Cerro de Pasco Resources Completes Acquisition of Santander Mine
MONTREAL, Dec. 3, 2021
MONTREAL, Dec. 3, 2021 /CNW Telbec/ – ( ) (Frankfurt: N8HP) (“CDPR,” or the “Company”) is pleased to announce that the Company has completed the acquisition from (“Trevali“) ( ) (BVL: TV) (OTCQX: TREVF) (Frankfurt: 4TI), of the Santander Mine (the “Transaction”), located approximately 215 kilometres northeast of Lima, Peru and comprising an underground mine, a 2,000-tonne-per-day processing mill, a conventional sulphide flotation mill, and associated infrastructure (see press releases of November 8, 2021).
Guy Goulet, CEO of CDPR commented: “We remain highly focused, in line with our core skills, namely, detailed management of late-stage mining operations and reprocessing of mineral stockpiles and tailings. This naturally draws us towards “tail” or “sub-scale” assets near Cerro de Pasco, with closure on the horizon but where we have identified an angle to extend life of mine, responsibly and profitably. We are thrilled that this acquisition breaks the ice and gets our team doing what it does best.”
The transaction plays to CDPR’s natural strengths having built a highly specialized team of experts in 2019 with a view to taking control of the entire Cerro de Pasco mining complex from Volcan / Glencore. Negotiations with Volcan/Glencore were suspended pending exploration of the Quiulacocha Tailings, now approved by the Ministry of Energy and Mines and expected to begin at the end of the ongoing rainy season (April).
In the interim, the CDPR team has exercised its strengths to identify further, complimentary opportunity within a 70km radius of Cerro de Pasco itself, where the El Metalurgista concession remains at the core of the Company’s long-term strategy.
The Company plans to extend the operating life of the Magistral orebody, while developing access into the higher-grade Santander Pipe orebody over the next 24-36 months, which would extend the life of the mine by five years. Additionally, CDPR plans to increase exploration expenditure on the property.
- CAD1 million cash paid at closing.
- 10 million shares of CDPR, which will be release from escrow and freely tradable according to the following schedule: (i) 10% at closing of the Transaction, and (ii) 15% every six months thereafter.
- A Net Smelter Royalty equal to 1% on all new deposits beyond those resources currently defined at the Magistral and Santander Pipe deposits.
- A contingent payment of USD2.5 million in the event that the LME average zinc price for 2022 is equal to or greater than USD1.30/lb.
Contemporaneously with the Transaction, the Company has entered into an agreement with a holder of more than 10% of the shares of the Company under which it issued, for a subscription price of approximately $ 1,500,000, a secured promissory note as well as 3,000,000 warrants of the Company allowing its holder to acquire the same number of shares of the Company at a price of $ 0.50 per share. This agreement constitutes a “transaction with a related party” within the meaning of Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (“Regulation 61-101”). However, the directors of the Company have determined that the exemptions from the formal valuation requirement and the approval of minority holders, provided for in sections 5.5 (a) and 5.7 (1) (a), respectively, of Regulation 61-101, may be invoked as neither the fair market value of the securities issued to this insider nor the fair market value of the consideration exceed 25% of the market capitalization of the Company. No director of the Company has expressed a contrary opinion or disagreement in connection with the foregoing.
is a resource management company attuned to the most demanding environmental, social and legal compliance required by global institutions and investors. The key strategic strength of the Corporation is an unparalleled knowledge of the challenges and opportunities presented by the mineral endowment within the city of Cerro de Pasco combined with a highly experienced and practical team of both Peruvian and international management. The key focus of the Corporation will be on developing the El Metalurgista mining concession using advanced geo-resource and industrial development solutions in order to secure long-term economic operational sustainability in harmony with a healthy and prosperous local population.
Forward-Looking Statements and Disclaimer
Certain information contained herein may constitute “forward-looking information” or “forward-looking statements” under Canadian securities legislation. Generally, forward-looking information can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “could”, “will”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, or variations including negative variations thereof of such words and phrases that refer to certain actions, events or results that may, occur or be taken or achieved. Such forward-looking statements, including but not limited to statements relating to; the anticipated the benefits and effects of the Transaction as well as the expected development and operations, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Such factors include, among others, the inability of the Company to realize the benefits of the Transaction, risks related to the exploration, development and mining operations; impacts of macroeconomic developments as well as the impact of the COVID-19 pandemic; and any material adverse effect on the business, properties and assets of the Company. 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 and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
Court of Appeals Rules Favorably on PolyMet Water Permit
MPCA to conduct "Maui" testSt. Paul, Minnesota–(Newsfile Corp. – January 24, 2022) – The Minnesota Court of Appeals today affirmed nearly all aspects…
MPCA to conduct “Maui” test
St. Paul, Minnesota–(Newsfile Corp. – January 24, 2022) – The Minnesota Court of Appeals today affirmed nearly all aspects of the water discharge permit for the NorthMet Project, overruling six of the seven challenges to the permit made by mining opponents, according to Poly Met Mining, Inc., a wholly owned subsidiary of( ) (NYSE American: PLM) (together “PolyMet” or the “company”).
