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Proven Probable
TORONTO, Dec. 21, 2018 (GLOBE NEWSWIRE) — Gowest Gold Ltd. (“Gowest” or the “Company”) (TSX VENTURE: GWA) announced today that it has issued Units and FT Units for aggregate gross proceeds of $993,800.00 pursuant to the initial closing of its previously announced private placement (the “Private Placement”) (see news releases dated November 27, December 10, and December 20, 2018).
Pursuant to this initial closing of the Private Placement, the Company issued: (i) 7,857,142 units (“Units”), each Unit comprises one common share and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”); and (ii) 11,676,000 “flow-through” units (“FT Units”), each FT Unit comprises one common share and one-half of one Warrant. Each Unit and FT Unit was issued at a purchase price of $0.05 and each Warrant is exercisable to acquire one additional common share of the Company at a price of $0.07 for a period of 24 months following the closing date of the Private Placement.
It is anticipated that one or more additional closings of the Private Placement will be completed in early 2019.
Subscriptions by insiders of the Corporation accounted for approximately $625,000.00 of the gross proceeds of the Private Placement. Participation by insiders under the Private Placement is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 – “Protection of Minority Security Holders in Special Transactions” (“MI 61-101”) by virtue of the exemptions contained in Sections 5.5(b) and 5.7(1)(b) of MI 61-101.
All of the securities issuable in connection with the Private Placement are subject to a hold period expiring four months and one day after date of issuance.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.
Early Warning Disclosure
In connection with the Private Placement, C. Fraser Elliott, a director of the Company, subscribed for and acquired a combination of 12,000,000 Units and FT Units. Following completion of the initial tranche of the Private Placement, Mr. Elliott now has control and direction over an aggregate of 38,790,478 common shares, incentive stock options exercisable to acquire 900,000 common shares and warrants exercisable to acquire 13,986,032 common shares. The common shares controlled by Mr. Elliott represent approximately 9.99% of the outstanding common shares of the Company. Assuming the exercise of only the stock options and warrants controlled by Mr. Elliott, when combined with his existing common share ownership, he would hold control and direction over an aggregate of 53,676,510 common shares representing approximately 13.32% of the then outstanding common shares of the Company.
All securities of the Company controlled by Mr. Elliott are held for investment purposes. In the future, Mr. Elliott (directly or indirectly), may acquire and/or dispose of securities of the Company through the market, privately or otherwise, as circumstances or market conditions may warrant.
A copy of the early warning report filed by Mr. Elliott in connection with completion of the Private Placement is available under the Company’s profile on SEDAR (www.sedar.com).
About Gowest
Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Bradshaw Gold Deposit (Bradshaw), on the Frankfield Property, part of the Company’s North Timmins Gold Project (NTGP). Gowest is exploring additional gold targets on its +100‐square‐kilometre NTGP land package and continues to evaluate the area, which is part of the prolific Timmins, Ontario gold camp. Currently, Bradshaw contains a National Instrument 43‐101 Indicated Resource estimated at 2.1 million tonnes (“t”) grading 6.19 grams per tonne gold (g/t Au) containing 422 thousand ounces (oz) Au and an Inferred Resource of 3.6 million t grading 6.47 g/t Au containing 755 thousand oz Au. Further, based on the Pre‐Feasibility Study produced by Stantec Mining and announced on June 9, 2015, Bradshaw contains Mineral Reserves (Mineral Resources are inclusive of Mineral Reserves) in the probable category, using a 3 g/t Au cut‐off and utilizing a gold price of US$1,200 / oz, totaling 1.8 million t grading 4.82 g/t Au for 277 thousand oz Au.
Forward-Looking Statements
This news release may contain certain “forward looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that 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 the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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.
| For further information please contact: | |||||||
| Greg Romain | Greg Taylor | ||||||
| President & CEO | Investor Relations | ||||||
| Tel: (416) 363-1210 | Tel: 416 605-5120 | ||||||
| Email: info@gowestgold.com | Email: gregt@gowestgold.com | ||||||
Categories
BOB MORIARTY Novo Delivers
Bob Moriarty
Archives
Dec 21, 2018
Novo just announced results from testing at two different projects in the Pilbara. I’ll start this piece with the results from the Tomra sorting machine because it’s so simple to understand. It works.
