Connect with us

Today’s News

Eldorado Gold Reports Q2 2021 Financial and Operational Results

VANCOUVER, British Columbia, July 29, 2021 (GLOBE NEWSWIRE) — Eldorado Gold Corporation (“Eldorado” or “the Company”) today reports the Company’s…

Share this article:

Published

on

VANCOUVER, British Columbia, July 29, 2021 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) today reports the Company’s financial and operational results for the second quarter of 2021.

  • Quarterly production in line with expectations; full year 2021 annual guidance: Gold production totalled 116,066 ounces in Q2 2021, a decrease of 16% from Q2 2020 production of 137,782 ounces and a 4% increase over Q1 2021, driven by a planned shift to lower-grade ore at Kisladag. Eldorado is maintaining its 2021 annual production guidance of 430,000-460,000 ounces of gold at an all-in sustaining cost of $920-1,150 per ounce sold.

  • All-in sustaining costs: Q2 2021 all-in sustaining costs of $1,074 per ounce of gold sold in the quarter increased from Q2 2020 ($859 per ounce sold) as a result of lower production in the quarter and increased from Q1 2021 ($986 per ounce sold) primarily as a result of AISC in that quarter benefiting from a reversal of accrued royalty expense.

  • Net loss and adjusted net earnings attributable to shareholders: Net loss attributable to shareholders of the Company in Q2 2021 was $55.7 million, or $0.31 loss per share (Q2 2020: $49.1 million or $0.29 earnings per share, Q1 2021: $11.9 million or $0.07 earnings per share)(1). Adjusted net earnings attributable to shareholders of the Company in Q2 2021 were $29.3 million, or $0.16 earnings per share (Q2 2020: $47.2 million or $0.28 earnings per share, Q1 2021: $24.6 million or $0.14 earnings per share)(1).

  • EBITDA: Q2 2021 EBITDA was $7.6 million (Q2 2020: $131.8 million Q2 2020 $105.3 million) and Q2 2021 adjusted EBITDA was $101.9 million (Q2 2020: $135.8 million, Q2 2020: $108.0 million). Material adjustments in Q2 2021 included a $99.5 million ($89.5 million net of deferred tax) impairment of the Tocantinzinho project, a non-core gold asset, as a result of a plan to consider selling the project.

  • Free cash flow: Negative free cash flow of $36.6 million in Q2 2021 decreased from free cash flow of $63.4 million in Q2 2020 as a result of higher capital spend and lower sales. A decrease from free cash flow of $24.6 million in Q1 2021 was primarily due to increased growth capital spending, increased tax payments and the timing of royalty and interest payments. We expect free cash flow generation to improve in the second half of 2021.

  • Financial position: Debt repayments in Q2 2021 included $50 million on the Company's revolving credit facility and $22 million on the Company's term loan. At June 30, 2021, the Company had $410.7 million of cash, cash equivalents and term deposits and approximately $150 million available under its revolving credit facility.

  • Capital spending: Capital expenditures totalled $72.5 million in Q2 2021 (Q2 2020: $37.1 million, Q1 2021: $64.9 million), reflecting a planned increased in growth capital spending and following reduced spending in the prior year due to the novel coronavirus ("COVID-19") pandemic. Capital allocation is following a rigorous process to ensure discipline and control at all operations.

    • At Kisladag, $29.4 million investment in the quarter related to waste stripping, construction of the north leach pad to support the mine life extension and installation of a high-pressure grinding roll ("HPGR") circuit, which is expected to improve heap leach recovery with commissioning now scheduled to initiate at the start of Q4 2021.
    • At Lamaque, $8.9 million investment in the quarter related primarily to the decline connecting the Triangle underground mine with the Sigma mill, which is expected to reduce operating costs, reduce greenhouse gas emissions, and provide access for underground drill platforms for Ormaque, Plug 4, and other exploration targets in the prospective corridor.

  • Optimization of the Kassandra mines: Operations at Olympias were negatively affected in Q2 2021 as the Company progresses through the implementation of transformation efforts at its Kassandra mines. Discussions with stakeholders are ongoing and are expected to lead to a sustainable continuous improvement program as the year progresses.

  • Measures remain in place to manage the impact of the COVID-19 pandemic: The Company's mines remain fully operational and isolated cases of COVID-19 have been successfully managed. Preventing the spread of COVID-19, ensuring safe working environments across Eldorado's global sites, and preparedness should an outbreak occur, remain priorities.
(1)2020 and YTD 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(c) of our Unaudited Condensed Consolidated Interim Financial Statements.
  

“We delivered strong production this quarter driven by Kisladag and Lamaque and we continue to be on track to meet our 2021 production and cost guidance," said George Burns, President and CEO. “We ended the quarter with a cash balance of just over $410 million and are maintaining a strong liquidity position as we continue to grow our business. Our balance sheet continues to emerge as a major strength, which will enable us to fund growth and maximize the opportunities ahead of us.”

“In line with our growth strategy, we are investing capital into our operations, particularly at Kisladag and Lamaque, to deliver value from our portfolio of assets. Equally, the Kassandra mines represent a significant opportunity for the company to develop our top tier assets in Europe. In Greece, we continue to work through transformation efforts focused on increasing productivity and are actively engaged with our key stakeholders on this front.”

“With strong operational results in the first half of 2021 and numerous upcoming catalysts expected in the second half of the year, Eldorado remains well positioned for growth and value creation in the future.”


