Newmont Corporation (NYSE: NEM, TSX: NGT) today announced that S&P Global Ratings (S&P) has upgraded Newmont's issuer credit rating to BBB+ from BBB with a stable outlook. The upgrade is supported by Newmont's balance sheet strength and disciplined capital allocation priorities, in addition to higher future production and improving costs.
The upgrade from S&P follows Newmont's issuance of the mining industry's first sustainability-linked bond in December 2021. The $1.0 billion note is linked to Newmont's performance against key environmental, social and governance (ESG) commitments, including the Company's 2030 emissions reduction targets and the representation of women in senior leadership roles target.
"The upgrade from S&P is a reflection of Newmont's financial strength and flexibility as we continue to apply our disciplined approach to capital allocation across price cycles," said Newmont President and CEO Tom Palmer. "We continue to strengthen our balance sheet whilst aligning our financing strategy with our ESG commitments, ensuring that we are well-positioned to create long-term value for the business and all of our stakeholders for decades to come."
Newmont ended 2021 with $5.0 billion of consolidated cash and $8.0 billion of liquidity with a net debt to adjusted EBITDA ratio of 0.2x. Newmont's capital allocation philosophy remains unchanged and balances steady reinvestment in the business, maintaining financial strength and flexibility, and providing leading returns to shareholders.
Newmont is the world's leading gold company and a producer of copper, silver, zinc and lead. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating expectations regarding long-term value creation, future financial strength and flexibility, future capital allocation and return to shareholders, and future performance against sustainability targets. Forward-looking statements provide the Company's current expectations about future events, but these statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions difficult to predict or beyond our control. Investors should not place undue reliance on any forward-looking statement and should consider the uncertainties and risks discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 under the heading "Risk Factors," including in connection with any downgrade in the credit ratings, filed with the U.S. Securities and Exchange Commission (the "SEC") and available on the SEC website or www.newmont.com , as well as the Company's other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220330005900/en/
Media Contact Courtney Boone 303.837.5159 courtney.boone@newmont.com
Investor Contact Daniel Horton 303.837.5468 daniel.horton@newmont.com
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LaSalle Exploration Corp. (TSXV:LSX) has launched its campaign on the Investing News Network’s resource channel.
LaSalle Exploration is a diverse resource exploration and development company focused on projects in the province of Quebec. The company is working to evaluate both the Eeyou Istchee James Bay region and under-explored regions of the Abitibi Greenstone Belt. The company owns a strong portfolio of projects including the Radisson gold property, the Blakelock gold-copper property and its recently-acquired Egan gold property.
LaSalle Exploration’s flagship Raddison property is located in the Eeyou Istchee James Bay Territory of Quebec, approximately 90 kilometers from Newmont Corporation’s (TSX:NGT) Eleonore gold deposit. In 2020 LaSalle Exploration resumed exploration of the Raddison property, investigating the targets previously generated during the company’s field programs and geophysical surveys. Grab sample results at Raddison have returned up to 25 g/t gold and 0.22 percent copper.
LaSalle Exploration Corp’s company highlights include the following:
Click here to connect with LaSalle Exploration Corp. (TSXV:LSX) and to request an investor presentation.
Precipitate Gold Corp. (TSXV:PRG) has launched its campaign on the Investing News Network’s resource channel.
Precipitate Gold is a mineral exploration company with district-scale strategic land positions in the Dominican Republic. The company is currently advancing its Pueblo Grande and Juan de Herrera projects in the Dominican Republic, where the company is also working to expand its existing portfolio. Precipitate Gold always works to acquire 100 percent of the properties that it owns, ensuring that there are no outstanding vendor payments or working commitments.
