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Belmont Provides Update on Lone Star Copper-Gold Project

Vancouver, B.C. Canada – TheNewswire – November 10, 2021 – Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSXV:BEA) (FSE:L3L2) is pleased…

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Vancouver, B.C. Canada – TheNewswire – November 10, 2021 – Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSXV:BEA) (FSE:L3L2) is pleased to provide an update on its preparation for its upcoming drill program.

 

Option/JV

 

Belmont recently signed an option/JV agreement with Marquee Resources (ASX:MQR) (see NR Nov.4, 2021) whereby Marquee agrees to commit the following:

  • – $504,000 cash payments

    – $2,550,000 Work Program

    – 3,000,000 MQR Shares

    – Produce a Preliminary Economic Assessment on the project

    – Over a 24 month term

    – For 80% ownership of the Lone Star project.

    – Upon completion, a joint venture is to be formed and a decision will be made in regards to bringing the Lone Star into production.

 

Drilling

 

A ~5,000 meter drill program is scheduled to start November 15, 2021 and is planned to:

a) Confirm grade, width and tenor of mineralisation

         b) Infill the shallow historic inferred resource with a view to bring into the indicated category

            c) Test for nearby resource extensions to the east and south.
Falcon Drilling from Carson City, Nevada is the drill contractor and confirms November 15, 2021 start date.


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On Site Buildings

2 – 40 foot shipping containers have now been transported to the Lone Star property. The containers will be used for on site drill core cutting, logging and storage. All heavy equipment support is provided by Stotts Construction located only 15kms south in the community of Curlew Washington.


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Drill Pad Preparations


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 Drill pads are being cleared and prepared for drilling.

LIDAR Survey

 

A Lidar survey was flown by Pioneer Exploration over the property on November 5, 2021. Light Detection and Ranging (LIDAR) is a technology used to create high-resolution models of ground elevation with a vertical accuracy of 10 centimeters (4 inches).  The airborne survey produces a “bare earth” Digital Elevation Model (DEM), structures and vegetation are virtually stripped away.


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George Sookochoff, President & CEO commented, “We are certainly creating synergies with our new option/JV partner Marquee Resources. In only a few days since the signing of our option/JV agreement, the Lone Star project has gone from “zero” to “ready to put the drill in the ground!” We are now comfortably setup and prepared to start drilling November 15, and continue 24/7 right through winter. “Go Belmont-Marquee!”

 

About The Lone Star Project

 

The past producing Lone Star Mine operated over two time periods; from 1897-1918 producing 146,540 tonnes, and from 1977-1978 by Granby Mining Co. when 400,000 tonnes of ore were transported from the Lone Star open pit to its Phoenix mill in B.C, 11km to the north.

  


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 The Lone Star deposit has an historic resource estimate which was reported in a “Technical Report and Resource Estimate on the Lone Star Deposit, Ferry County Washington (September 23, 2007)” for Merit Mining Corp. and authored by P&E Mining Consultants Inc.

 

The 2007 historic resource estimation was based on US$593/oz gold and US$2.84/lb copper.

Based on today’s higher copper and gold prices, Belmont geologists have reconsidered the high-grade Cu +/- Au drillhole intercepts in the area of the historic resource for the potential to support both an open pit an underground operation.

 

About Belmont Resources

 

Belmont Resources is engaged in the business of acquiring and re-developing past producing copper-gold-silver mines in southern British Columbia and Northern Washington State. This region is considered to have the highest concentration of mineralization and past producing mines in western North America.

 

By utilizing new exploration technology, geological modelling and specialized 3D data analysis, the company is successfully identifying new areas of mineralization beneath and/or in the near vicinity of the past producing mines.


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The Belmont project portfolio:

  • – Athelstan-Jackpot, B.C. – * Gold-Silver mines

    – Come By Chance, B.C. – * Copper-Gold mine

    – Lone Star, Washington – * Copper-Gold mine

    – Pathfinder, B.C. – * Gold–Silver mines

    – Black Bear, B.C. – Gold

    – Pride of the West, B.C.- Gold

    – Kibby Basin, Nevada – Lithium

    – Crackingstone, Sask. – Uranium
    * past producing mine
     

   

NI 43-101 Disclosure:

 

Technical disclosure in this news release has been approved by Laurence Sookochoff, P.Eng., a Qualified Person as defined by National Instrument 43-101.

 

A qualified person has not done sufficient work to classify the historic estimate as current mineral resources or mineral reserves.  As such the issuer, Belmont Resources, is not treating this historical estimate as current mineral resources or mineral reserves.

 

Mineral resources which are not mineral reserves do not have demonstrated economic viability.

Gold equivalent (AuEq) grade was calculated utilizing a gold price of US$593/oz and copper price of US$2.84/lb., based on the 24 month (at July 31, 2007) trailing average of gold and copper prices, to obtain a conversion factor of % copper x 3.284 + gold g/t = Au Eq g/t. Metallurgical recoveries and smelting/refining costs were not factored into the gold equivalent calculation.

