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Majestic Gold Corp. Reports 2021 Q3 Results

Vancouver, British Columbia – TheNewswire – November 23, 2021 – Majestic Gold Corp. (“Majestic” or the “Company”) (TSXV:MJS), (OTC:MJGCF), (FSE:MJT)…

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Vancouver, British Columbia – TheNewswire – November 23, 2021 – Majestic Gold Corp. (“Majestic” or the “Company”) (TSXV:MJS), (OTC:MJGCF), (FSE:MJT) reports its financial and operational results for the first nine months ended September 30, 2021. The following financial results are expressed in US dollars unless otherwise stated.

This release should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements for the nine-month period ended September 30, 2021 and associated Management Discussion and Analysis (“MD&A”) which are available on SEDAR www.sedar.com and on the Company’s website www.majesticgold.com.         

 

OPERATIONAL HIGHLIGHTS

Nine months ended September 30, 2021

  • Net incomewas $7.9 million for the nine months ended September 30, 2021, a decline of 30% from the FY2020 comparative period. The decrease in net income is due to the impact of the temporary suspension of all mining operations in the Shandong Province since January 27, 2021, pending the completion of mandated governmental safety inspections throughout the industry. The Songjiagou Open Pit resumed operations on August 12, 2021 

  • Gold production decreased by 55% to 11,412 ounces, from 25,147 ounces produced forthe FY2020 comparative period. The decrease in production is due to the temporary suspension of mining operations since January 27, 2021; 

  • Gold revenue was $24.4 million, a decrease of 35% from $37.4 million for the FY2020 comparative period. The decline in revenue is primarily due to the decrease in gold available for sale as result of the curtailment of the mining operations since January 27, 2021; 

  • Gross profitfrom mining operations decreased by 33% to $12.7 million, from $19 million for the FY2020 comparative period due to the curtailment of the mining operations since January 27, 2021 

  • Cash flow from operating activities decreased by 43% to $10.4 million, from $18.1 million for the FY2020 comparative period 

  • Total cash costs and all-in sustaining costs (“AISC”) for the first nine months ended September 30, 2021, were $717 per ounce and $928 per ounce, compared to $587 per ounce and $706 per ounce for the FY2020 comparative period; For AISC computation details, refer to pages 15-17 of the MDA for this Non-IFRS financial measure;  

  • Adjusted EBITDA for the first nine months ended September 30, 2021, was $10.7 million, compared to $21.1 million for the FY2020 comparative period. For EBITDA computation details, refer to pages 15-17 of the MDA for this Non-IFRS financial measure; 

  • On June 15, 2021, the Company entered into a letter of intent (“LOI”) with Western Explorers PTY Ltd. (“Western Explorers”), a private Australian corporation, to acquire a 65% interest in four separate tenements located in Western Australia, an area with demonstrated potential for the discovery of lithium oxide mineralization. 

FINANCIAL INFORMATION

 

Three months ended September 30,

Nine months ended September 30,

   

    2021

 

      2020

 

         2021

 

2020

Operating data

               

Gold produced (ozs)

 

 4,125

 

 9,235

 

 11,412

 

 25,147

Gold realized net of smelting fees (ozs)

 

 3,611

 

 8,635

 

 10,361

 

 23,351

Gold sold (ozs)

 

 5,206

 

 8,301

 

 13,136

 

 23,354

Average realized gold price ($/oz sold)

$

 1,854

$

1,677

$

1,857

$

1,601

Total cash costs ($/oz sold) (1)

 

 693

 

 549

 

 717

 

 587

Total production costs ($/oz sold) (1)

 

 737

 

 741

 

 893

 

 788

All-in sustaining costs ($/oz sold) (1)

 

 872

 

 650

 

 928

 

 706

Financial data

               

Total revenues

$

 9,653,844

$

13,919,283

$

 24,399,669

$

 37,400,555

Gross profit (2)

 

 5,815,156

 

7,772,322

 

 12,672,617

 

 18,994,913

Adjusted EBITDA (1)

 

 3,494,801

 

8,544,158

 

 10,653,292

 

 21,068,226

Net income

 

 1,841,962

 

4,726,768

 

 7,864,390

 

 11,273,105

Net income attributable to shareholders

 

 1,240,834

 

3,193,175

 

 5,319,631

 

 7,545,311

Basic and diluted gain per share

 

 0.00

 

0.01

 

 0.01

 

 0.01

           

September 30,

 

 December 31,

           

2021

 

2020

Cash

       

$

 39,068,514

$

   33,774,231

Total assets

         

134,620,977

 

126,715,193

Total current liabilities

         

 34,624,983

 

31,920,104

  1. (1)See “Additional Financial Measures” in the Company’s MDA on pages 15-17.  

