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Western Potash Receives Key Findings of Updated NI 43-101 Report

VANCOUVER, British Columbia, Nov. 19, 2021 (GLOBE NEWSWIRE) — Western Resources Corp. (TSX: WRX) (“Western” or “the Company”) is pleased to…

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VANCOUVER, British Columbia, Nov. 19, 2021 (GLOBE NEWSWIRE) — Western Resources Corp. (TSX: WRX) (“Western” or “the Company”) is pleased to announce that Western Potash Corp. (“WPC”), the company’s wholly-owned subsidiary, has received key findings from its upcoming NI 43-101 report (“Report”) for its Milestone Phase I Project (“The Phase I Project”) in southern Saskatchewan. The Report is based on the expansion of the mine life from 12 years to 40 years and the update of the mining plan.

The technical Report is being prepared by March Consulting Associates Inc. (“March”). March is an engineering and project management provider with extensive experience in delivering mining projects across Saskatchewan.

The Phase I Project is the first stage of Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mines. Currently, the total Phase I Project is approximately 78% complete (including engineering, procurement, infrastructure and construction) and awaiting final financing to finish. The initial startup and commissioning of the solution mining is complete and was operated for approximately 18 months, accumulating potash in the crystallization pond.

Data and other information obtained from these operations in conjunction with several leading solution mining experts has enabled Western to optimise the Phase I Project solution mining plan to enhance the reliability to meet the target production of 146,000 tonnes per annum (tpa) of granular potash. The mining plan will extract both the Belle Plaine and Patience Lake members from a series of horizontal caverns which have been planned within the unitized area.

The reserves within the expanded unitization area are:

  • A proven reserve of 11.7 million tonnes (Mt) at an average grade of 32.4% KCl;
  • A probable reserve of 19.5 Mt at a grade of 33.5% KCl.

Cavern losses (10%) and processing recoveries of 95% have been applied to the reserves. The proven and probable reserves within the unitized area are sufficient for a mine life of over 200 years at the target production rate. The project economics are based on an operation period of 40 years at target production. Excess reserves would be available to extend mine life or increase production in the future.

The resource estimate (effective the date of this release) within Saskatchewan Subsurface Mineral Lease KLSA 008 is as follows:

  • A Measured Resource of 418.5 million tonnes (Mt) at a grade of 20.8% K2O
  • An Indicated Resource of 2,304.2 Mt, grading 21.0% K2O
  • An Inferred Resource of 2,575.2 Mt, grading 21.4% K2O

The Resource numbers were adjusted with deductions for unseen anomalies (5% Measured, 9% Indicated and 25% Inferred). A cut-off grade of 15% K2O was applied. No thickness or carnallite grade cut-offs were applied. Extraction ratio’s and/or cavern losses were not applied to the resource tonnages. Reserves are included in the Resource numbers.

The actual CAPEX allocated to the Phase I Project to date is $116.24M and a further $33.21M is needed to complete the Project and bring the plant into production, resulting in a total Phase I Project CAPEX of $149.45M (including a 12.5% contingency on the remaining CAPEX). This estimate adopts the AACE (Association for the Advancement of Cost Engineering) International Class 3 standard.

The total annual OPEX for the Phase I Project, based on operational data from the pilot phase, is estimated at $CAD13.25M per year (excluding G&A, logistics and royalties) or $CAD90.60/t MOP for 146,000 tpa. Sustaining CAPEX consists mainly of expanding the mine field (drilling, piping and infrastructure) and planned equipment maintenance. Sustaining CAPEX includes approximately $36M every six years to expand the wellfield for ongoing production.

Assuming a nominal discount rate of 8%, the economic analysis yields an after-tax project Net Present Value (NPV) of $CAD225.8M, with an Internal Rate of Return (IRR) of 20.4%, based on the assumption of 100% equity investment and potash price of $US524/t ($CAD665/t) FOB mine gate. This price is obtained from the Argus report from November 2021 for granular MOP to the USA Corn Belt and forecasted freight costs from the mine. Costs are given in Canadian dollars ($CAD) and prices are given in United States dollars ($US), with an assumed exchange rate of $US 1 = $CAD 1.27. Inflation has not been applied to the potash price or future costs with the noted potash price assumed to apply from 2025 to the end of project life.

March has undertaken a review of the project and determined mine life could be increased from 12 to 40 years with the implementation of an asset maintenance and replacement strategy. The full costs of this plan have been included in the OPEX and sustaining CAPEX results above.

The management continues to have confidence in the success of the Phase I Project, and has a plan to engage March to complete studies for the purpose of increasing the total capacity of the site to around 300,000 tonnes per annum. This would aim to duplicate the existing surface facilities on the adjacent quarter section to maximize the use of existing infrastructure and utilities already on site.