Novo took four samples from Purdy’s/Comet Well and ran them through the Tomra machine. In three of the tests, the material ranging in size from 6 mm to 63 mm consisted of about two thirds of the total weight. The sorter removed 99.52% of the total mass. The small amount of material above 63 mm won’t trigger the sorting mechanism so must be crushed to below 63 mm to process. The smaller than 6 mm material is about 30% of the total weight. In the last sample processed, the incoming material was greater than 10 mm for 50% of the total and below 10 mm for the other 49%+.
The sorter works and Novo expects to announce final grade for the material in January. But the sorter increased the grade of the concentrate to as high as 792.4 g/t. That would be direct shipping ore that any smelter in the world would be thrilled to buy and by shipping only the sorted material, Novo has made the gold secure.
The results from Egina get even more interesting and I’m writing this because it is an area I am very familiar with and few readers will be.
Few people know this but I have been well aware for many years about the danger of the financial system. I spent almost fifteen years trying to set up an alluvial project that would provide an independent source of income for when the shit hits the fan. I have invested my own money in alluvial projects in Chile, BC, Ghana, Tanzania and Guiana. I picked up some ground in the south island of New Zealand that looked interesting but sold it to another company. I have mined alluvials. I know the costs and all the associated problems. I know many of the people in the industry.
Few hard rock geos understand anything about alluvials and it’s just as true that most alluvial miners don’t know much about hard rock mining. Each has its own issues.
These are the nuggets and fine gold from the latest test at Egina provided to me by Quinton.
(Click on images to enlarge)
When you mine alluvials, you always measure the material with either cubic yards or cubic meters depending on where you are. Novo is a Canadian company so we should use cubic meters. You do this because when you are mining alluvials you are using yellow gear to move dirt. Dump trucks, excavators, bull dozers are always thought of in their cubic capacity.
To mine gold, you don’t focus on the gold. All you do is get rid of everything that is not gold. You need to know how much water you have if you are mining wet and how clean the water is. You need to know the range of the size of gold; you need to know if there is clay in the material. You need to know the cobble size and if there are any boulders present. Then you design your system.
Novo had a plant that they used at Beaton’s Creek in a bulk sample a couple of years ago. It was moved to Egina and set up there. Novo just released the first results. I’ll go through the numbers.
This is the only time I will use tons because it is the wrong measure for alluvials but I want to ease readers into understanding how the numbers work.
Novo processed 170 tons. That was 95 cubic meters giving about 1.8 tons per cubic meter and now we will never talk about tons again with alluvials. In the 95 cubic meters Novo recovered 107.88 grams of raw gold with a fineness of .91 to .93 giving a grade of 1.14 g/m of raw gold.
We will convert the raw gold to fine gold so we can do the correct math to see the value. We do that by multiplying 1.14 by .91 giving 1.03 g/m of pure gold. As I do this piece the price of gold is $1259.18 an ounce in USD so the value of a cubic meter of material in this test was $41.84.
Since that value of gold per cubic meter won’t mean much to most readers, I will convert it based on the five alluvial projects I operated and some advice from others who know. I would figure a cost of $8 a meter but I was operating in low cost countries and Australia isn’t low cost. I talked to Keith Barron. Few know it but he owns and operates a sapphire mine in Montana. He uses a figure of $10.70 per cubic meter and I’d call Montana a medium cost environment.
I talked at length to someone who has done alluvial mining in Australia and he came up with a figure of $27 Aussie per cubic meter. Call it $20 a cubic meter in USD. Here is something that should be as obvious as a pimple on your tongue. If your revenue is $42 a meter and your all in costs are $20 a meter, you are going to make a boatload of money. I never have any problem of saying what I believe. I know Novo has the best alluvial guy in the world designing a plant and I’ll tell you right now the costs are going to come in at about $15 a meter USD. You can use $20 USD if you are the world’s biggest and most negative guy but I will start busting kneecaps if they go above $15 a cubic meter.
Quinton and I drove from Karratha to Egina. We drove over mile after mile of an alluvial terrace. Novo owns about 1,000 square km of ground around Egina that measures 1-3 meters in depth from the surface in gravel. Now, if you accept that all this gold came from the conglomerates as they weathered, there is a lot of gold potentially. Quinton and I pretty much agreed that it could be mineralized all the way to the Indian Ocean.