Consolidated Financial and Operational Highlights

 3 months ended June 30,6 months ended June 30,
 2021202020212020
Revenue$233.2 $255.9 $457.8 $460.6 
Gold revenue$209.5 $232.9 $405.1 $416.6 
Gold produced (oz)116,066 137,782 227,808 253,732 
Gold sold (oz)114,140 134,960 227,734 251,179 
Average realized gold price ($/oz sold) (4)$1,835 $1,726 $1,779 $1,658 
Cash operating costs ($/oz sold) (1,4)645 550 643 586 
Total cash costs ($/oz sold) (1,4)746 616 716 644 
All-in sustaining costs ($/oz sold) (1,4)1,074 859 1,030 902 
Net (loss) earnings for the period (2,5)(55.7)49.1 (43.8)46.2 
Net (loss) earnings per share – basic ($/share) (2,5)(0.31)0.29 (0.25)0.27 
Adjusted net earnings (loss) (2,3,4,5)29.3 47.2 53.9 61.7 
Adjusted net earnings (loss) per share ($/share) (2,3,4,5)0.16 0.28 0.30 0.37 
Cash flow from operating activities before changes in working capital (4)62.8 99.0 141.6 168.5 
Free cash flow (4)(36.6)63.4 (12.0)70.5 
Cash, cash equivalents and term deposits$410.7 $440.3 $410.7 $440.3 


(1)By-product revenues are off-set against cash operating costs.
(2)Attributable to shareholders of the Company.
(3)See reconciliation of net earnings (loss) to adjusted net earnings (loss) in the section 'Non-IFRS Measures' in the June 30, 2021 MD&A.
(4) These measures are non-IFRS measures. See the June 30, 2021 MD&A for explanations and discussion of these non-IFRS measures.
(5)2020 and YTD 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(c) of our Unaudited Condensed Consolidated Interim Financial Statements.
  

Gold production of 116,066 ounces decreased 16% from last year’s second quarter production of 137,782 ounces. Gold sales in Q2 2021 totalled 114,140 ounces, a decrease of 15% from 134,960 ounces sold in Q2 2020. The lower sales volume compared with the prior year primarily reflects decreases in production at Kisladag and Olympias.

Total revenue was $233.2 million in Q2 2021, a decrease from $255.9 million in Q2 2020. Total revenue was $457.8 million in the six months ended June 30, 2021, a decrease from $460.6 million in the six months ended June 30, 2020. The decreases in both three and six-month periods were due to lower sales volumes and were partially offset by higher average realized gold prices.

Cash operating costs in Q2 2021 averaged $645 per ounce sold, an increase from $550 in Q2 2020, and cash operating costs per ounce sold averaged $643 in the six months ended June 30, 2021, an increase from $586 in the six months ended June 30, 2020. Increases in both the three and six-month periods were primarily due to lower-grade ore mined and processed at Kisladag, Lamaque, and Olympias, resulting in fewer ounces produced and sold. These increases were partially offset by a modest reduction in cash operating costs per ounce sold at Efemcukuru as a result of the weakening of the Turkish Lira from Q2 2020 and a change in the structure of concentrate contracts whereby lower payable ounces are offset by the elimination of treatment charges and other deductions.

We reported net loss attributable to shareholders of $55.7 million ($0.31 loss per share) in Q2 2021, compared to net earnings of $49.1 million ($0.29 per share) in Q2 2020 and net loss of $43.8 million ($0.25 loss per share) in the six months ended June 30, 2021 compared to net earnings of $46.2 million ($0.27 per share) in the six months ended June 30, 2020. The decreases in both periods were primarily due to the $99.5M impairment loss related to the Tocantinzinho project, and also reflects lower production and sales volumes, which were partially offset by lower income tax expense.

Adjusted net earnings were $29.3 million ($0.16 per share) in Q2 2021 compared to $47.2 million ($0.28 per share) in Q2 2020. Adjusted net earnings in Q2 2021 removes, among other things, the $99.5 million impairment of the Tocantinzinho project, the $6.2 million loss on the non-cash revaluation of the derivative related to redemption options in our debt, the $5.3 million net recovery of deferred tax relating to tax rate changes in Greece and Turkey and the $7.0 million ($5.3 million net of tax) gain on sale of mining licences in Turkey.


Gold Operations

 3 months ended June 30,6 months ended June 30,
 2021202020212020
Total    
Ounces produced116,066 137,782 227,808 253,732 
Ounces sold114,140 134,960 227,734 251,179 
Cash operating costs ($/oz sold) (1,2)$645 $550 $643 $586 
All-in sustaining costs ($/oz sold) (1,2)$1,074 $859 $1,030 $902 
Sustaining capital expenditures (2)$24.2 $21.9 $44.7 $41.3 
Kisladag    
Ounces produced44,016 59,890 90,188 110,066 
Ounces sold44,049 59,917 91,555 111,517 
Cash operating costs ($/oz sold) (1,2)$529 $465 $510 $459 
All-in sustaining costs ($/oz sold) (1,2)$728 $630 $665 $606 
Sustaining capital expenditures (2)$3.7 $5.4 $6.5 $8.4 
Lamaque    
Ounces produced35,643 33,095 64,478 60,448 
Ounces sold34,677 31,964 63,755 58,692 
Cash operating costs ($/oz sold) (1,2)$658 $480 $704 $553 
All-in sustaining costs ($/oz sold) (1,2)$1,065 $796 $1,109 $908 
Sustaining capital expenditures (2)$11.0 $8.0 $20.3 $16.3 
Efemcukuru    
Ounces produced23,473 26,876 46,771 50,115 
Ounces sold23,006 25,692 47,136 48,913 
Cash operating costs ($/oz sold) (1,2)$525 $534 $525 $586 
All-in sustaining costs ($/oz sold) (1,2)$917 $807 $802 $835 
Sustaining capital expenditures (2)$3.8 $3.6 $6.3 $6.7 
Olympias    
Ounces produced12,934 17,921 26,371 33,103 
Ounces sold12,409 17,387 25,288 32,057 
Cash operating costs ($/oz sold) (1,2)$1,237 $993 $1,190 $1,086 
All-in sustaining costs ($/oz sold) (1,2)$1,893 $1,377 $1,845 $1,500 
Sustaining capital expenditures (2)$5.7 $4.9 $11.5 $9.9 


(1)By-product revenues are off-set against cash operating costs.
(2)These measures are non-IFRS measures. See the June 30, 2021 MD&A for explanations and discussion of these non-IFRS measures.
  

