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Prophecy Potash to Drill Indata Copper-Gold Project

Vancouver, B.C. – TheNewswire – September 2, 2021 – Eastfield Resources Ltd. (TSXV:ETF) (OTC:ETFLF) (“Eastfield”) and Prophecy Potash Corp. (TSXV:NUGT)…

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Vancouver, B.C. – TheNewswire – September 2, 2021 – Eastfield Resources Ltd. (TSXV:ETF) (OTC:ETFLF) (“Eastfield”) and Prophecy Potash Corp. (TSXV:NUGT) (“Prophecy Potash”) announce that Prophecy Potash will fund a diamond drilling program on the Indata copper-gold property located approximately 120 kilometers northwest of the community of Fort St. James, British Columbia. The Indata property, totaling 3,189 hectares (7,880 acres), is situated adjacent to the Pinchi Fault Zone with its northern boundary being approximately 7 kilometers south of the southernmost boundary of the Stardust-Kwanika Project (Northwest Copper Corp.: TSXV:NWST). Terrain is flat to hilly and access is excellent with logging operations currently occurring in the southern region of the property.

The project is permissive for copper-gold porphyry related mineralization, orogenic gold mineralization and limestone hosted CRD mineralization. Previous results have included drill intercepts of 47.26 g/t gold over 4.0 meters (with many lesser values) and porphyry copper mineralization with drill intercepts including 0.20% copper over 148 meters (with 0.37% copper over 24 meters at the bottom of the hole) and trench intercepts of 0.36% copper over 75 meters.

The proposed 2021 program will focus on the Albert Lake copper target where sampling completed in 2019  500 meters to 1,000 meters to the south of historic results included a number of significantly mineralized samples grading up to 0.48% copper, 0.24 g/t gold and 5.95 g/t silver coincident with a strong induced polarization response obtained in a 2012 survey.

The Indata project is subject to a 2018 option agreement between Eastfield and Prophecy Potash which grants Prophecy Potash the right to earn a 60% interest by paying $400,000 (cash and shares) and completing $2,000,000 in work over a five year term.

Eastfield also provides a summary of its other activities:

Zymo (100% owned), approximately 20 kilometers of new line established in June and July with most of it soil sampled and surveyed with induced polarization. Results indicate a very robust anomaly generally ± 1.5 to 2 km in width much of the survey being very chargeable (often >30 millivolts per volt) indicating a possible heavy concentration of sulfide.

Iron Lake (51% or 80% interest optioned to Tech-X Resources Inc. [a private company]). To earn the full interest work commitments of $12 million are required.  An airborne magnetotelluric survey costing approximately $250,000 was completed in June. Planned geological fieldwork and ground trothing geophysics were interrupted by fires but are planned for later in the season.

Hedgehog (60% interest optioned to West Oak Gold Corp.). Fieldwork at the project, located 15 kilometers north of Barkerville, began the first week of August. The 2021 program will explore an area of the claim called Golden Sky where a grab sample from an exposure in a road cut sampled in 2013 returned 1.51g/t gold, 1.27% zinc, 0.48% lead, 1203ppm arsenic and 1313ppm antimony . Little work in this area has been completed since the discovery. The immediate neighbour to this project is the Cariboo Gold Project owned by Osisko Gold Royalties.

 

Recent Financial Activity (July 22, 2021). A flow through private placement of 4,450,000 units priced at $0.10 per unit, each unit consisting of one flow-through common share and one non-flow-through share warrant exercisable for one additional common share at a price of $0.15 was completed. Funds will be used predominantly to fund work at Zymo.

Non- Project Assets

Company

Shares

Current Price

Total Value

Consolidated Woodjam Copper

11,751,805

$0.15

$1,762,770

WCC Warrants @ $0.05

3,250,000

$0.10 in $

$325,000

Northwest Copper Corp.

216,615

$0.61

216,614

GK Resources Ltd.

333,333

$0.17

$56,667

Prophecy Potash Corp

243,369

$0.21

$51,107

Cariboo Rose Resources

208,000

$0.055

$11,440

Total

   

$2,423,598

  

This news release has been reviewed by J.W. Morton P.Geo who is the Qualified Person within the context of NI43-101 and who takes responsibility for the technical content in it.    

 

Copyright (c) 2021 TheNewswire – All rights reserved.








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Teck Reports Unaudited Third Quarter Results for 2021

High commodity prices and strong performance generate record $2.1 billion of Adjusted EBITDA¹ and record $1.0 billion of Adjusted Profit¹ VANCOUVER,…

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High commodity prices and strong performance generate record $2.1 billion of Adjusted EBITDA¹ and record $1.0 billion of Adjusted Profit¹

VANCOUVER, British Columbia, Oct. 27, 2021 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) today announced its unaudited third quarter results for 2021. 

