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Belmont Resources Completes Warrant Exercise Incentives for $130,000 (AMENDMENT)

 

Vancouver, B.C. Canada – TheNewswire – October 12, 2021; Belmont Resources Inc. (TSXV:BEA) (Frankfurt:L3L2) (“Belmont”), (or the “Company”)….

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Belmont Resources Inc.

 

Vancouver, B.C. Canada – TheNewswire - October 12, 2021; Belmont Resources Inc. (TSXV:BEA) (Frankfurt:L3L2) (“Belmont”), (or the “Company”).  Further to our earlier news release the Company amends the news release as follows.  It is pleased to report that pursuant to the Company’s early Warrant Exercise Incentive Program (the “Incentive Program”) as announced on September 10, 2021, certain warrant holders have exercised a total of 2,600,000 (amended from 2,100,000) warrants for total gross proceeds to the Company of $130,000.  

 

The Company will issue 2,600,000 common shares through the exercise of the original warrants and issue  2,600,000 incentive warrants.  Each incentive warrant entitles the holder to acquire an additional common share of the Company at a price of $0.10 per share until October 12, 2022.  The incentive warrants and any shares issued upon exercise of the incentive warrants are subject to a hold period expiring four months plus on day from issuance.  Funds raised will primarily be used for working capital and exploration on properties.

 

The balance of the 3,180,500 warrants (amended from 3,680,500) that were not exercised under the Incentive Program will remain outstanding and continue to be exercisable for common shares of the Company at a price of $0.05 per share until the original expiry dates of April 29, 2022 and May 7, 2022.

 

The Company will now apply to the TSX Venture Exchange for final acceptance to close the Incentive Program and issue the securities.

 

About Belmont Resources


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 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.

The Belmont project portfolio:

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

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

    - Lone Star, Washington – *Lone Star Copper-Gold mine

    - Pathfinder, B.C. – *Bertha & Pathfinder 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  

 ON BEHALF OF THE BOARD OF DIRECTORS

 

“George Sookochoff”

 

George Sookochoff, CEO/President

Ph: 604-505-4061

Email: [email protected]


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

Copyright (c) 2021 TheNewswire - All rights reserved.

Today’s News

Belmont Resources Completes Warrant Exercise Incentives for $105,000

 

Vancouver, B.C. Canada – TheNewswire – October 12, 2021; Belmont Resources Inc. (TSXV:BEA) (Frankfurt: L3L2) (“Belmont”), (or the “Company”)…

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Vancouver, B.C. Canada – TheNewswire - October 12, 2021; Belmont Resources Inc. (TSXV:BEA) (Frankfurt: L3L2) (“Belmont”), (or the “Company”) is please to report that pursuant to the Company’s early Warrant Exercise Incentive Program (the “Incentive Program”) as announced on September 10, 2021, certain warrant holders have exercised a total of 2,100,000 warrants for total gross proceeds to the Company of $105,000  

 

The Company will issue 2,100,000 common shares through the exercise of the original warrants and issue  2,100,000 incentive warrants.  Each incentive warrant entitles the holder to acquire an additional common share of the Company at a price of $0.10 per share until October 12, 2022.  The incentive warrants and any shares issued upon exercise of the incentive warrants are subject to a hold period expiring four months plus on day from issuance.  Funds raised will primarily be used for working capital and exploration on properties.

 

The balance of the 3,680,500 warrants that were not exercised under the Incentive Program will remain outstanding and continue to be exercisable for common shares of the Company at a price of $0.05 per share until the original expiry dates of April 29, 2022 and May 7, 2022.

 

The Company will now apply to the TSX Venture Exchange for final acceptance to close the Incentive Program and issue the securities.

 

About Belmont Resources


Click Image To View Full Size

 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.

The Belmont project portfolio:

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

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

    - Lone Star, Washington – *Lone Star Copper-Gold mine

    - Pathfinder, B.C. – *Bertha & Pathfinder 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  

 ON BEHALF OF THE BOARD OF DIRECTORS

 

“George Sookochoff”

 

George Sookochoff, CEO/President

Ph: 604-505-4061

Email: [email protected]


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

Copyright (c) 2021 TheNewswire - All rights reserved.

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Eldorado Gold Announces Third Quarter 2021 Preliminary Production Results and Conference Call Details

VANCOUVER, British Columbia, Oct. 12, 2021 (GLOBE NEWSWIRE) — Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased to announce…

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VANCOUVER, British Columbia, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased to announce third quarter 2021 preliminary gold production of 125,459 ounces, an 8% increase from 116,066 ounces produced in the second quarter 2021. Based on strong production performance in the first nine months of 2021, the Company is reviewing the full year 2021 production guidance ranges and will provide an update with the release of its financial and operational results on October 28, 2021. Detailed production, by asset, is outlined in the table below.

