Connect with us

Today’s News

CoTec Appoints Ex Rio Tinto CEO, Tom Albanese, as Non-Executive Director

VANCOUVER, BC / ACCESSWIRE / October 27, 2021 / Cotec Holdings Corp. (TSX-V:CTH.H) ("CoTec" or the "Company") is pleased to announce that Mr. Tom Albanese…

Published

on

VANCOUVER, BC / ACCESSWIRE / October 27, 2021 / Cotec Holdings Corp. (TSX-V:CTH.H) (“CoTec” or the “Company”) is pleased to announce that Mr. Tom Albanese has been appointed Non-Executive Director of the Company with immediate effect.

Mr. Albanese previously served as Chief Executive Officer of Rio Tinto plc from 2007 to 2013 and as Chief Executive Officer and Director of Vedanta Resources plc and Vedanta Limited from 2014 to 2017. He currently serves as Lead Independent Director of Nevada Copper Corp and as non-executive director of Franco-Nevada Corporation and previously served on the Board of Directors of Ivanhoe Mines Limited, Palabora Mining Company and Turquoise Hill Resources Limited. He holds a Master of Science degree in Mining Engineering and a Bachelor of Science degree in Mineral Economics both from the University of Alaska Fairbanks.

Mr. Julian Treger, CEO designate commented; “Tom’s vast experience operating at the highest level in the mineral extraction industry provides him with unique insight into the challenges and opportunities facing the industry. Through his circa 40 year career in the industry, Tom has become familiar with many technologies and given his experience and network will be a good source of opportunities and sage advice for Cotec.

Attracting top talent such as Tom to our Board is further testimony to the investment case underlying our strategy and we are looking forward to working with him as we convert our vision into shareholder value.”

Mr. Tom Albanese commented: “CoTec’s visionary strategy addresses one of the key challenges facing our industry. I welcome the opportunity to join the CoTec Board at this exciting time of the Company’s evolution and to work with Julian and his team as they take the Company to the next level.”

About CoTec Holdings Corp.

CoTec Holdings Corp. is publicly traded mining issuer currently listed on the NEX Board of the TSXV.

For further information, please contact:

CoTec Holdings Corp.
Attention: Braam Jonker
Phone: 604-992-5600

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.

Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release may constitute “forward-looking information” within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements in this release, including without limitation, statements pertaining to the Company’s proposed change of focus to the commodities technology industry, are subject to numerous risks, uncertainties and other factors that may cause future events to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, without limitation, sourcing and negotiating contracts for new opportunities, financing risks and delays in obtaining or inability to obtain required regulatory approvals. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims 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 law.

SOURCE: CoTec Holdings Corp.

View source version on accesswire.com:
https://www.accesswire.com/669866/CoTec-Appoints-Ex-Rio-Tinto-CEO-Tom-Albanese-as-Non-Executive-Director





franco-nevada corporation

Today’s News

Galantas Reports Financial Results For The Quarter Ended September 30, 2021

TORONTO, Nov. 30, 2021 (GLOBE NEWSWIRE) — Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased…

TORONTO, Nov. 30, 2021 (GLOBE NEWSWIRE) — Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce its unaudited financial results for the quarter ended September 30, 2021.

Financial Highlights

Highlights of the third quarter 2021 results are summarized below. All figures are in Canadian dollars unless otherwise stated.

All figures denominated in Canadian Dollars (CDN$) Quarter Ended
September 30
 Nine Months Ended
September 30
    2021      2020     2021      2020  
Revenue $ 0   $ 0   $ 0   $ 0  
Cost and expenses of operations $ (74,462)   $ (35,658)   $ (181,943)   $ (102,733)  
Loss before the undernoted $ (74,462)   $ (35,658)   $ (181,943)   $ (102,733)  
Depreciation $ (89,151)   $ (80,213)   $ (248,304)   $ (253,331)  
General administrative expenses  $ (914,174)   $ (597,315)   $ (4,138,326)   $ (1,904,810)  
Foreign exchange (loss) / gain $ (95,489)   $ (63,770)   $ (133,234)   $ (11,462)  
Net Loss for the period $ (1,173,276)   $ (776,956)   $ (4,701,807)   $ (2,249,412)  
Working Capital Surplus / (Deficit) $ 2,454,581   $ (7,936,041)   $ 2,454,581   $ (7,936,041)  
Cash profit / (loss) from operating activities before changes in non-cash working capital $ (1,116,243)   $ (359,304)   $ (612,154)   $ (1,007,785)  
Cash at September 30, 2021 $ 3,881,674   $ 638,433   $ 3,881,674   $ 638,433  

Sales revenue for the quarter ended September 30, 2021 amounted to $Nil compared to revenue of $Nil for the quarter ended September 30, 2020. Shipments of concentrate commenced during the third quarter of 2019. Concentrate sales provisional revenues totalled US$329,000 for the third quarter of 2021 compared to US$690,000 for the third quarter of 2020. Until the mine commences commercial production, the net proceeds from concentrate sales are being offset against development assets.

