Category: Energy

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Energy

URANIUM | Western Uranium & Vanadium Provides Sunday Mine Complex Re-opening Update

TORONTO and NUCLA, Colo., Nov. 28, 2018 (GLOBE NEWSWIRE) — Western Uranium & Vanadium Corp. (CSE:WUC) (WSTRF) (“Western” or the ”Company”) wishes to provide an update regarding its announced re-opening of the Sunday Mine Complex (“SMC”) to address shareholder questions with respect to Western’s ore processing. Western is commencing this program with the goals of further defining its large vanadium resource and monetizing that resource. Western is in discussions with a number of large offshore companies who have the existing facilities to recover the vanadium contained in the SMC ore.  The worldwide shortage of vanadium is impacting many companies around the world and thus making offtake agreements available for ore production. Initially ore will be shipped to existing offshore processing facilities with a longer term plan to build facilities in the United States. Once the SMC is opened, ore samples will be sent to the various interested parties for testing in their facilities. After testing, Western will negotiate offtake agreements to base load commercial production from the SMC.

As Western advances with its plans for re-opening of the SMC and is able to report on the timing of preparations, anticipated start dates and other milestones, Western will provide shareholders and investors with further updates.

In conjunction with the recent name change which reflects the increased importance of vanadium for the Company and the revised strategic approach to initiating production, Western has made updates to its website and corporate presentation. Further, a replay of George Glasier’s Silver & Gold Summit 2018 presentation has been uploaded to the media section of Western’s website. Please visit the Company website located at www.western-uranium.com for these updates.

About Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. is a Colorado based uranium and vanadium conventional mining company focused on low cost near-term production of uranium and vanadium in the western United States, and development and application of ablation mining technology.

Cautionary Note Regarding Forward-Looking Information: Certain information contained in this news release constitutes “forward-looking information” or a “forward-looking statement” within the meaning of applicable securities laws (collectively, “forward-looking statements”).  Statements of that nature include statements relating to, or that are dependent upon: the Company’s expectations, estimates and projections regarding exploration and production plans and results; the timing of planned activities; whether the Company can raise any additional funds required to implement its plans;  whether regulatory or analogous requirements can be satisfied to permit planned activities; and more generally to the Company’s business, and the economic and political environment applicable to its operations, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company’s ability to control or predict. Please refer to the Company’s most recent Management’s Discussion and Analysis, as well as its other filings at www.sec.gov and/or www.sedar.com, for a more detailed review of those risk factors.  Readers are cautioned not to place undue reliance on the Company’s forward-looking statements, and that these statements are made as of the date hereof. While the Company may do so, it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to the extent required under applicable laws and regulations.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

George Glasier                                                                                 
President and CEO
970-864-2125
gglasier@western-uranium.com

Robert Klein
Chief Financial Officer
908-872-7686
rklein@western-uranium.com

Categories
Base Metals Energy Precious Metals Project Generators

PROJECT GENERATOR | EMX Royalty Provides An Asset Portfolio And Corporate Update

 
Vancouver, British Columbia–(Newsfile Corp. – November 28, 2018) – EMX Royalty Corporation(TSXV: EMX) (NYSE American: EMX) (the“Company” or “EMX”) is pleased to provide an update on advancements of the Company’s royalty and mineral property portfolio that totals over 90 projects on five continents. These assets provide revenue from royalty, pre-production and other payments, as well as upside optionality from operator funded projects. EMX’s diversified business model of royalty generation, royalty acquisition, and strategic investment provides multiple avenues for growing the Company’s portfolio and building shareholder value. Please see the global portfolio map below and www.EMXroyalty.com for more information.
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(Figure 1) Note: Annotated projects with stars are discussed in this news release.
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IG Copper Strategic Investment
EMX received its initial cash distribution of US $65.15 million from IG Copper LLC’s (“IGC”) sale of the Malmyzh project (“Malmyzh” or the “Project”) located in Far East Russia[1]. EMX’s strategic investment in IGC resulted from the Company’s recognition of Malmyzh in 2011 as an early-stage copper-gold porphyry opportunity with excellent discovery potential. EMX took a disciplined investment approach by backing IGC’s steady advancement of the Project over the years. This work included the early-stage exploration work that led to the discovery of the Malmyzh district, and the drill intensive programs that progressed the Project through resource definition and approvals in the Russian Federation. The execution of these programs, with strong financial and management backing from EMX, culminated in the sale of Malmyzh to Russian Copper Company for US $200 million, of which US $190 million has been released from escrow. The remaining US $10 million from the sale is being held in escrow, and subject to certain conditions, cash distributions of up to US $4 million will be made to EMX as funds are released over the next 12 months.
Royalty and Royalty Generation Properties
EMX’s royalty property interests include Leeville in Nevada, the Timok Project’s Cukaru Peki deposit in Serbia, and properties being advanced by operating companies in Turkey, the western U.S., and Scandinavia. EMX’s royalty generation programs are filling the mineral property pipeline with new acquisitions on open ground in geologically prospective regions.
North America. There are 38 properties in the portfolio, of which fifteen are royalties or optioned for an EMX royalty interest, as well as other consideration to the Company’s benefit. The Company advances the western U.S. royalty generation portfolio through its wholly-owned subsidiary Bronco Creek Exploration (“BCE”).
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(Figure 2)
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  • EMX’s Leeville 1% gross smelter return royalty covers portions of Newmont Mining Corporation’s (“Newmont”) Northern Carlin Trend underground mines, including the Leeville and Turf operations. Newmont produced ~358 royalty gold ounces from Leeville in Q3 providing production royalty revenue to EMX of ~US $435,500. Royalty production was sourced from Leeville (65%) and Turf (35%). Newmont is exploring a trend of gold mineralization that extends southeast from the Leeville mining complex, and is partially covered by EMX’s royalty position. As discussed by Newmont, this trend, which includes the Rita K and Full House projects, is an important contributor to its Northern Carlin Trend underground resource and reserve development strategy. In addition, Newmont has highlighted “strong results South and West of Four Corners” and the “NE upside potential subparallel to the West Bounding Fault”, both of which include areas covered by the Leeville royalty property[2].
  • EMX has a 2% net smelter return (“NSR”) royalty covering the Hardshell Skarn claim block, which is part of South32 Limited’s (“South32”) Hermosa property in southern Arizona. The Hermosa property’s Taylor zinc-lead-silver carbonate replacement development project is directly north of EMX’s Hardshell Skarn royalty claim block. In Q3, the project’s previous owner, Arizona Mining Inc. (“AMI”), announced the completion of the plan of arrangement whereby South32 acquired all of the issued and outstanding common shares of AMI[3]. South32 expects to invest approximately US $100 million at the Taylor project in the 2019 fiscal year[4]. To date, two angle diamond drill holes have intersected high grade polymetallic zinc-lead-silver mineralization within EMX’s royalty claim block[5].
  • Anglo American concluded phase I reconnaissance drilling at the Copper Springs property in Arizona, which is under an option agreement with EMX. The program consisted of four holes totaling over 5,700 meters that tested concealed porphyry targets. The alteration and mineralization assemblages observed from bedrock intercepts are encouraging. Anglo American advises that it is planning a phase II follow-up program of additional geophysics and drilling. EMX optioned Copper Springs to Anglo American for cash payments and work commitments, and upon Anglo American’s earn-in for 100% interest in the project EMX will receive additional payments and retain a 2% NSR royalty interest[6].
  • EMX’s option agreement for the Greenwood Peak project in Arizona with a wholly owned subsidiary of Antofagasta plc (“Antofagasta”) was terminated in Q3. Earlier in 2018, Antofagasta concluded a three hole, 1,035 meter reconnaissance drill program to test a concealed porphyry target, and intersected weak alteration in bedrock. EMX has dropped the property due to a lack of encouraging results.
  • EMX’s generative work focused on new copper and gold targets in Arizona, the Great Basin, and Wyoming. The Company also completed property reviews with potential partners, and is in discussions with several groups for the available North American projects, as well as for regional generative alliances.