Kisladag

Kisladag produced 44,016 ounces of gold in Q2 2021, a decrease of 27% from 59,890 ounces in Q2 2020. The decrease was the result of a planned shift to lower-grade ore through 2021 as compared to 2020. Production was in line with expectations for the quarter and solution processing rates have increased as a result of the installation of two additional multi-stage carbon-in-column sets during Q1 2021.

Cash operating costs per ounce sold increased to $529 in Q2 2021 from $465 in Q2 2020. The increase was primarily due to lower production and sales volumes, a result of lower grade ore mined in the quarter, and was partially offset by lower costs as a result of the weakening of the Turkish Lira from Q2 2020.

AISC per ounce sold increased to $728 in Q2 2021 from $630 in Q2 2020, as a result of lower production and sales. AISC per ounce sold was positively impacted in Q2 2021 by reduced sustaining capital spending as compared to Q2 2020. Sustaining capital expenditures of $3.7 million in Q2 2021 primarily included process upgrades and mine equipment overhauls.

Lamaque

Lamaque produced 35,643 ounces of gold in Q2 2021, an 8% increase from 33,095 ounces in Q2 2020 despite a planned shift to lower-grade ore stopes. Average grade was 5.98 grams per tonne in Q2 2021 an increase from 5.17 grams per tonne in Q1 2021 but lower than 7.25 grams per tonne in Q2 2020. Grade is expected to improve at Lamaque in the second half of 2021.

Cash operating costs per ounce sold increased to $658 in Q2 2021 from $480 in Q2 2020, primarily reflecting the planned shift to lower-grade ore and were negatively impacted by a stronger Canadian dollar in the quarter as compared to Q2 2020.

AISC per ounce sold increased to $1,065 in Q2 2021 from $796 in Q2 2020 and included $11.0 million of sustaining capital expenditure related primarily to underground development, underground infrastructure improvements and tailings management.

Growth capital expenditures of $8.9 million in Q2 2021 and $16.0 million in the six months ended June 30, 2021 primarily included continued development of the decline from the Sigma mill to the Triangle mine which commenced in Q3 2020 and remains on schedule for completion in Q4 2021. Following completion, the decline is expected to reduce operating costs, reduce greenhouse gas emissions, and provide access for underground drill platforms for Ormaque, Plug 4, and other exploration targets in the prospective corridor between the Triangle underground mine and the Sigma mill.

Efemcukuru

Efemcukuru produced 23,473 ounces of gold in Q2 2021, a 13% decrease from 26,876 ounces in Q2 2020 reflecting a slight decrease in tonnes milled combined with lower average grade. Production in 2021 has also been adjusted to reflect reduced payable ounces, following a change in structure of concentrate sales contracts. The lower payable ounces under the new contracts are offset by a decrease in production costs due to the elimination of treatment charges and other deductions.

Cash operating costs per ounce sold improved to $525 in Q2 2021 from $534 in Q2 2020. Cash operating costs in Q2 2021 benefited from lower selling costs due to the change in structure of concentrate sales contracts and lower costs resulting from the weakening of the Turkish Lira. These decreases were partly offset by a decrease in average grade to 6.60 in Q2 2021 from 7.21 in Q2 2020.

AISC per ounce sold increased to $917 in Q2 2021 from $807 in Q2 2020. The increase is primarily due to higher royalty expense as a result of a 25% increase to gold royalty rates, effective from September 2020. Sustaining capital expenditure of $3.8 million in Q2 2021 primarily included underground development, resource conversion drilling and process upgrades.

Olympias

Olympias produced 12,934 ounces of gold in Q2 2021, a 28% decrease from 17,921 ounces in Q2 2020. The decrease reflected lower processing volumes in the quarter, combined with lower average gold grade. Lead, silver and zinc production was also lower in Q2 2021 as compared to Q2 2020 primarily a result of lower processing volumes, a modest increase in lead and silver average grades and a modest decrease in zinc average grade. Operations at Olympias were negatively affected in Q2 2021 by work slowdowns as the Company progresses through the implementation of transformation efforts at its Kassandra mines. Discussions with stakeholders are ongoing and are expected to lead to a sustainable continuous improvement program as the year progresses. Further improvement is underway to long range mine design and planning based on updated geotechnical guidance.

Cash operating costs per ounce sold increased to $1,237 in Q2 2021 from $993 in Q2 2020 primarily a result of decreased production and lower silver and base metal sales, which reduce cash operating costs as by-product credits.

AISC per ounce sold increased to $1,893 in Q2 2021 from $1,377 in Q2 2020 in line with higher cash operating costs and an increase in royalties following ratification of the Amended Investment Agreement in March 2021. AISC was also negatively impacted by an increase in sustaining capital expenditure to $5.7 million in Q2 2021 from $4.9 million in Q2 2020. Sustaining capital expenditure in Q2 2021 primarily included underground development, diamond drilling and tailings facility construction.

