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G Mining Ventures Exercises Early Buydown of Royalty on Tocantinzinho Project

All amounts are in USD unless stated otherwiseBROSSARD, QC / ACCESSWIRE / November 24, 2021 / G Mining Ventures Corp. (" GMIN " or the " Corporation ")…

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All amounts are in USD unless stated otherwise

BROSSARD, QC / ACCESSWIRE / November 24, 2021 / G Mining Ventures Corp. (“ GMIN ” or the “ Corporation “) is exercising its right to buydown 1.0% of the total 3.5% net smelter return royalty (“ NSR “) held on its Tocantinzinho Gold Project (the “ Project “), resulting in a NSR of 2.5% (the “ First Buydown Right “). In consideration for the First Buydown Right, the Corporation will make a cash payment of $2.0 million to the original royalty holders pursuant to the agreement dating back to 2003, as subsequently amended (the “ Original Royalty Holders “). The buydown of the NSR provides increased exposure to the Project’s exploration potential, while reducing the projected operating costs.

Furthermore, the royalty agreement permits the Corporation to repurchase and cancel a further 1.0% of the NSR by making an additional $3.5 million cash payment within 30 days of a construction decision, which is also payable to the Original Royalty Holders.

Louis-Pierre Gignac, President & CEO of GMIN, commented : “We view the first $2.0 million buydown for 1.0% of the NSR as a highly accretive transaction to GMIN’s shareholders based on the modelling and economics as presented in the existing feasibility study completed in 2019 i , as well as the recent market transactions of the NSR completed this year. When presented with the right to reduce the effective NSR to 2.5%, we were eager to take advantage of this opportunity to further improve the economics and value of our Project. Post buydown, GMIN remains well capitalized to update the Project’s feasibility study and meet its target of advancing the Project to a construction decision for H2-22.”

Timetable and Next Steps

Over the next 12 months, GMIN will be focused on the following activities:

  • Completion of a 10,000 meter exploration and drilling program (Q4-21 through Q1-22) ii ;
  • Completion of project optimization studies and detailed engineering (Q4-21 through Q4-22);
  • Completion of an updated 43-101 feasibility study (Q1-22);
  • Commencement of onsite early works activities to support infrastructure and allow for rapid start of construction activities (Q2-22 through Q3-22);
  • Finalization of a comprehensive project finance facility to fund construction (H1-22); and
  • Positive construction decision (H2-22).

About G Mining Ventures Corp.

G Mining Ventures Corp. (TSXV:GMIN) is a mineral exploration company engaged in the acquisition, exploration and development of precious metal projects. Its flagship asset, the permitted Tocantinzinho Project, is located in Para State, Brazil. Tocantinzinho is an open-pit gold deposit containing 1.8 million ounces of reserves at 1.4 g/t. The deposit is open at depth, and the underexplored 688km 2 land package presents additional exploration potential.

Additional Information
For further information on GMIN, please visit the website at www.gminingventures.com or contact:

Dušan Petković
Vice President, Corporate Development & Investor Relations
647.728.4176
[email protected]

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 press release.

Cautionary Statement on Forward-Looking Information

All statements, other than statements of historical fact, contained in this press release constitute “forward-looking information” and “forward-looking statements” within the meaning of certain securities laws and are based on expectations and projections as of the date of this press release. Forward-looking statements contained in this press release include, without limitation, those related to:

  • The $2.0 million buydown’s positive impact on the Project’s economics and value, notably its operating costs and the resulting increased exposure to exploration potential;
  • The $2.0 million buydown being a highly accretive transaction to GMIN shareholders;
  • The filing of an updated 43-101 technical report in Q1-22;
  • The eventual positive construction decision for H2-22 and its potential exercise of its second buydown right;
  • More generally, the above section entitled “Timetable and Next Steps”;
  • The Project’s stage of advancement and permitting status, and the deposit being open at depth; and
  • The Project’s additional exploration potential from the “underexplored” land package.

Forward-looking statements are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Such assumptions include, without limitation, the items listed on the above section entitled “Timetable and Next Steps”.