Turkey. EMX holds five royalty properties, including Akarca, Balya, and Sisorta, as well as two available royalty generation projects in Turkey’s Western Anatolia and Eastern Pontides mineral belts.
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(Figure 3)
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  • Çiftay İnşaat Taahhüt ve Ticaret A.Ş. (“Çiftay”), the owner of the Akarca gold project, made the fourth pre-production payment of ~US $610,000 to EMX (the cash equivalent of 500 troy ounces of gold) in Q3. Receipt of this payment leaves a pre-production total of 5,000 ounces of gold (or the cash equivalent) to be paid to EMX by Çiftay on a schedule of 500 ounces every six months. EMX retains a sliding scale royalty (subject to certain deductions) ranging from 1% to 3% for gold production from the property[7]. Çiftay advises that a scoping study is underway that includes diamond drill results announced earlier in 2018, such as 9.5 meters averaging 50.30 g/t gold and 29.2 g/t silver in the Arap Tepe “Zone C” area (true width ~85-95% of intercept length)[8]. Çiftay advises that its follow-up 2018 exploration programs are awaiting drill permits.
  • At the Balya lead-zinc-silver royalty property, Turkish owner Dedeman Madencilik San ve Tic. A.S. (“Dedeman”) advised that it is continuing with its ~25,000 meter step-out drill campaign to fill in a ~500 meter long corridor between mineralization at Hastanetepe, where underground development work has been concentrated, and the Southern Zone target area. Dedeman provided EMX with initial results from the program, which included 12.75 meters averaging 11.39% lead, 5.92% zinc and 225.18 g/t silver in hole DB108-B (true width ~95% of intercept length), as well as other intercepts in nearby holes at Hastanetepe[9]. EMX has an uncapped 4.0% NSR royalty interest covering Balya.
  • The Sisorta gold project’s Turkish owner, Bahar Madencilik Sinayi ve Ticaret Ltd Sti (“Bahar”), advised Environmental Impact Assessment (“EIA”) work is ongoing under the mine permitting process in Turkey. Once complete, Bahar intends to continue applying for the permits necessary for project development. EMX has an uncapped 3.5% to 5.0% NSR royalty interest covering Sisorta.

Serbia. EMX has a 0.5% NSR royalty covering the Timok Project’s Cukaru Peki copper-gold deposit[10]. Nevsun Resources Ltd (“Nevsun”) controls the Timok Project’s high-grade Upper Zone (characterized by epithermal-style mineralization), and is in a joint venture with Freeport-McMoRan on the Project’s Lower Zone (characterized by porphyry-style mineralization). Nevsun announced a friendly, all cash agreement in Q3 to be acquired by Zijin Mining Group Co. Ltd. of China for US $1.41 billion[11].
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(Figure 4)
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Nevsun filed a technical report on the initial inferred resource for the Lower Zone porphyry project of 1.659 billion tonnes averaging 0.86% copper and 0.18 g/t at a “dollar equivalent” cut-off of US $25/tonne[12]. The Lower Zone porphyry “ranks high in grade, size and contained metal for porphyry copper deposits worldwide” according to Nevsun. Nevsun’s technical report also included the previously announced Upper Zone Pre-Feasibility Study that outlined a 10 year mine life yielding approximately 1.7 billion pounds of payable copper and 516 thousand ounces of payable gold[13]. Initial Upper Zone production is estimated by Nevsun to be in 2022. Nevsun has stated that “There are multiple high grade Upper Zone style exploration targets above the Lower Zone and our exploration licenses have the potential to host entirely new porphyry systems with associated high grade Upper Zone style mineralization.”
EMX’s royalty properties in the Timok Magmatic Complex add significant upside potential from one of the world’s top copper development projects.
Scandinavia. EMX’s portfolio in Scandinavia totals over 35 royalty and royalty generation properties in Sweden and Norway. The Company has converted multiple properties to royalty and equity interests, while adding value via early-stage exploration to royalty generation properties that are available for partnership.
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(Figure 5)
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  • EMX has eight royalty properties sold to, and operated by Boreal Metals Corp. (“Boreal”) and Boreal Energy Metals Corporation (“BEMC”), a subsidiary of Boreal. The sale of the properties included uncapped 3% NSR royalty interests, equity interests in Boreal and BEMC, annual advance royalty payments, and other consideration to EMX’s benefit. The properties consist of polymetallic, cobalt, nickel, and copper projects. In Q3, Boreal a) commenced exploration programs at the Tynset volcanic massive sulfide (“VMS”) project in Norway, b) identified prospective geophysical targets at the Gumsberg VMS project in Sweden, and c) commenced a 1,000 meter reconnaissance diamond drill program at the Burfjord copper-gold project in Norway[14]. EMX provided technical assistance for this work on a 100% reimbursed consulting basis.
  • At the Riddarhyttan iron oxide copper-gold (“IOCG”) and massive sulfide project in Sweden, which is optioned to South32, EMX conducted geologic mapping, geochemical sampling, and geophysical surveys during Q3 on a 100% reimbursed basis. The geophysical work included high resolution VTEMTM(airborne time-domain electromagnetic) and aeromagnetic surveys over the entire Riddarhyttan license area. These new data are being used to generate drill targets on the project. Riddarhyttan was optioned to South32 for cash payments and work commitments to earn a 100% interest in the project, and upon earn-in, EMX will receive annual advance royalty and milestone payments in addition to a 3% NSR royalty interest[15]. Riddarhyttan is the locality where the element cobalt was first discovered and recognized, and is also the type locality of certain rare earth elements and related minerals.
  • Geochemical sampling and geophysical surveying was conducted in Q3 at the Slättberg nickel-copper-cobalt project in Sweden, which is optioned to Sienna Resources Inc. (“Sienna”). This work followed-up on Sienna’s earlier drill program that returned intercepts including 2.8 meters averaging 1.05% nickel, 1125 ppm cobalt and 0.79% copper in hole SIE-18-3 (true width 60-70% of reported interval length)[16]. Slättberg was optioned to Sienna for share equity in Sienna, and upon Sienna’s earn-in through work commitments for 100% interest in the project, additional share equity will be due and EMX will retain a 3% NSR royalty on the project[17].
  • Geochemical sampling and geophysical surveys were completed over a number of EMX’s “Gold Line” licenses in the Skellefteå area in central Sweden. Multiple geochemical sampling techniques were tested in orientation surveys across several areas with historic, drill-defined zones of gold mineralization. Results are pending, but this work is intended to identify methods appropriate for recognizing additional zones of gold mineralization hidden beneath shallow glacial till cover. Ground based magnetic surveys and extensive stream sediment sampling surveys were also conducted across the project areas. Preliminary stream sediment data have highlighted drainages with newly recognized anomalous gold signatures. Follow-up work, including additional geophysical surveys and surface sampling and mapping, will take place in the winter months and into the spring and summer of 2019.

