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Vancouver, British Columbia–(Newsfile Corp. – November 8, 2018) – Maritime ResourcesCorp. (TSXV: MAE) (“Maritime”) On the completion of the recently closed $3.5 million financing with Dundee Resources Ltd. and Sprott Inc., Maritime is pleased to announce the appointment of three new independent board members to further enhance the team. The new appointees include Mr. John Hayes as Director who will also serve as Chair of the Board, Mr. Garett Macdonald and Mr. Mark Ashcroft as directors of the Company. The new directorships take effect immediately and will work with our existing team as the Company advances the high grade Hammerdown gold project and further develops its Whisker and Orion exploration projects. Brief biographies of the directors are highlighted below.
Mr. John Hayes, M.Sc., MBA, P. Geo – Chair of the Board, Director
John is a professional geologist with over 17 years of industry experience ranging from regional surveys to advanced exploration. In addition, John has many years of capital markets experience. John graduated from Memorial University of Newfoundland with an Honours Bachelor of Science in Geology (1989) and a Master of Science in Geology (1997). He also holds an MBA from Dalhousie University (2003). He is a member (P. Geo.) of the Professional Engineers and Geoscientists of Newfoundland and Labrador. John was a mining analyst and Managing Director for BMO Capital Markets from 2003 until his retirement in April 2014. In his role with BMO, John covered precious and base metal companies globally from exploration to production stages. John joined Osisko Mining Inc in June 2016, where he served as the Senior Vice President of Corporate Development until March 2018.
Mr. Garett Macdonald, MBA, P. Eng. – Director
Garett is a professional mining engineer with extensive experience in project development and mine operations with over 22 years of industry experience. He has managed large technical programs through the concept, feasibility and into construction stages and has senior management and board level experience with several public companies. Most recently as Vice President of Project Development for JDS Energy and Mining, Garett was responsible for leading the Curraghinalt Feasibility Study for Dalradian Resources, a high grade, narrow vein Curraghinalt gold project in Northern Ireland, recently acquired by Orion Mine Finance for $537M. Garett also held roles in mine operations and engineering earlier in his career with senior Canadian mining firms Suncor Energy, and Placer Dome Inc. From 2009 to 2013 he served as Vice President of Operations for Rainy River Resources prior to the $310M sale of Rainy River to New Gold Inc. Garett is currently the President & CEO of Tower Resources and a director of First Cobalt, Aurelius Minerals and Gungnir Resources. He holds a Master of Business Administration degree from Western University’s Ivey Business School and a Bachelor of Engineering (Mining) from Laurentian University in Sudbury.
Mr. Mark N.J. Ashcroft, P. Eng. – Director
Mark has been involved in various capacities in the global mining industry and the North American and European debt and equity markets since 1990. Mark is currently the President and Chief Executive Officer and a Director of Aurelius Minerals Inc. Previously, Mark served as President and Chief Executive Officer and a Director of Stonegate Agricom Ltd. from August 2008 to September 2014. From 2007 to 2008, Mark worked at Versant Partners, where he was responsible for successfully developing their mining finance business in sales, trading and corporate finance. Prior to joining Versant Partners, Mark had been employed since 2003 with Toll Cross Securities Inc., a boutique institutional firm in Toronto where he became Managing Director and Head of Investment Banking. From 2001 to 2003, Mark was a member of the Mining and Metals Team at Standard Bank’s New York office where he was responsible for providing metals trading and project financing solutions to mid-tier developers and producers in Canada and Latin America. From 1999 to 2000, he was a member of the Mining and Metals Team of Barclays Capital, a leading provider of project finance to the mining industry. From 1996 to 1998, he worked in Mines Technical Services at Inco Limited’s Ontario Division, where he qualified as a Professional Engineer in Ontario. various operating roles in North and South Mark holds his Bachelor of Engineering (Mining) from Laurentian University and a Master of Science (Finance, Regulation and Risk Management) from the ISMA Centre of the University of Reading.
Mr. Fulcher, President and CEO commented: “We are extremely pleased to be moving Maritime forward in such a positive way with both the financing for $3.5 million completed by two significant groups in Dundee and Sprott and the additions to our board. The three new members have board expertise in all aspects of the mining and financial industry and come with a proven track record of developing, financing and operating mining projects. With these new board members joining the Maritime team we will continue to diligently advance our 100% owned Green Bay Hammerdown gold project towards production.”
The Company would also like to announce that Mr. Alan Williams has resigned as Chairman and Director of the Company effective October 29th, 2018. Alan was one of the original founding directors of the Company in 2007 and became Chairman in 2017, he has remained active both on the board and as the Company’s Chairman since then. On behalf of the board and employees of the Company, we thank Alan for his years of dedication and wish him all the best on his future endeavors. Alan will continue to act as an advisor to the Company.
About Maritime Resources Corp:
Maritime Resources holds 100% of the Green Bay Property, located near Springdale, Newfoundland and Labrador, Canada. The property hosts the past producing Hammerdown gold mine and the nearby Orion gold deposit. As well the Lochinvar base metals/precious metals deposit sits to the north east end of the Rumbullion deposit.
Based on the scenario presented in the Company’s March 2017 PFS, the Hammerdown mine is expected to produce approximately 180,000 ounces over a 5 year life at a cash cost of $558 CDN with an all in cost (including capital, sustaining capital and operating cost) of $955 CDN per ounce of gold. Total estimated upfront capital is $35M CDN, and the project has a pre-tax NPV8% = $72M CDN with an IRR of 47% based on a toll milling arrangement at the nearby Nugget Pond Mill. The after tax NPV8% = $44M CDN with an IRR = 35% based on a $1250/oz gold price.