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that the Corporation will make a positive construction decision in H2-22, will exercise its right to a second buydown and will bring the Project into commercial production, as future events could differ materially what is currently anticipated by the Corporation.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in the Corporation’s other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the relevant section of the Corporation’s Management Discussion & Analysis. The Corporation cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time to time. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

[i] Feasibility study technical report entitled “Technical Report Tocantinzinho Project Brazil” effective date of June 21, 2019, filed on SEDAR by Eldorado Gold Corporation on August 9, 2019.

[ii] Detailed in the Corporation’s press release dated November 8, 2021.

SOURCE: G Mining Ventures Corp.

View source version on accesswire.com:
https://www.accesswire.com/674523/G-Mining-Ventures-Exercises-Early-Buydown-of-Royalty-on-Tocantinzinho-Project





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Brascan Enters into Option Agreement to Acquire Black Cat Property

Vancouver, British Columbia–(Newsfile Corp. – December 7, 2021) – Brascan Gold Inc. (CSE: BRAS) ("Brascan" or the "Company") is pleased to announce that…

Vancouver, British Columbia–(Newsfile Corp. – December 7, 2021) – Brascan Gold Inc. (CSE: BRAS) (“Brascan” or the “Company“) is pleased to announce that it has entered into an option agreement (the “Agreement“) with Jason Flight, Wayne Hurley, Kenneth Lewis, Garland Rice, Peter Hurley and Daniel Jacobs (collectively, the “Optionors“) to acquire a 100% interest in the Black Cat property located 40 km south of the town of Baie Verte, Newfoundland (the “Property“). The Property contains 56 mineral claims and has two licences. The Property is near Brascan’s Middle Arm Fault property, which Brascan optioned on November 4, 2021. The Property is accessible by road and is within 100 km of the Nugget gold/copper milling facility. The option claims are near the northern boundary of Maritime Resources Corp.‘s Whisker Valley project, and Maritime’s past-producer Hammerdown gold deposit, which is described in some detail in Maritime’s PEA (McCracken et al., 2020).[1]

The province of Newfoundland and Labrador is ranked among the top 10 mining jurisdictions world-wide by the Fraser Institute. The Baie Verte district in northwestern Newfoundland boasts excellent infrastructure reflecting its long mining history including a skilled workforce, a deep water port facility at Pine Cove, gold milling facilities at Pine Cove and Nugget Pond, a local assay laboratory, local mining and drilling contractors, high power transmission lines, a regional airport (100 km from the community of Baie Verte) and local hospitals, schools, hotels and supplies.

The Property covers a portion of the regionally significant Middle Arm Fault, which extends more than 15 km to the southwest, where it is spatially associated with several gold showings, as reported on the Newfoundland and Labrador Geoscience Atlas (https://geoatlas.gov.nl.ca/Default.htm). An initial round of sampling on the Property in 2020 resulted in 17 of 35 samples having the sulphite content of the quartz veins similar to the nearby Whisker Valley property. Given the strong gold content in the soil and till anomalies, it is likely that gold exists near the surface and within the mineralized quartz vein system of the Property.

Pursuant to the Agreement, the Company may acquire a 100% interest in the Property by: (i) making an aggregate cash payment to the Optionors of $168,000; (ii) issuing an aggregate of 670,000 common shares of the Company to the Optionors; and (iii) incurring an aggregate of $725,000 in exploration expenditures on the Property all prior to the fourth anniversary of the date of the Agreement. The share issuances, cash payments and exploration commitments gradually increase over the term of the Agreement. The Optionors will retain a 2.5% net smelter royalty, 1.5% of which may be purchased by Brascan for $2,000,000.

Qualified Person

Harrison Kookenboo, Ph.D., P.Geo. and a qualified person by the standards of Canadian National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein.

About the Company

The Company is a gold exploration issuer based in Vancouver, BC. The Company holds an option over the Vulcan Property, located in the Fort Steele Mining Division in southeastern BC and the Middle Arm Fault and Black Cat properties, located 30 km. and 40 km. south, respectively, of the town of Baie Verte, Newfoundland.

For more information, investors should review the Company’s filings that are available at www.sedar.com.