This news release was reviewed by Kyle Krushelniski, P.Eng. of March Consulting Associates Inc., who is a Qualified Person under NI 43-101 and is the lead author of the updated NI 43-101 Technical Report on which this news release is based.

About Western Resources Corp.
Western Resources Corp. (TSX: WRX) (“Western” or “the Company”) and the company’s wholly-owned subsidiary Western Potash Corp. are constructing Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mine. This will be the first potash mine in the world that will leave no salt tailings at the surface, thereby reducing the water consumption by half as well as significantly improved energy efficiency.

About March Consulting Associates Inc.
March Consulting Associates Inc. (March) is a Saskatchewan based employee and First Nations’ owned organization, operating in Saskatchewan for over 22 years with offices in Saskatoon, and Regina. March provides engineering, procurement, project, and construction management to a variety of resourcebased industrial and commercial enterprises. March utilizes the latest digital, analytical, and intelligent 3D modelling capabilities in the mining, process, mechanical, electrical, instrumentation and controls, civil, structural, and Finite Element Analysis (FEA) disciplines.

ON BEHALF OF THE BOARD OF DIRECTORS

“Bill Xue”

Bill Xue
Chairman

Cautions Regarding Forward-Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the filing and results of the Technical Report. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, 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 information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Jerry Zhang, Corporate Secretary, at 604-689-9378.








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Bold Ventures Announces Non-Brokered FT Shares Private Placement

Not for distribution to U.S. Newswire Services or for dissemination in the United StatesTORONTO, ON / ACCESSWIRE / November 30, 2021 / Bold Ventures Inc….

Not for distribution to U.S. Newswire Services or for dissemination in the United States

TORONTO, ON / ACCESSWIRE / November 30, 2021 / Bold Ventures Inc. (TSXV:BOL) (the “Company” or “Bold”) is pleased to announce a non-brokered private placement offering consisting of up to 3,500,000 common shares to be issued as “flow-through shares” within the meaning of the Income Tax Act (Canada) (each a “FT Share“) at a price of $0.125 per FT Share for total proceeds of up to $437,500 (the “Offering“). A first tranche of 810,000 FT Shares for proceeds of $101,250 has closed. The securities issued are subject to a hold period expiring on March 30, 2022.

Proceeds from the sale of FT Shares will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act and “flow-through mining expenditures” as defined in subsection 127(9) of the Income 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.

The Offering will remain open until the earlier of December 12, 2021 or until fully subscribed or such other time as the Company may elect, subject to regulatory approval. The securities issued will be subject to a four-month hold period from the date of closing.

In connection with the Offering, the Company may pay finder’s fees to qualified finders in consideration for their assistance with the Offering. The finder’s fees may be payable in cash and or securities of Bold at the discretion of the Company and in accordance with the rules of the TSX Venture Exchange.

Please visit the Bold website at www.boldventuresinc.com and see our recent news and project information.

For additional information contact 416-864-1456 or email: [email protected].

About Bold Ventures Inc.

The Company explores for Gold and Base Metals in Canada. Bold is exploring properties located within active gold camps of Northern Ontario. Bold also holds significant assets located within and around the emerging multi-metals district dubbed the Ring of Fire region, located in the James Bay Lowlands of Northern Ontario.

For additional information about Bold Ventures and our projects please visit www.boldventuresinc.com or contact us at 416-864-1456 or email us at [email protected].

“David B Graham”
David Graham
President and CEO

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.

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

SOURCE: Bold Ventures Inc.

View source version on accesswire.com:
https://www.accesswire.com/675058/Bold-Ventures-Announces-Non-Brokered-FT-Shares-Private-Placement





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Corporate Operations Officially Move to Washington D.C. Office

WASHINGTON, D.C. – TheNewswire – November 30, 2021 – Western Magnesium Corporation (WMC)  (TSXV:WMG) (Frankfurt:3WM) (OTC:MLYF) (“Western Magnesium”…

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WASHINGTON, D.C. – TheNewswire – November 30, 2021 – Western Magnesium Corporation (WMC)  (TSXV:WMG) (Frankfurt:3WM) (OTC:MLYF) (“Western Magnesium” or the “Company”) is pleased to announce that corporate operations have officially relocated from Canada to the United States. The move comes as WMC works to rebuild the American Industrial base by offering an innovative, eco-friendly, and high-quality clean magnesium metal and alloy solutions that focus on American companies and products with an American workforce.

 

The Company’s corporate headquarters, now based in the Washington D.C. metro area, will focus on expanding the industrial supply of clean magnesium metal produced in the United States. This effort not only accelerates the United States economic recovery, but also, reduces foreign dependency on critical components made from magnesium that is vital in strengthening our infrastructure and continued growth of our gross domestic product.