Further information on the Green Bay Gold Property can be found on our website along with the NI43-101 compliant Technical Report filed on SEDAR on July 11, 2013 at www.maritimeresourcescorp.com.
Bernard H. Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.
On behalf of the Board of Directors,
Doug Fulcher
President, CEO
Forfurther information, please call:
Doug Fulcher
Telephone: (604) 336-7322
info@maritimeresourcescorp.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Caution Regarding Forward Looking Statements:
Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute “forward-looking statements”. Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.
TORONTO, Nov. 08, 2018 (GLOBE NEWSWIRE) — Sprott Inc. (“Sprott” or the “Company”) (SII.TO) today declared an eligible dividend of $0.03 per common share for the quarter ended September 30, 2018, payable on December 4, 2018 to shareholders of record at the close of business on November 19, 2018.
About Sprott
Sprott is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, the Corporation is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Alternative Asset Management and Private Resource Investments. The Corporation also operates Merchant Banking and Brokerage businesses in both Canada and the US. Sprott is based in Toronto with offices in New York, Carlsbad and Vancouver and its common shares are listed on the Toronto Stock Exchange under the symbol (SII.TO). For more information, please visit www.sprott.com.
Investor contact information:
Glen Williams
Managing Director
(416) 943-4394
gwilliams@sprott.com
Dear Subscribers, we welcome you to visit Riverside Resources new website: www.rivres.com.
The logo has changed but the value proposition and commitment to increasing shareholders value remains.
Riverside Resources Inc.
Head Office – Vancouver
550 – 800 West Pender Street,Vancouver BC,
V6C 2V6 Telephone: 778-327-6671
Fax: 778-327-6675
Toll Free: 1-877-RIV-RES1 (748-7371)
For investor questions please call or email:
Communications Team 778-327-6671
Email info@rivres.com
TORONTO , Nov. 8, 2018 /CNW/ – Anaconda Mining Inc. (“Anaconda” or the “Company”) – (ANX.TO) (ANXGF) is pleased to report its financial and operating results for the three and nine months ended September 30, 2018 (“Q3 2018”). The condensed interim consolidated financial statements and management discussion & analysis documents can be found at www.sedar.com and the Company’s website, www.anacondamining.com. All dollar amounts are in Canadian dollars unless otherwise noted.
In 2017, the Company changed its fiscal year-end to December 31 , from its previous fiscal year end of May 31 . For comparative purposes, the results for the three and nine months ended September 30, 2018 , have been compared to the three and nine months ended August 31 , 2017.
Third Quarter 2018 Highlights
- Anaconda produced a quarterly record of 5,099 ounces of gold during Q3 2018 and has produced 14,024 ounces year-to-date in 2018. The Company is on track to exceedits 2018 production guidance of 18,000 ounces.
- Anaconda sold 4,314 ounces of gold and generated metal revenue of $6.9 million in Q3 2018, at an average realized gold price* of $1,603 per ounce (US$1,227) . As at September 30, 2018 , the Company also had over 945 ounces in gold doré inventory, which were subsequently sold in early October.
- Operating cash costs per ounce sold* at the Point Rousse Project in the three and nine months ended September 30, 2018 were $1,047 (US$801) and $938 (US$729) , respectively. The Company is on track to achieve its revised guidance for operating cash costs per ounce sold of less than $1,000 per ounce (~US$780) .
- Strong revenue and lower costs enabled the Point Rousse Project to generate EBITDA* of $2.3 million for the third quarter of 2018, and $9.3 million for the first nine months of 2018.
- On a consolidated basis, EBITDA* for the three and nine months ended September 30, 2018 was $1.2 million and $5.1 million , respectively, compared with $1.7 million and $5.3 million in the comparative periods.
- All-in sustaining cash costs per ounce sold*, including corporate administration and sustaining capital expenditures, were $1,520 (US$1,163) and $1,418 (US$1,102) for the three and nine months ended September 30, 2018 , respectively.
- In the first nine months of 2018, the Company invested $6.0 million in its exploration and development projects, including $4.6 million on the Goldboro Gold Project in Nova Scotia .
- For the three months ended September 30, 2018 , net loss was $936,755 , or $0.01 per share, compared to $324,033 , or $0.00 per share for the comparative period.
- Net loss for the nine months ended September 30, 2018 was $1,337,080 , or $0.01 per share, which included transaction costs related to the takeover bid for Maritime Resources Corp. (“Maritime”) of $854,131 , or $0.01 per share. Excluding transaction costs, net loss for the nine months ended September 30, 2018 was $482,949 , or $0.00 per share.
- As at September 30, 2018 , the Company had a cash balance of $7.6 million , working capital* of $7.4 million , and additional available liquidity of $1,000,000 from an undrawn revolving line of credit facility.
|
*Refer to Non-IFRS Measures section below. A full reconciliation of Non-IFRS Measures can be found in the Company’s Management |
“Anaconda continues to achieve strong operational results during 2018, achieving record quarterly production of 5,099 ounces and generating a further $1.6 million in cash flow from operations, at operating cash costs of US$729 per ounce year-to-date. Continued free cash flow from the Point Rousse Project and a robust balance sheet with a cash balance of $7.6 million continues to allow the Company to progress its growth projects, particularly at the Goldboro Gold Project where we recently announced strong increases to its Mineral Resource and an improved preliminary economic assessment. We are well positioned in a challenging market to continue to execute our strategy as a growing gold producer in Atlantic Canada .”
~Dustin Angelo, President and CEO, Anaconda Mining Inc.