Other Assets. EMX’s portfolio in Australia and New Zealand consists of orogenic gold, epithermal gold-silver, sediment hosted stratabound copper, and copper-zinc skarn royalty and royalty generation projects. EMX’s organically generated 0.5% NSR royalty portfolio in Haiti covers gold and copper exploration properties held by Newmont Ventures Limited, as well as the Grand Bois project which is controlled by a privately held Nevada corporation.
Other Company News. EMX is pleased to announce the appointment of Lori Pavle as Corporate Secretary, taking on the position previously held by Marien Segovia. EMX thanks Ms. Segovia for her service to the Company, and extends best wishes for her future endeavors. Ms. Pavle has over 20 years of experience in the administration of natural resource companies listed on the TSX and TSX Venture exchanges, with appointments that included Corporate Secretary, Corporate Administrator, and Legal Assistant. The Company welcomes Lori to the EMX team. Pursuant to the Company’s Stock Option Plan, an aggregate of 60,000 incentive stock options, exercisable at a price of CDN $1.57 per share for a period of five years, has been granted to Ms. Pavle along with a signing bonus, through the issuance of an aggregate of 21,000 common shares, subject to any applicable stock exchange approvals and vesting requirements.
The Company also announces that upon successful completion of the sale of the Company’s interest in the Malmyzh Project in Russia, a discretionary cash bonus has been allocated in an aggregate amount of US$3.8 Million to executive directors, officers, employees and consultants of the Company.
About EMX. EMX leverages asset ownership and exploration insight into partnerships that advance our mineral properties, with EMX receiving pre-production payments and retaining royalty interests. EMX complements its royalty generation initiatives with royalty acquisitions and strategic investments.
The recent advancements of the Company’s asset portfolio underscore EMX’s focus on steadily increasing global revenue streams from strategic investments, royalties, and other payments. The Company’s goal is to substantially grow our cash flowing royalty portfolio while providing multiple opportunities for exploration and production success.
Mr. Dean D. Turner, CPG, a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
-30-
For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Email: Dave@EMXroyalty.com
Scott Close
Director of Investor Relations
Phone: (303) 973-8585
Email:SClose@EMXroyalty.com
Neither the 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.
Forward-Looking Statements
This news release may contain “forward looking statements“ that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,“ “intend,“ “expect,““anticipate,“ “will“, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company‘s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2018 (the “MD&A”), and the most recently filed Form 20-F for the year ended December 31, 2017, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the 20-F and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
[1] See EMX news releases dated October 30, 2018.
[2] See Newmont Investor Presentation – August 2018.
[3] See AMI news release dated August 10, 2018.
[4] See South32 Financial Results & Outlook Year Ended 30 June 2018 dated August 23, 2018.
[5] See EMX news releases dated August 30, 2017.
[6] See EMX news releases dated February 28, 2017.
[7] See EMX news release dated August 8, 2016.
[8] See EMX news release dated April 17, 2018.
[9] See EMX news release dated August 13, 2018.
[10] Note: EMX’s 0.5% NSR royalty is subject to reduction only as provided in the royalty agreement.
[11] See Nevsun news release dated September 5, 2018.
[12] See Nevsun news release dated August 7, 2018 and Sedar filed Technical Report.
[13] See Nevsun news releases dated March 28, 2018.
[14] See Boreal news releases dated July 4, September 19, and September 26, 2018.
[15] See EMX news release dated April 19, 2018.
[16] See Sienna news release dated May 17, 2018.
[17] See EMX news release dated December 4, 2017.

Categories
Energy

URANIUM | NexGen Releases Project Development-Focused Summer 2018 Drilling Results

VANCOUVER, Nov. 22, 2018 /PRNewswire/ – NexGen Energy Ltd. (“NexGen” or the “Company”) (TSX: NXE, NYSE MKT: NXE) is pleased to report geotechnical and radioactivity results for twenty-nine holes comprising 20,482.31 m on the Company’s 100% owned Rook I property, in the Athabasca Basin, Saskatchewan. The primary objective of the program was the geotechnical characterization of areas within Arrow’s footwall, lateral development and potential underground infrastructure locations of which results were incorporated into the Pre-Feasibility Study (“PFS”) released on November 5th, 2018. The exploration results of this release which encountered strong mineralized intervals in key areas were not incorporated into the updated Mineral Resource Estimate and PFS results, released on November 5, 2018.

Highlights:

Geotechnical Characterization of the A2 Sub-Zone

Two holes drilled to geotechnically characterize the rock mass within the A2 sub-zone, underwent dedicated geotechnical logging and packer tests throughout the ore zone to obtain data and analysis of sub-surface conditions within the mine plan. Both holes were collared at a steep inclination, then shallowed out to a dip of approximately 57°.

  • GAR-18-016 intersected 38.5 m of total composite mineralization including 10.7 mof total composite off-scale radioactivity (>10,000 to >61,000 cps) within a 75 msection (552.0 to 627.0 m) and featured 1.5 m of continuous massive-to-semi massive pitchblende with minimum-greater-than-61,000 cps.

Geotechnical Characterization of the Footwall

Holes targeting the footwall successfully characterized the geotechnical and hydrogeological conditions of the rock-mass proximal to the potential mine infrastructure and Underground Tailings Management Facility (“UGTMF”). Additionally, drilling focused on the sterilization of uranium mineralization within areas that will host project development infrastructure and were all geotechnically logged incorporating packer tests at regular intervals.

  • Holes drilled within the footwall of Arrow, in areas of envisioned underground mine infrastructure intersected suitable rock-mass and hydraulic conductivity to facilitate underground development.
  • Similarly, holes drilled within the proximity of the UGTMF positively indicated the area contains suitable rock-mass and low hydraulic conductivity to facilitate underground development.
  • Importantly, negligible alteration and structure were intersected in proximity of envisioned underground mine infrastructure and UGTMF.

Shaft Pilot Hole Program

Three shaft pilot holes were successfully completed to a depth of between 650 m and 702 m. The vertically drilled shaft holes were kept within a 3.0 m radius from surface through to their termination depths, intersected minimal structure and showed low hydraulic conductivity throughout via packer testing at regular intervals.

  • GAR-18-010 targeted shaft location option 1. The hole was successfully completed to a depth of 650 m, intersecting minimal structure within proximity of targeted area in the footwall. A total of 6.0 m of composite uranium mineralization was intersected (549.0 m to 550.0 m) with a maximum radioactivity of 3,900 cps.
  • GAR-18-013 targeted shaft location option 2. The hole was successfully completed to a depth of 650 m. Preliminary results indicate the area contains suitable rock-mass and low hydraulic conductivity to facilitate future shaft design.
  • GAR-18-015 targeted shaft location option 3. The hole was successfully completed to a depth of 702 m, intersecting minimal structure within designed underground mine infrastructure. Preliminary results indicate the area contains suitable rock-mass and low hydraulic conductivity to facilitate a future shaft design.

Exploration, A2 High-Grade Domain

Drilling focused on an under-explored area to the northeast boundary of the currently defined A2 high-grade domain at variable elevations. Drilling resulted in the identification of mineralization between the A2 and A3 shears as well as demonstrating the continuity of high-grade mineralization beyond the currently defined A2 high-grade domains.

  • AR-18-220c1 (located 50 m along strike to the northeast of AR-14-30 (10.32% U3O8over 46.0 m)) intersected 55.5 m of total composite mineralization including 2.25 mof total composite off-scale radioactivity (>10,000 to >61,000 cps) within a 109.5 msection (438.5 to 548.0 m) in the A2 shear. The hole demonstrates the continuity of high-grade mineralization beyond the currently defined A2 high-grade domains in the A2 shear.

Drill hole locations and schematics are shown in Figures 1 to 4. Drill hole descriptions can be found at www.nexgenenergy.ca

Leigh Curyer, Chief Executive Officer, commented: “The successful completion of the geotechnical and hydrogeological drilling was highly positive and reflected in the Arrow Project PFS released on November 5, 2018. In addition, the exploration results  at Arrow this last summer continue to provide strong upside with respect to areas of potential future resource growth. These results have positively set the foundation for our largest campaign to date at Arrow – a two staged 125,000 m drill program commencing mid-December 2018through to Q3 2019. The results of this program will then be incorporated into a Feasibility Study scheduled to be released in H1 2020.”

Troy Boisjoli, Vice-President, Operations and Project Development, commented: “The Summer 2018 drill program demonstrated the highly competent geotechnical chartateristics of the Arrow deposit. The team is looking forward to the approaching 125,000 m drill program to further advance and optimize Arrow’s potential mine development profile. Further, the high grade mineralization encountered northeast of the A2 High Grade Domain is a great result providing additional areas to test in the future for potential resource growth.”

Development, Activities & Financial

  • Expediting Arrow to Feasibility by initiating a 2-stage 125,000m (10 rig) high density drilling program commencing in mid-December 2018 to focus on mine optimization plans based on Measured and Indicated mineral resources.
  • As of October 31, 2018, the Company had cash-on-hand of approximately $125 million which fully funds NexGen for all programs throughout 2019.