“The extremely favourable commodity price environment – particularly for steelmaking coal – combined with solid operational performance resulted in record quarterly adjusted EBITDA and record adjusted profit in the third quarter,” said Don Lindsay, President and CEO. “Heading into the fourth quarter, we are focused on continuing to optimize sales and production to capitalize on high commodity prices and advancing our priority QB2 copper project.”

Highlights

  • Adjusted EBITDA1 was a record $2.1 billion in Q3 2021, more than triple the same period last year.
  • Profit attributable to shareholders was $816 million or $1.53 per share and adjusted profit attributable to shareholders1 was $1.0 billion or $1.91 per share in Q3 2021, more than 7 times higher than the same period last year.
  • Realized copper, zinc and steelmaking coal prices were US$4.25 per pound, US$1.38 per pound and US$277 per tonne, respectively, in the month of September and as a result, our Adjusted EBITDA1 for the month of September contributed approximately half of our Q3 2021 Adjusted EBITDA1.
  • Overall progress on our QB2 project is now past the two-thirds mark and we continue to expect first production in the second half of 2022.
  • Our copper business unit gross profit increased 117%, supported by an average realized copper price of US$4.28 per pound and copper production of 70,700 tonnes, in line with plan.
  • Red Dog zinc sales volumes were 162,000 tonnes in Q3 despite a delayed start to the shipping season due to ice conditions and significant weather-related delays.
  • Sales of steelmaking coal were 5.9 million tonnes in Q3 2021, with approximately 1.9 million tonnes or 32% sold to China significantly above FOB Australia prices. The FOB Australia prices increased sharply in the latter half of Q2 and continued to increase to unprecedented levels through Q3.
  • In October, we converted our US$4 billion committed facility into a Sustainability-Linked facility and extended its maturity to October 2026. The facility was undrawn as of October 26, 2021.
  • We were named to the Forbes World’s Best Employers List for the second year in a row.
  • MSCI upgraded Teck’s Environmental, Social and Governance rating to ‘AA’ from ‘A’, placing Teck in the top 10% of companies in the Metals and Mining – Non-Precious Metals sector.

Note:
1. Non-GAAP Financial Measure. See “Use of Non-GAAP Financial Measures” section of the attached Management’s Discussion and Analysis for further information and reconciliation.

Financial Summary Q3 2021

Financial Metrics
(CAD$ in millions, except per share data)
Q3 2021 Q3 2020
Revenues $ 3,970    $ 2,291  
Gross profit $ 1,662    $ 291  
Gross profit before depreciation and amortization1 $ 2,093    $ 703  
Adjusted EBITDA1 $ 2,096    $ 638  
Profit attributable to shareholders $ 816    $ 61  
Adjusted profit attributable to shareholders1 $ 1,015    $ 130  
Basic earnings per share $ 1.53    $ 0.11  
Diluted earnings per share $ 1.51    $ 0.11  
Adjusted basic earnings per share1 $ 1.91    $ 0.24  
Adjusted diluted earnings per share1 $ 1.88    $ 0.24  

Note:
1. Non-GAAP Financial Measure. See “Use of Non-GAAP Financial Measures” section of the MD&A for further information and reconciliation.

Key Updates

Executing on our copper growth strategy – QB2 a long-life, low-cost operation with major expansion potential

  • Overall project progress has passed the two-thirds mark;
  • We continue to aggressively manage conditions resulting from COVID-19;
  • The truck shop and mine loop are nearing completion in preparation for commissioning later this year;
  • Electrical substations are nearing completion to support overall commissioning activities;
  • We continue to expect first production in the second half of 2022;
  • We expect to issue updated capital cost guidance in February 2022 with our Q4 results. Challenges with port offshore and tailings facility construction have placed pressure on our estimated capital cost (disregarding COVID-19-related costs) of US$5.26 billion and we expect our capital cost estimate to increase by up to 5% as we add more contingency to our budget; and
  • There is also pressure on our estimate of COVID-19 related capital of US$600 million. The amount of any increase in our guidance will depend in part on progress in managing COVID-19 impacts through Q4.

Steelmaking coal supply chain transformation – providing optionality and reliability in a high-price environment

  • Our Neptune port upgrade was ramping up during the quarter and demonstrated capability to perform at design capacity during the second half of September.
  • We expect the terminal to achieve a run rate at design capacity of 18.5 million tonnes or higher in the fourth quarter.
  • The ramp up of Neptune, in combination with the steelmaking coal supply chain transformation, is now contributing to significantly improved optionality and reliability that ensures market access for our steelmaking coal at a time of record high prices.