Consolidated Results Summary
|
Financial Results |
Three months ended September 30, |
Three months August 31, |
Nine months ended September 30, 2018 |
Nine months ended August 31, 2017 (restated) |
|
Revenue ($) |
6,923,738 |
8,127,452 |
21,971,955 |
22,032,298 |
|
Cost of operations, including depletion and |
6,237,829 |
7,309,870 |
17,335,327 |
20,249,983 |
|
Mine operating income ($) |
685,909 |
817,582 |
4,636,628 |
1,782,315 |
|
Net loss ($) |
(936,755) |
(324,033) |
(1,337,080) |
(3,154,325) |
|
Net loss per share ($/share) – basic and diluted |
(0.01) |
(0.00) |
(0.01) |
(0.05) |
|
Cash generated from operating activities ($) |
1,572,020 |
540,472 |
5,508,525 |
4,036,555 |
|
Capital investment in property, mill and |
357,834 |
179,471 |
1,738,946 |
966,420 |
|
Capital investment in exploration and evaluation |
1,309,749 |
681,732 |
3,966,183 |
1,974,427 |
|
Average realized gold price per ounce * |
US$1,227 |
US$1,251 |
US$1,289 |
US$1,207 |
|
Operating cash costs per ounce sold * |
US$801 |
US$743 |
US$729 |
US$744 |
|
All-in sustaining cash costs per ounce sold * |
US$1,163 |
US$1,017 |
US$1,102 |
US$1,034 |
|
*Refer to Non-IFRS Measures section below |
||||
|
Three months ended September 30, |
Three months August 31, |
Nine months ended September 30, |
Nine months ended August 31, |
|
|
Operational Results |
||||
|
Ore mined (t) |
51,620 |
158,857 |
228,293 |
353,556 |
|
Waste mined (t) |
380,580 |
364,380 |
987,354 |
1,075,843 |
|
Strip ratio |
7.4 |
2.3 |
4.3 |
3.0 |
|
Ore milled (t) |
120,374 |
119,401 |
350,892 |
335,119 |
|
Grade (g/t Au) |
1.52 |
1.35 |
1.45 |
1.37 |
|
Recovery (%) |
86.6 |
86.8 |
85.9 |
86.0 |
|
Gold ounces produced |
5,099 |
4,581 |
14,024 |
12,729 |
|
Gold ounces sold |
4,314 |
4,723 |
13,170 |
12,977 |
Third Quarter 2018 Review
Operational Overview
The Pine Cove Mill achieved throughput of 120,374 tonnes in Q3 2018, just 1% lower than the quarterly throughput achieved in the second quarter of 2018. Mill throughput was 1,332 tpd in Q3 2018, down slightly from the comparative three months ended August 31, 2017 . Average grade during the third quarter of 2018 was 1.52 g/t, an increase of 10% over the second quarter of 2018 due to a greater proportion of mill feed from Stog’er Tight relative to ore stockpiled from the Pine Cove Pit. The Company expects to maintain the increased grade profile through the second half of 2018, as ore feed continues to be predominantly sourced from Stog’er Tight. Higher grade combined with an average recovery rate of 86.6% during Q3 2018 resulted in record quarterly gold production of 5,099 ounces.
During Q3 2018, mine operations produced a total of 51,620 tonnes of ore from the Stog’er Tight Mine, in addition to moving 380,580 tonnes of waste for a strip ratio of 7.4 tonnes of waste tonnes to ore tonnes. The strip ratio has decreased significantly from the second quarter of 2018, when mining activity was focused on pre-production development activity, and is expected to decrease further over the life of the pit.
Mine activity in the Pine Cove Pit finished in the middle of March, and the Company has commenced planning for pushbacks to the pit, which are expected to contribute ore in 2019. The Company has now converted the Pine Cove Pit into a fully-permitted in-pit tailings storage facility, which has approximately 15 years of capacity based on a throughput rate of 1,350 tonnes per day.
Financial Results
Anaconda sold 4,314 ounces of gold during the third quarter of 2018, generating gold and silver revenue of $6.9 million , and year-to-date has sold 13,170 ounces to generate revenue of $21.9 million at an average realized gold price of C$1,659 per ounce (US$1,289) . As at September 30, 2018 , the Company also had over 945 ounces of gold doré inventory, which were sold in early October. The Company is now on track to exceedits 2018 production guidance of 18,000 ounces at operating cash costs of under $1,000 per ounce (~US$780) .
Operating expenses for the three and nine months ended September 30, 2018 were $4,472,273 and $12,411,876 , respectively, compared to $5,037,132 and $13,996,158 in the three and nine months ended August 31, 2017 , respectively. The decrease in operating costs was the result of lower mining costs as the operation moved 17% less material during the quarter and 15% less material in the first nine months of 2018. This was partially offset by higher processing costs, which were driven by a 5% increase in throughput during the first nine months of the year. The operating cash costs per ounce sold for the third quarter were $1,047 (US$801) compared to $956 (US$743) for the three months ended August 31, 2017 , due to higher processing costs for the quarter as well as lower ounces sold. For the nine months ended September 30, 2018 , operating cash costs were $938 (US$729) , a reduction of 2% compared to operating cash costs of $996 per ounce sold (US$744) in the nine months ended August 31, 2017 .
Depletion and depreciation expense for the three and nine months ended September 30, 2018 was $1,714,188 and $4,853,006 , respectively, a decrease from $2,272,738 and $6,250,873 during the comparative periods. The lower depletion and depreciation was the result of lower depletion of stripping costs for the Pine Cove Pit, where mining was completed in Q1 2018. Capitalized development costs for Stog’er Tight for 2018 of $993,502 are now being depreciated from May 1, 2018 , the beginning of production.
Mine operating income for the three months ended September 30, 2018 was $685,909 , compared to $817,582 in the comparative period of 2017. During the first nine months of 2018, the Company generated mine operating income of $4,636,628 , significantly higher than the $1,782,315 generated in the nine months ended August 31, 2017 , due to 22% lower cost of operations.