The net loss for the quarter ended September 30, 2021 amounted to $1,173,276 (2020: $776,956) and the cash inflow from operating activities before changes in non-cash working capital for the quarter ended September 30, 2021 amounted to $(1,116,243 (2020: $(359,304)). The difference in the net loss is mainly due to stock based compensation and additional investor relations costs and marketing activities.

The Company had a cash balance of $3,881,674 at September 30, 2021 compared to $638,433 at September 30, 2020. The working capital surplus at September 30, 2021 amounted to $2,454,581 compared to a working capital deficit of $7,700,406 at June 30, 2020. 

Exploration

The Company, during the month of July, began an initial 4,000-metre Phase 1 drill program targeting the Joshua Vein from surface, and targeting the Kearney Vein with underground drilling.

On November 24, 2021, Galantas announced results for the second underground hole in this drilling program. The highlights of this drilling program are detailed in the release and include a significant intercept of 26.7 g/t gold over 2.9 metres on the Kearney vein system. On October 12, 2021, Galantas announced initial drill results which included an intercept of 17.7 g/t gold over 2.5 metres.

Mine Development

Safety is a high priority and the Company continued to invest in safety-related training and infrastructure. The zero lost-time accident rate since the start of underground operations continues. Environmental monitoring demonstrates a high level of regulatory compliance. With the new management and operations team in place, detailed review of mine plans and production profile are ongoing.

Mario Stifano, CEO of Galantas, commented: “The Company has made great strides in advancing the Omagh Project with the commencement of drilling to increase the confidence of resources for mine planning while also looking to expand known resources. Operationally, the Company has secured critical new mining equipment to support mining activities while strengthening the site management and operations team as we commence a phased restart of operations early in the new year.”

The detailed results and Management Discussion and Analysis (MD&A) are available on www.sedar.com and www.galantas.com, and the highlights in this release should be read in conjunction with the detailed results and MD&A. The MD&A provides an analysis of comparisons with previous periods, trends affecting the business and risk factors.

Qualified Person

The financial components of this disclosure has been reviewed by Alan Buckley (Chief Financial Officer) and the production and permitting components by Brendan Morris (Chief Operating Officer), qualified persons under the meaning of NI 43-101. The information is based upon local production and financial data prepared under their supervision.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS:

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including revenues and cost estimates, for the Omagh Gold project. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Galantas believes are appropriate in the circumstances. Many factors could cause Galantas’ actual results, the performance or achievements to differ materially from those expressed or implied by the forward looking statements or strategy, including: gold price volatility; discrepancies between actual and estimated production, actual and estimated metallurgical recoveries and throughputs; mining operational risk, geological uncertainties; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of or availability of key employees; additional funding requirements; uncertainties regarding planning and other permitting issues; and defective title to mineral claims or property. These factors and others that could affect Galantas’s forward-looking statements are discussed in greater detail in the section entitled “Risk Factors” in Galantas’ Management Discussion & Analysis of the financial statements of Galantas and elsewhere in documents filed from time to time with the Canadian provincial securities regulators and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.

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.

Information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries

Galantas Gold Corporation
Mario Stifano, Chief Executive Officer
Email: [email protected] 
Website: www.galantas.com 
Telephone: +44 (0)28 8224 1100

Grant Thornton UK LLP (AIM Nomad)
Philip Secrett, Harrison Clarke, George Grainger
Telephone: +44(0)20 7383 5100

Panmure Gordon & Co (AIM Broker & Corporate Adviser)
John Prior, Hugh Rich
Telephone: +44(0)20 7886 2500







galantas gold corporation

Author: Author

Continue Reading

Today’s News

Monument Reports First Quarter Fiscal 2022 (“Q1 FY2022”) Results

Gross Revenue of $2.38 Million and Cash Cost of US$1,430/OzVANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) — Monument Mining Limited (TSX-V:…

Gross Revenue of $2.38 Million and Cash Cost of US$1,430/Oz

VANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) — Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced its first quarter of fiscal 2022 production and financial results for the three months ended September 30, 2021. All amounts are expressed in United States dollars (“US$”) unless otherwise indicated (refer to www.sedar.com for full financial results).