Conference Call

A conference call to discuss the details of the Company’s Q2 2021 results will be held by senior management on Friday, July 30, 2021 at 11:30 AM ET (8:30 AM PT). The call will be webcast and can be accessed at Eldorado’s website: www.eldoradogold.com and via this link: http://services.choruscall.ca/links/eldoradogold20210730.html.

Conference Call DetailsReplay (available until Sept. 3, 2021)
Date:July 30, 2021Vancouver:+1 604 638 9010
Time:11:30 AM ET (8:30 AM PT)Toll Free:1 800 319 6413
Dial in:+1 604 638 5340Access code:7013
Toll free:1 800 319 4610  


About Eldorado

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania and Brazil. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Contact

Investor Relations & Media

Lisa Wilkinson, VP, Investor Relations
604.757.2237 or 1.888.353.8166 lisa.wilkinson@eldoradogold.com

Non-IFRS Measures

Certain non-IFRS measures are included in this press release, including average realized gold price per ounce sold, cash operating costs and cash operating costs per ounce sold, total cash costs and total cash costs per ounce sold, all-in sustaining costs ("AISC") and AISC per ounce sold, adjusted net earnings/(loss), adjusted net earnings/(loss) per share, working capital, cash flow from operations before changes in non-cash working capital, earnings before interest, taxes and depreciation and amortization ("EBITDA") and adjusted earnings before interest, taxes and depreciation and amortization ("Adjusted EBITDA"), free cash flow and sustaining capital. Please see the June 30, 2021 MD&A for explanations and discussion of these non-IFRS measures. The Company believes that these measures, in addition to conventional measures prepared in accordance with International Financial Reporting Standards (“IFRS”), provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

Cautionary Note about Forward-looking Statements and Information

Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "anticipates", "believes", "budget", "continue", "expected", "expects", "forecast", "guidance", "intended", "ongoing", "opportunity", "plans", "scheduled" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: the Company’s 2021 annual guidance; plans to sell the Tocantinzinho project; construction of the decline connecting Sigma mill with the Triangle underground mine, including the timing of completion and anticipated benefits; continued drilling at the Ormaque gold resource, completion of the HPGR circuit, including the timing of completion; expected tax expense in Turkey; the optimization of Greek operations, including the benefits and risks thereof; development of the Kassandra mines, including expected benefits thereof; expected depreciation expense for 2021; our expectation as to our future financial and operating performance, including expectations concerning generating free cash flow; working capital requirements; debt repayment obligations; use of proceeds from financing activities; expected metallurgical recoveries and improved concentrate grade and quality; and risk factors affecting our business; our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities and related timelines.

Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

We have made certain assumptions about the forward-looking statements and information, including assumptions about: our preliminary gold production and our guidance, timing of construction of the decline between Sigma mill and the Triangle underground mine; results from drilling at Ormaque; benefits of the improvements at Kisladag; how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic; timing and cost of construction and exploration; the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated costs, expenses and working capital requirements; production, mineral reserves and resources and metallurgical recoveries; the impact of acquisitions, dispositions, suspensions or delays on our business; and the ability to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.

Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others: inability to meet production guidance, inability to complete construction of the decline between Triangle mill and the Triangle underground mine on time or to meet expected timing thereof, poor results from drilling at Ormaque; inability to complete improvements at Kisladag or to meeting expected timing thereof, or to achieve the benefits thereof; inability to assess taxes in Turkey or depreciation expenses; global outbreaks of infectious diseases, including COVID-19; timing and cost of construction, and the associated benefits; recoveries of gold and other metals; geopolitical and economic climate (global and local), risks related to mineral tenure and permits; gold and other commodity price volatility; information technology systems risks; continued softening of the global concentrate market; risks regarding potential and pending litigation and arbitration proceedings relating to our business, properties and operations; expected impact on reserves and the carrying value; the updating of the reserve and resource models and life of mine plans; mining operational and development risk; financing risks; foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including environmental regulatory restrictions and liability; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility and the price of our common shares; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk factors discussed in the sections titled “Forward-looking Statements and Information” and "Risk factors in our business" in the Company's most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR and EDGAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.

The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change.

Financial Information and condensed statements contained herein or attached hereto may not be suitable for readers that are unfamiliar with the Company and is not a substitute for reading the Company’s financial statements and related MD&A available on our website and on SEDAR and EDGAR under our Company name. The reader is directed to carefully review such document for a full understanding of the financial information summarized herein.

Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by Simon Hille, FAusIMM and VP Technical Services for the Company, and a "qualified person" under NI 43-101.


Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Financial Position                                  
(Unaudited – in thousands of U.S. dollars)
As at June 30, 2021 and December 31, 2020

As atNoteJune 30, 2021 December 31, 2020
ASSETS    
Current assets    
Cash and cash equivalents $409,733  $451,962 
Term deposits 1,001  59,034 
Accounts receivable and other686,234  73,216 
Inventories2(c),7170,754  164,135 
Current portion of employee benefit plan assets 5,900  5,749 
  673,622  754,096 
Restricted cash 2,662  2,097 
Other assets 17,853  39,562 
Property, plant and equipment2(c)4,051,887  4,042,199 
Goodwill 92,591  92,591 
  $4,838,615  $4,930,545 
LIABILITIES & EQUITY    
Current liabilities    
Accounts payable and accrued liabilities $152,427  $179,372 
Current portion of lease liabilities 10,274  11,297 
Current portion of debt866,667  66,667 
Current portion of asset retirement obligations 4,701  4,701 
  234,069  262,037 
Debt8359,640  434,465 
Lease liabilities 13,263  14,659 
Employee benefit plan obligations 21,654  21,974 
Asset retirement obligations 109,581  106,677 
Deferred income tax liabilities2(c)383,308  412,162 
  1,121,515  1,251,974 
Equity    
Share capital123,224,830  3,144,644 
Treasury stock (10,295) (11,452)
Contributed surplus 2,639,288  2,638,008 
Accumulated other comprehensive loss (30,297) (30,297)
Deficit2(c)(2,147,004) (2,103,205)
Total equity attributable to shareholders of the Company 3,676,522  3,637,698 
Attributable to non-controlling interests 40,578  40,873 
  3,717,100  3,678,571 
  $4,838,615  $4,930,545 
         