Liquidity

  • Liquidity of $5.4 billion as at October 26, 2021.
  • We ended Q3 with US$218 million drawn on our US$4 billion committed credit facility and with strong commodity prices we have since reduced the balance to zero.
  • In October, we converted our US$4 billion committed credit facility into a Sustainability-Linked facility in support of Teck’s sustainability strategy goals and extended its maturity to October 2026.
  • We also cancelled our US$1 billion credit facility that was scheduled to mature in June 2022. This side car facility was established in June 2020 in the initial months of COVID-19 and market conditions and commodity prices have improved significantly since that time.

Guidance

  • Our previously issued 2021 annual guidance is unchanged and is outlined in summary below.
  • Our guidance tables, including three-year production guidance, can be found on pages 28-32 of Teck’s full third quarter results for 2021 at the link below.
2021 Guidance – Summary  
Production Guidance  
Copper (000’s tonnes) 275 – 290
Zinc (000’s tonnes) 605 – 630
Refined zinc (000’s tonnes) 285 – 290
Steelmaking coal (million tonnes) 25 – 26
Bitumen (million barrels) 6.6 – 8.1
Sales Guidance – Q4 2021  
Red Dog zinc in concentrate sales (000’s tonnes) 140 – 155
Steelmaking coal sales (million tonnes) 6.4 – 6.8
Unit Cost Guidance  
Copper net cash unit costs (US$/lb.) $ 1.30 – 1.40
Zinc net cash unit costs (US$/lb.) $ 0.35 – 0.40
Steelmaking coal adjusted site cash cost of sales (CAD$/tonne) $ 59 – 64
Steelmaking coal transportation costs (CAD$/tonne) $ 39 – 42
Bitumen adjusted operating costs (CAD$/barrel) $ 40 – 44


Click here to view Teck’s full third quarter results for 2021.

WEBCAST

Teck will host an Investor Conference Call to discuss its Q3/2021 financial results at 11:00 AM Eastern time, 8:00 AM Pacific time, on October 27, 2021. A live audio webcast of the conference call, together with supporting presentation slides, will be available at our website at www.teck.com. The webcast will be archived at www.teck.com

Reference:
Fraser Phillips, Senior Vice President, Investor Relations and Strategic Analysis: 604.699.4621

Marcia Smith, Senior Vice President, Sustainability and External Affairs: 604.699.4616

USE OF NON-GAAP FINANCIAL MEASURES

Our financial results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. This document refers to a number of Non-GAAP Financial Measures which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS or Generally Accepted Accounting Principles (GAAP) in the United States.

The Non-GAAP Measures described below do not have standardized meanings under IFRS, may differ from those used by other issuers, and may not be comparable to such measures as reported by others. These measures have been derived from our financial statements and applied on a consistent basis as appropriate. We disclose these measures because we believe they assist readers in understanding the results of our operations and financial position and are meant to provide further information about our financial results to investors. These measures should not be considered in isolation or used in substitute for other measures of performance prepared in accordance with IFRS.

Adjusted profit attributable to shareholders – For adjusted profit, we adjust profit attributable to shareholders as reported to remove the after-tax effect of certain types of transactions that reflect measurement changes on our balance sheet or are not indicative of our normal operating activities. We believe adjusted profit helps us and readers better understand the results of our normal operating activities and the ongoing cash generating potential of our business.

Adjusted basic earnings per share – Adjusted basic earnings per share is adjusted profit divided by average number of shares outstanding in the period.

Adjusted diluted earnings per share – Adjusted diluted earnings per share is adjusted profit divided by average number of fully diluted shares in a period.

EBITDA – EBITDA is profit before net finance expense, provision for income taxes, and depreciation and amortization.

Adjusted EBITDA – Adjusted EBITDA is EBITDA before the pre-tax effect of the adjustments that we make to adjusted profit attributable to shareholders as described above.

The adjustments described above to profit attributable to shareholders and EBITDA highlight items and allow us and readers to analyze the rest of our results more clearly. We believe that disclosing these measures assists readers in understanding the ongoing cash generating potential of our business in order to provide liquidity to fund working capital needs, service outstanding debt, fund future capital expenditures and investment opportunities, and pay dividends.

Gross profit before depreciation and amortization – Gross profit before depreciation and amortization is gross profit with the depreciation and amortization expense added back. We believe this measure assists us and readers to assess our ability to generate cash flow from our business units or operations.