 

ON BEHALF OF THE BOARD OF DIRECTORS

 

“George Sookochoff”

 

George Sookochoff, CEO/President

 

Ph: 604-505-4061

Email: [email protected]

Website: www.BelmontResources.com

  

We seek safe harbor. 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. The TSX Venture Exchange has not approved nor disapproved of the information contained herein.

Copyright (c) 2021 TheNewswire – All rights reserved.










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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





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Amarillo to be acquired by Hochschild

TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) — Amarillo Gold Corporation (“Amarillo” or the “Company”) (TSXV: AGC, OTCQB: AGCBF) has entered into…

TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) — Amarillo Gold Corporation (“Amarillo” or the “Company”) (TSXV: AGC, OTCQB: AGCBF) has entered into an agreement (the “Arrangement Agreement”) with Hochschild Mining PLC (“Hochschild”), whereby Hochschild will acquire all of the outstanding shares of Amarillo by way of a plan of arrangement (the “Arrangement”) under the Business Corporations Act (British Columbia). Pursuant to the Arrangement, each share of Amarillo will be exchanged for cash consideration of C$0.40 and one share of a new Brazil-focused exploration company, Lavras Gold Corp. (“Lavras SpinCo”), based in Toronto, Ontario.

Lavras SpinCo will be capitalized with C$10 million cash and will hold all assets and rights with respect the Lavras do Sul gold project (the “Lavras Project”) located in southern Brazil in the state of Rio Grande do Sul.

The cash consideration (not including the value of the Lavras SpinCo shares) represents a premium of 66% over the 20-trading day volume weighted average trading price of the Amarillo shares on the TSX Venture Exchange of C$0.24. The total transaction value is approximately C$164.5 million, excluding Lavras SpinCo’s asset value and C$10 million of cash. It is anticipated that Lavras SpinCo will complete a share consolidation immediately following the completion of the Arrangement.

Highlights of the proposed transactions:

  • Cash consideration of C$0.40 per Amarillo share;
  • Amarillo shareholders also receive one share of Lavras SpinCo for every Amarillo share held;
  • Lavras SpinCo will have C$10 million cash and will hold a stake of the Lavras Project assets; and
  • Lavras SpinCo will have a 2% net smelter return royalty over certain of Amarillo’s exploration properties located outside of the current Posse resource and mine plan at Amarillo’s Mara Rosa property.

“This acquisition delivers an immediate and compelling opportunity for our shareholders to monetize their investment in Amarillo at an attractive valuation and significant premium to the current and historical trading price of Amarillo’s shares,” said Mike Mutchler, President and Chief Executive Officer. “The transaction also provides our shareholders with additional value through their continued participation in the future exploration and advancement of the prospective Lavras Project through Lavras SpinCo, where our leadership team will be focussed on unlocking the true value of this project.”

BOARD APPROVAL AND RECOMMENDATION

Following an extensive review and detailed analysis of the proposed Arrangement and the recommendation of the special committee (the “Special Committee”) of the board of directors (the “Board”) of Amarillo, the Board has unanimously: (i) approved the Arrangement and the entering into of the Arrangement Agreement; (ii) determined that the Arrangement is in the best interests of Amarillo and is fair, from a financial point of view, to Amarillo’s shareholders, and (iii) determined to recommend that Amarillo’s shareholders vote in favour of the Arrangement.

Research Capital Corporation acted as advisor to the Special Committee and has provided its verbal fairness opinion (the “Fairness Opinion”) to the Special Committee and the Board that, as of the date of the Fairness Opinion, and subject to the limitations, qualifications and assumptions disclosed to the Special Committee and the Board in connection therewith, the consideration to be received by Amarillo’s shareholders pursuant to the transaction is fair, from a financial point of view to Amarillo’s shareholders. The full text of the written Fairness Opinion, which describes the assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken, will be included in Amarillo’s management information circular.

SHAREHOLDER APPROVAL

The Arrangement is subject to the approval of the Amarillo shareholders. A special meeting of the Amarillo shareholders is expected to be held in early 2022 to consider the Arrangement, with an information circular to be mailed to Amarillo shareholders prior to the meeting.

Directors and officers of Amarillo who collectively hold 6.51% of the outstanding shares of Amarillo have entered into voting and support agreements with Hochschild, supporting the Arrangement, pursuant to which they have agreed to vote their shares held in favour of the approval of the Arrangement at the meeting.

In addition, Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, and Baccarat Trade Investments Limited, which beneficially hold 68,300,000 and 76,099,500 shares (representing 17.69% and 19.71% of the outstanding shares), respectively, have also entered into similar voting and support agreements with Hochschild supporting the Arrangement.