Subsequent events (Note 20)


Approved on behalf of the Board of Directors          

              (signed)              John Webster              Director              (signed)              George Burns              Director  

Date of approval: July 29, 2021



Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Financial Position                                  
(Unaudited – in thousands of U.S. dollars)
As at June 30, 2021 and December 31, 2020

  Three months ended Six months ended
  June 30, June 30,
 Note2021 2020 2021 2020
Revenue        
Metal sales9$233,224  $255,917  $457,842  $460,572 
         
Cost of sales        
Production costs 112,800  109,477  221,360  210,839 
Depreciation and amortization2(c)51,034  53,285  103,531  102,500 
  163,834  162,762  324,891  313,339 
         
Earnings from mine operations 69,390  93,155  132,951  147,233 
         
Exploration and evaluation expenses 7,828  2,333  11,889  5,560 
Mine standby costs102,094  5,029  3,721  9,059 
General and administrative expenses 9,779  6,157  19,924  14,444 
Employee benefit plan expense 616  766  1,365  1,457 
Share-based payments expense131,922  2,863  3,703  4,658 
Impairment of property, plant and equipment599,497    99,497   
Write-down (recovery) of assets 320  (295) (430) (92)
Foreign exchange gain (330) (1,238) (6,273) (2,000)
(Loss) earnings from operations (52,336) 77,540  (445) 114,147 
         
Other income119,636  1,356  10,314  36 
Finance costs11(15,500) (6,480) (25,838) (22,687)
(Loss) earnings from operations before income tax (58,200) 72,416  (15,969) 91,496 
         
Income tax expense2(c)146  25,243  28,533  47,822 
Net (loss) earnings for the period $(58,346) $47,173  $(44,502) $43,674 
         
Attributable to:        
Shareholders of the Company2(c)(55,737) 49,089  (43,798) 46,183 
Non-controlling interests (2,609) (1,916) (704) (2,509)
Net (loss) earnings for the period $(58,346) $47,173  $(44,502) $43,674 
         
Weighted average number of shares outstanding (thousands)        
Basic 181,599  169,867  178,086  167,524 
Diluted 181,599  173,787  178,086  171,342 
         
Net (loss) earnings per share attributable to shareholders of the Company:        
Basic (loss) earnings per share2(c)$(0.31) $0.29  $(0.25) $0.28 
Diluted (loss) earnings per share2(c)$(0.31) $0.28  $(0.25) $0.27 
                 

Eldorado Gold Corporation                                                        
Condensed Consolidated Interim Statements of Comprehensive (Loss) Income      
For the three and six months ended June 30, 2021 and 2020
(Unaudited – in thousands of U.S. dollars)

  Three months ended Six months ended
  June 30, June 30,
 Note2021 2020 2021 2020
         
Net (loss) earnings for the period2(c)$(58,346) $47,173  $(44,502) $43,674 
Other comprehensive income:        
Items that will not be reclassified to earnings or loss:        
Change in fair value of investments in equity securities, net of tax 95  1,766  (30) 898 
Actuarial gains (losses) on employee benefit plans, net of tax 64  30  30  (198)
Total other comprehensive income for the period 159  1,796    700 
Total comprehensive (loss) income for the period $(58,187) $48,969  $(44,502) $44,374 
         
Attributable to:        
Shareholders of the Company2(c)(55,578) 50,885  (43,798) 46,883 
Non-controlling interests (2,609) (1,916) (704) (2,509)
  $(58,187) $48,969  $(44,502) $44,374 
                 

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Cash Flows               
For the three and six months ended June 30, 2021 and 2020
(Unaudited – in thousands of U.S. dollars)

  Three months ended Six months ended
  June 30, June 30,
 Note2021 2020 2021 2020
Cash flows generated from (used in):        
Operating activities        
Net (loss) earnings for the period2(c)$(58,346) $47,173  $(44,502) $43,674 
Items not affecting cash:        
Depreciation and amortization2(c)51,482  53,840  104,558  103,619 
Finance costs 15,500  6,498  25,838  22,722 
Interest income (1,173) (894) (1,475) (1,283)
Unrealized foreign exchange loss (gain) 675  (512) (1,689) (3,050)
Income tax expense2(c)146  25,243  28,533  47,822 
Impairment of property, plant and equipment599,497    99,497   
(Gain) loss on disposal of assets11(98) 96  847  2,550 
Gain on disposal of mining licences11(7,046)   (7,046)  
Write-down (recovery) of assets 320  (295) (430) (92)
Share-based payments expense131,922  2,863  3,703  4,658 
Employee benefit plan expense 616  766  1,365  1,457 
  103,495  134,778  209,199  222,077 
Property reclamation payments (772) (474) (1,107) (1,000)
Employee benefit plan payments (289) (435) (521) (671)
Income taxes paid (27,517) (18,128) (52,013) (32,847)
Interest paid (13,278) (17,588) (15,483) (20,358)
Interest received 1,173  894  1,475  1,283 
Changes in non-cash working capital14(25,761) 583  (13,629) (15,587)
Net cash generated from operating activities 37,051  99,630  127,921  152,897 
         