Table 1: Arrow Drill Hole Data

Drill Hole

Athabasca

Group –

Basement

Unconformity

Depth (m)

Handheld Scintillometer Results (RS-120)

Hole ID

Azimuth

Dip

Total

Depth

(m)

From (m)

To (m)

Width (m)

CPS Range

AR-18-210c1

327

-70

876.50

115.00

606.50

607.00

0.50

<500 –  1710

AR-18-210c2

327

-70

957.50

N/A

584.50

585.00

0.50

<500 –  510

AR-18-210c3

327

-70

946.00

N/A

No Anomalous Radioactivity

AR-18-211c1

327

-70

1128.50

N/A

865.50

866.00

0.50

<500 –  1300

869.50

870.00

0.50

<500 –  610

876.00

876.50

0.50

<500 –  570

961.50

962.00

0.50

<500 –  650

1089.00

1089.50

0.50

<500 –  650

AR-18-211c2

327

-70

1014.50

N/A

660.50

661.00

0.50

<500 –  680

AR-18-211c3

327

-70

1063.50

N/A

No Anomalous Radioactivity

AR-18-212c1

325

-67

807.50

97.70

No Anomalous Radioactivity

AR-18-213c1

327

-65

765.50

98.85

No Anomalous Radioactivity

AR-18-214c1

327

-65

891.50

111.00

157.00

161.50

4.50

<500 –  4250

337.00

337.50

0.50

<500 –  970

AR-18-215c1

327

-70

990.50

N/A

No Anomalous Radioactivity

AR-18-216c1

327

-65

483.50

107.40

No Anomalous Radioactivity

AR-18-217c1

327

-73.5

1233.50

122.50

910.00

910.50

0.50

<500 –  560

965.00

966.00

1.00

610 –  20000

969.50

971.00

1.50

<500 –  5200

977.50

978.50

1.00

<500 –  4600

AR-18-218c1

327

-65

827.00

97.80

No Anomalous Radioactivity

AR-18-219c1

327

-65

663.50

133.95

342.50

347.00

4.50

<500 –  1300

353.00

354.00

1.00

<500 –  3200

359.00

369.50

10.50

<500 –  4300

375.00

375.50

0.50

<500 –  650

387.00

416.00

29.00

<500 –  3300

430.00

433.00

3.00

<500 –  1275

442.00

445.00

3.00

<500 –  1550

447.50

470.50

23.00

<500 –  5350

572.00

573.50

1.50

<500 –  4200

578.50

579.50

1.00

<500 –  680

586.50

590.00

3.50

<500 –  61000

594.00

594.50

0.50

<500 –  570

602.00

605.00

3.00

<500 –  10500

611.50

612.00

0.50

1100 –  26700

621.00

625.50

4.50

<500 –  16500

631.00

631.50

0.50

<500 –  2310

AR-18-220c1

327

-68

744.50

130.35

597.00

598.00

1.00

<500 –  1200

624.50

625.00

0.50

<500 –  1500

644.50

646.50

2.00

<500 –  1100

681.50

682.00

0.50

<500 –  660

335.50

336.00

0.50

<500 –  1150

359.50

362.00

2.50

<500 –  630

368.50

373.00

4.50

<500 –  11000

375.50

380.50

5.00

<500 –  8600

383.00

392.00

9.00

<500 –  9400

396.00

410.00

14.00

<500 –  61000

419.00

419.50

0.50

<500 –  720

423.50

424.00

0.50

510 –  850

438.50

441.00

2.50

<500 –  1280

444.50

446.50

2.00

<500 –  1100

449.00

452.50

3.50

<500 –  2200

483.00

486.00

3.00

<500 –  570

488.50

491.00

2.50

<500 –  1240

502.00

508.50

6.50

<500 –  2200

512.50

548.00

35.50

<500 –  61000

579.50

594.50

15.00

<500 –  61000

AR-18-

220c1a

327

-68

441.00

448.00

445.50

446.00

0.50

<500 –  530

GAR-18-006

147

-80

737.40

100.80

518.00

520.50

2.50

<500 –  7000

576.00

578.00

2.00

<500 –  13000

600.00

600.50

0.50

<500 –  520

GAR-18-

006a

147

-80

155.40

101.00

No Anomalous Radioactivity

GAR-18-007

147

-68

671.40

93.00

No Anomalous Radioactivity

GAR-18-008

147

-65

629.60

96.05

597.00

598.50

1.50

<500 –  3500

617.50

618.00

0.50

<500 –  4250

GAR-18-009

147

-70

641.40

101.00

No Anomalous Radioactivity

GAR-18-010

147

-90

650.44

98.00

549.00

555.00

6.00

<500 –  3900

GAR-18-011

147

-65

799.50

95.05

No Anomalous Radioactivity

GAR-18-012

327

-75

1043.40

N/A

564.50

565.50

1.00

<500 –  840

589.00

589.50

0.50

<500 –  530

602.50

605.00

2.50

<500 –  7550

767.00

767.50

0.50

<500 –  510

GAR-18-013

147

-90

650.40

108.90

No Anomalous Radioactivity

GAR-18-014

327

-80

659.40

101.00

346.00

346.50

0.50

<500 –  520

350.00

351.00

1.00

<500 –  1050

GAR-18-015

147

-90

701.47

96.35

No Anomalous Radioactivity

GAR-18-016

327

-65

660.00

128.85

492.00

493.00

1.00

<500 –  1380

534.50

536.50

2.00

<500 –  830

552.00

553.00

1.00

<500 –  660

579.50

607.00

27.50

<500 –  61000

617.50

627.50

10.00

<500 –  54000

GAR-18-017

327

-65

717

127.75

406.50

407.50

1.00

<500 –  3600

503.50

504.00

0.50

<500 –  1100

514.50

515.00

0.50

<500 –  31000

517.50

518.00

0.50

<500 –  4800

521.50

522.00

0.50

<500 –  700

530.50

531.00

0.50

2100 –  47700

535.50

536.50

1.00

<500 –  1300

564.00

564.50

0.50

<500 –  1800

577.50

578.50

1.00

<500 –  1900

581.50

584.00

2.50

<500 –  1700

586.50

589.50

3.00

<500 –  2500

594.50

597.00

2.50

<500 –  1500

618.50

624.00

5.50

<500 –  61000

627.00

629.50

2.50

<500 –  3400

650.50

651.50

1.00

<500 –  720

654.00

656.50

2.50

<500 –  1920

660.00

661.00

1.00

<500 –  1350

666.00

667.50

1.50

<500 –  1650

Parameters:

  • Maximum internal dilution 2.00 m downhole
  • All depths and intervals are metres downhole, true thicknesses are yet to be determined
  • “Anomalous” means >500 cps (counts per second) total count gamma readings by gamma scintillometer type RS-120
  • “Off-scale” means >10,000 cps (counts per second) total count gamma readings by gamma scintillometer type RS-120
  • Where “Min cps” is <500 cps, this refers to local low radiometric zones within the overall radioactive interval
  • Directional drilling has often resulted in mineralization intersected at a more favourable and shallower dip

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. NexGen is the recipient of the PDAC’s 2018 Bill Dennis Award and the 2019 Environmental and Social Responsibility Award.

Technical Disclosure

The technical information in this news release with respect to the PFS has been reviewed and approved by Paul O’Hara, P.Eng. of Wood., David Robson, P.Eng., M.B.A., and Jason Cox, P.Eng. of RPA, each of whom is a “qualified person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101“).

The Mineral Resource Estimate was completed by Mr. Mark Mathisen, C.P.G., Senior Geologist at RPA and Mr. David Ross, P.Geo., Director of Resource Estimation and Principal Geologist at RPA.  Both are independent Qualified Persons in accordance with the requirements of National Instrument (NI) 43-101 and they have approved the disclosure herein. All other technical information in this news release has been approved by Mr. Troy Boisjoli, Geoscientist Licensee, Vice President – Operations & Project Development for NexGen.  Mr. Boisjoli is a qualified person for the purposes of NI 43-101 and has verified the sampling, analytical, and test data underlying the information or opinions contained herein by reviewing original data certificates and monitoring all of the data collection protocols.

A technical report in respect of the PFS will be filed on SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) within 45 days of this news release.