President and CEO Cathy Zhai commented, “2022 fiscal year is full of challenge and would be rewarding for Monument when the Company stays focused on execution of the corporate strategies. During the quarter, the Selinsing flotation plant construction was kicked off with engineering design near completion, long lead items procured, and the earthworks at site reached 90% completion. The Phase 1 drilling at Murchison was completed by overcoming the shortage of drill rigs. Peranggih continued to provide additional mill feed that helped to sustain the cash flow. The Delays in gold production is anticipated to be caught up after the monsoon season in the third quarter.”

First Quarter Highlights:

  • Phase one drilling program completed in Q1 at Murchison Project with 91% assay results received to date;
  • Phase 1&2 RC drilling program completed at Peranggih Gold Prospect in Q1 with positive intercept results;
  • Selinsing Flotation Plant Project progressing on time in Q1 with 31% completion to date;
  • Long lead item contracts awarded to reputable suppliers for Selinsing Flotation Plant Project;
  • Selinsing Gold Mine production recovered gradually after the mining ban lifted due to Covid 19 Pandemic;
    • 1,423 ounces (“oz”) of gold sold for $2.38 million (Q1, FY 2021: 3,100oz for $5.92 million);
    • Average quarterly gold price realized at $1,829/oz (Q1, FY2021: $1,909/oz);
    • Cash cost per ounce sold was $1,430/oz (Q1, FY2021: $923/oz);
    • Gross margin decreased by 88% to $0.35 million (Q1, FY2021: $3.06 million);
    • 1,043oz of gold produced (Q1, FY2021: 3,504oz);
    • All-in sustaining cost (“AISC”) increased to $2,052/oz (Q1, FY2021: $1,055/oz).

First Quarter Production and Financial Highlights

    Three months ended September 30,
      2021   2020  
Production        
Ore mined (t*)     74,972   81,576  
Ore processed (t)     156,611   166,432  
Average mill feed grade (g/t*)     0.54   0.98  
Processing recovery rate (%)     65.0 % 63.6 %
Gold recovery (oz)     1,777   3,343  
Gold production (1) (oz)     1,043   3,504  
Gold sold (oz)     1,423   3,100  
         
Financial (expressed in thousands of US$)     $   $  
Revenue     2,383   5,919  
Gross margin from mining operations     348   3,059  
Income (loss) before other items     (755 ) 1,943  
Net income (loss)     (1,267 ) 138  
Cash flows provided from operations     23   747  
Working capital     44,532   18,482  
Earnings (loss) per share – basic and diluted (US$/share)     (0.00 ) 0.00  
*grams/tonne (“g/t”); tonnes (“t”)        
     
     
    Three months ended September 30,
      2021   2020  
         
Other     US$/oz   US$/oz  
Average realized gold price per ounce sold(2)     1,829   1,909  
         
Cash cost per ounce (3)        
Mining     522   274  
Processing     720   481  
Royalties     168   163  
Operations, net of silver recovery     20   5  
Total cash cost per ounce     1,430   923  
All-in sustaining costs per ounce (4)        
By-product silver recovery     1   1  
Operation expenses     34   9  
Corporate expenses     4   9  
Accretion of asset retirement obligation     22   11  
Exploration and evaluation expenditures     11   10  
Sustaining capital expenditures     551   92  
Total all-in sustaining costs per ounce     2,052   1,055  

(1)    Defined as good delivery gold bullion according to London Bullion Market Association (“LBMA”), net of gold doŕe in transit and refinery adjustment.
(2)    Monument realized 1,829US$/oz for the three months ended September 30, 2021 which excludes gold prepaid delivered of 723oz for comparison purposes.
(3)    Total cash cost per ounce includes production costs such as mining, processing, tailing facility maintenance and camp administration, royalties and operating costs such as storage, temporary mine production closure, community development cost and property fees, net of by-product credits. Cash cost excludes amortization, depletion, accretion expenses, idle production costs, capital costs, exploration costs and corporate administration costs. Readers should refer to section 15 “Non-GAAP Performance Measures”.
(4)    All-in sustaining cost per ounce includes total cash costs and adds sustaining capital expenditures, corporate administrative expenses for the Selinsing Gold Mine including share-based compensation, exploration and evaluation costs, and accretion of asset retirement obligations. Certain other cash expenditures, including tax payments and acquisition costs, are not included. Readers should refer to section 15 “Non-GAAP Performance Measures”.
     

