of Kamoa-Kakula's greenhouse gas intensity metrics performed by Hatch Ltd. of Mississauga, Canada, confirmed that the project will be among the world's lowest greenhouse gas emitters per unit of copper produced.
Non-GAAP Financial Performance Measures
Cash costs (C1) and cash costs (C1) per pound are non-GAAP financial measures. These are disclosed to enable investors to better understand the performance of the Kamoa-Kakula Project in comparison to other copper producers who present results on a similar basis. Cash costs (C1) are prepared on a basis consistent with the industry standard definitions by Wood Mackenzie cost guidelines but are not measures recognized under IFRS.
Below is a reconciliation of Kamoa-Kakula's historical cost of sales to cash costs (C1), including on a per pound basis:
|
| Kamoa-Kakula |
|
| | Q3 2021 | |
| | $'000 | |
|
|
|
| | Cost of sales |
| 98,663 |
|
|
| |
| | Logistics, treatment and refining charges |
| 37,915 |
| | General and administrative expenditure |
| 34,265 |
| | Royalties and production taxes |
| (25,137 | ) | | Depreciation |
| (24,061 | ) | | Movement in finished goods inventory |
| 286 |
| | General and administrative expenditure of other group entities |
| (410 | ) |
| | | | | C1 cash costs | | 121,521 | |
|
| |
| | Cost of sales per pound of payable copper sold ($ per lb) |
| 1.08 |
| | C1 cash costs per pound of payable copper produced ($ per lb) |
| 1.37 |
|
All figures above are on a 100% basis. See the Management's Discussion and Analysis for the three and nine months ended September 30, 2021, for further discussion of non-GAAP measures.
Qualified Persons
Disclosures of a scientific or technical nature regarding development scenarios at the Kamoa-Kakula Project in this news release have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is Kamoa Copper's Head of Projects. Mr. Amos has verified the technical data disclosed in this news release.
Other disclosures of a scientific or technical nature regarding the stockpiles in this news release have been reviewed and approved by George Gilchrist, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Gilchrist is not considered independent under NI 43-101 as he is the Vice President, Resources of Ivanhoe Mines. Mr. Gilchrist has verified the other technical data related to the stockpiles disclosed in this news release.
The stockpile grade estimates contained in this release are based upon bulk ore sampling from material being fed to the plant from surface stockpiles, and underground vertical channel sample profiles from recent development. Channel sample profiles are cut approximately 15 metres apart in 1-metre vertical increments across the full vertical exposure using a handheld grinder, with a 100-to-150-gram sample collected. The samples are pulverized at the project's onsite laboratory and analyzed using a portable XRF (pXRF) instrument. Kamoa Copper has routinely analyzed its exploration drill core for copper using pXRF, in addition to analysis at a commercial laboratory using four acid digest and ICP-OES. This data has demonstrated that pXRF results can be relied upon for grade control and run-of-mine sampling. Due to rounding, numbers presented throughout this news release may not add up precisely.
Ivanhoe has prepared an independent, NI 43-101-compliant technical report for the Kamoa-Kakula Project, which is available on the company's website and under the company's SEDAR profile at www.sedar.com:
- Kamoa-Kakula Integrated Development Plan 2020 dated October 13, 2020, prepared by OreWin Pty Ltd., China Nerin Engineering Co., Ltd., DRA Global, Epoch Resources, Golder Associates Africa, KGHM Cuprum R&D Centre Ltd., Outotec Oyj, Paterson and Cooke, Stantec Consulting International LLC, SRK Consulting Inc., and Wood plc.
The technical report includes relevant information regarding the assumptions, parameters and methods of the mineral resource estimates on the Kamoa-Kakula Project cited in this news release, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release.
About Ivanhoe Mines
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the development of major new, mechanized, underground mines at the Kamoa-Kakula copper discoveries in the Democratic Republic of Congo and at the Platreef palladium-rhodium-platinum-nickel-copper-gold discovery in South Africa; and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the Democratic Republic of Congo.
Kamoa-Kakula began producing copper concentrates in May 2021 and, through phased expansions, is positioned to become one of the world's largest copper producers. Kamoa-Kakula is being powered by clean, renewable hydro-generated electricity and is projected to be among the world's lowest greenhouse gas emitters per unit of metal produced. Ivanhoe Mines has pledged to achieve net-zero operational greenhouse gas emissions (Scope 1 and 2) at the Kamoa-Kakula Copper Mine. Ivanhoe also is exploring for new copper discoveries on its Western Foreland exploration licences in the Democratic Republic of Congo, near the Kamoa-Kakula Project.
Information contacts
Investors: Bill Trenaman +1.604.331.9834 / Media: Matthew Keevil +1.604.558.1034
Forward-looking statements
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance and results and speak only as of the date of this release.
Such statements include without limitation, (i) that 2022 production guidance for the Kamoa-Kakula Copper Complex is between 290,000 to 340,000 tonnes of copper in concentrate; (ii) that 2022 cost guidance for the Kamoa-Kakula Copper Complex is between $1.20 and $1.40 per pound of payable copper on a cash cost (C1) basis; (iii) all statements regarding the Phase 2 expansion is expected to start operations in Q2 2022; (iv) all statements regarding the Phase 3 expansion expected to begin operations by the end of 2024; (v) statements regarding Kakula is projected to be the world's highest-grade major copper mine, with an initial mining rate of 3.8 Mtpa at an estimated, average feed grade of more than 6.0% copper over the first five years of operations and 5.9% copper over the initial 10 years of operations; (vi) statements regarding Kamoa-Kakula's Phase 1 is expected to produce approximately 200,000 tonnes of copper per year, and Phases 1 and 2 combined are forecast to produce more than 400,000 tonnes of copper per year; (vii) statements regarding based on independent benchmarking, the project's phased expansion scenario to 19 Mtpa would position Kamoa-Kakula as the world's second largest copper mining complex, with peak annual copper production of more than 800,000 tonnes; (viii) statements regarding Kamoa-Kakula will be among the world's lowest greenhouse gas emitters per unit of copper produced; and (ix) statements that the updated PFS for Phase 3 expansion is expected to be completed in Q3 2022.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed below and under "Risk Factors", and elsewhere in this release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Although the forward-looking statements contained in this release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.
The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors set forth below in the "Risk Factors" section in the company's 2021 Q3 MD&A and its current annual information form. |
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