Profit (Loss) and Adjusted Profit

  Three months ended
September 30,
Nine months ended
September 30,
(CAD$ in millions) 2021 2020 2021 2020
         
Profit (loss) attributable to shareholders $ 816   $ 61      $ 1,381      $ (400 )  
Add (deduct) on an after-tax basis:        
Asset impairment   —      —      474    
COVID-19 costs   64     —      233     
QB2 variable consideration to IMSA and ENAMI 97   —      140     (34 )  
Environmental costs 49   27     60     9    
Inventory write-downs (reversals)   11     (6 )   76    
Share-based compensation 28   18     62     13    
Commodity derivatives 10   (26 )   5     (31 )  
Other 15   (25 )     38     (27 )  
         
Adjusted profit attributable to shareholders $ 1,015   $ 130     $ 1,680      $ 313     
         
Basic earnings per share $ 1.53   $ 0.11     $ 2.60     $ (0.75 )  
Diluted earnings per share $ 1.51   $ 0.11     $ 2.56     $ (0.75 )  
Adjusted basic earnings per share $ 1.91   $ 0.24     $ 3.16     $ 0.58     
Adjusted diluted earnings per share $ 1.88   $ 0.24     $ 3.11     $ 0.58     
         

Reconciliation of Basic Earnings per share to Adjusted Basic Earnings per share

  Three months ended
September 30,
Nine months ended
September 30,
(Per share amounts) 2021 2020 2021 2020
         
Basic earnings (loss) per share $ 1.53   $ 0.11     $ 2.60     $ (0.75 )  
Add (deduct):        
Asset impairment   —          0.88    
COVID-19 costs   0.12         0.43    
QB2 variable consideration to IMSA and ENAMI 0.18       0.26     (0.06 )  
Environmental costs 0.09   0.05     0.11     0.02    
Inventory write-downs (reversals)   0.02     (0.01 )   0.14    
Share-based compensation 0.05   0.04     0.12     0.03    
Commodity derivatives 0.02   (0.05 )   0.01     (0.06 )  
Other 0.04   (0.05 )   0.07     (0.05 )  
         
Adjusted basic earnings per share $ 1.91   $ 0.24     $ 3.16     $ 0.58    
         

Reconciliation of Diluted Earnings per share to Adjusted Diluted Earnings per share

  Three months ended
September 30,
Nine months ended
September 30,
(Per share amounts) 2021 2020 2021 2020
         
Diluted earnings (loss) per share $ 1.51   $ 0.11     $ 2.56      $ (0.75 )  
Add (deduct):        
Asset impairment —        —      0.88    
COVID-19 costs —    0.12     —      0.43    
QB2 variable consideration to IMSA and ENAMI 0.18       0.26     (0.06 )  
Environmental costs 0.09   0.05     0.11     0.02    
Inventory write-downs (reversals) —    0.02     (0.01 )   0.14    
Share-based compensation 0.05   0.04     0.11     0.03    
Commodity derivatives 0.02   (0.05 )   0.01     (0.06 )  
Other 0.03   (0.05 )   0.07     (0.05 )  
         
Adjusted diluted earnings per share $ 1.88   $ 0.24     $ 3.11     $ 0.58    
         

Reconciliation of EBITDA and Adjusted EBITDA

  Three months ended
September 30,
Nine months ended
September 30,
(CAD$ in millions) 2021 2020 2021 2020
         
Profit (loss) $ 840   $ 25     $ 1,392     $ (471 )  
Finance expense net of finance income 55   63     157     224    
Provision for (recovery of) income taxes 514   19     932     (116 )  
Depreciation and amortization 431   412     1,179     1,104    
         
EBITDA 1,840   519     3,660     741    
         
Add (deduct):        
Asset impairment       —      647    
COVID-19 costs   107     —      336    
QB2 variable consideration to IMSA and ENAMI 97       168     (56 )  
Environmental costs 67   37     82     12    
Inventory write-downs (reversals)   18     (10 )   111    
Share-based compensation 35   25     82     18    
Commodity derivatives 14   (35 )   7     (42 )  
Other 43   (33 )   63     (36 )  
         
Adjusted EBITDA $ 2,096   $ 638     $ 4,052     $ 1,731    
         

Reconciliation of Gross Profit Before Depreciation and Amortization

  Three months ended
September 30,
Nine months ended
September 30,
(CAD$ in millions) 2021 2020 2021 2020
         
Gross profit $ 1,662     $ 291     $ 3,005     $ 828    
Depreciation and amortization 431     412     1,179     1,104    
         
Gross profit before depreciation and amortization $ 2,093     $ 703     $ 4,184     $ 1,932    
         