SEC Standards

Estimates of mineralization and other technical information included or referenced in this news release have been prepared in accordance with NI 43-101. The definitions of proven and probable mineral reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. As a result, the reserves reported by the Company in accordance with NI 43-101 may not qualify as “reserves” under SEC standards. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Additionally, disclosure of “contained pounds” in a resource is permitted disclosure under Canadian securities laws; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measurements. Accordingly, information contained or referenced in this news release containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of United Statesfederal securities laws and the rules and regulations thereunder.

Technical Information

For details of the Rook I Project including the quality assurance program and quality control measures applied and key assumptions, parameters and methods used to estimate the Mineral Resource please refer to the technical report entitled “Technical Report on the Preliminary Economic Assessment of the Arrow Deposit, Rook 1 Property, Province of Saskatchewan, Canada” dated effective September 1, 2017 (the “Rook 1 Technical Report”) prepared by Jason J. Cox, P.Eng., David M. Robson, P.Eng., M.B.A., Mark B. Mathisen, C.P.G., David A. Ross M.Sc., P.Geo., Val Coetzee, M.Eng., Pr.Eng., and Mark Wittrup, M.Sc., P.Eng.,P.Geo. each of whom is a “qualified person” under NI 43-101. The Rook I Technical Report is available for review under the Company’s profile on SEDAR at www.sedar.com. A technical report in respect of the PFS will be filed on SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) within 45 days of the PFS  news release (November 5th, 2018) providing details of the Rook I Project including the quality assurance program and quality control measures applied and key assumptions, parameters and methods used to estimate the Mineral Resource.

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 31, 2017 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
Cision

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Categories
Energy

ENERGY | DNI Update – Documents Filed with ONE – Signs Updated Binding Agreement with Korea Graphite to Supply Up to 24,000 Tonnes of Graphite per Year Subject to Korea Graphite Finalizing Offtake Agreements with Korean End Users

TORONTO, ON / ACCESSWIRE / November 21, 2018 / DNI Metals Inc. (DNI.CN); (OTC PINK: DNMKF) (“DNI” or the “Company”)

Environmental Licenses

DNI has properly filed the documents for its 100% owned Vohitsara and Marofody graphite properties. The documents were signed off by the Director General, “DG”, of the Mines Ministry, on Friday November 16, 2018, and were filed with the Office National pour l’Environnement Madagascar, (“ONE”), yesterday. All fees were properly invoiced, and the fees were directly wired to the ONE on Monday November 19, 2018.

As per DNI’s press release dated November 8, 2018, a percentage of the capex for the projects must be paid to the ONE.

DNI’s new team was instrumental in successfully completing these tasks.

Updated agreement in Korea

DNI has amended its binding supply letter agreement (“Binding Supply Agreement”), with Korea Graphite Co. Ltd (“Korea Graphite” or “KGL”), a 100% owned subsidiary of Peninsula Mines Ltd (“Peninsula”, PSM), that includes a commitment by DNI to supply up to 24,000 tonnes per year of flake graphite to Korea Graphite, subject to Korea Graphite finalising offtake agreements with Korean end users by July 1, 2019.

Peninsula’s Managing Director and director of Korea Graphite, Jon Dugdale, said, “This amended flake-graphite supply agreement with DNI will assist the Company to secure offtake agreements with Korean flake-graphite end users and will compliment the Company’s flake-graphite resource delineation and development plans in Korea.”

“Peninsula has established strong relationships with Korean end-users that are looking to secure flake-graphite supply for lithium-ion battery anode production as well as for cutting-edge new technologies such as expandable graphite, a non-flammable building cladding/insulation product.

“Madagascar has been producing high-purity, large-flake graphite for over 100 years and DNI’s large-flake graphite deposits are saprolite hosted and close to port.”

The Binding Supply Agreement includes the following terms:

  1. Under the terms of the Supply Agreement DNI will supply to Korea Graphite minimum flake graphite production (“Graphite Production”) as follows:
  2. 500 tonnes of Graphite Production a month from 1 July 2019 (the Due Date) for a minimum period of four months, minimum total 2,000 tonnes;
  3. 1,000 tonnes of Graphite Production per month (12,000 tonnes a year) from 1 January 2020 for a period of six months, total 6,000 tonnes;
  4. 2,000 tonnes of Graphite Production per month (24,000 tonnes a year) from 1 July 2020 for a minimum period of 24 months, total 48,000 tonnes.
  5. The obligations of the parties in relation to the Binding Supply Agreement are subject to Korea Graphite entering into, by the Due Date, one or more binding offtake agreements in Korea for the on-sale of Graphite Production to end-users on the best prices reasonably achievable by Korea Graphite and otherwise on usual commercial terms acceptable to Korea Graphite and DNI acting reasonably (“Offtake Agreements”), and,
  6. the Graphite Production supplied under the Supply Agreement must comply with the specifications as the End Users may specify in their Offtake Agreements.
  7. The purchase prices payable by KGL for the Graphite Production under the terms of the Supply Agreement will be the same as the DNI approved purchase prices payable by the End Users under the Offtake Agreements less 10% of such amounts (which amount is to be retained by KGL by way of a marketing fee). The marketing fee will be split 50:50 between DNI for flake graphite not sourced from DNI’s projects (excluding Peninsula’s Korean projects).

About Korea Graphite:

Korea Graphite is a 100% owned subsidiary of ASX listed Peninsula Mines Ltd (“Peninsula”). Peninsula is an Australian listed, exploration/development company focused on developing opportunities for mineral discovery and production in South Korea. Peninsula is well established in South Korea, having worked in the Country for over five years.

Korea Graphite have tenements and tenement applications in South Korea with fine to large and jumbo flake graphite identified. Peninsula intends to progress these and other projects to JORC compliant resource definition and, potentially, development of mining and flake graphite concentrate production for spherical graphite – lithium-ion (“Li-ion”) battery applications and/or expandable graphite and other markets in Korea.

Peninsula signed a Memorandum of Understanding (“MOU”) with Korean expandable graphite producer, Graphene Korea, in June 2017, which envisages long-term strategic cooperation with respect to offtake of graphite concentrate and development of graphite mining and processing projects both within and potentially outside Korea, e.g. Madagascar.

Peninsula is also engaged in advanced discussions with other flake-graphite end-users in Korea regarding feed for Li-ion battery anode manufacture and potentially large-flake graphite for refractories in the steel making industry.

About DNI Metals

Certain advisors and directors of DNI have significant operational experience at historical hard rock graphite mines in Canada (e.g. Ontario and Quebec) and Australia. Between them, they have built three (3) processing plants and designed two (2) others; all, which were shut down in the 1990,’s due to increased Chinese competition. Keith Minty, a director, previously worked at Cal Graphite near Kearny, Ontario.

It was our team’s understanding of the high production and capital expenditure costs associated with so-called “hard rock” graphite mining that inspired DNI to search for saprolite-hosted graphite deposits.

Certain parts Madagascar and Brazil, produce graphite from weathered material called saprolite.

According to Dictionary.com, saprolite is described as:

“Soft, thoroughly decomposed and porous rock, often rich in clay, formed by the in place chemical weathering of igneous, metamorphic, or sedimentary rocks. Saprolite is especially common in humid and tropical climates. It is usually reddish brown or grayish white and contains those structures (such as cross-stratification) that were present in the original rock from which it formed.”

DNI owns two permitted, saprolite-hosted graphite deposits in Madagascar; located 50kms from the country’s main seaport. The deposits are located less than two (2) kms from the paved national highway. DNI intends to develop the Vohitsara project, should the economic viability and technical feasibility be established. DNI has not yet established mineral resources or mineral reserves supported by a PEA or mining study (PFS or FS).

DNI – CSE

DMNKF – OTC

Issued: 120,698,403

For further information, contact:

DNI Metals Inc. – Dan Weir, CEO 416-595-1195

DanWeir@dnimetals.com

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.