CLOSING

Subject to the satisfaction of all of the conditions to closing set out in the Arrangement Agreement, it is anticipated that that the Arrangement will close in the first quarter of 2022. Conditions to closing under the Arrangement Agreement include, among other matters, receipt of all required regulatory and stock exchange approvals, receipt of required court approvals, receipt of approval from the shareholders of Amarillo and Hochschild and the absence of material adverse changes respecting Amarillo.

ARRANGEMENT AGREEMENT TERMS

The Arrangement Agreement contemplates a reciprocal expense reimbursement/non-completion fee of C$2.5 million payable if the required shareholder approval is not obtained or on the occurrence of certain other circumstances. In addition, the Arrangement Agreement provides for a termination fee of C$5 million payable by Amarillo to Hochschild in the event that the Arrangement is not completed or is terminated by Amarillo or Hochschild in certain circumstances, including if Amarillo enters into an agreement with respect to a superior proposal or if the Board, in certain circumstances, withdraws or modifies its recommendation with respect to the Arrangement. The Arrangement Agreement also provides for customary non-solicitation covenants, subject to customary “fiduciary out” provisions entitling Amarillo to consider and accept a superior proposal and a right in favor of Hochschild to match any superior proposal.

A copy of the Arrangement Agreement will be filed by Amarillo on SEDAR and will be reviewable under Amarillo’s profile at www.sedar.com.

STRATEGIC RATIONALE

The Arrangement is a culmination of Amarillo’s exploration and development successes in Brazil. Amarillo’s management views the Arrangement as an opportunity for its shareholders to realize value for a large portion of Amarillo’s assets, at an attractive premium to the recent market performance of its shares and other metrics, while continuing to participate directly in the upside of Lavras SpinCo’s planned exploration at the Lavras Project in Brazil. Lavras SpinCo is expected to be well-capitalized at inception with significant cash, no debt, and led by Amarillo’s current management team.

LAVRAS SPINCO

As part of the Arrangement, Lavras SpinCo will be capitalized with C$10 million in cash and Amarillo’s current interests in the Lavras Project. Lavras SpinCo’s vision is to be a leading independent exploration and production company in Brazil, maximizing shareholder value by bringing its disciplined exploration approach to the Lavras Project and other potential opportunities.

ADVISORS AND COUNSEL

Research Capital Corporation acted as advisor to the Special Committee and Amarillo engaged Osler, Hoskin & Harcourt LLP and Irwin Lowy LLP as its legal counsel in connection with the Transaction. Hochschild has engaged RBC Capital Markets as its financial advisor, sole sponsor and corporate broker, Stikeman Elliott LLP as its Canadian legal counsel, Pinheiro Neto Advogados as its Brazilian legal counsel, and Linklaters LLP as its UK legal counsel in connection with the Transaction.

WEBCAST

A webcast will be held at 10:00 a.m. Toronto time on November 30, 2021 for investors and analysts.

Register at: https://my.6ix.com/paColcfT

ABOUT AMARILLO

Amarillo is advancing two gold projects located near excellent infrastructure in mining-friendly states in Brazil. The development stage Posse Gold Project is on the Company’s Mara Rosa Property in Goiás State. It has a positive definitive feasibility study that shows it can be built into a profitable operation with low costs and a strong financial return. Mara Rosa also shows the potential for discovering additional near-surface deposits that will extend Posse’s mine life beyond its initial 10 years. The exploration stage Lavras do Sul Project in Rio Grande do Sul State has more than 23 prospects centered on historic gold workings.

Amarillo trades on the TSXV under the symbol AGC and the OTCQB under the symbol AGCBF. Visit www.amarillogold.com to learn more, and follow Amarillo on LinkedIn, Twitter, and YouTube.

CONTACT INFORMATION  
Mike Mutchler Annemarie Brissenden
President & CEO Investor Relations
416-294-0736 416-844-6284
[email protected] [email protected]

DISCLAIMER

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

FORWARD-LOOKING STATEMENTS AND CAUTIONARY LANGUAGE

Certain information provided in this news release constitutes forward‐ looking statements. Specifically, this press release contains forward‐looking statements relating to: (i) the anticipated timing of the Amarillo shareholder meeting to approve the Arrangement, (ii) the anticipated timing of the closing of the Arrangement, the exploration and development prospects of Lavras SpinCo, and (iv) planned exploration and development activities of Lavras SpinCo.

The forward‐looking statements are based on certain key expectations and assumptions. With respect to the anticipated timing of the Amarillo shareholder meeting, these include expectations and assumptions concerning the time required to convene the meeting and complete and mail the related information circular. With respect to the anticipated timing of the closing of the Arrangement, these include expectations and assumptions with respect to the timely receipt of all required court, shareholder and regulatory approvals and the satisfaction of all other conditions to the closing of the Arrangement. With respect to the remaining forward-looking statements, these include expectations and assumptions concerning the availability of capital, the success of future drilling and development activities, Lavras SpinCo’s contractual rights, prevailing commodity prices and economic conditions, the availability of labour and services, the ability to transport and market production, timing of completion of infrastructure and transportation projects, weather and access to drilling locations.