Q3 2021 and Year-to-Date 2021 Preliminary Gold Production

 Production (oz)
MineQ3 2021Q3 2020Q2 2021
Kısladag51,04059,59344,016
Lamaque37,36939,52535,643
Efemcukuru23,30523,89223,473
Olympias13,74513,91212,934
Total Gold Production (oz)125,459136,922116,066
    
 Production (oz) 
MineYTD 2021YTD 2020 
Kısladag141,229169,659 
Lamaque101,84799,973 
Efemcukuru70,07674,007 
Olympias40,11647,015 
Total Gold Production (oz)353,268390,654 

Canada

Third quarter gold production at Lamaque remained on track with both throughput and grade in-line with 2021 plans. The decline connecting the Sigma mill with the Triangle underground mine is progressing on schedule and is expected to be completed in the fourth quarter. Infill and expansion drilling at Ormaque continued during the third quarter. Refer to the September 27, 2021 news release that summarizes recent infill drilling results at Ormaque, titled “Eldorado Gold Identifies New Mineralized Lenses at Ormaque; Multiple Styles of High-Grade Mineralization at Bonnefond; Kokarpinar Vein Extension Drilled at Efemcukuru”.

Turkey

Kisladag performed well in the third quarter with gold production higher than previously forecast. Several operational improvements implemented in the mine, crushing circuit, and leach pad earlier this year are resulting in increased throughput. The commissioning of the high-pressure grinding roll (HPGR) circuit remains on track.

At Efemcukuru, gold production, throughput, and average gold grade were in-line with expectations.

The Company’s profits from mining operations in Turkey are taxed at the effective rate and the resulting current income tax expense can be further increased or reduced by other items. In the third quarter, the Company expects the Turkish current income tax expense on mining profits, at an effective rate of 25%, to be further reduced by $8-11 million. The expected reduction is primarily related to the investment tax credit relating to Kisladag heap leach improvements.

Greece

Third quarter production at Olympias reflects some initiatives that were implemented in relation to the transformation efforts at the Kassandra assets in Greece. As previously disclosed, the Company is implementing a wide-ranging, sustained effort to optimize the Greek operations that touches every part of the business in Greece, from employee education and training, to physical plant and business systems upgrades. The Company continues to target efficiency and productivity improvements at Olympias. The long-term benefits in safety, culture, and productivity will result in a stronger operation with greatly enhanced economic opportunities.

Q3 2021 Financial and Operational Results Call Details

Eldorado will release its third quarter 2021 Financial and Operational Results after the market closes on Thursday, October 28, 2021 and will host a conference call on Friday, October 29, 2021 at 11:30 AM ET (8:30 AM PT). The call will be webcast and can be accessed at Eldorado Gold’s website: www.eldoradogold.com, or via: http://services.choruscall.ca/links/eldoradogold20211029.html

Conference Call Details 
Replay (available until December 3, 2021)
    
Date: October 29, 2021Vancouver:+1 604 638 9010
Time: 11:30 AM ET (8:30 AM PT)  Toll Free:1 800 319 6413
Dial in:+1 604 638 5340Access code:7602
Toll free: 1 800 319 4610  

About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, and Brazil. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Contact

Investor Relations

Lisa Wilkinson, VP, Investor Relations
604.757 2237 or 1.888.353.8166
[email protected]

Media

Louise McMahon, Director Communications & Public Affairs
604.757 5573 or 1.888.363.8166   
[email protected]

Cautionary Note about Forward-looking Statements and Information

Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", “continue”, “projected”, "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof 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.

Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: our preliminary third quarter 2021 gold production, the Company’s 2021 annual guidance, including at our individual mine production; construction of the decline connecting Sigma mill with the Triangle underground mine, including the timing of completion; continued drilling at the Ormaque gold resource, completion of the HPGR circuit, including the timing of completion; expected tax expense in Turkey; the optimization of Greek operations, including the benefits and risks thereof; our expectation as to our future financial and operating performance, including expectations around generating free cash flow; working capital requirements; debt repayment obligations; use of proceeds from financing activities; expected metallurgical recoveries and improved concentrate grade and quality; gold price outlook and the global concentrate market; risk factors affecting our business; our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities and related timelines; and schedules and results of litigation and arbitration proceedings. Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market 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 such forward-looking statements or information.

We have made certain assumptions about the forward-looking statements and information, including assumptions about: our preliminary gold production and our guidance, timing of construction of the decline between Sigma mill and the Triangle underground mine; results from drilling at Ormaque; benefits of the improvements at Kisladag; how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic; timing and cost of construction and exploration; the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated costs, expenses and working capital requirements; production, mineral reserves and resources and metallurgical recoveries; the impact of acquisitions, dispositions, suspensions or delays on our business; and the ability to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.

Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others: inability to meet production guidance, inability to complete construction of the decline between Triangle mill and the Triangle underground mine on time or to meet expected timing thereof, poor results from drilling at Ormaque; inability to complete improvements at Kisladag or to meeting expected timing thereof, or to achieve the benefits thereof; inability to assess taxes in Turkey or depreciation expenses; global outbreaks of infectious diseases, including COVID-19; timing and cost of construction, and the associated benefits; recoveries of gold and other metals; geopolitical and economic climate (global and local), risks related to mineral tenure and permits; gold and other commodity price volatility; information technology systems risks; continued softening of the global concentrate market; risks regarding potential and pending litigation and arbitration proceedings relating to our business, properties and operations; expected impact on reserves and the carrying value; the updating of the reserve and resource models and life of mine plans; mining operational and development risk; financing risks; foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including environmental regulatory restrictions and liability; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility and the price of our common shares; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk factors discussed in the sections titled “Forward-Looking Statements” and "Risk factors in our business" in the Company's most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR and EDGAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.

The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change.

Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by Simon Hille, FAusIMM and VP Technical Services for the Company, and a "qualified person" under NI 43-101.


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Infinite Ore Starts Exploration on Jackpot Lithium Project and Provides Corporate Update

VANCOUVER, BC / ACCESSWIRE / October 12, 2021 / Infinite Ore Corp. (the "Company") (TSXV:ILI)(OTCQB:ARXRF) is pleased to provide an update on its exploration…

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VANCOUVER, BC / ACCESSWIRE / October 12, 2021 / Infinite Ore Corp. (the "Company") (TSXV:ILI)(OTCQB:ARXRF) is pleased to provide an update on its exploration and corporate activities. The Company recently mobilized a ground crew to sample target areas on its Jackpot lithium project. The areas of interest were generated from a recent high resolution geophysical survey completed on the Jackpot property. The survey, conducted by Novatem Airborne Geophysics, identified several east-west trending anomalies that reflect structures like that of the Jackpot lithium deposit itself.

The ground crew sampled spodumene bearing pegmatites more than 300 m north-east of the 2018 drilling area. The pegmatites were observed over a strike length of approximately 900 m and appear to continue under cover to the north-east and under a small lake to the south-west. Infinite Ore is designing a drill program to test extensions of the Jackpot lithium deposit.

J.C. St-Amour, President of Infinite Ore commented, "I am very pleased that we have identified pegmatite dykes outside the known Jackpot historical deposit area. These dykes appear to have extensive strike length and represent excellent targets for follow up exploration."

St- Amour continued, "Our ground crew also investigated and sampled other areas on the property where additional pegmatite dykes were identified and need further investigation. Pegmatite dykes tend to occur in swarms and given the area has a thick overburden there is excellent potential to discover numerous other mineralized pegmatites, leading to additional drill targets. Our goal is to get aggressive on exploring the Jackpot project and to identify the lithium potential on this highly prospective package."

The Company's 100% owned Jackpot project is near the Georgia Lake lithium deposit, for which Rock Tech Lithium Inc. recently announced its intent to develop a lithium sulphate production facility located in Thunder Bay, Ontario. The Jackpot property contains known pegmatite showings, including two that contain historical resources of 2 million tons at 1.09% Li2O and 750,000 tons at 1.38% Li2O*.

Figure 1: Geophysical map of the Jackpot project.

Sale of Eastern Vision

On the corporate front, the Company is pleased to report that the sale of the Eastern Vision project to Trillium Gold Mines Inc. is progressing. The parties are working towards getting all necessary approvals for the sale with an anticipated closing in November 2021. Upon closing, the Company will receive 4,000,000 common shares of Trillium and a cash payment of $175,000.

Qualified Person

The technical content of this news release was approved by Michel Boily, PhD, P. Geo, an Independent Qualified Person as defined by the National Instrument 43-101.

*The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company as not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.

About Infinite Ore Corp.

Infinite Ore is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company is earning into a large land package with the potential for VMS and gold mineralization in the Confederation Lake assemblage belt near Red Lake, Ont. The company also holds the Jackpot lithium property located near Nipigon, Ont.

ON BEHALF OF THE BOARD
"J.C. St-Amour"
J.C. St-Amour, President

FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770

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.

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).

SOURCE: Infinite Ore Corp.



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https://www.accesswire.com/667655/Infinite-Ore-Starts-Exploration-on-Jackpot-Lithium-Project-and-Provides-Corporate-Update

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