Categories
Base Metals Energy Precious Metals Project Generators

PROJECT GENERATOR | Millrock Announces New Drilling Program at La Navidad Gold Project, Results from El Picacho Gold Project Sonora State, Mexico and General Corporate Update

VANCOUVER, British Columbia, Nov. 21, 2018 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) (“Millrock”) is pleased to report that another drilling program is underway at the La Navidad gold project in Sonora State, Mexico. The program will focus on the northwestern portion of the project. Four holes are planned at the El Tigre prospect, where gold has been detected by soil sampling in the vicinity of historic mine workings. Northwest trending high angle structures appear to control mineralization. Three holes are planned to test the El Chupadero prospect where alteration (decalcification and jasperoid replacement of limestone) points to the possibility of an intrusion-related gold deposit. In total, seven holes totaling 1,500 meters are planned. The exploration work is being funded under an option to joint venture agreement by Centerra Gold Inc. (“Centerra”).

At El Picacho, a drilling program consisting of 2007.8 meters in eleven holes was recently completed. Only narrow gold-bearing intersections were detected. The table on the following page indicates core sample assay results exceeding 0.1 gram of gold per tonne.

Drill hole # Sample # From (m) To (m) Length (m) Au ppm
P18-001D 526007 8.00 9.00 1.00 0.140
P18-001D 526143 132.00 134.00 2.00 0.188
P18-002D 526394 165.00 166.00 1.00 0.216
P18-003D 526517 70.00 71.00 1.00 0.333
P18-003D 526463 21.00 22.00 1.00 0.377
P18-004D 526694 26.00 27.00 1.00 0.723
P18-004D 526695 27.00 28.00 1.00 0.241
P18-004D 526698 30.00 31.00 1.00 0.206
P18-004D 526699 31.00 32.00 1.00 0.194
P18-004D 526702 34.00 35.00 1.00 0.314
P18-004D 526791 115.00 116.00 1.00 0.123
P18-005D 526956 36.00 37.00 1.00 0.341
P18-006D 527041 1.00 2.00 1.00 0.160
P18-006D 527088 44.00 45.00 1.00 0.116
P18-006D 527100 55.00 56.00 1.00 0.118
P18-007D 527232 82.00 83.00 1.00 2.022
P18-007D 527236 86.00 87.00 1.00 0.152
P18-008D 527429 165.00 166.25 1.25 0.471
P18-008D 527430 166.25 166.75 0.50 5.679
P18-008D 527432 166.75 168.00 1.25 0.183

Quality Control – Quality Assurance
Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. For the El Picacho and La Navidad drill programs drill core and rock samples are kept in a secure location at all times. Rock samples are assayed at the Bureau Veritas laboratory in Hermosillo, Mexico. Preparation and analysis methods are described in further detail here. The sample preparation method code being utilized for the current rock sampling program was PRP70-250. Analysis methods used include FA430 (30 gr/Fire Assay/ICP) and AQ-200 (Aqua Regia – ICP/MS). For every 20 rock samples a blank sample known to contain less than 3 parts per billion gold or a standard sample (Certified Reference Materials) of known gold concentration, or a duplicate sample was also analyzed. The Qualified Person is of the opinion that the results reported in this press release are reliable.

PolarX Shares
Millrock recently sold 9,203,968 shares for A$497,014. While Millrock continues to be a strong believer in the Alaska Range Project, from an overall corporate standpoint it made sense to realize some profit, while still retaining significant upside exposure for shareholders. Millrock continues to hold 10,000,000 shares of PolarX and is entitled to a production royalty, an advanced minimum royalty, and certain milestone payments.

Liberty Bell Project
A wholly – owned subsidiary of Kinross Gold Corporation has provided notice to Millrock that it will terminate its option on the Liberty Bell project. The termination will be effective December 8, 2018. Millrock intends to seek another partner to test by drilling the numerous targets that have been developed by Kinross and Millrock over the past two years. Millrock thanks Kinross for the investment it has made and its technical contributions to the project.

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed and approved by Gregory A. Beischer, President, CEO and a director of Millrock Resources. Mr. Beischer is a Qualified Person as defined in NI 43-101.

About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is active in Alaska, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside. Millrock is a major shareholder of junior explorers PolarX Limited. and Sojourn Exploration Inc.

ON BEHALF OF THE BOARD

“Gregory Beischer”

Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
(604) 638-3164
(877) 217-8978 (toll-free)

Some statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

Categories
Energy Exclusive Interviews Precious Metals

MICKEY FULP | Translating the Mindset of Peak Oil to Peak Gold

The Mercenary Geologist Mickey Fulp discusses with Maurice Jackson of Proven and Probable how peak oil could inform investment in gold miners.

VIDEO

AUDIO

TRANSCRIPT

Original Source: https://www.streetwisereports.com/article/2018/11/18/translating-the-mindset-of-peak-oil-to-peak-gold.html
Maurice Jackson: Joining us for a conversation is the Mercenary Geologist, Mickey Fulp. Pleasure to speak with you.
Mickey Fulp: Thank you, sir.
Maurice Jackson: Mickey, one of the concerns that I think speculators are having in the natural resource space is this concept of peak gold. What can you share with us?
Mickey Fulp: Well, there’s this idea now of peak gold. And it’s really morphed out of the concept of peak oil, which was promulgated by a famous geologist/geophysicist in the late 1950s on the idea that U.S. oil production would peak in 1970 and never reach that level again. His premise was based on the natural depletion of giant oil fields discovered in the United States, and he was right. But people have sort of bastardized that concept now into gold.
They took the tack that the world was running out of oil when we had reached peak production, and we would never achieve this sort of oil production in the U.S., for example, ever again. Well, lo and behold, it took 47 years for us to recover. But now we’re producing more oil than we ever have. So this idea that the world is going to run out of a natural resource or reach peak production is fraught with difficulty.
We produce more oil in the world right now than we ever have. And next year, we’ll produce even more because demand continues to rise, at about 1.5% a year. So in the oil business, we’re now using 100 million barrels of oil a day. Five years ago, we were using about 92–93 million barrels a day. And where’s that production come? Well, it’s come from peak, or from shale oil, and technology catches up. If the demand is there, my opinion is that the supply will be found—70% of the oil in the world is still left in the ground. I’ve taken that concept and applied it to the gold business.
Maurice Jackson: And what do we see as far as peak gold?
Mickey Fulp: Well, starting in 1900, the world produced 393 tons of gold. That would be something on the order of 10 to 12 million ounces a year, more or less. Now we produce 3,150 tons per gold in 2017, an all-time high. That’s 98 million ounces per year. So more than an eight times increase. And that’s been driven in cycles of exploration, so things like economics, world economics, wars, prices of gold, all effect that production.
But the real key to increases in production, at least since gold was floated by Nixon in 1971, is the exploration cycle. Generally, what we’ve seen over the years is gold increasing, but kind of in a two steps forward, one step back way. It’s a somewhat jagged line, but with these long runs of increased production. And then we’ll have a war, we’ll have a depression, and gold protection with the war will go down; with the depression, it goes up.
And so we keep going and going and going. Since 2008, we’ve been on a steep curve of increasing gold production. The CEO of Goldcorp Inc. (G:TSX; GG:NYSE) came out in the early part of the year and said all the good gold deposits have been found. There’s no giant deposits that are going to be found anymore. And the world’s going to never produces much gold. Well, I think he’s talking his own book and if you look at Goldcorp, of course production over the last three years, it’s going down.
It’s gone down 25% from 2015 to 2017. You look at the other major miners, such as Barrick Gold Corp. (ABX:TSX; ABX:NYSE), which is down 40% off its peak around 2005. Newmont Mining Corp. (NEM:NYSE) is about the same amount off its peak production in 2006. So I would take the tack, that the major gold miners have reached peak production, peak gold. But that’s been filled.
Where’s all this additional production coming from? It’s coming from the new companies, the new mid-tiers that have been built since the year 2005. As a whole, you know, there’s about nine mid-tiers now. And then it’s also been filed by a number of small miners in all parts of the world. The majors are down something like, all told, 50% of their gold production since mid-2000s. Meanwhile, production is up about the same amount, it’s up 37% since 2008. It’s filled by new companies.
Maurice Jackson: So would you say then that the majors have a flawed business plan?
Mickey Fulp: Absolutely.
Maurice Jackson: And in what regard?
Mickey Fulp: The biggest flaw in the industry amongst the majors—and it applies to other companies too—is they’re focused on growth. And mining is not a growth industry. Mining is the value industry. So when prices were high, they lost a view of what they should be doing, which was producing high margin ounces. It’s about the margin, the cost of production, versus the amount you sell, and that’s your profitability. So they’ve had this grow, grow, grow mentality—what I would call a New York style of capitalism. It does not work in the mining industry. And it certainly has not worked for the major gold mining companies.
Maurice Jackson: So what do you share with your subscribers? Are you more focused on juniors or mid-tiers?
Mickey Fulp: Always juniors. I don’t want to own miners, to tell you the truth. I’ve focused on exploration companies. I wrote a piece a couple of months ago called Why I Don’t Want to Own Any Miners. Now I do own a few miners, but they’ve become miners from exploration companies that I own or they’ve been taken out by miners exploration. But the real value in these businesses is in the juniors. And my particular sweet spot would be the advanced explorers because I think that’s where you have the lowest risks for the potential highest rates
Maurice Jackson: Mickey, if someone wants to get more information regarding your work, please share the contact details.
Mickey Fulp: MercenaryGeologist.com. I run a free subscription service as you well know, Maurice. And to get my stock picks you need to be a free email subscriber. We have a very active Twitter feed, @mercenarygeo, 55,546 Twitter followers as of today, and we’re quite active in that venue.
Maurice Jackson: And also, please visit our website which is ProvenandProbable.com. Mickey Fulp, the Mercenary Geologist, thank you for joining us today on Proven and Probable.
Mickey Fulp: Thank you, Maurice.
Maurice Jackson: Thank you for joining us today on Proven and Probable. Remember to like and subscribe for more conversations with the most respected names in the natural resource space. Check out our website at www.provenandprobable.com.
Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.