 

WMC’s first full-scale commercial plant will be in Harrison County, Ohio, and leadership is currently working to select future plant locations in the United States.

 

Sam Ataya, Executive President and CEO said, “The proximity of our new head office positions us to work closely with industries including auto, aerospace, airline, the U.S. Government, and the Department of Defense. We look forward to working closely with our shareholders in Canada and the United States as we continue to build out operations that will place us on the frontlines to become the reliable source for clean magnesium.”

 

Peter O’Rourke Sr., President, U.S. Operations said, “We have a tremendous opportunity to work together with policy makers at the local, state, and Federal level that will help educate and inform decisions on national security and supply chain matters as it relates to clean magnesium production. This will ultimately ensure that we continue to build an America that is safe and prosperous as we unveil a new chapter of American ingenuity.”

  

About Western Magnesium

Western Magnesium’s goal is to be a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and light weight. Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labor and energy costs relative to current methods and processes, while being environmentally friendly.

 

Media Relations & Corporate Communications: Ashleigh Barry | [email protected] | (202) 258-4453

Investor Relations: John Ulmer | [email protected] | (604) 423-2709

  

Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors, including the Company’s dolomite reserves may not be mined because of technical, regulatory, financing or other obstacles, the market price for magnesium may make our resources uneconomic and we may not be able hire and retain skilled employees. The Company undertakes no obligation to update forward‐looking information except as required by law. The reader is cautioned not to place undue reliance on forward‐looking statements. These forward-looking statements are made as of the date of this news release.

 

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

 

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release.  Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

 

For additional information please visit our website at www.westmagcorp.com

View our profile on SEDAR

Copyright (c) 2021 TheNewswire – All rights reserved.




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Dynacor Announces October 2021 Sales of US$16.8 Million (C$20.9 Million), an Increase of 51% Compared to October 2020 and Annual Cumulative Sales of US$162.4 Million (C$203.2 Million) in 2021

MONTREAL, Nov. 30, 2021 (GLOBE NEWSWIRE) — Dynacor Gold Mines Inc. (TSX-DNG) (Dynacor or the "Corporation"), an international gold ore industrial corporation…

MONTREAL, Nov. 30, 2021 (GLOBE NEWSWIRE) — Dynacor Gold Mines Inc. (TSX-DNG) (Dynacor or the “Corporation”), an international gold ore industrial corporation servicing ASMs (artisanal and small-scale miners), today announced its monthly sales of US$16.8 million (unaudited) (C$20.9 million) (1) for October 2021, a US$5.7 million (+51%) increase compared to October 2020.

The average selling price of gold per ounce in October was US$1,772.

Total sales to date in 2021 amount to US$162.4 million (C$203.2. million) compared to US$74.1 million (C$99.1 million) in 2020, an increase of 119%.

The Corporation announced in September its revised financial guidance with projected sales of between US$185 and $190 million for 2021 (see, September 22, press release DYNACOR INCREASES SALES AND EARNINGS GUIDANCE BY APPROXIMATELY 25% and 35% RESPECTIVELY).

In September, the Corporation recorded extraordinary sales of US$25.8 million (CA$32.7 million) with exports of over 14,000 AuEq oz, which included sales from prior periods of production.

(1)   US$ sales are converted into CA$ using the average monthly exchange rate for the concerned month or months

ABOUT DYNACOR

Dynacor is a dividend-paying industrial gold ore processor headquartered in Montreal, Canada. The corporation is engaged in gold production through the processing of ore purchased from the ASM (artisanal and small-scale mining) industry. At present, Dynacor operates in Peru, where its management and processing teams have decades of experience working with ASM miners. It also owns a gold exploration property (Tumipampa) in the Apurimac department.

The corporation intends to expand its processing operations in other jurisdictions as well.

Dynacor produces environmental and socially responsible gold through its PX IMPACT® gold program. A growing number of supportive firms from the fine luxury jewelry, watchmakers and investment sectors pay a small premium to our customer and strategic partner for this PX IMPACT® gold. The premium provides direct investment to develop health and education projects for our artisanal and small-scale miner’s communities.

Dynacor is listed on the Toronto Stock Exchange (DNG).

FORWARD-LOOKING INFORMATION

Certain statements in the preceding may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance as of the date of this news release.

Shares Outstanding: 38 883 244

Website: http://www.dynacor.com
Twitter: http://twitter.com/DynacorGold

PDF available: http://ml.globenewswire.com/Resource/Download/d371ea42-9f01-4e9f-9b8c-3c6d66001d3d

CONTACT: CONTACT: For more information, please contact:

Director, Shareholder Relations
Dale Nejmeldeen
Dynacor Gold Mines Inc.
T: 514-393-9000 #230
E: [email protected]




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