  2. (2)“Gross profit” represents total revenues, net of cost of goods sold.  

About Majestic Gold

Currently focused in China, Majestic Gold Corp. is a British Columbia based company engaged in commercial gold production at the Songjiagou Gold Mine in eastern Shandong Province, China, with exploration properties located in Australia, China and Canada. Additional information on the Company and its projects is available at www.sedar.com and on the Company’s website at www.majesticgold.com.

 

For further information, please contact:

Stephen Kenwood, P.Geo., President and CEO

Telephone: (604) 560-9060

Email: [email protected]

Website: www.majesticgold.com

  

Cautionary Notes

Certain statements contained herein may constitute forward‐looking statements and are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Forward‐looking statements are statements which relate to future events. Such statements include estimates, forecasts and statements as to management’s expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production, exploration drilling, reserves and resources, exploitation activities and events or future operations. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when, and if, a project is actually developed.

 

In some cases, you can identify forward‐looking statements by terminology such as “may”, “should”, “expects”, “plans, “anticipates”, believes”, “estimates”, “predicts”, “potential”, or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward‐looking statements.

 

While these forward‐looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Majestic Gold does not intend to update any forward‐looking statements to conform these statements to actual results

 

Copyright (c) 2021 TheNewswire – All rights reserved.




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Gold State Announces LOI for the Acquisition of the Panteria Copper-Gold Porphyry Project

 

Vancouver, British Columbia – TheNewswire – November 23, 2021 – Gold State Resources Inc. (formerly Cyon Exploration Ltd.) (“Gold State” or…

Gold State Resources Inc.

 

Vancouver, British Columbia – TheNewswire – November 23, 2021 – Gold State Resources Inc. (formerly Cyon Exploration Ltd.) (“Gold State” or the “Company”) (TSXV: GOST | OTCQB: CYNXF | FSE: C2YD) is pleased to announce that the Company, on November 22, 2021, has signed a binding letter of intent (“LOI”) with Peruvian Metals Corp. (TSXV: PER) (“Peruvian Metals”) to acquire a 100% interest in the Panteria copper-gold (Cu-Au) porphyry project (the “Project”). The project is located approximately 210 kilometres southeast of Lima, Peru, in the Huancavelica department and is considered highly prospective for both Cu-Au porphyry style mineralization and high-level gold-silver (Au-Ag) epithermal mineralization. Approximately US $5 million has been spent to date on the Project that has several untested exploration targets.

The Project is comprised of several mineral concessions covering an area of 2,000 hectares and is believed to be situated in the northern extension of the Southern Coastal porphyry belt. Peruvian Metals acquired the Project in 2010 and conducted extensive surface sampling and mapping programs followed by a small geophysical program in 2014. Peruvian Metals recognized the porphyry potential of the area and through field work identified the Renaldo Au-Ag zone 4.5 kilometres east of the main Panteria zone. First Quantum Minerals Ltd. (“First Quantum”) optioned the Project and explored the area from 2016 to 2018. A total of 8,699 metres were drilled by First Quantum in 11 holes. Five main mineralized zones were identified on the Project by Peruvian Metals and First Quantum: Kisosko, El Corral, NW Corral, La Quebrada and the Renaldo zones. The El Corral and NW Corral Zones have proven the most prospective for Cu-Au porphyry mineralization. The Renaldo and Kiosko zones are considered high-level Au-Ag precious metal target and have not been drill-tested.