Q1 2022 Production Analysis

  • Q1 2022 gold production was 1,043oz, a 70% decrease as compared to 3,504oz for Q1 2021. The decrease mainly resulted from a large quantity of super low-grade ore being fed into the mill although gold recovery was slightly higher.
  • Q1 2022 ore processed decreased to 156,611t from 166,432t for Q1 2021. The decreased mill feed was mainly due to less leachable sulphide ore and old tailings being fed into plant.
  • Average mill feed grade was 0.54g/t Au as compared to 0.98g/t Au of Q1 2021. Q1 2022 processing recovery rate increased to 65.0% from 63.6% for Q1 2021. The slight increase in processing recovery rate was mainly due to significant increase in Peranggih oxide materials being processed.
  • Q1 2022 cash cost per ounce increased by 55% to $1,430/oz from $923/oz for Q1 2021. This increase was primarily due to a significant reduction in the mill feed grade from 0.98g/t Au to 0.54g/t Au and significantly more low-grade leachable sulphide ore and low-grade Peranggih materials being processed.
  • Ore stockpile has reduced mainly due to adverse impact from the delay in blast permit issuance, rainfall in the first quarter and shortage of explosive supplies resulting in a lower mining rate that has yet to return to normal. The covid-19 pandemic has not helped in achieving the target. The Company has devoted its effort to improve the stockpile balance.

Q1 2022 Financial Analysis

  • Q1 2022 gold sales generated revenue was $2.38 million as compared to $5.92million from Q1 2021. Gold sales revenue was derived from the sale of 1,423oz (Q1 2021: 3,100oz) of gold at an average realized gold price of $1,829 per ounce (Q1 2021: $1,909 per ounce) and the delivery of 723 oz (Q1 2021: 723 oz at $1,625 per ounce gold equivalent) in fulfilling gold prepaid obligations.
  • Q1 2022 total production costs decreased by 29% to $2.04 million as compared to $2.86 million from Q1 2021. Cash cost per ounce increased by 55% to $1,430/oz as compared to $923/oz of the same period last year. The increase was attributable to a 45% decrease in the mill feed grade from 0.98g/t to 0.54g/t but an increase in recovery to 65.0% (Q1 2021: 63.6%) as a result of processing significantly more leachable sulphide ore and other low grade ores.
  • Gross margin for Q1 2022 was $0.35 million before operation expenses and non-cash amortization and accretion. That represented an 89% decrease as compared to $3.06 million from Q1 2021. The decrease in gross margin was attributable to significant lower-grade of ore fed, much lower volume of gold sold, and increased cash costs.
  • Net loss for Q1 2022 was $1.26 million, or ($0.00) per share as compared to net income of $0.14 million or $0.00 per share from Q1 2021. The net loss was mainly caused by lower operating margins.
  • Cash and cash equivalents balance as at September 30, 2021 was $35.57 million, a decrease of $3.05 million from the balance at June 30, 2021 of $38.62 million. As at September 30, 2021, the Company had positive working capital of $44.53 million as compared to that at June 30, 2021 of $48.54 million.

Development

Selinsing Gold Mine

At Selinsing the engineering, procurement, construction and project management (EPCM) progress has reached 31% completion for the flotation plant construction and mine development. 80% of the flotation design work was completed during the first quarter. Civil and structural drawings were completed subsequent to the quarter, and mechanical and piping drawings will be issued for construction by November 2021. All major contracts for long lead items were awarded to suppliers and 90% of the major equipment has been procured at the end of the quarter. Procurement for construction contractors are short listed and tender documents have been distributed.

Flotation construction includes earthworks, civil engineering, structural engineering, mechanical and electrical installation and other associated plant upgrades. Earthworks were initiated in April 2021 and are 90% completed to date. Civil foundation work is scheduled to start in January 2022 and expected to be completed by the end of April 2022.

The flotation pilot plant has been assembled and is successfully running at SGMM research and development laboratory. The pilot plant features a ball mill and classifier, rougher/scavenger flotation cells and three stages of cleaner flotation to replicate the flowsheet of the full-scale flotation plant. The pilot plant will be used for operator training, reagent trials, and for the preparation of concentrate samples for potential customers.