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Disclosure:
1) Statements and opinions expressed are the opinions of Mickey Fulp and Maurice Jackson and not of Streetwise Reports or its officers. They are wholly responsible for the validity of the statements. Streetwise Reports was not involved in the content preparation. Mickey Fulp and Maurice Jackson were not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
2) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
3) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
Proven and Probable LLC receives financial compensation from its sponsors. The compensation is used is to fund both sponsor-specific activities and general report activities, website, and general and administrative costs. Sponsor-specific activities may include aggregating content and publishing that content on the Proven and Probable website, creating and maintaining company landing pages, interviewing key management, posting a banner/billboard, and/or issuing press releases. The fees also cover the costs for Proven and Probable to publish sector-specific information on our site, and also to create content by interviewing experts in the sector. Monthly sponsorship fees range from $1,000 to $4,000 per month. Proven and Probable LLC does accept stock for payment of sponsorship fees. Sponsor pages may be considered advertising for the purposes of 18 U.S.C. 1734.
The Information presented in Proven and Probable is provided for educational and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The Information contained in or provided from or through this forum is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. The Information on this forum and provided from or through this forum is general in nature and is not specific to you the User or anyone else. YOU SHOULD NOT MAKE ANY DECISION, FINANCIAL, INVESTMENTS, TRADING OR OTHERWISE, BASED ON ANY OF THE INFORMATION PRESENTED ON THIS FORUM WITHOUT UNDERTAKING INDEPENDENT DUE DILIGENCE AND CONSULTATION WITH A PROFESSIONAL BROKER OR COMPETENT FINANCIAL ADVISOR. You understand that you are using any and all Information available on or through this forum AT YOUR OWN RISK.

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Base Metals Energy

URANIUM | NexGen Honoured to Receive the PDAC’s 2019 Environmental and Social Responsibility Award

VANCOUVER, Nov. 15, 2018 /PRNewswire/ – NexGen Energy Ltd. (“NexGen” or the “Company”) (TSX: NXE, NYSE MKT: NXE) is pleased to announce it is the recipient of the 2019 Environmental & Social Responsibility Award given by the Prospectors & Developers Association of Canada (“PDAC”), the leading voice of the mineral exploration and development community.

The PDAC Environmental & Social Responsibility award recognizes an organization’s effort in protecting and preserving the natural environment and establishing positive community relations during the exploration phase or operation of a mine.

Leigh Curyer, Chief Executive Officer, commented: “The receipt of this award recognizes NexGen’s commitment to all aspects of its operations, communities and the environment in which it conducts activities. The NexGen team’s culture of creating positive impacts for all reflects our core objective which extends beyond bringing a mine into production. We look forward to expanding the scope and breadth of our programs previously initiated as we head into 2019 conducting the largest campaign since incorporation in 2011. On behalf of the Executive and Board of NexGen, I would like to thank everyone involved for their dedication and conduct in the pursuit of what has been achieved to date and their relentless focus on future initiatives.”

The 41st annual PDAC awards showcase exceptional leaders in the mineral exploration and mining community. Recipients will be celebrated at an Awards Gala & After Party at the Fairmont Royal York Hotel in Toronto on Tuesday, March 5 during the PDAC 2019 Convention.

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. NexGen is the recipient of the PDAC’s 2018 Bill Dennis Award and the 2019 Environmental and Social Responsibility Award.

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 31, 2017 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
Cision

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Base Metals Energy Precious Metals Project Generators

PROJECT GENERATOR | EMX Royalty Announces Third Quarter 2018 Results and Repayment of Sprott Loan

EMX Royalty Corp.
Suite 501 – 543 Granville Street
Vancouver, BC V6C 1X8
Telephone +1 (604) 688-6390

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Blog Energy Exclusive Interviews

DNI METALS | Advancing Graphite Projects in Madagascar

Dan Weir, executive chairman of DNI Metals, speaks with Maurice Jackson of Proven and Probable about the personnel changes the company has made and its plans to obtain the environmental permits for the company’s graphite projects in Madagascar.

VIDEO

 