The drilling by First Quantum mainly focused on the El Corral and La Quebrada zones. Porphyry-style mineralization and alteration, defined by the drilling, have a minimum 1,300-metre horizontal extent and an over 700-metre vertical extent in the subsurface. Highlights included diamond drill hole (“DDH”) PANDD_006 located in the El Corral zone that intersected tourmaline-healed and hydrothermal breccias starting at 320 metres returning 31.30 metres of 0.497% copper and 0.676 gram per tonne (g/t) gold, or 0.94% copper equivalent, within a broader interval of 125.80 metres of 0.252%copper and 0.283 g/t gold, or 0.44% copper equivalent. DDH PANDD_002 drilled 750 metres wouthwest of PANDD_006 intersected two intervals of intense phyllic altered diorites, 127.1 metres of 0.15% copper and 0.143 g/t gold, or 0.24% copper equivalent, and 0.13% copper and 0.13 g/t Au, or 0.21 % copper equivalent, starting at 195 and 413 metres respectively. Hole PANDD_004 drilled 350 northeast of PANDD_006 intersected classic style quartz stockworks commonly associated with Cu-Au porphyry systems, returning 0.16% copper and 0.07 g/t gold or 0.21% copper equivalent. The large horizontal and vertical extent of the porphyry style mineralization and alteration indicates a large hydrothermal system is present, typical of porphyry systems.  Copper equivalent values for by-product gold are calculated using a copper price of US $3 per pound and a gold price of US $1,340 per ounce.

The untested Renaldo zone is considered a gold-silver precious-metal target, located 4.5 kilometres east of the main Panteria zone. Since 2014, a total 323 rock samples have been taken by Peruvian Metals and First Quantum. Rock chip sampling from this prospective zone covers an area measuring one by two kilometres. Ronaldo zone sampling and mapping encountered gold and silver mineralization in a high-sulphidation lithocap that is hosted in shallow-dipping volcanics at higher elevations.

Transactions Details

An initial payment of CAN $10,000 was paid to Peruvian Metals upon entering the LOI. The LOI allows Gold State to conduct its due diligence in order to execute a definitive agreement (the “Definitive Agreement”) by January 15, 2022. Upon signing the Definitive Agreement, the Project will be transferred to a Peruvian subsidiary owned by Gold State, and Gold State will pay Peruvian Metals US $200,000 and issue 9,275,000 common shares of Gold State (the “Payment Shares”). The Payment Shares will be escrowed, with 50% being delivered on the closing date of the Definitive Agreement and the remaining 50% being delivered eight months from the closing of the Definitive Agreement. This is an arm’s length transaction and no finder’s fee is being paid.

Additional bonus/milestone payments will be paid based on exploration success which will be based on the amount of drilling on the Project. Gold State will pay to Peruvian Metals CAN $750,000 on or before the completion date of 10,000 metres of drilling on the Project, and an additional CAN $750,000 on or before the completion date of 20,000 metres of drilling on the Project. At the sole election of the Company, these payments can be made in cash or by issuance of the equivalent value in Gold State common shares at a value to be determined at the time of issuance based on market value, provided that such issuance would not result in Peruvian Metals holding 10% or more of the issued and outstanding shares of Gold State following such issuance.

In addition, Gold State will grant upon the signing of the Definitive Agreement, a one percent (1.0%) net smelter return royalty (the “Royalty”) on the Project. Gold State will have a right of first refusal in the event that Peruvian Metals receives a third-party offer for the Royalty, to purchase the Royalty on the same terms and conditions as such third-party offer.

Brian Thurston, CEO of Gold State commented: “I am excited to have the opportunity to acquire this prospective property from Peruvian Metals. I have worked with Peruvian Metals’ CEO, Jeffrey Reeder, on various projects in Canada and Peru, at various times since 1993. Separately, we have worked on several BC and Yukon copper-gold porphyry deposits such as Red Chris, Mt. Milligan, South Kemess, Fish Lake and Casino. Mr. Reeder has discovered two additional porphyry deposits in Peru that resulted in resource estimates: the Aguila copper-molybdenite porphyry deposit and the Pinaya copper-gold porphyry deposit. I am looking forward to adding the Pantaria Project to the list of Cu-Au discoveries in Peru.

Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has prepared, supervised the preparation of, and approved the scientific and technical disclosure contained in this news release.

About Peruvian Metals Corp.

 

Peruvian Metals Corp. is a Canadian exploration and mineral processing company. Its business model is to provide toll milling services for clients and to produce high-grade concentrates from mineral purchases. The company also acquires and develops precious and base metal properties in Peru.

 

For further information on Peruvian Metals Corp. please visit www.peruvianmetals.com .

 

About Gold State

 

Gold State is engaged in the acquisition, exploration, and development of mineral properties in North and South America.  The Company is currently focused on its Black Rock Canyon gold property that is favourably located within the Cortez gold trend of the Battle Mountain-Eureka belt, a productive and rapidly growing gold mining district in Nevada, as well as its newly acquired Jumping Jack gold property located in the Moors Creek mining district of Nye County, Nevada, approximately 55 miles north of Tonopah. The Jumping Jack Property is situated along the eastern margin of the Walker Lane Gold Trend, ten miles north of Kinross Gold Corporation’s well-known Round Mountain Gold Mine, and is five miles north of the nearest Round Mountain open pit.  