Reported as:        
Copper        
Highland Valley Copper $ 292     $ 121     $ 688     $ 291    
Antamina 252     173     708     356    
Carmen de Andacollo 59     31     165     107    
Quebrada Blanca 7     11     29     18    
Other                
         
  610     336     1,590     772    
         
Zinc        
Trail Operations 34     14     74     38    
Red Dog 333     255     549     529    
Other (1 )   14     10     31    
         
  366     283     633     598    
         
Steelmaking coal 1,120     120     1,989     761    
         
Energy (3 )   (36 )   (28 )   (199 )  
         
Gross profit before depreciation and amortization $ 2,093     $ 703     $ 4,184     $ 1,932    
         

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “should”, “believe” and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this news release.

These forward-looking statements include, but are not limited to, statements concerning: our focus and strategy; anticipated global and regional supply, demand and market outlook for our commodities; the potential impact of the COVID-19 on our business and operations, including our ability to continue operations at our sites and progress our projects and strategy; our ability to manage challenges presented by COVID-19, including the effectiveness of our management protocols implemented to protect the health and safety of our employees; QB2 capital cost guidance and estimate of QB2 COVID-19 related capital costs; size of potential increase to contingency, estimated timing of first production from QB2; expectation that QB2 will be a long-life, low-cost operation with major expansion potential; the expectation that we will ship all zinc concentrates from Red Dog during the current shipping season; the expectation that there will be modest upward pressure on cash unit costs through 2022; expectations regarding the benefits and costs of the Neptune Bulk Terminals port upgrade; steelmaking coal sales to China targets; expectation that our steelmaking coal business unit is well positioned to deliver strong financial performance in the fourth quarter; timing of completion and expansion of our FRO-N SRF Phase 1 and FRO-N SRF Phase 2, respectively; expected Elk Valley water treatment spending and operating costs, and plans, as well as treatment capacity expectations and timing; expected cost of implementing incremental measures required under the October 2020 Direction issued by Environment and Climate Change Canada; timing of the ramp-up to two-train operation at Fort Hills; liquidity and availability of borrowings under our credit facilities and the QB2 project finance facility; our expectations regarding our effective tax rate; and all guidance appearing in this document including but not limited to the production, sales, cost, unit cost, capital expenditure, cost reduction and other guidance under the heading “Guidance” and discussed in the various business unit sections.

These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general business and economic conditions, interest rates, commodity and power prices, acts of foreign or domestic governments and the outcome of legal proceedings, the supply and demand for, deliveries of, and the level and volatility of prices of copper, coal, zinc and blended bitumen and our other metals and minerals, as well as oil, natural gas and other petroleum products, the timing of the receipt of regulatory and governmental approvals for our development projects and other operations, including mine extensions; positive results from the studies on our expansion and development projects; our ability to secure adequate transportation, including rail, pipeline and port services, for our products; our costs of production and our production and productivity levels, as well as those of our competitors; continuing availability of water and power resources for our operations; changes in credit market conditions and conditions in financial markets generally, the availability of funding to refinance our borrowings as they become due or to finance our development projects on reasonable terms; our ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors for our operations, including our new developments and our ability to attract and retain skilled employees; the satisfactory negotiation of collective agreements with unionized employees; the impact of changes in Canadian-U.S. dollar and other foreign exchange rates on our costs and results; engineering and construction timetables and capital costs for our development and expansion projects; the benefits of technology for our operations and development projects, including the impact of our RACE21™ program; costs of closure, and environmental compliance costs generally; market competition; the accuracy of our mineral reserve and resource estimates (including with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based; tax benefits and tax rates; the outcome of our coal price and volume negotiations with customers; the outcome of our copper, zinc and lead concentrate treatment and refining charge negotiations with customers; the resolution of environmental and other proceedings or disputes; our ability to obtain, comply with and renew permits in a timely manner; and our ongoing relations with our employees and with our business and joint venture partners. Our Guidance tables include footnotes with further assumptions relating to our guidance and assumptions for certain other forward-looking statements accompany the statements in the document.

In addition, assumptions regarding the Elk Valley Water Quality Plan include assumptions that additional treatment will be effective at scale, and that the technology and facilities operate as expected, as well as additional assumptions discussed under the heading “Elk Valley Water Management Update”. Assumptions regarding QB2 include current project assumptions and assumptions regarding the final feasibility study, CLP/USD exchange rate of 775, as well as there being no unexpected material and negative impact to the various contractors, suppliers and subcontractors for the QB2 project relating to COVID-19 or otherwise that would impair their ability to provide goods and services as anticipated during the suspension period or ramp-up of construction activities. Statements regarding the availability of our credit facilities and project financing facility are based on assumptions that we will be able to satisfy the conditions for borrowing at the time of a borrowing request and that the facilities are not otherwise terminated or accelerated due to an event of default. Statements concerning future production costs or volumes are based on numerous assumptions regarding operating matters and on assumptions that counterparties perform their contractual obligations, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and that there are no material unanticipated variations in the cost of energy or supplies and may be further impacted by reduced demand for oil and low oil prices. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially.