Precipitate Gold’s current projects are strategically located in highly-prospective and active gold and copper mining camps in the Dominican Republic. The company’s flagship Pueblo Grande project is next to Barrick Gold (TSX:ABX) and Newmont Goldcorp’s (TSX:NGT,NYSE:NEM) Pueblo Viejo mine, which is the eighth-largest gold mine in the world and the largest gold mine operating in Latin America. Pueblo Viejo is projected to produce approximately 600,000 ounces of gold at an all-in sustaining cost of US$650 per ounce in 2019.
Precipitate Gold’s company highlights include the following:
Click here to learn more about Precipitate Gold Corp. (TSXV:PRG) and to request an investor presentation.
White Gold Corp. (TSXV:WGO,OTC:WHGOF,FRA:29W) has been featured in a sponsored article published by the Mining Journal.
The article covered recent results from White Gold’s 2019 exploration program which is comprised of 17,000 meters of diamond drilling, 7,500 meters of reverse circulation drilling and upcoming drill plans. To date, White Gold has identified multiple new high-grade mineralization trends across its JP Ross project and White Gold project in the Yukon’s White Gold district. The new trends were all delineated within 10 kilometers away from last year’s Vertigo discovery area. One of White Gold’s goals this summer is to add more ounces to the VG zone on the company’s QV project, which sits 44 kilometers north of Newmont Goldcorp’s (TSX:NGT,NYSE:NEM) Coffee project.
“Unlike a typical junior mining company, there is no incentive for us to prolong work on a property where we don’t see the potential. We are systematically performing low-cost exploration work across our entire portfolio to guide where further exploration dollars are spent,” said White Gold CEO David D’Onofrio.
To read the full article, click here.
Click here to connect with White Gold Corp. (TSXV:WGO, OTC:WHGOF, FRA:29W) for an Investor Presentation.
Titan Minerals (ASX:TTM) (“Titan”, the “Company”) is pleased to advise that the following Board and Executive Management changes:
Titan’s Chairman, Mr Peter Cook said:
“These are very positive changes for Titan as it moves forward with its exploration activities in Southern Ecuador and as the Company aligns its activities with its core business. We thank Laurie for his work and efforts in the restructure of Titans Ecuadorian business and the facilitation of processes enabling exploration works to re-start at the Company’s key projects.
These are exciting times for Titan and we pleased to see Matt Carr step up into the role as acting CEO where his experience and history on these projects can greatly assist the appropriate sizing and direction of activities on the group assets can enable rewards for our shareholders.
We are particularly pleased that Ms Tamara Brown who with significant North American capital markets and Ecuadorian experience has endorsed these projects and agreed to join the Board. In addition, her operational and technical experience and knowledge of Ecuadorian business and cultural practices will be of great assistance to our in-country team.
In addition, it is most pleasing that such an experienced and highly successful geologist in Mike Skead has also endorsed these projects and has moved to Ecuador to manage their progression as COO and Country Manager. When such a successful and renowned geologist makes such a move motivated by his passion for geology and a view that he can make yet another major discovery should be very comforting for our shareholders and future investors. Mike has already made big technical in-roads at our projects lifting our scientific approach and fiscal discipline in exploration expenditure. He is followed by Pablo Morelli as our newly appointed in-country Exploration Manager who is so strongly endorsed by Mike.”
These appointments form part of the Company's wider strategy to accelerate the focus of Titan in order to unlock value at Titan's projects for both the Company and shareholders.“
Click here for the full ASX Release
This article includes content from Titan Minerals , licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Steppe Gold Limited (TSX: STGO) (OTCMKTS: STPGF) (FRA: 2J9) (" Steppe Gold " or the " Company ") announces its financial results for the year ended December 31, 2021, as well as the filing of its restated annual financial statements for the periods ended December 31, 2020 (the " Restated Financial Statements ") and provides a corporate update. The Restated Financial Statements were prepared following a continuous disclosure review by Staff of the Ontario Securities Commission (the " OSC ") of the Company's disclosure records.