Investing activities        
Purchase of property, plant and equipment (72,533) (37,126) (137,389) (77,608)
Acquisition of subsidiary, net of $4,311 cash received4(19,336)   (19,336)  
Proceeds from the sale of property, plant and equipment 519  683  1,669  705 
Proceeds from sale of mining licences115,000    5,000   
Value added taxes related to mineral property expenditures, net (1,631) 168  (4,199) (5,483)
Decrease (increase) in term deposits 1,904  49,964  58,034  (1,561)
(Increase) decrease in restricted cash (31) (77) (104) 1,097 
Net cash (used in) generated from investing activities (86,108) 13,612  (96,325) (82,850)
         
Financing activities        
Issuance of common shares, net of issuance costs 2,300  60,243  14,134  87,079 
Acquisition of non-controlling interest   (7,500)   (7,500)
Contributions from non-controlling interests 85  301  409  301 
Proceeds from (repayment of) revolving credit facility8(50,000)   (50,000) 150,000 
Repayment of term loan8(22,233) (33,333) (33,333) (33,333)
Principal portion of lease liabilities (2,265) (2,499) (5,035) (5,033)
Purchase of treasury stock   (3,679)   (3,679)
Net cash (used in) generated from financing activities  (72,113) 13,533  (73,825) 187,835 
         
Net (decrease) increase in cash and cash equivalents (121,170) 126,775  (42,229) 257,882 
Cash and cash equivalents - beginning of period 530,903  308,780  451,962  177,742 
Cash in disposal group held for sale   (86)   (155)
Cash and cash equivalents - end of period  $409,733  $435,469  $409,733  $435,469 
                 

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Changes in Equity    
For the three and six months ended June 30, 2021 and 2020
(Unaudited – in thousands of U.S. dollars)

 Three months ended Six months ended
 June 30, June 30,
 2021 2020 2021 2020
Share capital       
Balance beginning of period$3,157,117  $3,075,100  $3,144,644  $3,054,563 
Shares issued upon exercise of share options, for cash681  1,392  1,398  1,816 
Shares issued upon exercise of performance share units1,172    1,172   
Transfer of contributed surplus on exercise of options263  560  548  730 
Shares issued on acquisition of subsidiary (Note 4)65,647    65,647   
Shares issued to the public, net of share issuance costs(50) 58,903  11,421  78,846 
Balance end of period$3,224,830  $3,135,955  $3,224,830  $3,135,955 
        
Treasury stock       
Balance beginning of period$(10,879) $(8,314) $(11,452) $(8,662)
Purchase of treasury stock  (3,679)   (3,679)
Shares redeemed upon exercise of restricted share units584  406  1,157  754 
Balance end of period$(10,295) $(11,587) $(10,295) $(11,587)
        
Contributed surplus       
Balance beginning of period$2,639,067  $2,628,820  $2,638,008  $2,627,441 
Share-based payments2,240  2,221  4,157  4,118 
Acquisition of non-controlling interest  4,171    4,171 
Shares redeemed upon exercise of restricted share units(584) (406) (1,157) (754)
Shares redeemed upon exercise of performance share units(1,172)   (1,172)  
Transfer to share capital on exercise of options(263) (560) (548) (730)
Balance end of period$2,639,288  $2,634,246  $2,639,288  $2,634,246 
        
Accumulated other comprehensive loss       
Balance beginning of period$(30,456) $(30,062) $(30,297) $(28,966)
Other comprehensive income for the period159  1,796    700 
Balance end of period$(30,297) $(28,266) $(30,297) $(28,266)
        
Deficit       
Balance beginning of period$(2,091,267) $(2,230,904) $(2,103,206) $(2,227,998)
(Loss) earnings attributable to shareholders of the Company (Note 2(c))(55,737) 49,089  (43,798) 46,183 
Balance end of period$(2,147,004) $(2,181,815) $(2,147,004) $(2,181,815)
Total equity attributable to shareholders of the Company$3,676,522  $3,548,533  $3,676,522  $3,548,533 
        
Non-controlling interests       
Balance beginning of period$43,102  $58,711  $40,873  $59,304 
Loss attributable to non-controlling interests(2,609) (1,916) (704) (2,509)
Acquisition of non-controlling interest  (11,672)   (11,672)
Contributions from non-controlling interests85  301  409  301 
Balance end of period$40,578  $45,424  $40,578  $45,424 
Total equity$3,717,100  $3,593,957  $3,717,100  $3,593,957 

Today’s News

Falcon’s Phase 2 at Spitfire – Sunny Boy Has Commenced

VANCOUVER, BC / ACCESSWIRE / September 22, 2021 / FALCON GOLD CORP. (TSXV:FG)(FRA:3FA)(OTCQB:FGLDF); ("Falcon" or the "Company") is pleased to announce…

Share this article:

VANCOUVER, BC / ACCESSWIRE / September 22, 2021 / FALCON GOLD CORP. (TSXV:FG)(FRA:3FA)(OTCQB:FGLDF); ("Falcon" or the "Company") is pleased to announce an exploration crew have been sent to the high-grade Spitfire-Sunny Boy Project (the "Property") near Merritt, B.C. The Company's first phase announced September 2020 was successful in identifying gold mineralization over a 300m strike length. The Company's second phase is a more aggressive follow up utilizing pack-sack drilling along the Master Vein and parallel mineralized horizons. Highlights of the September 2020 sampling program was a 2.2m channel sample that averaged 59.8 g/t Au which included a 1m channel sample that assayed 122 g/t Au on the Master Vein. Additional highlights are tabled below.