The Court of Appeals affirmed virtually every aspect of PolyMet’s permit at issue. In particular, the court endorsed the district court’s factual findings regarding the Minnesota Pollution Control Agency’s (MPCA) and the Environmental Protection Agency’s interactions during the permitting process; agreed with MPCA’s application of state law governing groundwater discharges; upheld the agency’s conclusion that PolyMet’s project has no reasonable potential to violate water quality standards; agreed with MPCA’s finding that PolyMet’s project will not violate the Fond du Lac Band’s water quality standards; and affirmed the agency’s denial of mining opponents’ requests for a contested case hearing.
In its decision the panel concluded that the MPCA should still consider whether “any discharges to groundwater will be the functional equivalent of a discharge to navigable waters, and thus, whether the Clean Water Act applies to those discharges.” The Court remanded the permit to the MPCA to conduct this functional-equivalence analysis, which the U.S. Supreme Court established in County of Maui v. Hawaii Wildlife Fund, a new precedent set more than a year after PolyMet’s permit was issued.
“We are pleased that we have prevailed on the majority of the issues and the court has narrowed the case to just this single issue regarding Maui, where considerable scientific data already exists,” said Jon Cherry, chairman, president and CEO. “MPCA has already determined there is not a permittable discharge to groundwater and we are optimistic the agency will reach the same conclusion from the Maui test. This will mean a little more process, but it gives us a clear roadmap to the reactivation of this permit,” Cherry said.
The NorthMet mine will feed the mineral supply chain to meet the growing global demand for copper, nickel, cobalt and other metals needed for the U.S. and global transition to clean energy technologies such as solar and wind farms, battery storage and electric mobility, Cherry said. Most of the known resources of nickel and cobalt in the U.S. are found in Minnesota according to the U.S. Geological Survey.
* * * * *
PolyMet is a mine development company that owns 100% of the NorthMet Project, the first large-scale project to have received permits within the Duluth Complex in northeastern Minnesota, one of the world’s major, undeveloped mining regions. NorthMet has significant proven and probable reserves of copper, nickel and palladium – metals vital to infrastructure improvements and global carbon reduction efforts – in addition to marketable reserves of cobalt, platinum and gold. When operational, NorthMet will become one of the leading producers of nickel, palladium and cobalt in the U.S., providing a much needed, responsibly mined source of these critical and essential metals.
Located in the Mesabi Iron Range, the project will provide economic diversity while leveraging the region’s established supplier network and skilled workforce and generate a level of activity that will have a significant effect in the local economy. For more information: www.polymetmining.com.
For further information, please contact:
Bruce Richardson, Corporate Communications
Tel: +1 (651) 389-4111
Tony Gikas, Investor Relations
Tel: +1 (651) 389-4110
This news release contains certain forward-looking statements concerning anticipated developments in PolyMet’s operations in the future. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “potential,” “possible,” “projects,” “plans,” and similar expressions, or statements that events, conditions or results “will,” “may,” “could,” or “should” occur or be achieved or their negatives or other comparable words. These forward-looking statements may include statements regarding the ability to receive environmental and operating permits, job creation, and the effect on the local economy, or other statements that are not a statement of fact. Forward-looking statements address future events and conditions and therefore involve inherent known and unknown risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to risks facing PolyMet or due to actual facts differing from the assumptions underlying its predictions.
PolyMet’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and PolyMet does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations and opinions should change.
Specific reference is made to risk factors and other considerations underlying forward-looking statements discussed in PolyMet’s most recent Annual Report on Form 40-F for the fiscal year ended December 31, 2020, and in our other filings with Canadian securities authorities and the U.S. Securities and Exchange Commission.
The Annual Report on Form 40-F also contains the company’s mineral resource and other data as required under National Instrument 43-101.
No regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111376
Discovery Harbour Announces Fortuity 89, Nevada Drilling Underway
Vancouver, British Columbia–(Newsfile Corp. – January 24, 2022) – Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the "Company"…
Vancouver, British Columbia–(Newsfile Corp. – January 24, 2022) –( ) (OTC Pink: DCHRF) (FSE: 4GW) (the “Company” or “Discovery Harbour“) announces that Newcrest Resources, Inc., a wholly owned subsidiary of (“Newcrest“), has confirmed that its planned drill program at Fortuity 89, Nevada is underway.