Financial Results for the year ended December 31, 2021
In conjunction with preparation of the Company's financial statements for the year ended December 31, 2021 and as part of a continuous disclosure review by Staff of the OSC in relation to the accounting for the Streaming Agreement, dated August 11, 2017 between the Company and Triple Flag Mine Finance Bermuda, Steppe Gold identified an error in how the arrangement has been reflected in the previously issued financial statements. The Company previously determined that the stream obligation was in substance a debt instrument (carried at amortized cost) with embedded derivatives (recognized at $nil value) linked to gold and silver commodity prices.
Upon further review of the arrangement the Company has determined that the arrangement should be accounted for in its entirety as a derivative measured at fair value through profit and losses. The Restated Financial Statements resulted in changes to revenue, the stream liability and fair value gains/losses related to the liability. The adjustments did not impact the overall net cash flows of the Company. The Company evaluated the significance of the corrections and determined the adjustments were material to the consolidated financial statements for December 31, 2021.
Steppe Gold has therefore restated its annual financial statements for the year ended December 31, 2020, as well as the associated management's discussion and analysis. Comparative figures for 2021 interim periods will also be restated in 2022 interim reports.
The Company's consolidated financial results for the year ended December 31, 2021 have been filed on SEDAR. The full version of the condensed interim consolidated financial statements and associated management's discussion & analysis can be viewed on the Company's website at www.steppegold.com or under the Company's profile on SEDAR at www.sedar.com .
All amounts are expressed in United States dollars unless otherwise noted.
Steppe Gold is Mongolia's premier precious metals company.
For Further information, please contact: Bataa Tumur-Ochir, CEO and President
Shangri-La office, Suite 1201, Olympic Street 19A, Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia Tel: +976 7732 1914
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as adjusted earnings before interest, taxes, depreciation and amortization. Further details of Non-IFRS Performance Measures noted above can be found in the Company's management's discussion & analysis.
Cautionary Note Regarding Forward-Looking Statements
The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include, among other things, statements regarding the trading of the common shares and business, economic, and political conditions in Mongolia. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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GCM Mining Corp. (TSX: GCM; OTCQX: TPRFF) announced today the release of its audited consolidated financial statements and accompanying management's discussion and analysis (MD&A) for the year ended December 31, 2021. All financial figures contained herein are expressed in U.S. dollars ("USD") unless otherwise noted. Non-GAAP financial performance measures in this press release are identified with "NG" . For a detailed description of each of the non-GAAP measures used in this press release and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Company's MD&A.
Lombardo Paredes, Chief Executive Officer of GCM Mining, commenting on the 2021 results, said, "In 2021, we accomplished what we set out to achieve last year. We met our production guidance for the sixth consecutive year. Our exploration program at Segovia not only replaced what we mined last year, it contributed to significant increases in our mineral reserves and resources and yielded solid results in our brownfield drilling campaign. We advanced the expansion of our Maria Dama processing plant and we commenced operations at the new polymetallic plant at Segovia. We continued to demonstrate our commitment to ESG in our operations and in the communities in which we work. We strengthened our balance sheet, and through the acquisition of the Toroparu Project in Guyana and the successful Senior Notes issuance, charted a course to grow the Company through diversification. We also returned about $17 million to shareholders through our monthly dividends and NCIB purchases. In the year ahead, we will continue to focus on the execution of our growth plans at both of our cornerstone assets while returning value to our shareholders through our monthly dividends. On behalf of the Board and management, I would like to thank all of our people for making 2021 another successful year for GCM Mining."
Fourth Quarter and Full Year 2021 Highlights
(1) Includes production from the Marmato Project up to February 4, 2021, the date of loss of control of Aris. (2) Refer to "Non-IFRS Measures" in the Company's MD&A.