Corporate administration expenditures were $952,029 and $3,194,725 for the three and nine months ended September 30, 2018 , compared to $1,244,616 and $2,529,289 for the comparative periods ended August 31, 2017 . The higher expenditures in the nine months ended September 30, 2018 reflect the expanded senior management team to execute the Company’s growth plans, greater market presence and investor relations activity, and the timing of certain corporate costs as a result of the change in year-end to December 31 .
The drawdown of the deferred premium on flow-through shares resulted in a recovery of $253,535 in the nine months ended September 30, 2018 , as the remaining exploration commitments from the October 31, 2017 flow-through financing were incurred in the first half of 2018.
Net loss for the three months ended September 30, 2018 , was $936,755 , or $0.01 per share, compared to $324,033 , or $0.00 per share, in the comparative period, with the primary driver of the quarterly change being a net tax expense in Q3 2018 of $370,000 compared to a net tax recovery of $267,000 in the three months ended August 31, 2017 . For the first nine months of 2018, net loss was $1,337,080 , or $0.01 per share, compared to a net loss of $3,154,325 , or $0.05 per share, for the nine months ended August 31, 2017 . The improvement over the comparative period was the result of higher mine operating income, which was partially offset by higher corporate administration expenditures and share-based compensation. Net loss for the period was further impacted by the recognition of $854,131 in transaction costs related to the takeover bid of Maritime. The Company also recorded a current income tax expense of $813,445 relating to provincial mining tax and a deferred income tax expense of $660,000 during the nine months ended September 30, 2018 (nine months ended August 31, 2017 – $59,000 and $1,996,000 , respectively).
Financial Position and Cash Flow Analysis
As at September 30, 2018 , the Company continued to maintain a robust working capital position of $7,404,989 , which included cash and cash equivalents of $7,579,958 . In addition, the Company maintains a $1,000,000 revolving credit facility with the Royal Bank of Canada . As at September 30, 2018 , the Company had not drawn against the revolving credit facility.
During the three months ended September 30, 2018 , Anaconda generated cash flow from operations of $1,572,020 , after accounting for corporate administration costs. Revenue less operating expenses from the Point Rousse Project were $2,451,465 , based on quarterly gold sales of 4,314 ounces at an average price of C$1,603 per ounce sold and operating cash costs of C$1,047 per ounce sold. Corporate administration costs in the third quarter were $952,029 and there was a net increase in operating cash flows of $300,928 from changes in working capital.
During Q3 2018, the Company continued to invest in its key growth projects in Newfoundland and Nova Scotia . The Company spent $1,309,749 in Q3 2018 and $3,966,183 during the first nine months of 2018 on exploration and evaluation assets (adjusted for amounts included in trade payables and accruals at September 30, 2018 ), primarily on the continued advancement of the Goldboro Project, which included $1.5 million on the bulk sample program which commenced in August 2018 . The Company has also invested $1,738,946 year-to-date into the property, mill and equipment at the Point Rousse Project, which included capital development of $993,502 at Stog’er Tight.
Financing activities during Q3 2018 were primarily limited to the repayment of capital lease obligations and government loans. In June 2018 , the Company successfully completed a flow-through financing of $4,465,290 . The Company has also received cash proceeds of $116,000 from the exercise of stock options in fiscal 2018.
Restatement of Prior Period Financial Information
As part of the preparation of the audited consolidated financial statements for the year ended May 31, 2017 , the Company undertook a comprehensive review of the capitalization and units-of-production depletion calculations for its production stripping asset and property, mill infrastructure and equipment and deferred taxes and discovered that certain errors had been made. As a result, the Company amended the treatment of these balance sheet items resulting in a restatement of prior periods.
The amounts of each adjustment and a reconciliation between the previously published consolidated statement of comprehensive loss for the nine months ended September 30, 2017 , have been presented in Note 4 of the condensed interim consolidated financial statements.
ABOUT ANACONDA
Anaconda Mining is a TSX-listed gold mining, development, and exploration company, focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia . The Company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland , comprised of the Stog’er Tight open pit mine, the Pine Cove open pit mine, the Argyle Mineral Resource, the fully-permitted Pine Cove Mill and 7-million tonne capacity tailings facility, and approximately 9,150 hectares of prospective gold-bearing property. Anaconda is also developing the Goldboro Gold Project in Nova Scotia , a high-grade Mineral Resource, subject of a 2018 a preliminary economic assessment which demonstrates a strong project economics.
The Company also has a wholly owned exploration company that is solely focused on early stage exploration in Newfoundland and New Brunswick .
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking information” within the meaning of applicable Canadian and United States securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in the annual information form for the fiscal year ended December 31, 2017 , available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NON-IFRS MEASURES
Anaconda has included certain non-IFRS performance measures as detailed below. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it 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.
Operating Cash Costs per Ounce of Gold – Anaconda calculates operating cash costs per ounce by dividing operating expenses per the consolidated statement of operations, net of silver sales and aggregate sales by-product revenue, by the gold ounces sold during the applicable period. Operating expenses include mine site operating costs such as mining, processing and administration as well as royalties, however excludes depletion and depreciation and rehabilitation costs.
All-In Sustaining Costs per Ounce of Gold – Anaconda has adopted an all-in sustaining cost performance measure that reflects all of the expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, the Company’s definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance dated June 27, 2013 . The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure will be useful to external users in assessing operating performance and the ability to generate free cash flow from current operations.
The Company defines all-in sustaining costs as the sum of operating cash costs (per above), sustaining capital (capital required to maintain current operations at existing levels), corporate administration costs, sustaining exploration, and rehabilitation accretion and amortization related to current operations. All-in sustaining costs excludes capital expenditures for significant improvements at existing operations deemed to be expansionary in nature, exploration and evaluation related to growth projects, financing costs, debt repayments, and taxes. Canadian and US dollars are noted for realized gold price, operating cash costs per ounce of gold and all-in sustaining costs per ounce of gold. Both currencies are considered relevant and the Company uses the average foreign exchange rate for the period.