Subject to the continued impacts of COVID-19, Newcrest plans to drill a minimum of eight drill holes and 3,400 metres to test a series of low sulphidation epithermal gold targets on Fortuity 89. Newcrest has implemented a comprehensive safety plan for the drill program, including extensive COVID-19 protocols.
Newcrest completed an initial exploration program in 2021 which included a geophysical program encompassing a 675 line kilometre drone airborne magnetic survey, a 250 station ground gravity survey and a 45 line kilometre audio band magnetotellurics (AMT) resistivity survey as well as geological and alteration mapping and sampling with a soil geochemical program (see news release July 14, 2021). The three geophysical surveys showed anomalies consistent between each different geophysical method and the geological and alteration mapping, establishing promising drill targets. The drill targets are proximal to a very limited outcrop on Fortuity 89 and extend into a large plain overlain by a gravel cover.
Newcrest’s program was designed to evaluate the limited outcrop and provide interpreted extrapolations of the geological and structural mineralization controls, which are prospective for concealed low sulphidation epithermal gold mineralization below the shallow unconsolidated alluvial gravels.
Mark Fields, President & CEO of Discovery Harbour comments, “Newcrest has planned this drill program so it can be executed in the most effective manner to test the targets they identified. We are looking forward to the results as they become available.”
Alan Morris, CPG, is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.
About Discovery Harbour
Discovery Harbour is focused on sourcing, exploring and developing mineral properties in mining-friendly jurisdictions. Its current primary focus is the drill program on Caldera, a low sulphidation epithermal gold project in Nevada. Additionally, Discovery Harbour has an agreement withon its Fortuity 89 property in Nevada.
(ASX: NCM) ( ) (PNGX: NCM) is one of the world’s largest gold mining companies. Its purpose is to create a brighter future for people through safe and responsible mining. Newcrest owns and operates a portfolio of predominantly low cost, long life mines and a strong pipeline of brownfield and greenfield exploration projects – predominantly in the Asia-Pacific and North and South America.
ON BEHALF OF THE BOARD OF
Mark Fields, B. Sc. (Geology), B.Comm.(Hon.)
President and Chief Executive Officer
Tel: (604) 681-3170
Fax: (604) 681-3552
Disclaimer for Forward-Looking Information
This news release contains forward‐looking information that involves various risks and uncertainties regarding future events. Such forward‐looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery Harbour. There are numerous risks and uncertainties that could cause actual results and Discovery Harbour’s plans and objectives to differ materially from those expressed in the forward‐looking information, including: (i) adverse market conditions; (ii) exploration results, (iii) permitting requirements or (iv) the financial position of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery Harbour does not intend to update these forward‐looking statements.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111334
Angkor Resources Corp. to Present at Sequire Metals & Mining Conference on January 27th, 2022
Presentation on Thursday, January 27th, 2022 at 14:00 ET
GRANDE PRAIRIE, AB – TheNewswire – Jan. 24, 2022 – Angkor Resources Corp. (TSXV:ANK) and…
Presentation on Thursday, January 27th, 2022 at 14:00 ET
GRANDE PRAIRIE, AB – TheNewswire – Jan. 24, 2022 – () and (OTC:ANKOF) (“Angkor” or “the Company”) is pleased to announce that it will be presenting virtually at the upcoming Sequire Metals & Mining Conference on Thursday, January 27th at 2:00 ET. Delayne Weeks, CEO of Angkor, will be giving the presentation.
Presentation at the Sequire Metals & Mining Conference
Date: Thursday, January 27th, 2022
Time: 2:00 – 2:25 ET, Track 3
Summary of Sequire Metals & Mining Conference
With a massive uptick in the mining industry and electric vehicles on the rise, Sequire is spending the entire day with public mining companies and industry experts exploring possibilities, opportunities, and the latest news.
is a public company, listed on the TSX-Venture Exchange, and is a leading resource optimizer in Cambodia with multiple mineral licenses in NE quadrant of the country and approval for negotiations on Production Sharing Contract (PSC) terms for Block VIII energy and oil and gas concession, a 7,300 square kilometre oil and gas license in Cambodia.
Delayne Weeks, CEO Telephone: +1 (780) 831-8722 Email: [email protected]
Website: http://www.angkorresources.ca or follow us on Twitter @AngkorResources
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.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or other minerals at any of the Company’s properties, the prospective nature of any claims comprising the Company’s property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Copyright (c) 2022 TheNewswire – All rights reserved.
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