If you have one square km of gravel one meter deep grading 1.14 g/m at a fineness of .91 you have about 36,608 ounces of raw gold. If you have 1000 square km or even 100 square km of even .5 meters gravel, you have a lot of gold.
Novo is permitted for a 50,000-ton bulk sample. When the Australian summer cools down to a reasonable temperature in March or April, Novo will begin processing and testing. Cash flow will start then. They still have to come to an agreement with the native corporation and be permitted for large-scale operation. That could take a year.
If you are going to mine alluvials at a profit, you need the most experienced people you can find. Kirkland Lake doesn’t have them. Egina would never make a successful project for Kirkland Lake; it’s not their sort of project.
I contacted Pacton before I made my trip a month ago and for only the 2nd time in the last 18 years, when a company found I was going to be in the neighborhood, they showed no interest in meeting with me or briefing me. The other time a company wasn’t interested in briefing me, the company went bankrupt.
I gave the management of Pacton the name and contact details of the best alluvial person I know in Canada so they could talk to her. They said they would contact her but never did. Pacton was an advertiser and I would have loved to write about them but frankly I have no idea of what they are doing. And if they aren’t interested in talking to the most experienced alluvial operator I know of in Canada, well, good luck with that.
Novo is on track and on target. I own shares, I have participated in a lot of private placements and I couldn’t be any more biased than I am. Do your own due diligence.
Novo Resources
NVO-V $2.15 (Dec 20, 2018)
NSRPF $1.60 OTCQX 162.3 million shares
Novo Resources website
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Bob Moriarty
President: 321gold
Archives
321gold Ltd
Categories
SPROTTs THOUGHTS Housing Crunch
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TSX VENTURE SYMBOL: FUU
/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/
KELOWNA, BC , Dec. 21, 2018 /CNW/ – Fission 3.0 Corp. (“Fission 3” or the “Company“) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Private Placement“) for total gross proceeds of $1,500,201 . The Company issued 500,000 units (“Units“) at a price of C$0.20 per Unit for gross proceeds of C$100,000 and 6,364,550 flow-through shares (“FT Shares“) at a price of C$0.22 per FT Share for gross proceeds of C$1,400,201 . Each Unit consists of one common share (“Common Share“) and one common share purchase warrant (“Warrant“).
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Fission 3.0 Corp. (CNW Group/Fission 3.0 Corp.)
Each Warrant is exercisable for an additional Common Share until three years from the date of issuance at an exercise price of C$0.25 . If, commencing four months and one day after the date of issuance, the volume weighted average trading price of the Company’s Common Shares on the TSX Venture Exchange is higher than C$0.30 for 20 consecutive trading days then, on the 20th consecutive trading day of any such period (the “Acceleration Trigger Date“), the expiry date of the Warrants may be accelerated by the Company in its absolute discretion to the 30th calendar day after the Acceleration Trigger Date by the issuance of a news release announcing such acceleration within three trading days of the Acceleration Trigger Date.
The Common Shares, Warrants, common shares issuable on exercise of the Warrants and FT Shares will be subject to resale restrictions for a period of four months from issuance.
In connection with the closing of the Private Placement, Red Cloud Klondike Strike Inc. (the “Finder“) received an aggregate cash commission of $98,014 , representing commissions of 7% of the gross proceeds raised by the Finder. The Company also granted the Finder 445,518 warrants (the “Finder’s Warrants“), representing 7.0% of the aggregated number of FT Shares sourced by the Finder. Each Finder’s Warrant is exercisable for one common share at a price of C$0.22 for a period of 36 months.
The gross proceeds of the offering of FT shares will be used to incur Canadian exploration expenses, which will be renounced in favour of the purchasers for the 2018 taxation year. The net proceeds from the sale of the Units will be used to advance development of the Company’s properties and for general working capital.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia . Common Shares are listed on the TSX Venture Exchange under the symbol “FUU.”
ON BEHALF OF THE BOARD
“Dev Randhawa”
_________________
Dev Randhawa, CEO
Fission 3.0 Corp.
Cautionary Statement: Fission 3.0 Corp.
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements 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”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission 3.0 Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Fission 3.0 Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America . The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
SOURCE Fission 3.0 Corp.
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TORONTO, ON / ACCESSWIRE / December 21, 2018 / DNI Metals Inc. (CSE: DNI; OTC PINK: DNMKF) (“DNI” or the “Company”) is pleased to announce the results of its annual meeting held December 20, 2018.