Average Realized Gold Price per Ounce Sold – In the gold mining industry, average realized gold price per ounce sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is gold revenue. The measure is intended to assist readers in evaluating the revenue received in a period from each ounce of gold sold.
Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) – EBITDA is earnings before finance expense, deferred income tax expense and depletion and depreciation.
Point Rousse Project EBITDA is EBITDA before corporate administration, transaction costs, write-down of exploration assets, share-based compensation, and all other expenses (income).
Working Capital – Working capital is a common measure of near-term liquidity and is calculated by deducting current liabilities from current assets.
SOURCE Anaconda Mining Inc.
View original content: http://www.newswire.ca/en/releases/archive/November2018/08/c6986.html
OTTAWA, Nov. 08, 2018 (GLOBE NEWSWIRE) — Orezone Gold Corporation (ORE.V) (“Orezone” or the “Company”) is pleased to provide a development update on its 90%-owned Bomboré Gold Project including key additions to its project development team in Burkina Faso. The Company has recently completed the recruitment of a project leadership team consisting of senior mining professionals with track records of success in West Africa.
“We are delighted to have assembled an exceptional team to continue the advancement of Bomboré into the next stage of development. Orezone is advancing the project with commencement of detailed engineering, early-stage construction activities including upgrades to the camp and surrounding infrastructure, along with progress on its Resettlement Action Plan (“RAP”). We believe with the team that is now in place, the Company is well positioned to construct Bomboré into one of the next operating gold mines in Burkina Faso with commercial production expected to commence by the end of 2020,” said Patrick Downey, President and CEO.
Key Project Appointments
The Company has appointed André Baya as General Manager and Jason Snow as Project Manager to its Bomboré management committee. They will lead the project’s execution and operational readiness efforts.
André Baya, General Manager
Mr. Baya is a seasoned mining executive who oversaw the successful financing, construction and commissioning of the Yaramoko gold mine in Burkina Faso as General Manager from between 2014 to 2017. He has spent over 20 years in senior managerial roles and has led four mining projects in three African countries over the past decade. His previous experience in Burkina Faso will prove invaluable to the Company.
Jason Snow, Project Manager
Mr. Snow has over 25 years of experience in the construction industry, mainly in foreign jurisdictions in West Africa and the Middle East. He is proficient in handling all aspects of construction activities for a greenfield mining project and most recently, spent three years as the Construction Superintendent for the Fekola gold mine in Mali prior to joining Orezone.
Other New Hires
The Company has also bolstered the managerial talent in supporting departments through the recruitment of senior department heads in the areas of engineering, finance, health and safety, and environment. These individuals have many years of relevant and recent experience in the construction and operation of similar mining operations located in Burkina Faso.
Bomboré Development Update
Since completion of the updated Bomboré definitive feasibility study (“2018 DFS”) in July 2018, the Company has advanced on several fronts in the on-going development of the Bomboré project.
Engineering and Mine Design
The Front-End Engineering and Design (“FEED”) has commenced under the overall management of Lycopodium Minerals Canada Ltd.
Further to the Company’s press release of July 9, 2018 wherein the Company identified several ongoing enhancement opportunities, the key opportunities below are now being incorporated or rapidly advanced to a decision stage.
The process plant and mine design will be based on a nominal throughput of 5.2 million tonnes per annum (“Mtpa”) as opposed to the 4.5 Mtpa used in the 2018 DFS. This plant expansion will allow immediate feed of material that was originally to be stockpiled for later processing during the mine life. More importantly, this expanded throughput capacity will provide flexibility for possible future feed of oxide material from the Restricted Zones which are now well-advanced in the permitting process, and also allow room for addition of higher-grade sulphide material in the future. This increased throughput will immediately improve overall annual LOM production.
The Company is also currently completing a detailed review with its consultants on the potential to mine select zones of higher-grade Measured and Indicated (“M&I”) sulphide resources located at P17S as well as immediately below existing oxide reserves. The 2018 DFS was based entirely on mining oxides and as such, these M&I sulphide resources are not yet included in the Company’s current mineral reserve estimate for Bomboré. The evaluation of this higher-grade sulphide enhancement opportunity would not impact the project development timeline established in the 2018 DFS. The higher-grade sulphide material would only be accessed starting in Year 3 of the current mining schedule when the oxide operation is well established. With the addition of a separate small crushing and grinding circuit, these sulphides could potentially be part of an incremental higher-grade feed to the existing oxide CIL circuit without the need to expand the oxide plant or upgrade infrastructure. Significant historical testwork has already been completed on this sulphide material including pit wall geotechnical work and metallurgical testwork.
The Company is currently anticipating to proceed with a more detailed evaluation of this separate incremental sulphide grinding circuit and further details will be provided once completed and available.
RAP
The Company continues to make progress on Phase 1 of the RAP. Contracts have been awarded to select contractors experienced in RAP projects in Burkina Faso and construction is planned to commence later in Q4-2018 which remains within the original schedule.
The local communities continue to be overwhelmingly supportive of the project and are actively involved in the RAP process with several of the local population, who were recently trained as artisans as part of the project’s CSR programs, being hired for the construction of the villages and associated infrastructure.
Early Works
Early works for the main plant water supply system are also in progress with construction activities planned for late Q1-2019, including works associated with the river crossings and main water diversion weir systems.
Once Phase 1 RAP is completed in Q2-2019, the main project earthworks will commence.