(1) Commencing the third quarter of 2021, the Company is maintaining a portion of its liquidity in gold bullion. As at December 31, 2021, the Company had 2,500 ounces in its gold bullion account. (2) The Senior Notes were issued in August 2021 and are recorded in the Financial Statements at amortized cost. At December 31, 2021, the carrying amount of the Senior Notes outstanding, including accrued interest of $8.1 million, was $294.8 million. (3) The Gold Notes were recorded in the Financial Statements at fair value and were fully redeemed in September 2021. At December 31, 2020 and 2019, the carrying amounts of the Gold Notes outstanding was $38.5 million and 69.0 million, respectively. (4) The Convertible Debentures are recorded in the Financial Statements at fair value. At December 31, 2021, 2020 and 2019, the carrying amounts of the Convertible Debentures outstanding were $19.5 million, $28.4 million and $21.1 million, respectively. (5) The Aris Gold Notes were issued in August 2020 and were recorded in the Financial Statements at fair value. At December 31, 2020, the carrying amount of the Aris Gold Notes outstanding was $73.2 million. The Aris Gold Notes were non-recourse to the Company and were derecognized on February 4, 2021, the date of loss of control of Aris.
After pivoting its focus in 2021 to implement a strategy for growth through diversification, GCM's outlook for 2022 is centered around its two cornerstone assets, the Segovia Operations in Colombia and the Toroparu Project in Guyana.
At Segovia, the Company has produced a total of 33,658 ounces in the first two months of 2022, up from 30,415 ounces in the first two months of 2021, and its trailing 12-months' total gold production at the end of February 2022 stood at 209,632 ounces, up about 1.6% over 2021. The expansion of the Maria Dama plant from 1,500 to 2,000 tpd is essentially complete, except for the expansion of the crushing facility that is expected to be completed in the second quarter this year. GCM expects that it will operate the expanded plant at about 85% to 95% of capacity in the second half of 2022, increasing its expected annual production for 2022 to between 210,000 and 225,000 ounces of gold.
GCM spent a total of $45.0 million for sustaining capital expenditures NG , including mine exploration and development, and another $10.9 million on non-sustaining capital expenditures NG , including brownfield exploration, Maria Dama plant expansion and completion of the new polymetallic plant. For 2022, GCM has committed to undertake another robust diamond drilling campaign that will comprise approximately 91,000 meters with up to 52,000 meters of in-mine and near-mine drilling and 15,000 meters of underground in-fill drilling at its four producing mines together with 24,000 meters of brownfield drilling at its high-priority targets within the other 24 known veins it is not currently mining in its Segovia mining title. The Company expects that its sustaining capital expenditures NG in 2022 may range between $50 million to $55 million, including the planned drilling at its four producing mines. Non-sustaining capital expenditures NG in 2022 are expected to total up to $10 million, including the brownfield drilling campaign and expenditures to complete the Maria Dama plant expansion, to upgrade and automate certain components in the polymetallic plant and construct additional warehouse space, to commence construction of its new solar generation project and to implement a new ERP system in the Segovia Operations.
In 2021, GCM completed the updated MRE and a PEA for the development of the Toroparu Project. The Company also commenced various pre-construction activities in 2021, including hiring of the project team and key contractors, preparation of the camp facilities, revamping of the local airstrip to enhance logistics and access to the site, design and civil works related to the camp, road and water management, electrical network design, permitting, design of its initial ESG initiatives and various studies associated with environmental matters at the project site. Following completion of the PEA, the Company immediately commenced activities, including additional infill drilling, to advance the studies for the project to prepare a preliminary feasibility study ("PFS"). The Company is in the midst of a competitive bid process and plans to incorporate a change to contract mining in the PFS that is now expected to be finalized early in the third quarter of 2022, at which point formal construction of the project is expected to commence. The final mining license is also expected to be received in mid-2022. In light of the various pre-construction activities underway, the Company continues to anticipate that production will commence from the Toroparu Project in early 2024.
The Company remains committed to its dividend program at the current monthly rate of CA$0.015 per share and expects to continue to repurchase common shares, within certain price ranges, for cancellation under its NCIB to support continued value creation for its shareholders.