The following matters of business were conducted:
1. The presentation of the financial statements.
2. The election of 3 directors.
3. The re-appointment of UHY McGovern Hurley LLP as the Corporation’s auditors.
4. The change of the Corporation’s financial year end from March 31 to December 31.
5. The special resolution authorizing the continuance of the Corporation from the Province of Quebec into the Federal jurisdiction of Canada in accordance with the Business Corporations Act (Quebec) and the Canada Business Corporations Act, as more particularly described in the Information Circular for the Meeting.
The scrutineers provided the report on attendance, which indicated that there were present at the meeting, in person or represented by proxy, 113 shareholders holding 25,463,889 common shares of the Corporation, or 21.1% of the common shares outstanding.
Voting Results
| Election of Directors | Outcome | Votes For | Votes Withheld |
| Daniel J. Weir | Carried | 10,615,876 98.9% |
117,851 1.1% |
| John A. Carter | Carried | 10,657,592 99.21% |
76,135 0.71% |
| Keith Minty | Carried | 10,702,592 99.71% |
31,135 0.29% |
| Appointment of Auditors | Carried | 24,771,130 99.23% |
192,134 0.77% |
| Change of Financial year end to December 31 | Carried | 10,716,974 99.84% |
16,753 0.16% |
| Continuation of DNI from a Quebec Corporation under the QBCA to a Federal Corporation under the CBCA | Carried | 10,619,586 98.94% |
114,141 1.06% |
The information Circular specified that Daniel J. Weir personally owns or exercise’s control over 3,050,000 common shares, however the actual numbers are 3,456,200 common shares and his wife Nicolle Weir owns 576,000 common shares, as disclosed and publicly available on Sedi. This information was also recorded in the minutes of the Annual Meeting.
DNI – CSE
DMNKF – OTC
Issued: 122,098,403
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.
VANCOUVER, Dec. 20, 2018 /PRNewswire/ – NexGen Energy Ltd. (“NexGen” or the “Company”) (TSX:NXE, NYSE:NXE) is pleased to announce that it has filed a technical report on the Arrow Deposit, Rook I Project (the “Technical Report”) pursuant to National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”). The Technical Report supports the disclosure made by the Company in its November 5, 2018news release announcing the results of the maiden pre-feasibility study for the Arrow Deposit located on the Company’s 100% owned, Rook I Property.
The Technical Report, bearing an effective date of November 5, 2018, is entitled: “Technical Report on the Pre-feasibility Study of the Arrow Deposit, Rook I Property, Saskatchewan, Canada” and was prepared by Mr. Paul O’Hara, P.Eng. of Wood., Mr. Jason J. Cox, P.Eng. of RPA, Mr. David M. Robson, P.Eng., M.B.A of RPA, and Mr. Mark B. Mathisen, C.P.G. of RPA, each of whom is a “qualified person” for the purposes of NI 43-101.
The technical report is available on the Company’s website at www.nexgenenergy.ca and is available under its profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.html.
About NexGen
NexGen is a British Columbia corporation with a focus on the acquisition, exploration and development of Canadian uranium projects. NexGen has a highly experienced team of uranium industry professionals with a successful track record in the discovery of uranium deposits and in developing projects through discovery to production. NexGen owns a portfolio of prospective uranium exploration assets in the Athabasca Basin, Saskatchewan, Canada, including a 100% interest in Rook I, location of the Arrow Deposit in February 2014, the Bow discovery in March 2015, the Harpoon discovery in August 2016 and the Arrow South discovery in July 2017.
Forward-Looking Information
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof 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” or the negative connotation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen’s business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the proposed transaction will be completed, the results of planned exploration activities are as anticipated, the price of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, imprecision of mineral resource estimates, the appeal of alternate sources of energy and sustained low uranium prices, aboriginal title and consultation issues, exploration risks, reliance upon key management and other personnel, deficiencies in the Company’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licenses, changes in laws, regulations and policy, competition for resources and financing, and other factors discussed or referred to in the Company’s Annual Information Form dated March 2, 2018 under “Risk Factors”.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by 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 forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
Cision
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Toronto, Ontario and Vancouver, British Columbia–(Newsfile Corp. – December 20, 2018) – Minera Alamos Inc. (TSXV: MAI) (“Minera” or the “Company”) is pleased to provide an update of its 2018 development activities at the La Fortuna (“Fortuna” or the “Project”) gold project located in Durango, Mexico.