Factors that may cause actual results to vary materially include, but are not limited to, changes in commodity and power prices, changes in market demand for our products, changes in interest and currency exchange rates, acts of governments and the outcome of legal proceedings, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, adverse weather conditions and unanticipated events related to health, safety and environmental matters), union labour disputes, impact of COVID-19 mitigation protocols, political risk, social unrest, failure of customers or counterparties (including logistics suppliers) to perform their contractual obligations, changes in our credit ratings, unanticipated increases in costs to construct our development projects, difficulty in obtaining permits, inability to address concerns regarding permits of environmental impact assessments, and changes or further deterioration in general economic conditions. Certain operations and projects are not controlled by us; schedules and costs may be adjusted by our partners, and timing of spending and operation of the operation or project is not in our control. Current and new technologies relating to our Elk Valley water treatment efforts may not perform as anticipated, and ongoing monitoring may reveal unexpected environmental conditions requiring additional remedial measures. QB2 costs, construction progress and timing of first production is dependent on, among other matters, our continued ability to successfully manage through the impacts of COVID-19. QB2 costs may also be affected by claims and other proceedings that might be brought against us relating to costs and impacts of the COVID-19 pandemic. Red Dog production may also be impacted by water levels at site. Unit costs in our copper business unit are impacted by higher profitability at Antamina, which can cause higher workers’ participation and royalty expenses. Sales to China may be impacted by general and specific port restrictions, Chinese regulation and policies and normal production and operating risks.

The forward-looking statements in this news release and actual results will also be impacted by the effects of COVID-19 and related matters. The overall effects of COVID-19 related matters on our business and operations and projects will depend on how the ability of our sites to maintain normal operations, and on the duration of impacts on our suppliers, customers and markets for our products, all of which are unknown at this time. Continuing operating activities is highly dependent on the progression of the pandemic and the success of measures taken to prevent transmission, which will influence when health and government authorities remove various restrictions on business activities.

We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks and uncertainties associated with these forward-looking statements and our business can be found in our Annual Information Form for the year ended December 31, 2020, filed under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov) under cover of Form 40-F, as well as subsequent filings that can also be found under our profile.

Scientific and technical information in this quarterly report regarding our coal properties, which for this purpose does not include the discussion under “Elk Valley Water Management Update” was reviewed, approved and verified by Jo-Anna Singleton, P.Geo. and Robin Gold P.Eng., each an employee of Teck Coal Limited and a Qualified Person as defined under National Instrument 43-101. Scientific and technical information in this quarterly report regarding our other properties was reviewed, approved and verified by Rodrigo Alves Marinho, P.Geo., an employee of Teck and a Qualified Person as defined under National Instrument 43-101.





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Atico Produces 4.43 Million Pounds of Cu and 2,952 Ounces of Au in Q3 2021

VANCOUVER, British Columbia, Oct. 26, 2021 (GLOBE NEWSWIRE) — Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTCQX: ATCMF)…

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VANCOUVER, British Columbia, Oct. 26, 2021 (GLOBE NEWSWIRE) — Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTCQX: ATCMF) announces its operating results for the three months ended September 30, 2021 from its El Roble mine. Production for the quarter totaled 4.43 million pounds of copper and 2,952 ounces of gold in concentrates, a decrease of 20% for copper and an increase of 19% for gold over the same period in 2020.

“The production results for the quarter, particularly for copper were slightly below our 2021 objectives while the mined and processed tonnes are back on track after a challenging first half of the year. The decrease in copper is mainly driven by a lower head grade, partially expected in the mine plan for the period although expected to improve in the last quarter of the year,” said Fernando E. Ganoza, CEO. “We will continue looking for opportunities to improve metal production in the fourth quarter, with the primary goal of delivering our 2021 production guidance while operations still remain on track for record revenues in the second half of the year.”