On March 21, 2022, the Company announced it has subscribed to a $35 million 7.5% convertible senior unsecured debenture (the "Aris Debenture") to be issued by a wholly-owned subsidiary of Aris to pay a portion of the purchase price for the acquisition, through a joint venture company, of a 20% ownership interest (the "Acquisition") in the Soto Norte gold project in Colombia. The issuance of the Aris Debenture is conditional upon closing of the Acquisition by Aris, expected to occur in April 2022, and is subject to the approval of the TSX. The ability of the Company to fully execute its conversion rights under the Aris Debenture is subject to disinterested Aris shareholder approval at its next annual meeting of shareholders.
As a reminder, GCM Mining will host a conference call and webcast on Friday, April 1, 2022 at 9:00 a.m. Eastern Time to discuss the results.
Webcast and call-in details are as follows:
A replay of the webcast will be available at www.gcm-mining.com from Friday, April 1, 2022 until Friday, April 29, 2022.
GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at Segovia Operations. Segovia produced 206,000 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining pays a monthly dividend to its shareholders and has equity interests in Aris Gold Corporation (44%; TSX: ARIS; Colombia – Marmato), Denarius Metals Corp. (28.6%; TSXV: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (26%; TSX-V: WA: Nunavut – Meadowbank).
Additional information on GCM Mining can be found on its website at www.gcm-mining.com and by reviewing its profile on SEDAR at www.sedar.com .
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the continuation of operations during the COVID-19 situation, production guidance, future capital expenditures, closing of the Aris Debenture and related approvals and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GCM Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 31, 2022 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and GCM Mining disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact: Mike Davies Chief Financial Officer (416) 360-4653 investorrelations@gcm-mining.com
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NOVAGOLD RESOURCES INC. ("NOVAGOLD" or the "Company") (NYSE American, TSX: NG) has published its 2021 Annual Report (the "annual report").
This year's annual report includes a special feature highlighting a discussion between NOVAGOLD's Chairman Dr. Thomas Kaplan and John Hathaway, portfolio manager of Sprott Hathaway Special Situations Strategy and co-portfolio manager of the Sprott Gold Equity Fund. They discuss the gold market trajectory, jurisdictional safety and cryptocurrencies. Dr. Kaplan emphasizes NOVAGOLD's unique position to significantly outperform its peer group, particularly in the current market environment. The interview was filmed at the New York Stock Exchange in December 2021 and a video of the conversation is available at www.novagold.com/media-gallery .
In the report, NOVAGOLD's President and CEO Greg Lang summarizes many milestones that were achieved in 2021, including the advancement of our Donlin Gold project up the value chain against the backdrop of the global COVID-19 pandemic, with the highest safety standards and no lost-time incidents on site. Mr. Lang highlights the Company's ESG principles, along with its strong time-tested relationships with the project's Native Corporation partners – Calista Corporation and The Kuskokwim Corporation – with whom we are committed to responsible mine development in the Y-K region. In addition, Mr. Lang outlines the Company's 2022 goals and budget, as well as reviews NOVAGOLD's strong financial position.
The 2021 annual report is available on NOVAGOLD's website https://www.novagold.com/investors/financials/ .
If you would like to receive a hard copy by mail, please send an email request to info@novagold.com .
NOVAGOLD welcomes comments, questions, or suggestions about the annual report and related information. Please send your feedback to info@novagold.com.
Mélanie Hennessey Vice President, Corporate Communications
604-669-6227 or 1-866-669-6227
Cautionary Note Regarding Forward-Looking Statements
This media release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", "would" or "should" occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of Barrick and NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding assay results; the anticipated timing of a decision by the Board of Donlin Gold LLC to prepare a feasibility study update; anticipated benefits from the recent drill programs including an improved geological model for Donlin Gold; the work program for the 2022 field season; ongoing support provided to key stakeholders including Native Corporation partners; the potential impact of the coronavirus global pandemic (COVID-19) on the development of Donlin Gold; the potential development and construction of Donlin Gold; the sufficiency of funds to continue to advance development of Donlin Gold; perceived merit of properties; mineral reserve and resource estimates; Donlin Gold's ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; and legal challenges to Donlin Gold's existing permits. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead represent the management expectations of NOVAGOLD's estimates and projections regarding future events or circumstances on the date the statements are made.