“As one of two foundational assets that have been rapidly advanced this year, La Fortuna now has key permitting and technical milestones in place. This provides a path to a commercial production decision in the second half of 2019,” commented Darren Koningen, Chief Executive Officer. “Minera can now begin development activities at La Fortuna that will run in parallel with the proposed development of the Santana gold project and allow for our development team to transition from Santana to Fortuna as the year progresses.”
2018 La Fortuna Project Development Highlights
- The completion of a Preliminary Economic Assessment (“PEA” – see further details below) demonstrating robust project economics including an after-tax internal rate-of-return of 93% and an all-in sustaining cost (“AISC”) of $440/oz [net of by-product credits].
- The receipt of a positive notification from the Mexican environmental authorities (Secretaria de Medio Ambiente y Recursos Naturales – “SEMARNAT”) confirming the successful completion of the technical review phase of the Company’s application (Estudio Tecnico Justificativo – “ETJ”) for the change of land use to construct mining and processing facilities at the Fortuna project area. Following the completion of the change of land use payments made earlier this month, SEMARNAT is now in a position to issue the formal approval documentation for the project.
- The completion of the geotechnical studies and design of the “dry-stack” tailings containment facilities for the Project which were submitted to the Mexican Federal Environmental Agency (Secretaria de Medio Ambiente y Recursos Naturales or “SEMARNAT”) as part of the mine permitting process.
- The identification of a new area (“La Pista”) approximately 1300m southwest of the Company’s La Fortuna Main Zone resource that contains significant near surface disseminated gold/silver mineralization with “heap leach style” intervals of up to 50m in width. Rock sampling surrounding the new target zone has returned assays up to 8 g/t Au and 30 g/t Ag over a mineralized area of approximately 500m x 300m. Plans were completed to include testing of the new area in addition to other known areas of historical mining as part of the Company’s Fortuna exploration plans for 2019.
Production and Economic Highlights from La Fortuna PEA
The Company has filed on SEDAR the independent Preliminary Economic Assessment (“PEA”) titled “NI 43-101 Technical Report, Mineral Resource Update and Preliminary Economic Assessment of the La Fortuna Gold Project, Durango State, Mexico”. The PEA results were previously disclosed in the Company’s news release dated August 16th, 2018 and prepared by CSA Global Geosciences Canada Ltd (CSA Global) of Toronto, Canada in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The report, which is effective as of July 13th, 2018 can be found under Minera’s profile at www.sedar.com and on the company website.
- Production highlights
- Average annual contained-metal production of approximately 50,000oz Gold Equivalent (43,000oz Gold, 220,000oz Silver, 1,000t Copper).
- 5-year mine life based on initial resource “starter pit” with 2.0 Mt of mineralization (3.68 g/t Au, 20 g/t Ag, 0.27% Cu) processed at 1,100 tpd average processing rate.
- 215koz of Gold, 1.1Moz of Silver, and 5kt of Copper produced in concentrates.
- Robust economics using metals prices of $1,250/oz Au, $16/oz Ag, and $5,725/t Cu:
- All-In Sustaining Cost (AISC) of $440/oz [net of by-product credits]
- After-Tax NPV at 7.5% of $69.8M and IRR of 93%.
- Pre-Tax NPV at 7.5% of $103.8M and IRR of 122%.
- Low initial capital costs and rapid payback:
- Pre-production capital costs of $26.9M.
- Payback period of 3.9 11 months.
- 2,000 t/d mill already purchased awaiting shipment to site reduces up-front capital.
- Significant Upside
- Current PEA completed on project “starter pit” resource only, a single zone of drilled mineralization that appears to remain open geologically.
- Additional milling capacity – project permitted for a 2,000 tpd operation with the PEA based on a starting rate of 1,100 tpd.
- Numerous opportunities for significant economic improvement – improved gold recoveries, reduced initial capital costs, etc.
Notes:
- “AISC per ounce” is a non-GAAP financial performance measures with no standardized definition under IFRS; additional reference info at bottom of release
- Base case prices for gold, silver and copper were assessed at values approximately 2%-7% below the three-year trailing average prices for each of the metals and below the majority of the publicly available forward looking estimates available as of July 2018
PEA Cautionary Note:
Readers are cautioned that the PEA is preliminary in nature and there is no certainty that the PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Additional work is needed to upgrade these mineral resources to mineral reserves.