 

Gold State Resources Inc.

Per: “Brian Thurston”

 

Brian Thurston

President and CEO

 

Tel: +1 778 928-6565

 

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

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes on the Company’s Black Rock Canyon, Jumping Jack and other properties, positive due diligence related to the Peruvian Metals Project and Definitive Agreement, continued availability of capital and financing, and general economic, market or business conditions, laws in the state of Nevada and other jurisdictions where the Company operates. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

 

Copyright (c) 2021 TheNewswire – All rights reserved.





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Advance Gold Closes Private Placement

Kamloops, British Columbia–(Newsfile Corp. – November 23, 2021) – Advance Gold Corp. (TSXV: AAX) ("Advance Gold" or "the Company") is pleased to announce…

Kamloops, British Columbia–(Newsfile Corp. – November 23, 2021) – Advance Gold Corp. (TSXV: AAX) (“Advance Gold” or “the Company”) is pleased to announce that it has filed documents with the TSX Venture Exchange to close its previously announced private placement financing (see November 10, 2021 and November 15, 2021 news releases). Subject to the receipt of all regulatory approvals, the Company will issue 9,800,000 Units, each Unit consisting of 1 common share and 1 common share purchase warrant, each warrant being exercisable at $0.065 for 12 months, expiring November 23, 2022, for gross proceeds of $490,000. Proceeds from the financing will be used to advance the Lithium project and for general corporate purposes.

All securities issued pursuant to the financing will be subject to a 4 month plus 1 day hold. Finders’ fees have been paid to certain finders in accordance with TSX Venture Exchange policies in the amount of 8% cash and 8% Broker’s warrants, each warrant being exercisable at $0.065 for 12 months, expiring November 23, 2022.

About Advance Gold Corp. (AAX.V)

Advance Gold is a junior exploration company focused on acquiring and exploring mineral properties containing precious metals, agricultural minerals and battery metals. The company acquired a 100-per-cent interest in the Tabasquena silver mine in Zacatecas, Mexico, in 2017, and the Venaditas project, also in Zacatecas state, in April, 2018.

In addition, Advance Gold holds an 10.85% interest in strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 89.15% of the Kakamega project is held by Shanta Gold Limited (project previously owned by Barrick Gold Corporation, for details see Advance Gold News Release dated 08, 26, 2020).

In March, 2021 Advance Gold acquired 13 salars in central Mexico containing potassium, boron and lithium, enabling it to move into agricultural minerals and the exciting lithium space.

For further information, please contact:

Allan Barry Laboucan,
President and CEO
Mexico Cellular Phone (492) 238-5282

www.advancegold.ca

This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors should change, except as required by law.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/104871





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Cartier Iron Provides Update on Diamond Drilling Program on the Low Sulphidation Gold-Silver Epithermal System at Big Easy, Newfoundland

TORONTO, Nov. 23, 2021 (GLOBE NEWSWIRE) — Cartier Iron Corporation (CSE:CFE) (“Cartier Iron” or the “Company”) is pleased to provide an update…

TORONTO, Nov. 23, 2021 (GLOBE NEWSWIRE) — [nxtlink id="268360"]Cartier Iron Corporation[/nxtlink] ([nxtlink id="268360"]CSE:CFE[/nxtlink]) (“Cartier Iron” or the “Company”) is pleased to provide an update on its diamond drilling program at its wholly owned Big Easy property located near Clarenville in eastern Newfoundland. As previously announced (see press release September 21, 2021) the 10,000m drill program will test significant resistivity anomalies along a major north-northeast trending structural break outlined by the Controlled Source Audio Magneto-Telluric (“CSAMT”) survey in the Central Anomaly – Big Easy Showing Area.

Previous drilling in the Central Anomaly area (see press release June 8, 2021) was successful in confirming an extensive zone of silicification up to 200m wide with low sulphidation epithermal gold-silver mineralization. Hole BE-21-35, drilled in the recent winter 2021 program, returned 0.45 g/t Au and 9.7 g/t Ag over 34m, while Hole BE-21-36 intersected 0.62 g/t Au and 16.12 g/t Ag over 13m. Resistivity response from the CSAMT survey, as shown in Figure 1, is markedly higher at deeper levels in the Central Anomaly area suggesting that these earlier holes may have been drilled too high in the epithermal system. Current drilling is testing the resistivity highs at a deeper level in order to test for the potential core area of Au-Ag mineralization.