Qualified Persons
Tim Miller, SME and COO, Pascal Marquis, Geo and SVP and Patrick Downey, P.Eng and CEO of Orezone, are Qualified Persons under National Instrument 43-101 and have reviewed and approved the information in this release. Orezone has also prepared and filed a current technical report on the Bomboré Project titled “NI 43-101 Technical Report Feasibility Study of the Bomboré Gold Project Burkina Faso” with a date of 23 August 2018, and which is available at www.sedar.com and at www.orezone.com. The technical report includes relevant information regarding the effective dates and the assumptions, parameters and methods of the mineral resource and reserve estimates at the Bomboré Project, as well as information regarding data verification, and other matters relevant to the scientific and technical disclosure contained in this news release. Readers should also refer to the annual information form of Orezone for the year ended December 31, 2017 and other continuous disclosure documents filed by Orezone since January 1, 2018 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.
About Orezone Gold Corporation
Orezone is a Canadian company with a successful gold discovery track record and recent mine development experience in Burkina Faso, West Africa. The Company owns a 90% interest in Bomboré, a fully permitted, low cost development stage gold project in Burkina Faso, situated 85 km east of the capital city of Ouagadougou, adjacent to an international highway.
For further information please contact Orezone at +1 (613) 241-3699 or visit the Company’s website at www.orezone.com.
Orezone Gold Corporation
Patrick Downey
President and Chief Executive Officer
Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION: This news release contains certain “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements and forward-looking information are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur.
This news release includes certain forward-looking statements. These include statements regarding, among others, construction of Bomboré into an operating gold mine with commencement of commercial production by the end of Q4-2020, realization of project enhancement opportunities including expansion of plant processing capacity to 5.2Mtpa, successful permitting of the Restricted Zone oxides, and the potential of processing higher grade sulphide material as supplemental feed into the 2018 DFS oxide mine plan and the associated plant improvements required. In addition, forward-looking statements include the anticipated start of RAP construction later in Q4-2018, start of early works on the project’s water supply system and river crossings in Q1-2019, and the commencement of main earthwork in Q2-2019.
All such forward-looking statements are based on certain assumptions and analyses made by management and qualified persons in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances. Readers are cautioned that actual results may vary from those presented.
In addition, all forward-looking information and statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, use of assumptions that may not prove to be correct, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management discussion and analysis filed on SEDAR on www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information or statements.
This news release also contains references to estimates of Mineral Resources and Mineral Reserves. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource estimates may have to be re-estimated based on, among other things: (i) fluctuations in the price of gold; (ii) results of drilling; (iii) results of metallurgical testing, process and other studies; (iv) changes to proposed mine plans; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses.
Although the forward-looking statements contained in this news 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 news 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 news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Vancouver, British Columbia–(Newsfile Corp. – November 8, 2018) – Maritime ResourcesCorp. (TSXV: MAE) (“Maritime” or the “Company”) is pleased to announce that it has closed its non – brokered private placement previously announced on October 11, 2018. The Company has raised $3,502,959 through the issuance of a combination of 25,460,900 Units (the “Units”) at a price of $0.11 per Unit and 5,402,000 Flow-Through units (the “FT Units”) at a price of $0.13 per FT Unit (the “Offering”).
Each Unit consists of one common share and one-half (1/2) of one transferable common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to acquire one common share of the Company at a price of $0.15 per common share for a period of 24 months expiring November 7, 2020.
Each FT Unit consists of one common flow-through share and one-half (1/2) of one transferable common share purchase warrant (“FT Warrant”). Each whole FT Warrant will entitle the holder to acquire one non-flow-through common share of the Company at a price of $0.15 per common share for a period of 24 months expiring November 7, 2020.
All Warrants will include an acceleration clause that, if at any time after 4 months from the closing of the Offering, if the closing price of the Company’s common shares on the TSX Venture Exchange is greater than $0.25 for 20 consecutive trading days, then the expiry date for the Warrants and the Warrants may, by notice in writing by the Company, be accelerated to 30 days following the date that such notice is given.
The Company issued a total of 2,152,791 finder units (“Finder Units”) at a price of $0.11 per Finder Unit. Each Finder Unit is comprised of one common share and one-half (1/2) of one non-transferable warrant (“Unit Finder Warrant”). Each whole Unit Finder Warrant is exercisable to purchase one common share of the Company at a price of $0.15 per common share for a period of 24 months expiring November 7, 2020.
The Company also issued 2,152,791 finder warrants exercisable at a price of $0.11 for a period of 24 months expiring November 7, 2020.
All securities issued are subject to a four month hold period expiring March 9, 2019.
Dundee Resources Ltd. purchased $1.77 million of the financing and now, together with its affiliates, owns or controls approximately 18.54% of Maritime Resources on an undiluted basis and 25.28% on a partially diluted basis. As finder, Sprott Capital Partners, a division of Sprott Private Wealth has placed $1.5 million, with Sprott Inc. purchasing $625,000 and together with its affiliates will own 13.25% of Maritime Resources on a partially diluted basis.
Doug Fulcher, President and CEO of Maritime commented, “With the closing of this placement and the significant participation by both Dundee and Sprott as strategic partners we are now in a position to move forward with our goals for the Hammerdown and Whisker Projects. We are continuing to add to our team of professional to further enhance our ability to advance our project in Newfoundland.”
Use of Proceeds
The net proceeds from the financing will be used to advance the Company’s 100% owned Hammerdown Mine project as well as the Whisker Valley and Orion project in Newfoundland and for general working capital and corporate purposes.
About Maritime Resources Corp:
Maritime Resources holds 100% of the Green Bay Property, located near Springdale, Newfoundland and Labrador, Canada. The property hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance that sits within an overall strike length of 4000 metres. As well the Lochinvar base metals/precious metals deposit sits to the north east end of the Rumbullion deposit.