Contact Information

Balbir Johal
Director
Telephone: 604 812 1747
Email: [email protected]

Forward-Looking Statements

This news release contains certain forward-looking statements that are “forward looking information” within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the share issuances, the cash payments and the exploration expenditures, the viability of exploration at the Property and the NSR are “forward-looking information”. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

[1] https://www.maritimeresourcescorp.com/site/assets/files/5013/hammerdown_pea_technical_report_4-15-20.pdf

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107033





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Results of the Shareholders Meeting

VAL-D’OR, Québec, Dec. 07, 2021 (GLOBE NEWSWIRE) — Pershimex Resources Corporation (“Pershimex” or the “Corporation”) (TSX Ventures: PRO)…

VAL-D’OR, Québec, Dec. 07, 2021 (GLOBE NEWSWIRE) — Pershimex Resources Corporation (“Pershimex” or the “Corporation”) (TSX Ventures: PRO) is pleased to announce the results of its annual and special meeting of shareholders held on December 3, 2021. The shareholders approved, by a majority of votes, a resolution to elect the following directors: Loïc Bureau, Roger Bureau, Robert Gagnon and Serge M. Racine. Also, the shareholders, by a majority of votes, proceeded with the appointment of Raymond Chabot Grant Thornton LLP as auditors of the Corporation and approved the continuation of the 10% rolling stock option plan.

For more information, please contact:

Robert Gagnon, President

Tel.:        (819) 825-2303

Warning

The TSX Venture Exchange and its regulatory services provider (as is attributed to this term in the policies of the TSX Venture Exchange) assume no responsibility for the relevance or accuracy of the information contained in this press release.



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Ultra Resources Inc. Closes First Tranche of Private Placement for Gross Proceeds of C$3.6 Million

VANCOUVER, British Columbia, Dec. 07, 2021 (GLOBE NEWSWIRE) — Ultra Resources Inc. (TSX-V: ULT) (“Ultra Resources” or the "Company") is pleased…

VANCOUVER, British Columbia, Dec. 07, 2021 (GLOBE NEWSWIRE) — Ultra Resources Inc. (TSX-V: ULT) (“Ultra Resources” or the “Company”) is pleased to announce that it has closed the first tranche of its previously announced private placement (the “Private Placement”) for gross proceeds of C$3,626,899. The Company sold 7,005,148 flow-through units of the Company (each, a “FT Unit”) at a price of C$0.165 per FT Unit for gross proceeds of C$1,155,849 from the sale of FT Units, and 16,473,667 non-flow-through units of the Company (each, an “NFT Unit”) at a price of C$0.15 per NFT Unit for gross proceeds of C$2,471,050 from the sale of NFT Units.

Each FT Unit consists of one (1) common share of the Company issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share”), and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each NFT Unit consists of one common share of the Company (each, a “NFT Share”) and one half of one Warrant. Each Warrant will entitle the holder thereof to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.25 per share for a period of twelve (12) months from their date of issue.

Proceeds from the sale of NFT Units will be used to fund the exploration of the Company’s Argentine and Ontario properties and for general working capital purposes.

Proceeds from the sale of FT Units will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Tax Act and “flow-through mining expenditures” as defined in subsection 127(9) of the Tax Act (“Qualifying Expenditures“). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2021, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares. Proceeds from the Offering will be used for to fund eligible exploration expenditures of the Company’s Georgia Lake and Forgan Lake projects in north-western Ontario.

Finder’s fees of C$242,889.46 were paid and 660,227 finder’s warrants were issued in connection with the Private Placement. Each finder’s warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of $0.25 for a period of twelve (12) months from the date of issuance. All securities issued in connection with the Private Placement are subject to a statutory hold period expiring four months and one day from issuance under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The private placement is subject to final approval by the TSX Venture Exchange.

The securities issued under the Private Placement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act“), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

ON BEHALF OF THE BOARD OF DIRECTORS

“Kiki Smith”
Kiki Smith, CFO

Ultra Resources is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets. The Company holds a brine lithium property in Argentina, and hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada. The Company also holds other gold and base metals properties in Argentina.

FOR FURTHER INFORMATION CONTACT:
For further information, please contact the Company at:
Attention: Kiki Smith
Telephone: 778 968-1176
Email: [email protected]
Website: www.ultraresourcesinc.com
or view the Company’s filings at www.SEDAR.com.

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

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







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