For Further Information Please Contact:
Minera Alamos Inc.
Doug Ramshaw, President
Tel: 604-600-4423
Email: dramshaw@mineraalamos.com
Website: www.mineraalamos.com
About Minera Alamos
Minera Alamos is an advanced-stage exploration and development company with a growing portfolio of high-quality Mexican assets, including the La Fortuna open-pit gold project in Durango with positive PEA completed, the Santana open-pit heap-leach development project in Sonora with test mining and processing completed and the Guadalupe de Los Reyes open-pit gold-silver project in Sinaloa with mine planning in progress. The Company is awaiting the pending approval of permit applications related to the commercial production of gold at both the Santana and Fortuna projects.
The Company’s strategy is to develop low capex assets while expanding the project resources and pursue complementary strategic acquisitions.
Mr. Darren Koningen, P. Eng., Minera Alamos’ CEO, is the Qualified Person responsible for the technical content of this press release under National Instrument 43-101. Mr. Koningen has supervised the preparation of, and approved the scientific and technical disclosures in this news release.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking information and Minera Alamos cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Minera Alamos included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to Minera Alamos’ future plans with respect to the Projects, objectives or goals, to the effect that Minera Alamos or management expects a stated condition or result to occur and the expected timing for release of a resource and reserve estimate on the Projects. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, the economics of processing methods, project development, reclamation and capital costs of Minera Alamos’ mineral properties, the ability to complete a preliminary economic assessment which supports the technical and economic viability of mineral production could differ materially from those currently anticipated in such statements for many reasons. Minera Alamos’ financial condition and prospects could differ materially from those currently anticipated in such statements for many reasons such as: an inability to finance and/or complete an updated resource and reserve estimate and a preliminary economic assessment which supports the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Minera Alamos’ activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Minera Alamos’ forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Minera Alamos’ forward-looking statements. Minera Alamos does not undertake to update any forward-looking statement that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws.
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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  We appreciate your past business and interest in Miles Franklin Precious Metals.
It’s that time of year and Miles Franklin is cleaning out some odds and ends in our warehouse.
Here are some specials that we are making available to you on back dated year Gold products.
Please call a Broker today at 800-822-8080 to lock in an order or with any questions.
Example pricing is based on $1260 Spot Gold:
(275) 1oz. Canadian Wildlife Cougar Gold Coins Sealed @ 3.75% over spot = $1307.25 each
(580) 1/10 oz. American Gold Eagles @ 11.5% over spot = $140.50 each
(100) 1/10 oz. Canadian Gold Maple Leafs .9999 fine @ 9.5% over spot = $137.90 each
(60) 1/4 oz. American Gold Eagles @ 8.5% over spot = $341.75 each
(23) 100 Austrian Corona Gold Coins .9803 oz. @ 2.5% over melt = $1266.00 each
(45) Assorted Carded 1 oz. Gold Bars .9999 fine @ 2.5% over spot = $1291.50 each
(75) 1 oz. South African Gold Krugerrands @ 3.5% over spot = $1304.00 each
(90) 20 Francs Assorted (Belgium Swiss, French) .1867 oz Melt +$10 Per Coin=$245.25 each
Please call a Broker today at 855.505.1900 or email: maurice@milesfranklin.com to lock in an order or with any questions
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International Precious Metal Storage Programs
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Private Safe Deposit Boxes – Frequently Asked Questions
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About Miles Franklin|
Miles Franklin was founded in January, 1990 by David MILES Schectman. David’s son, Andy Schectman, our CEO, joined Miles Franklin in 1991. Miles Franklin’s primary focus from 1990 through 1998 was the Swiss Annuity and we were one of the two top firms in the industry. In November, 2000, we decided to de-emphasize our focus on off-shore investing and moved primarily into gold and silver, which we felt were about to enter into a long-term bull market cycle. Our timing and our new direction proved to be the right thing to do.
We are rated A+ by the BBB with zero complaints on our record. We are recommended by many prominent newsletter writers including Doug Casey, Jim Sinclair, David Morgan, Future Money Trends and the SGT Report. Miles Franklin
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www.milesfranklin.com |
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