AUDIO

TRANSCRIPT

Maurice Jackson: Joining us for a conversation is Dan Weir, the executive chairman of DNI Metals Inc. (DNI:CSE; DMNKF:OTC), which is establishing itself to become one of the world’s leading graphite producers.
Dan, glad to have you back on the show. Before we delve into today’s interview, for first time listeners, who is DNI Metals and what is the thesis you’re attempting to prove?
Dan Weir: DNI is a public company, listed in Toronto and the U.S. on the OTCQB. We are developing graphite projects in Madagascar, and we’re very excited to be involved in the graphite industry because, as you know, and I think a lot of your listeners will know that the demand picture for the future of graphite looks very good. If you just take a Tesla and look at the batteries that go into a Tesla, in every Tesla car there’s going to be somewhere between 100 and 200 kilograms of graphite. Multiply that by how many thousands and millions of electric cars that we’re going to have, let alone the batteries in your cellphones and the batteries in our computers. The demand in the world is going to be huge. So we’re very excited about the future and the future for graphite.
Maurice Jackson: Dan, you referenced DNI’s projects are located in Madagascar. I understand that elections are coming up soon. I have a multilayered question, should the current administration remain in place, what type of impact will that have on DNI and what if a new administration takes place, what type of impact could this have on DNI?
Dan Weir: Well, I’m going to take you through how the elections work here in Madagascar. There’s a presidential election that happens every four to five years. I think it’s mandated that it has to happen every five years. In order to become president, you have to have 50% of the votes. Now, the first round of the elections took place on November 7, so just a couple days ago. There were 36 people running for the president, including four of the people running were ex-presidents of the country. So the incumbent is one of the four.
We had the election on the 7th. And it takes approximately 20 days to do all the counting of the votes. Therefore, we won’t know the outcome for approximately three weeks. Legally, all voting has be recorded and published within the next 21 days. So by November 28, legally they have to announce all the different figures or the numbers or percentages that all the different candidates received.
Then what happens is if no candidate gets over 50%, they have a next round of elections. The two top candidates from the first round will compete in a second round. So the second round will happen on December 19 should this situation come to fruition. Again, then you’re going to have probably another 20 days before you get the results. So you’re really looking into mid-January by the time they announce who the president is and who wins the election.
Now, in the government they have a president, then they have a prime minister, then they have different ministers for different areas, minister of mines, minister of the environment, etc. The president doesn’t actually pick the prime minister, but what he does is he goes to parliament and gives them about four or five different names of who he would like to be the prime minister. So he doesn’t technically put the prime minister in place, but he’s the one that provides the names to parliament and then parliament picks who that prime minister is. But the president does pick who all the different ministers are.
So until mid-January, the current prime minister and all the current ministers stay in place and it’s business as usual until mid-January. Does that answer all your questions that you had on that topic, Maurice?
Maurice Jackson: It certainly does. Let’s switch gears here. Since our last interview, there have been a number of personnel changes at DNI Metals. As a shareholder, how concerned should I be, and equally important, why were these changes made?
Dan Weir: So I want to be careful what I say here. You can refer to our press releases that we’ve put out over the last couple weeks. We have decided to make changes here. I think I’m going to make it as polite as I can, Maurice. We have decided to make changes here in Madagascar. The team that we had in place we felt was not doing their jobs properly. So we terminated their contracts. Every single one of them was a contractor to the company. We terminated their contracts and we have brought new people in. I have decided to spend more time in Madagascar and take over as the country manager here in Madagascar to make sure that things are moving forward in the right direction.
As we stated in our previous press releases that we had been promised from our previous team the environmental permits would be done in January of 2018. We’re now in November of 2018. This was not fair to our shareholders, and therefore, we needed to make changes. I am here now taking control of that process and taking control of all the personnel here in Madagascar. I will be spending a lot of time in Madagascar to make sure that everything goes through and goes through smoothly here in Madagascar.
So new team will be myself, we will have a bookkeeper/accountant here in Madagascar as well, and I decided to bring in a lawyer on a contract basis, basically she will work part-time for us here in the company. I brought in a government relations person, again a contractor that will work part-time. And I brought in a community relations person, a CSR expert. He is also a chemical engineer. He will look after all of the local people and probably in the new year, I’ll probably bring him on more as a full-time person. As we get our environmental permits and we’re building our pilot plant initially and then the full on commercial plant, we’ll need somebody like him when you’re dealing with all the locals and all the relationships within the locals; and, again, him being a process engineer, chemical engineer, he’s a great person that can talk to all the locals and help us put processes in place to deal with the locals and deal with all our workers.
Maurice Jackson: You’ve also had some changes on the board. Can you speak to that?
Dan Weir: Yes. On our boards, we had five people. Myself, John Carter, who is an engineer. He’s built multiple processes plants. I think somewhere around 300 different mining processes plants around the world, including four graphite processing plants. We have Keith Minty. He’s a mine engineer. He’s operated graphite mines in Ontario and in Sri Lanka. He has worked all around the world, including Madagascar at one point and time. So these are great guys to have on the board. The other two people that we had on the board were two accountants, Paul Hart and Brian Howlett. They have decided to step down.
As we are moving closer and closer to getting the pilot plant built and commercial production, we will bring in people that have more expertise in graphite sales as well as have technical expertise in building graphite mines. The other people that we might consider for the board as we move forward would maybe be some of the big shareholders who have had a lot of expertise in developing companies and building companies. So we’ll look at that. That will be in the new year. Right now the main focus is making sure that we get all of our environmental licenses and that we’re moving forward.
Maurice Jackson: Before we get to the environmental licenses, talk to us about some good news that you have for U.S. investors.
Dan Weir: We decided to upgrade our listing in the United States on the OTC. We’re going to move it up to a QB listing in the United States. What that does is I’ve had complaints from different people in the U.S. and from around the world where a lot of the discount brokers found it difficult to trade on the CSE, one of the stock exchanges in Canada. So we are getting an upgraded listing in the United States, and we had been fully approved for that listing; that should happen over the next couple months. We will also get what we call DTC settlements set up where it, again, makes it easier for discount brokers in settling the trades in the back office. DTC basically is an electronic transfer system. Again, just makes it much easier for trading and settling of your trades.
Maurice Jackson: All right. The multi-million dollar question everyone wants to know about. What is the next unanswered question for DNI Metals? When should we expect results, and what determines success?
Dan Weir: So results, if you’re referring to getting the environmental licenses and moving the project forward, again, that’s been our biggest delay over the last year is getting these environmental licenses. I’ve been promising and promising and promising that they’re coming, they’re coming. It’ll happen soon. Most of that was from our team here in Madagascar that kept promising me that it was going to happen tomorrow, tomorrow, tomorrow. A number of documents and stuff that they gave us to show that it was going to happen tomorrow and tomorrow and tomorrow ended up not being really truthful documents or proper documents. I’m rectifying all that. I’ve taken charge here.
We have found out, and you can refer to one of our press releases that some of our documents had not even been filed, even though we had been told that they had been filed. For the Vohitsara property, some of the documents been filed, they had not been filed properly. When you’re working here and you’re filing environmental permits, this is the document. It’s about 500 pages long that you file for an environmental license in Madagascar. This had not been filed for the Marofody property. You file that and you also file a document that looks like this, which is called the Cahier des Charges. The Cahier des Charges is about 88 pages. It’s stamped by the director general of the mines ministry. This document had not been filed either for Marofody. So we’ve gotten the copies. We will be filing those with the ONE. Again, the ONE is the ministry of the environment and be moving this project forward.
So, as we said in the press release that I put out in the last couple days here, once you have filed the documents with the ONE, it’s a 60-day process that they must evaluate and grant you the environmental license within those 60 days. They also have a requirement where they need to go to the property twice. We will take them to both Vohitsara and Marofody properties at the same time. As part of that, I’ve requested and I have a meeting next week with the ONE again to try to speed this up. I will be requesting if we can we do those visits within the 60 day-process. I think that my initial meeting with them, they indicated that that was possible, and hopefully I can confirm that up next week.
So when is the exact timing? I can only give you what the laws state in Madagascar, which I have put in the most recent press release. People, again, have been concerned about the elections. If we can work within this 60 day window here, we will have this all completed while the current ministers are still in place. So we should be able to get all the documents completed and get our environmental licenses within those days. Again, that’s kind of a worst case scenario. The ONE knows that there were some people that have not really done their jobs properly here in Madagascar, and that they will work with us to speed up this process as fast as they can, which is fantastic.
Maurice Jackson: It truly is exciting to hear that. Last question for you, what did I forget to ask?
Dan Weir: I’m not sure. I know the two biggest questions for people out there have been: How do the elections effect DNI, and what the heck is going on with the permits? So hopefully we have addressed those today, and with some of the press releases that I have put out recently, I will try to get the market as much as I can update information as we move forward, and I look forward to finally getting the permits and actually getting this thing, the pilot plant, built and get into production. I’ve been trying to do this for a long time, but I’m finally excited that now I am taking control, I will remain in control of this process, and we know exactly what has to be done to complete this process, and I’m pushing forward to make sure that that happens.
Maurice Jackson: Mr. Weir, for someone listening and that wants to get more information on DNI Metals, please share the contact details.
Dan Weir: Best thing to do right now because I’m going to be in Madagascar quite a bit. It gets very expensive to call me on the phone. I’d prefer if you can email me at [email protected]. I will respond to that. It’s about an eight hour time difference between Madagascar and New York or Toronto. So please bear with me, if you don’t hear from me for a couple days, I will get back to you.
Maurice Jackson: And please share the website address.
Dan Weir: The website is www.DNIMetals.com.
Maurice Jackson: And as a reminder, DNI Metals trades on the CSE, symbol DNI, and on the OTC QB, symbol DMNKF. DNI Metals is a sponsor of Proven and Probable, and we are proud shareholders for the virtues conveyed in today’s interview.
And last but not least, please visit our website www.provenandprobable.com where we interview the most respected names in the natural resource space. You may reach us at [email protected].
Dan Weir of DNI Metals, thank you for joining us today on Proven and Probable.
Dan Weir: Thank you, Maurice, and bye to everybody from Madagascar.
Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.

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Disclosure:
1) Dan Weir: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: DNI Metals. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: DNI Metals.
2) Maurice Jackson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: DNI Metals. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: DNI Metals is a sponsor of Proven and Probable. Proven and Probable disclosures are listed below.
3) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: DNI Metals. Click here for important disclosures about sponsor fees.
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