Table of selected assay results from the Spitfire & Sunny Boy Claims 2020 sampling program.

Station ID

Sample #

Sample Type

Width

Assay

Assay

Location

   

(m)

(g/t Au)

(oz/t Au)

 
CH20-01-01

467712

Channel

1.0

122.00

3.56

Master Vein
CH20-01-02

467713

Channel

1.2

7.99

0.23

Quartz stringers
CH20-02-01

467714

Channel

1.0

11.40

0.33

Master Vein
Cliff Vein

467716

Grab

n/a

22.80

0.67

Cliff Vein

The Sunny Boy Project consists of parallel low sulphidation epithermal gold bearing veins. A new potential vein structure, the Cliff Vein, was discovered down slope from the Master Vein, approximately 25 meters lower in elevation. A grab sample of the Cliff vein assayed up to 22.8 g/t Au. To date 5 parallel vein systems have been recorded on the Property. Grab samples are selected samples and not necessarily representative of the mineralization hosted on the property.

Karim Rayani, Chief Executive Officer commented, "We are thrilled to finally send exploration crews to follow up on our original findings from last year. We believe the nature of the veining conforms to a low sulfidation epithermal deposit type model that could host world class gold grades. Our initial phase confirmed the potential of bonanza type gold mineralization. The second phase is a more aggressive follow up testing the vein systems along strike, near surface using shallow drilling. Multiple veins were identified in 2020 and we aim to verify and confirm their high-grade nature along exposed strike lengths."

The Spitfire and Sunny Boy Project

The first recorded discoveries were made on the Spitfire & Sonny Boy claims in 1908, which is currently located in the north-east portion of the property claim block. Most of the early exploration focused on quartz veins that hosted gold, copper and silver. High grade gold values have been reported up to 127 g/t Au and 309 to 514 g/t silver ("Ag") in quartz vein material from underground workings by Quilchena Mining and Development Company Ltd. The high-grade veins have been trenched, pitted, blasted, and drilled but have never been commercially mined. The main showing, Master Vein and hosts high-grade gold mineralization up to 50.53 oz/t as sampled by Ken Sanders, P. Eng in 1974. To the south-west of the Sunny Boy Zone in an area referred to as the "AL" showing soil geochemistry, geophysics (magnetometer/VLF), trenching, sampling and diamond drilling have been performed on the mineralized veins. The best drill result was reportedly 3.77 g/t Au, 0.24 % copper, and 32.9 g/t Ag over 13.4 meters.

The Spitfire & Sunny Boy discovery has been referred to as an epithermal gold deposit by past operators. The gold zones are hosted within the Quesnellia terrane, characterized by submarine volcanic and volcaniclastic rocks of the Nicola group to the south and the Takla group in the north. The gold mineralization and geological setting of the project bear strong similarities to other developed projects in the region such as the epithermal gold deposits, Prospect Valley and Shovelnose, currently being explored by Westhaven Ventures Inc. (Figure 1).

Figure 1. Regional location of the Spitfire-Sunny Boy Project.

Qualified Person

The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP and the Company has not completed sufficient work to verify the historic information on the properties comprising the Spitfire-Sunny Boy Property, particularly regarding historical exploration, neighbouring companies, and government geological work.

About Falcon Gold Corp.

Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Falcon's flagship project, the Central Canada Gold Mine, is approximately 20 km southeast of Agnico Eagle's Hammond Reef Gold Deposit which has currently estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold) mineral reserves, and 2.3 million ounces of measured and indicated mineral resources (133.4 million tonnes grading 0.54 g/t gold). The Hammond Reef gold property lies on the Hammond shear zone, which is a northeast-trending splay off of the Quetico Fault Zone ("QFZ") and may be the control for the gold deposit. The Central Gold property lies on a similar major northeast-trending splay of the QFZ.

The Company holds 7 additional projects. The Springpole West Property in the world-renowned Red Lake mining camp; a 49% interest in the Burton Gold property with Iamgold near Sudbury Ontario; and in B.C., the Spitfire-Sunny Boy, Gaspard Gold claims; and most recently the Great Burnt, Hope Brook, and Baie Verte acquisitions adjacent to First Mining, Sokoman-Benton's JV, and Marvel Discovery in Central Newfoundland.

CONTACT INFORMATION:

Falcon Gold Corp.

"Karim Rayani"

Karim Rayani 
Chief Executive Officer, Director
Telephone: (604) 716-0551
Email: info@falcongold.ca

Cautionary Language and Forward-Looking Statements

This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Falcon Gold Corp.



View source version on accesswire.com:
https://www.accesswire.com/665086/Falcons-Phase-2-at-Spitfire--Sunny-Boy-Has-Commenced

Continue Reading

Today’s News

Golden Dawn Mobilizing Diamond Drill to Lexington Property

Historic Mining Camp Greenwood, BCVANCOUVER, BC / ACCESSWIRE / September 22, 2021 / Golden Dawn Minerals Inc., (TSXV:GOM)(FRA:3G8C)(OTC PINK:GDMRD), ("Golden…

Share this article:

Historic Mining Camp Greenwood, BC

VANCOUVER, BC / ACCESSWIRE / September 22, 2021 / Golden Dawn Minerals Inc., (TSXV:GOM)(FRA:3G8C)(OTC PINK:GDMRD), ("Golden Dawn" or the "Company"), announces that it is starting to mobilize crews and equipment for drilling the Lexington Property at the Greenwood Precious Metals project in southeastern BC.

Photo of drilling equipment being mobilized.