Important factors that could cause actual results to differ materially from expectations include the need to obtain additional permits and governmental approvals; the timing and likelihood of permits; the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; the spread and impact of COVID-19; uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between Barrick and NOVAGOLD for the continued exploration, development and eventual construction of the Donlin Gold project; the need for cooperation of government agencies and native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether a positive construction decision will be made regarding Donlin Gold; and other risks and uncertainties disclosed in NOVAGOLD's most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports and other documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD's website at www.novagold.com , or the SEC's website at www.sec.gov , or at www.sedar.com . The forward-looking statements contained herein reflect the beliefs, opinions, and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/66a9bbe3-4720-4038-8d57-70ed08167c69
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Platinex Inc. (CSE: PTX) (Frankfurt: 9PX) ("Platinex" or the "Company") is pleased to announce that it has acquired 63 mining claims adjoining its Shining Tree Project through an agreement with Skead Holdings Ltd. ("Skead"). The acquisition increases the Shining Tree property holdings from 21,847 hectares (53,985 ac) to 23,219 hectares (57,375 ac) and covers area in the central western portion of the Project (see image).
The new acquisition covers some of the down dip extension and a prominent spur fault associated with the Ridout-Tyrrell Deformation Zone (RTDZ). The RTDZ is a trans-crustal structure, along which several world-class gold deposits are spatially and genetically associated. On the Shining Tree property, the RTDZ has been identified as the likely source of highly anomalous gold indications in a provincially significant gold dispersion train.
Pursuant to the agreement, the Company paid Skead $11,500 in cash and issued 400,000 shares of the Company. The shares issued pursuant to the agreement will be subject to a four-month hold period and subject to the approval of the Canadian Securities Exchange. The mining claims are subject to a 2% net smelter returns royalty of which the Company has the right to repurchase up to 1% at the rate of $400,000 per 0.5%.
The information presented in this news release has been reviewed and approved by James R. Trusler, P.Eng., Chairman of Platinex Inc. and the qualified person for exploration at the Shining Tree project, as defined by National Instrument 43-101, Standards for Disclosure for Mineral Projects.
About Platinex Inc.: Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps. Current assets include a 100% ownership interest in the district scale W2 Copper-Nickel-PGE Project and a 100% interest in the 225 km 2 Shining Tree Gold Project in the Abitibi region of Ontario, a world-renowned gold district. The W2 Project controls one of the major Oxford Stull Dome complexes. The Shining Tree Project covers a major portion of the Ridout-Tyrrell deformation zone that trends as far west as Newmont's Borden Mine, through the area of IAMGOLD's Cote Gold deposit, and across Aris Gold's Juby Project. The Company is also developing a net smelter return (NSR) royalty portfolio and currently holds royalties on gold, PGE, and base metal properties in Ontario.
For further information please contact. Mr. Greg Ferron, CEO at 416-270-5042 or via email at: gferron@platinex.com
To receive Company press releases, please sign up on the website www.Platinex.com.
FORWARD-LOOKING STATEMENTS : This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include use proprietary data to seek financial backing to advance its platinum group properties, submission of the relevant documentation within the required timeframe and to the satisfaction of the relevant regulators, completing the acquisition of applicable assets and raising sufficient financing to complete the Company's business strategy. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any province in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Private Placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The Canadian Securities Exchange has not approved nor disapproved the contents of this press release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c43272f2-4e08-4022-8296-8fc4679f5b99
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