Third Quarter Operational Highlights

  • Production of 4.43 million pounds of copper contained in concentrates; a decrease of 20% over Q3 2020.
  • Production of 2,952 ounces of gold contained in concentrates; an increase of 19% over Q3 2020.
  • Average processed tonnes per day of 919, an increase of 7% over Q3 2020.
  • Copper head grade of 2.77%, a decrease of 26% over Q3 2020.
  • Gold head grade of 1.98 grams per tonne; an increase of 2% over Q3 2020.
  • Copper and gold recovery of 93.2% and 59.7%; an increase of 2% and 6% for copper and gold, respectively over Q3 2020.

Third Quarter Operational Review

Overall production was in line with Company budget for the third quarter. The decrease in copper production is mainly explained by the decrease in head grade, partially offset by improved recoveries and an increase in processed tonnes over the same period last year. The gold output slightly improved due to an improvement in gold head grade, recovery and an increase in processed tonnes relative to Q3-2020. The inverse relationship between copper and gold head grades production during this period is explained by the current mining sequence of the orebody. During this period last year, we were mining higher grade base metal areas which typically have lower precious metal content, while during this period we mined lower base metal grade areas with higher precious metal content.

The Company continues to closely monitor developments around the COVID-19 pandemic and continues to maintain strict preventative measures at the El Roble mine site, La Plata project, as well as our corporate offices to safeguard the health of its employees, while continuing to operate effectively and responsibly in its communities.

Third Quarter Operational Details

  Q3 2021 Q3 2020 % Change
Production (Contained in Concentrates)      
Copper (000s pounds) 4,435 5,550 -20 %
Gold (ounces) 2,952 2,487 19 %
Mine      
Tonnes of ore mined 76,276 71,993 6 %
Mill      
Tonnes processed 77,816 73,603 6 %
Tonnes processed per day 919 860 7 %
Copper grade (%) 2.77 3.74 -26 %
Gold grade (g/t) 1.98 1.93 2 %
Recoveries      
Copper (%) 93.2 91.4 2 %
Gold (%) 59.7 56.3 6 %
Concentrates      
Copper and Gold Concentrates (dmt) 10,703 11,957 10 %
       
Payable copper produced (000s lbs) 4,175 5,263 -20 %
  Note: Metal production figures are subject to adjustments based on final settlement.  
   

Concentrate Inventory

The number of shipments the Company can export in any given quarter depends on several variables some of which the Company does not control, hence there may be an inherent variability in tonnes shipped quarter to quarter.

  Q3 2021
Amounts in dry metric tonnes  
Opening inventory 7,084
Production 10,703
Sales 16,184
Number of shipments
Adjustments
2
24
Closing inventory 1,621
  Note: Concentrate figures are subject to adjustments based on final surveys and final settlement of sales.
 

El Roble Mine

The El Roble mine is a high grade, underground copper and gold mine with nominal processing plant capacity of 1,000 tonnes per day, located in the Department of Choco in Colombia. Its commercial product is a copper-gold concentrate.

Since obtaining control of the mine on November 22, 2013, Atico has upgraded the operation from a historical nominal capacity of 400 tonnes per day.

El Roble has Proven and Probable reserves of 1.00 million tonnes grading 3.02% copper and 1.76 g/t gold, at a cut-off grade of 1.3% copper equivalent with an effective date of September 30, 2020. Mineralization is open at depth and along strike and the Company plans to further test the limits of the deposit. On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and grey pelagic sediments and cherts that has been traced by Atico geologists for ten kilometers. This contact has been determined to be an important control on VMS mineralization on which Atico has identified numerous target areas prospective for VMS type mineralization occurrence, which is the focus of the current surface drill program at El Roble.

Qualified Person

Mr. Thomas Kelly (SME Registered Member 1696580), advisor to the Company and a qualified person under National Instrument 43-101 standards, is responsible for ensuring that the technical information contained in this news release is an accurate summary of the original reports and data provided to or developed by Atico.

About Atico Mining Corporation

Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing it’s high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com.

ON BEHALF OF THE BOARD

Fernando E. Ganoza
CEO
Atico Mining Corporation

Trading symbols: TSX.V: ATY | OTCQX: ATCMF

Investor Relations
Igor Dutina
Tel: +1.604.633.9022

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.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered 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, or to, or for the account or benefit of, a “U.S. person” (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

Cautionary Note Regarding Forward Looking Statements

This announcement includes certain “forward-looking statements” within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company’s mineral projects; uncertainty of meeting anticipated program milestones for the Company’s mineral projects; the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the coronavirus pandemic is minimized or not long-term; disruptions related to the COVID-19 pandemic or other health and safety issues, or the responses of governments, communities, the Company and others to such pandemic or other issues; and other risks and uncertainties disclosed under the heading “Risk Factors” in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com.