Although Amarillo believes that the expectations and assumptions on which the forward-looking statements are based are reasonable at the time of preparation, undue reliance should not be placed on the forward-looking statements as Amarillo can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. With respect to the timing of the completion of the Arrangement, these include risks that the required court, shareholder and regulatory approvals are not obtained on a timely basis, on terms acceptable to the parties or at all and risks that other conditions to the completion of the Arrangement are not satisfied. There is no guarantee that the Arrangement will close at the anticipated time or at all. With respect to the exploration and development prospects of Lavras SpinCo, the planned exploration and development activities of Lavras SpinCo and such factors and risks include, but are not limited to: general economic, market and business conditions; fluctuations in commodity prices; the test results and performance of exploration and development drilling, fluctuation in foreign currency exchange rates; the uncertainty of historic resource estimates and estimates of the value of undeveloped land; changes in environmental and other regulations; risks associated with mineral operations; and other factors, many of which are beyond the control of Amarillo. These and other risks are described further in Amarillo’s most recently filed management discussion and analysis and its annual information form for the year ended December 31, 2019, which have been filed on SEDAR and may be reviewed under Amarillo’s profile at www.sedar.com.

The forward-looking statements contained in this press release are made as of the date hereof. Except as may be required by applicable securities laws, Amarillo assumes no obligation to publicly update or revise any forward‐looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

This news release shall not constitute an offer to sell or a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The securities to be distributed pursuant to the Arrangement 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 may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. The securities to be distributed pursuant to the Arrangement will be offered and sold in the United States pursuant to the exemption from registration set forth in Section 3(a)(10) of the U.S. Securities Act and similar exemptions under applicable state securities laws.

PDF available: http://ml.globenewswire.com/Resource/Download/a8a9b4e5-738b-4de3-a92f-9527c82db06c





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Red Chris NI 43-101 Technical Report Filed

VANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) — Imperial Metals Corporation (the “Company”) (TSX:III) reports that the NI 43-101 Technical…

VANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) — Imperial Metals Corporation (the “Company”) (TSX:III) reports that the NI 43-101 Technical Report for Red Chris has been filed by Newcrest Mining Limited. A copy of the report will be available on imperialmetals.com and the Canadian Securities Administrator’s “System for Electronic Document Analysis and Retrieval” (SEDAR).

The Technical Report has been prepared in accordance with National Instruction 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (NI 43-101) and the provisions of Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards – for Mineral Resources and Mineral Reserves May 2014 (the CIM Definition Standards) for filing on SEDAR.

The Mineral Resource and Mineral Reserve estimates in the Technical Report have been prepared under the direction of Qualified Persons as defined in NI 43-101, using accepted industry practice.

Mineral Resources and Mineral Reserves were initially classified using the 2012 edition of the Australasian Joint Ore Reserves Committee Code (the JORC Code). The confidence categories assigned under the JORC Code were reconciled to the confidence categories in the CIM Definition Standards. As the confidence category definitions are the same, no modifications to the confidence categories were required. Note that NI 43-101 does not allow for Inferred Mineral Resources to be added to other Mineral Resource categories.

Mineral Resources and Mineral Reserves in the Technical Reports are reported in accordance with the CIM Definition Standards. Terminology differences were addressed in that the term “Ore Reserves” in the JORC Code is reported as “Mineral Reserves” using the CIM Definition Standards, and the term “Proved Ore Reserve” in the JORC Code is reported as “Proven Mineral Reserves” using the CIM Definition Standards.

About Imperial

Imperial is a Vancouver based exploration, mine development and operating company. The Company, through its subsidiaries, owns a 30% interest in the Red Chris mine, and a 100% interest in both the Mount Polley and Huckleberry copper mines in British Columbia.

Company Contacts

Brian Kynoch | President | 604.669.8959
Darb Dhillon | Chief Financial Officer | 604.488.2658
Jim Miller-Tait | Vice President Exploration | 604.488.2676        

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this news release are not statements of historical fact and are “forward-looking” statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events

In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “outlook”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. 

In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company’s current beliefs and assumptions. These factors and assumptions and beliefs and assumptions include, the risk factors detailed from time to time in the Company’s interim and annual financial statements and management’s discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended, many of which are beyond the Company’s ability to control or predict. 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, readers should not place undue reliance on forward-looking statements and all forward-looking statements in this news release are qualified by these cautionary statements. Such information is given only as of the date of this news release. The Company does not assume any obligation to update its forward-looking information to reflect new information, subsequent events or otherwise, except as required by law.





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