Golden Dawn is mobilizing crews and equipment to initiate diamond drilling at the Lexington property. Drilling is expected to commence within a few days. The first holes will be located close to the Lexington Mine permit area where there is potential to extend the mineralized zones northwest of the mine. Later drilling will be located southeast of the mine where historic drill intercepts indicate significant copper-gold mineralization along the No. 7 fault zone within which the Lexington deposit occurs.

Map of the Greenwood Precious Metal Project showing the Lexington property (bottom center).

Map showing the No. 7 fault trend of mines and historic intercepts around the Lexington mine.

Readers are cautioned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.

Technical disclosure in this news release has been approved by Dr. Mathew Ball, P.Geo., President of the Company and a Qualified Person as defined by National Instrument 43-101,

For more details, please see the most recent National Instrument 43-101 Technical Report on the Company's website at www.goldendawnminerals.com.

On behalf of the Board of Directors:

GOLDEN DAWN MINERALS INC.

Per: "Christopher R. Anderson"
Christopher R. Anderson CEO

For further information, please contact:

Golden Dawn Minerals Inc. - Corporate Communications:
Tel: 604-221-8936
Email: Office@goldendawnminerals.com

Forward-Looking Statement Cautions: This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, preliminary plans for a consolidation of the Company's Shares. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange will not approve the proposed share consolidation, and that the Company may not be able to raise sufficient additional capital to continue its business. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company's securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

SOURCE: Golden Dawn Minerals Inc.



View source version on accesswire.com:
https://www.accesswire.com/665085/Golden-Dawn-Mobilizing-Diamond-Drill-to-Lexington-Property

Continue Reading

Today’s News

St. James Gold Corp. (TSXV: LORD) Update on 2021 Drilling Campaign at the Florin Project, Yukon Territory, Canada

Drilling focused on expanding the 2.47Moz gold inferred mineral resource at the Florin ProjectSeven out of 18 planned 2021 campaign coring holes drilled…

Share this article:

  • Drilling focused on expanding the 2.47Moz gold inferred mineral resource at the Florin Project
  • Seven out of 18 planned 2021 campaign coring holes drilled so far
  • Logging shows potential mineralization comparable to logs from previous campaigns
  • Field team locates two historic high-grade adit workings on the property

Vancouver, British Columbia, Sept. 22, 2021 (GLOBE NEWSWIRE) -- St. James Gold Corp. (the “Company”) (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) is pleased to announce that the 2021 campaign has been directed towards drilling further mineralization in order to increase the overall 2.47Moz gold inferred resource (2.47-million-ounce inferred gold resource (170,993,000 tonnes grading 0.45g/t Au with a 0.30g/t Au cut-off) at the Florin Project in the Yukon.

The program has focused on areas adjacent to the existing inferred resource in areas where anomalous gold results have been returned from soil sampling in previous seasons.

In spite of only having a week in which to mobilize, late in the field season, the team at Florin have managed to drill 1,275m in seven holes so far, with platforms prepared for another 11 holes in the immediate area of the inferred resource.

Assay results are not expected for several weeks. The summary logs from all these holes describe intervals of fine-grained sulphides hosted in intrusive and meta-sedimentary rocks, typical of the known, mineralized lithologies in the project. Any holes that remain undrilled this season will be prioritized when the field season re-opens in Q2, next year.

In parallel, a prospecting drive has started to map sites of historic artisanal mining identified next to dumps that have yielded gold-bearing grab samples. These areas are under investigation to better understand the mechanisms that concentrate higher grades of mineralization in and around the Florin intrusive.

In the meantime, satellite imagery has been ordered to guide prospecting, mapping and sampling in order to better understand the distribution of mineralization in and around the Florin intrusion.

CEO George Drazenovic, commented: “We are pleased with the start-up progress on the Q3 2021 core drilling campaign at the Florin Project which is targeting areas adjacent to known gold mineralization with the intention of adding ounces to the existing inferred Resource figure of 2.47Moz Au. The prospecting campaign being undertaken in tandem aims to identify new areas of mineralization which will be the target of future drill campaigns along with the West and Treadwell Zones. In the background, we welcome the ongoing support of Resource Geologist Trevor Rabb at Equity Exploration Consultants Ltd. who is consolidating the existing database, ready to include upcoming assay results from this season’s drill campaign”.

The technical information included in this news release has been prepared, supervised, and approved by Dr. Stewart A Jackson, a Qualified Person under National Instrument 43-101, and technical advisor to the Company.

For more corporate information please visit: http://stjamesgold.com/

For further information, please contact:
George Drazenovic, Chief Executive Officer
Tel: 1 (800) 278-2152
Email: info@stjamesgold.com

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements”). Forward looking statements in this news release relate to, among other things: completion of the Offering; the timing and size of the Offering; the timing and receipt of approval from the TSXV for the Offering; the expected use of the net proceeds of the Offering and all other statements that are not historical facts, particularly statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance of the Company. Often, but not always, forward-looking statements can be identified through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”. Forward-looking statements contained in this news release are made based on reasonable estimates and assumptions made by management of the Company at the relevant time in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate and reasonable in the circumstances. Forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update any such forward-looking statements as a result of new information or if management’s beliefs, estimates, assumptions or opinions change, except as required by law. 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.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors, many of which are beyond the Company’s control, which could cause actual results, performance, achievements, and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors outlined in the Company’s Annual Information Form dated July 26, 2021 (the “AIF”) filed under the Company’s profile on SEDAR at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in its AIF on SEDAR are not exhaustive and other factors could materially affect its results.

New factors emerge from time to time, and it is not possible for the Company to consider all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Attachments


Continue Reading

Trending