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Fabled Retracts Certain Technical Disclosure in Respect of the Muskwa Copper Project

VANCOUVER, BC / ACCESSWIRE / October 26, 2021 / Fabled Silver Gold Corp. ("Fabled" or the "Company") (TSXV:FCO)(OTCQB:FBSGF)(FSE:7NQ) is issuing the following…

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VANCOUVER, BC / ACCESSWIRE / October 26, 2021 / Fabled Silver Gold Corp. (“Fabled” or the “Company”) (TSXV:FCO)(OTCQB:FBSGF)(FSE:7NQ) is issuing the following news release to retract certain technical disclosures made in relation the Muskwa Copper Project.

The Company wishes to retract and clarify certain technical disclosure made in the following media:

  1. a video (the “Video”) posted to the Company’s website and social media channels on August 11, 2021 entitled “Fabled Copper Update”;
  2. the Company’s management information circular (the “Circular”) dated September 27, 2021 in respect of its Annual General and Special Meeting to be held on October 28, 2021, and filed on the Company’s profile on SEDAR on October 1, 2021; and
  3. the Company’s 43-101 Technical Report (the “Technical Report”) entitled “Technical Report on the Muskwa Project” dated July 6, 2021 and posted to the Company’s SEDAR profile on October 1, 2021 and the SEDAR profile of it’s wholly owned subsidiary, Fabled Copper Corp. on September 27, 2021.

Video

In the Video the Company made certain disclosures and statements regarding historical reserves and resources based upon a feasibility study conducted on a portion of the Muskwa Project in 1970 and speculated regarding the calculation of potential reserves and resources. Such statements are retracted by the Company and should not be relied upon. The Company has removed the video from its website and all social media channels. The Company confirms that the Muskwa Project is an early stage property without a Mineral Resource or Mineral Reserve, and as such, cannot support any feasibility study or preliminary economic assessment.

Information Circular and Technical Report

Portions of the Technical Report were copied to, and summarized in, the Information Circular. The Company wishes to retract and clarify certain statements made in the Technical Report and copied to the Circular.

  1. the Company confirms that the Churchill Copper deposit is not considered economic and there is no current economic analysis done on any part of the Muskwa Project and retracts any statements that suggest otherwise.
  2. The Company wishes to retract all statements regarding historical estimates and historical mining studies. The Company confirms that the Muskwa Project is an early stage property without a Mineral Resource or Mineral Reserve, and as such, cannot support any feasibility study or preliminary economic assessment.
  3. The Company confirms that only historical development work has been done on the Davis-Keays Property and there is no current authority for attributing a value to such work and no work has been done to assess the current condition of such historical work. Any statement to the contrary is retracted.

The Company is preparing a revised Technical Report that it expects to file on SEDAR prior to the completion of its proposed listing on the Canadian Securities Exchange (the “Exchange”), which is expected to occur before December 31, 2021.

About Fabled Silver Gold Corp.

Fabled is focused on acquiring, exploring and operating properties that yield near-term metal production. The Company has an experienced management team with multiple years of involvement in mining and exploration in Mexico. The Company’s mandate is to focus on acquiring precious metal properties in Mexico with blue-sky exploration potential.

The Company has entered into an agreement with Golden Minerals Company (NYSE American and TSX: AUMN) to acquire the Santa Maria Property, a high-grade silver-gold property situated in the center of the Mexican epithermal silver-gold belt. The belt has been recognized as a significant metallogenic province, which has reportedly produced more silver than any other equivalent area in the world.

About Fabled Copper Corp.

Fabled Copper is a wholly owned subsidiary of the Company whose primary interest is in exploring the Muskwa copper Project located in Northern British Columbia.

The Company is in the process of spinning out Fabled Copper by distributing the shares it holds in Fabled Copper to the shareholders of the Company through a statutory plan of arrangement (the “Spin Out Transaction”). Concurrently Fabled Copper is applying to list its common shares on the Exchange following completion of the Spin Out Transaction.

Mr. Peter J. Hawley, President and C.E.O.
Fabled Silver Gold Corp.
Phone: (819) 316-0919
[email protected]

For further information please contact:
[email protected]

The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Neither the TSX Venture Exchange nor its Regulations Service Provider (as that term is defined in the policies of the TSX Venture Exchange) does accept responsibility for the adequacy or accuracy of this news release.

Certain statements contained in this news release constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company’s financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.

Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital

on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company’s continuous disclosure filings filed under the Company’s profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

SOURCE: Fabled Silver Gold Corp.

View source version on accesswire.com:
https://www.accesswire.com/669763/Fabled-Retracts-Certain-Technical-Disclosure-in-Respect-of-the-Muskwa-Copper-Project




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