Based on the Company’s March 2017 PFS, the Hammerdown mine is expected to produce approximately 180,000 ounces over a 5 year life at a cash cost of $558 CDN with an all in cost (including capital, sustaining capital and operating cost) of $955 CDN per ounce of gold. Total estimated upfront capital is $35M CDN, and the project has a pre-tax NPV8% = $72M CDN with an IRR of 47% based on a toll milling arrangement at the nearby Nugget Pond Mill. The after tax NPV8% = $44M CDN with an IRR = 35% based on a $1250/oz gold price.
There exist numerous opportunities for improvement, including a significant reduction in planned development and capital costs, as well as increasing the mine life with the conversion of approximately 400,000 ounces of gold in the inferred category adjacent to existing mine development.
Further information on the Green Bay Gold Property can be found on our website along with the NI43-101 compliant Technical Report filed on SEDAR on July 11, 2013 at www.maritimeresourcescorp.com.
Bernard H. Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.
On behalf of the Board of Directors,
Doug Fulcher
President, CEO
For further information, please call:
Doug Fulcher
Telephone: (604) 336-7322
info@maritimeresourcescorp.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Caution Regarding Forward Looking Statements:
Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute “forward-looking statements”.Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.
From the offices of Amir Adnani:
Scott Melbye, our executive VP just returned from the Nuclear Energy Institute Uranium Fuel Conference in Boston. His takeaways are indicative of improving fundamentals that are driving the uranium market:
- There was a strong turnout for this conference that focuses solely on nuclear fuel cycle issues. Continuing the trend of recent industry meetings, a number of attendees from the investment community were also present.
- Cameco’s care and maintenance of the McArthur River mine was also a leading topic of conversation, particularly their ongoing procurement activity focused on the backfilling of customer contract commitments from open market purchases. While the price is already up over 60% from the 12-year low, they advised their purchasing program is still only in the early stages. They have increased their targeted purchase volumes expecting to buy 1-3 million pounds additionally by years-end and 10-12 million pounds in 2019.
- UxC gave an unusually upbeat presentation on the uranium market, titled “Market on the Mend” noting global nuclear energy generation in 2018 has now surpassed the level of global nuclear power output that existed pre-Fukushima. They also stated 2018 has been a key year on the supply side with accelerated rebalancing of fundamentals due to the massive cuts to global production and increased investor purchases of uranium. They added that this was the first time since 2010 that global reactor demand and supplies fell back into balance (and deficit) as a result.
- While Enricher underfeeding has contributed to oversupply of the uranium market over the past several years, both Urenco and Tenex confirmed the 20 million lbs. per year source of supply has peaked and is slated to decline. All expansion plans have been scrapped and older centrifuges are being taken off-line and decommissioned. The return of Japanese demand and supplies to other new entrants is contributing to the fuller utilization of existing capacity for enrichment activities and less for uranium creation.
- In meetings with most of the utilities present, discussions centered around the Department of Commerce section 232 on foreign imports. This has put off some procurements plans on hold until the outcome is more clear, but the utilities acknowledge that their uncommitted requirements are rising in the coming years and a renewed procurement cycle needs to take place.
- Finally, keynote speaker, Michael Shellenberger made a number of compelling arguments for nuclear in the global energy debate:
-
- Over the past 40 years, nuclear energy has been shown to be the safest form of generating electricity, having saved over 1.8 million lives, compared to alternatives.
- Nuclear power scaled up over this time to provide 6% of global electricity at a cost of $1.8 trillion, whereas, solar and wind has taken $2 trillion to scale up to provide only 3% of global energy.
- Germany, which has increased its share of renewables while phasing out nuclear power, produces 10 times more CO2 per unit of energy than nuclear-heavy France, and German energy is twice as expensive as France’s.
In summary, this was an upbeat conference with a positive tone compared to recent years and encouraging for a continued recovery in the uranium price.
Best,
Amir
Amir Adnani | President & CEO
URANIUM ENERGY CORP
NYSE AMERICAN: UEC | www.uraniumenergy.com
TORONTO, ON / ACCESSWIRE / November 8, 2018 / DNI Metals Inc. (CSE: DNI; OTC PINK: DMNKF) (“DNI” or the “Company”),
Environmental Licenses
DNI has put together all the information needed to properly file the documents for the Vohitsara and Marofody properties. The documents must be signed off by the Director General, “DG”, of the Mines Ministry. These documents are with the DG now.
Vohitsara:
These documents were filed with the Office National pour l’Environnement Madagascar, ONE, in December of 2017, but the proper capex calculation was not completed, and the proper fees were not paid.
As per our environmental impact study and the Cahier de Charges Minieres, DNI will file for the production of 15,000 tonnes of graphite per year. The pilot plant will be capable of 5-6,000 tonnes of graphite per year. When DNI builds its commercial plant, it will not have to re-apply or file additional information. DNI is preparing for the future.
Marofody:
These documents have been prepared and will be filed at the ONE, along with the revised Vohitsara documents. As we noted in our press release last week, through an ongoing investigation, the Office National pour l’Environnement Madagascar, has determined and informed DNI that the many of the receipts and documents were falsified, and that the fee payments had not been paid. In fact the cahierd’charge and the environmental impact study for Marofody had not been filed with the ONE.
The procedures from the Malagasy Office National Pour L’Environnement, “ONE”, National Environmental Office state the following:
Un permisenvironnemental est délivre par l’ONE à la suite d’une évaluation favorable de l’EIE (pour un délai légal de 60 jours)
Translation: An environmental license will be issued by the ONE following a favorable evaluation of the EIA, legally the ONE must complete this within 60 days.
The ONE will need to visit the properties twice. DNI is hoping to complete this within the 60 days.