The Tailing Storage Facility (“TSF”) is under expansion to accommodate the new mine life. The construction to raise the current TSF to 540m RL continued during the quarter and is expected to be completed by March 1, 2022

Murchison Gold Project

Murchison Project development is put on hold. The existing processing plant is under care and maintenance and in good condition. It is ready for start-up production with installation of the refurbished plant.

Exploration Progress

Malaysia

At Peranggih the reverse circulation (“RC”) drilling campaign covering areas of Peranggih Central and South for 3,317m over 68 RC holes was initiated last fiscal year and was completed during the first quarter of fiscal 2022. It was done in two phases: Phase 1 was 34 drill holes for 1,697m and Phase 2 was 34 holes for 1,620m. All assay results for the 3,901 samples were received for analysis up to date, including assay results for 1,681 samples during the quarter ended September 30, 2021. The RC drilling is down 70m deep with space of 20m by 20m following steeply dipping high-grade mineralized structure. Overall, 70% of the designed holes hit gold mineralization above an oxide cut-off (>0.35 g/t Au Au) at relatively shallow depth, 50m below the surface. The results defined wider lower grade mineralization over an 830m long by 60m wide zone.

Western Australia

Fiscal year 2022 started with regional exploration at Murchison Gold Project. A 2-year exploration program and associated periodical rolling budget has been implemented to potentially add significant amount of additional resources to the current resource base. The aim is to establish Murchison as the company’s cornerstone gold project should the Murchison Project be potentially developed into a gold producing mine.

The Phase 1 drill program commenced on July 4th 2021 and was completed on August 21st 2021 at Burnakura. A total of 3,465m for 46 RC holes was finished for the Munro Bore Extension as well as the FLC2 and FLC3 prospects and a total of 10,484m for 349 aircore (“AC”) holes was completed with a focus on high quality structural targets including the Junction exploration target. A combined total of over 6,000 RC and AC samples were sent to ALS Geochemistry, Perth for analysis, of which 91% have been received up to November 2021, subsequent to the first quarter. The results will be announced as soon as the data is fully received and has been interpreted.

About Monument

Monument Mining Limited (TSX-V: MMY, FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is also advancing the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra JV (20% interest) in the Murchison area of Western Australia. The Company employs approximately 200 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.

Cathy Zhai, President and CEO
Monument Mining Limited
Suite 1580 -1100 Melville Street
         Vancouver, BC V6E 4A6

FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact:

Richard Cushing, MMY Vancouver T: +1-604-638-1661 x102 [email protected]

“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.”

Forward-Looking Statement

This news release includes statements containing forward-looking information about Monument, its business and future plans (“forward-looking statements”). Forward-looking statements are statements that involve expectations, plans, objectives or future events that are not historical facts and include the Company’s plans with respect to its mineral projects and the timing and results of proposed programs and events referred to in this news release. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to differ materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation: risks related to general business, economic, competitive, geopolitical and social uncertainties; uncertainties regarding the results of current exploration activities; uncertainties in the progress and timing of development activities; foreign operations risks; other risks inherent in the mining industry and other risks described in the management discussion and analysis of the Company and the technical reports on the Company’s projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Material factors and assumptions used to develop forward-looking statements in this news release include: expectations regarding the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations, general economic factors and other factors that may be beyond the control of Monument; assumptions and expectations regarding the results of exploration on the Company’s projects; assumptions regarding the future price of gold of other minerals; the timing and amount of estimated future production; the expected timing and results of development and exploration activities; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; and all of the factors and assumptions described in the management discussion and analysis of the Company and the technical reports on the Company’s projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

 





monument mining limited

Author: Author

Continue Reading

Today’s News

Denarius Announces Third Quarter and First Nine Months 2021 Results

TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) — Denarius Silver Corp. (“Denarius” or “the Company”) (TSXV: DSLV) announced today that it has filed…

TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) — Denarius Silver Corp. (“Denarius” or “the Company”) (TSXV: DSLV) announced today that it has filed its unaudited interim condensed consolidated financial statements and accompanying management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2021. These documents can be found on its website at www.denariussilver.com and by reviewing its profile on SEDAR at www.sedar.com. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.