To date six (6) holes totaling 3,457m have been completed with lengths ranging for 425m to 623m long (BE-21-37 to BE-21-42) with one hole in progress (BE-21-43). Assays on all these holes are pending. Figure 1 is a block model of the 3D CSAMT resistivity model with locations of holes drilled to date (see Table 1) and planned holes (see Table 2). Drilling prior to the Christmas break will focus on completing the remaining drill holes planned to test the Central Anomaly. In winter 2022, the focus will shift to testing the resistivity highs in the Big Easy South area approximately 400m south of the original Big Easy showing and in the Central North area approximately 400 to 500m north of the Central Anomaly.

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Iron said: “The CSAMT results confirmed our view that the low sulphidation epithermal mineralizing system at Big Easy occurs along a major structure that extends to at least a depth of 1km and is potentially very large. The drill program in progress has been designed to provide a first test of the major resistivity anomalies at the Central Anomaly, as well as along strike at the Central North and Big Easy South target areas, which collectively cover a potential strike length of at least 2.4km. We expect to complete most of the drilling on the Central Anomaly prior to the Christmas break and will finish the balance of the planned 10,000m program in winter 2022.”
   
Qualified Person

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Iron, and a Qualified Person (“QP”) as defined under National Instrument 43-101 (“NI 43-101”), has reviewed and approved the scientific and technical content of this press release. The CSAMT surveys were carried out by Clearview Geophysics under the direction of Joe Mihelcic, P.Eng., P.Geo., a QP under NI 43-101. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration provided the survey design and assisted in the interpretation from data processed by Clearview Geophysics. Messrs. Hale and Gilliatt are QPs as defined under NI 43-101. The diamond drilling program is being carried out under the supervision of Peter Webster, P.Geo. of Mercator Geological Services. Mr. Webster is a QP as defined under NI 43-101. Analytical work for the diamond drill program is being done by Eastern Analytical Ltd. in Springdale, Newfoundland. The Company employs an industry standard QA/QC program for all analytical work.

Cartier Iron gratefully acknowledges the support of the Newfoundland and Labrador government through the Junior Exploration Assistance program.

Table 1: Diamond Drill Holes Completed with Assays Pending at November 23, Central Anomaly Target, Big Easy Gold-Silver Project

Hole No. UTM E UTM N Elev Azimuth Dip Length (m)
BE-21-37 709876 5346497 131 270 -55 425.0
BE-21-38 710075 5346390 131 270 -55 473.0
BE-21-39 709975 5346498 131 270 -50 626.0
BE-21-40 710200 5346400 131 270 -60 632.0
BE-21-41 710100 5346290 137 270 -50 628.0
BE-21-42 710200 5346291 131 270 -55 672.6
TOTAL 3,456.6
BE-21-43 710300 5346291 124 270 -60 In progress
Core size is NQ.
 

Table 2: Planned Drill Holes Central Anomaly, Big Easy South Anomaly and Central North Anomaly

Hole No. UTM E UTM N Elev Azimuth Dip Length (m)
CENTRAL ANOMALY
BE-21-44 710200 5346100 120 090 -60 500
BE-21-45 710200 5346100 120 270 -60 750
BE-21-46 710035 5346100 120 090 -60 750
BIG EASY SOUTH ANOMALY
BE-21-47 710500 5347700 114 270 -50 500
BE-21-48 710675 5347700 107 270 -50 750
BE-21-49 710800 5347700 107 270 -55 1000
CENTRAL NORTH ANOMALY
BE-21-50 710500 5346700 120 270 -45 800
BE-21-51 710600 5346700 120 270 -55 950
TOTAL 6,000
 

About [nxtlink id="268360"]Cartier Iron Corporation[/nxtlink]

Cartier Iron is an exploration and development Company focused on discovering and developing significant iron ore resources in Quebec, and a potentially significant gold property in the province of Newfoundland and Labrador. The Company’s iron ore projects include the Gagnon Holdings in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland.

Please visit Cartier Iron’s website at www.cartieriron.com.

For further information please contact:

Thomas G. Larsen Jorge Estepa
Chief Executive Officer Vice-President
(416) 360-8006 (416) 360-8006

The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release. Statements in this release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/acedb585-ffe3-4299-9093-d8e6846024a6






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