OFFICE NATIONAL POUR L’ENVIRONNEMENT
NOTES SUR LES PROCEDURES MECIE (EIE)
Le dossier est dépose, contre accuse de réception, auprès de l’ONE.
Le promoteur contribue aux frais d’évaluation de l’EIE (art. 14 nouveau) selon le niveau de son imiestissement, aux barèmes suivants :
- 0,5%du montant de l’investissement matériel lorsque celui-ci est inferieur a 2 milliards de ARIARY
- 2 millions de ARIARY majores de 0,4% du montant de l’investissement matériel lorsque celui-ci est compris entre 2 milliards et 5 milliards de ARIARY
- 7 millions de ARIARY majores de 0,3% du montant de l’investissement matériel lorsque celui-ci est compris entre 5 milliards et 25 milliards de ARIARY
- 32 millions de ARIARY majores de 0,2% du montant de l’investissement matériel lorsque celui-ci est compris entre 25 milliards et 50 milliards de ARIARY
- 82 millions de ARIARY majores de 0,1% du montant de l’investissement matériel lorsque celui-ci est supérieur a 50 milliards de ARIARY
Les frais d’évaluation sont versés par l’investisseur a un compte spécial ouvert à cet effet par l’ONE et acquittes avant toute évaluation environnementale de l’investissement.
Mode de paiement:
- Virement bancaire
- Remise de chèque : Cheque barre libelle au nom de !’Office National pour I’ Environnement.
Un permisenvironnemental est délivre par l’ONE à la suite d’une évaluation favorable de l’EIE (pour un délai légal de 60 jours)
New Madagascar Team – In Place
Dan Weir, the CEO of DNI, has taken charge of all of DNI’s Madagascar operations which includes, but is not limited to, obtaining the environmental licenses for its Vohitsara and Marofody properties. The new team, which includes inhouse legal counsel, government relations personal, an office manager, and a CSR consultant.
As DNI constructs its pilot plant and ultimately larger scale production, additional team members will be required.
Annual Meeting
DNI has set its annual and special meeting date for December 20, 2018.
The Record date is November 19, 2018.
Resolutions will include:
- Election of Directors
- Appointment of Auditors
- Changing Financial Year End to December 31, to match the Malagasy and Mauritian subsidiary companies.
- Continuing DNI as a Canadian company under the Canada Business Corporations Act, from its current domicile as a Quebec company.
As DNI moves towards building its pilot plant and ultimately a commercial plant, Paul Hart and Brian Howlett have decided not to stand for re-election to the Board. DNI will bring additional technical and sales oriented people to the board. Brian and Paul have decided to step down effective today. DNI would like to thank both Brian and Paul for their support, and wish them all the best in their future endeavours.
DNI’s board will consist of the following:
John Carter Director Process Engineer
Mr. Carter is currently the CEO of Northern Sphere Mining. Has over 35 years experience in the metals and mining industries. Mr. Carter specializes in the engineering design and manufacturing of mineral processing equipment for mining operations and operators such as Timcal Inc., currently the largest natural graphite mining company in North America. John has built over 200 mineral processing plants around the world, including 3 graphite processing plants.
Keith Minty Director Mining Engineer, MBA
Keith has more than 30 years professional experience in mineral resource exploration and development in precious and base metals, industrial minerals. Mr. Minty obtained extensive graphite technical and operating experience at both North Coast Industries (now Northern Graphite Corporation) Bissett Creek Graphite and Cal Graphite Corporation (now Ontario Graphite Inc.) Kearney graphite mine and has experience of in the development of several past and new Sri Lanka graphite projects. Mr. Minty has had the opportunity of conducting Madagascar precious metals project valuations and is knowledgeable of the political and social requirements associated with Madagascar project development and operations.
Daniel J. Weir Chairman CEO, President
Dan has worked for over 20 years at some of the top financial firms in Canada. He worked as an Institutional Equity Trader, and as a broker he managed over $500 million. Before joining DNI in November 2014, he was the Head of Institutional Sales at a boutique firm focused on financing Mining companies. Having raised millions of dollars, both publicly and privately, Mr. Weir has expertise at evaluating and financing mining deals. Dan has managed large high tech electrical and energy management projects, having owned his own electrical management firm. Dan graduated from the University of Toronto.
Dan has the skills to not only build and manage a graphite processing plant, but also the needed skills to fund, promote, and market graphite products.
Please see Sedar for the full details.
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00010711
DNI – CSE
DMNKF – OTC
Issued: 120,698,403
For further information, contact:
DNI Metals Inc. – Dan Weir, CEO 416-595-1195
Also visit www.dnimetals.com
Forward-looking Statements
This press release contains forward-looking statements, including statements that relate to, among other things, the following: (i) the geological characteristics of the projects; (ii) the potential to discover additional mineralization and to extend the area of mineralization; (iii) the potential to raise additional financing; and (iv) the potential to expand and upgrade the resource estimate of the projects. Forward-looking information is subject to the risks, uncertainties and other important factors that could cause the Company’s actual performance to differ materially from that expressed in or implied by such statements. Such factors include, but are not limited to volatility and sensitivity to market metal prices, impact of change in foreign exchange rates, interest rates, imprecision in resource estimates, imprecision in opinions on geology, environmental risks including increased regulatory burdens, unexpected geological conditions, adverse mining conditions, changes in government regulations and policies, including laws and policies; and failure to obtain necessary permits and approvals from government authorities, and other development and operating risks, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, “possible”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “objective”, “hope” and “continue” (or the negative thereof) and words and expressions of similar import. Although DNI believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company’s most recent annual and interim Management’s Discussion and Analysis under “Risk and Uncertainties” as well as in other public disclosure documents filed with Canadian securities regulatory authorities. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: DNI Metals Inc.