Third Quarter and First Nine Months 2021 Highlights

  • Denarius is a junior exploration company currently drilling its Lomero-Poyatos polymetallic deposit located on the Spanish side of the prolific copper rich Iberian Pyrite Belt. The Company also commenced drilling its Guia Antigua silver-gold project in Colombia in mid-2021 and IAMGOLD Corporation is carrying out an exploration program on the Company’s Zancudo Project in Colombia as part of an earn-in option agreement. Denarius is fully funded to carry out its current exploration campaigns with a cash balance at September 30, 2021 of $18.3 million.
  • Denarius was formed through a reverse take over transaction (“RTO Transaction”) in February 2021 and commenced trading on the TSX Venture Exchange (“TSXV”) under the symbol “DSLV” in March 2021. The Company currently has 207.4 million common shares issued and outstanding and has a strong shareholder base with approximately 27% owned by GCM Mining Corp. (formerly, Gran Colombia Gold Corp.) (TSX: GCM) and 19% owned by King Street Capital.
  • Initially, the Company focused on two silver-gold exploration projects, the Guia Antigua and Zancudo Projects, both of which are located in high-grade mining districts in Colombia. Concurrently with the closing of the RTO Transaction, 1255269 B.C. Ltd. (a party to the RTO Transaction and the “Guia Antigua Vendor”) completed a private placement financing and the gross proceeds of CA$8.4 million (approximately $6.7 million) were released from escrow to the Company. These funds are being used by Denarius to fund the exploration program at the Guia Antigua Project and for general corporate purposes.
  • In April 2021, the Company added its third project (the “Lomero Project”) with the acquisition of a 100% interest in the Investigation Permit Nº 14,977, also identified as Rubia, covering the areas occupied by the former Lomero-Poyatos Concessions and the mine within them in Southern Spain. The Lomero Project has a historical estimate in the inferred category of 20.93 Mt of 3.08 g/t gold, 62.38 g/t silver, 0.90% copper, 0.85% lead and 3.05% zinc that remains open at depth and along strike. In October 2021, the Company commenced a 23,500 meters drilling campaign at the Lomero Project.
  • In preparation for the Lomero Project acquisition and the planned exploration program, the Company completed a non-brokered private placement financing in March 2021 of 75,000,000 subscription receipts (the “Subscription Receipts Financing”) at a price of CA$0.45 per subscription receipt for aggregate gross cash proceeds of approximately CA$33.8 million (equivalent to approximately $26.9 million). The Subscription Receipts were converted into common shares and warrants on April 29, 2021. The warrants commenced trading on the TSXV under the symbol “DSLV.WT” in July 2021.
  • The Company reported a net loss for the third quarter of 2021 of $0.9 million, or $0.00 per share, compared with net loss of $Nil in the third quarter of 2020, principally reflecting general, administrative and marketing expenses incurred in the third quarter of 2021 as the Company ramps up its activities around its exploration projects. For the first nine months of 2021, the net loss amounted to $17.0 million, or $0.12 per share, compared with net loss of $Nil in the first nine months of 2020. The largest items included in the net loss in the first nine months of 2021 were the $12.9 million one-time charge related to the RTO Transaction in February 2021, $2.4 million of share-based compensation expense associated with stock options granted by the Company under its long-term incentive plan to directors, executive officers, management and consultants, and $1.5 million of general, administrative and marketing expenses.

Outlook

The Company is currently carrying out 23,500 m of drilling at the Lomero Project with an estimated cost of $4.0 million. The infill drilling program of 15,600 m has been designed to increase the confidence in the estimates to an Indicated Mineral Resources and to aid in the identification of different mineralization styles. The use of orientated core supplemented with televiewer information will increase the confidence in the structural controls on the project and geotechnical and hydrogeological modelling. The campaign will then proceed to conduct a 50×50 meters in-fill drilling program in the lower levels of the same mine. Initial results from the drilling program are expected toward the end of the year.

The Company is also continuing its drilling program at its Guia Antigua Project in Colombia. Assay results are pending from the initial in-fill drillholes and are expected to be announced before the end of the year.

About Denarius

Denarius is a Canadian-listed public company engaged in the acquisition, exploration, development and eventual operation of mining projects in high-grade districts, with its principal focus on the Lomero Project in Spain and the Guia Antigua Project in Colombia. The Company also owns the Zancudo Project in Colombia which is currently being explored by IAMGOLD Corp. pursuant to an option agreement for the exploration and potential purchase of an interest in the project.

Additional information on Denarius can be found on its website at www.denariussilver.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 exploration programs, funding and 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 Denarius 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 Filing Statement dated as of February 18, 2021 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 Denarius 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
investors@denariussilver.com




iamgold corporation



Author: Author

Continue Reading

Trending