Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (the "Company") is pleased to announce that it has acquired an option to earn a 100% ownership in the former Minto Gold Mine, Olympic and Kelvin gold prospects contained within a parcel of crown grants and mineral claims (the "Olympic Claims"). The Olympic Claims are located immediately adjoining and contiguous with the Company's previously owned Reliance Gold Property (the "Reliance Property") in southern British Columbia. The enlarged road-accessible Reliance Property, including the Olympic Claims, is located 4 kilometers ("km") east of the village of Gold Bridge, and 10 km north of the historic Bralorne-Pioneer Gold Mining Camp which has produced over 4 million ounces of gold.
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Endurance Gold Announces Closing of Over Subscribed Non-Brokered Private Placement
Endurance Gold Corporation(TSXV: EDG) ("Endurance or the "Company") is pleased to announce that it has closed its non-brokered private placement financing (the "Financing"). The Financing was originally announced on January 31, 2022 for gross proceeds of up to $2,500,000 through the sale of 6,250,000 units (each, a "Unit") at a $0.40 per Unit. After receiving expressions of interest that exceeded the originally announced Financing amount, the Company announced on February 7, 2022 that the Financing would be increased to $3,000,000 on the same terms.
The Company closed the Financing on February 11th and issued a total of 7,637,500 Units at a price of $0.40 per Unit for gross proceeds of $3,055,000 which exceeded the increased amount announced on February 7th. Each Unit is comprised of one common share (each, a "Share") and one-half non-transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder to purchase one Share at an exercise price of $0.55 per Share until February 12, 2024. The proceeds from the Financing will be used to fund the Company's exploration activities and for general corporate purposes.
"We look forward to another productive exploration year at the Reliance Property using the proceeds from this Financing," stated Robert T. Boyd, President & CEO. "We are also pleased to welcome new shareholder Evanachan Limited, a corporation controlled by Mr. Robert McEwen, which subscribed to about 50% of the Offering."
Insiders of the Company purchased an aggregate of 937,500 Units in the Financing. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of such insider participation.
In connection with the Financing, the Company has paid aggregate cash finders' fees of $132,000 and issued an aggregate of 165,000 finder warrants (the "Finder Warrants") to eligible finders, consisting of Agentis Exempt Market Dealer Limited Partnership and MPartners Inc. Each Finder Warrant will entitle the finder to purchase one Share at an exercise price of $0.40 per Share until February 12, 2024. All securities issued in connection with the closing of the Financing (including the Finder Warrants) are subject to a statutory hold period of four months plus one day expiring on Monday, June 13, 2022. The Financing remains subject to the final approval of the Exchange. None of the Shares or Warrants have been or will be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities, in any jurisdiction in which such offer, solicitation or sale would require registration or otherwise be unlawful.
ENDURANCE GOLD CORPORATION
Robert T. Boyd, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, info@endurancegold.com - www.endurancegold.com
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.
Endurance Doubles The Size of The Reliance Gold Property, B.C.
Highlights of the transaction include:
- More than doubles the size of the Reliance Property and adds a portfolio of relatively under-explored orogenic gold prospects that have not been evaluated with modern exploration methods.
- Delivers additional excellent exploration potential without distracting from the Company's priority in advancing the Eagle Area discoveries along the Royal Shear Trend on the Reliance Property.
- Offers the owner of the Olympic Claims the opportunity to unlock unrealized value of the Olympic Claims, to participate in potential future exploration success at the combined Reliance Property, and an option to equity fund any success at a fixed price.
- Acquisition of 100% ownership with the option for the Company to purchase the entire retained royalty.
- The Olympic Claims and the Reliance Property location map is attached below and on the Company website.
The Olympic Claims are owned by Avino Silver & Gold Mines Ltd. ("Avino") and are located on the north and south shores of BC Hydro's Carpenter Lake Reservoir in the Bridge River Valley, east of the Royal Shear trend and the Company's current drilling focus. The year-round road-accessible acquisition increases the size of the Reliance Property to approximately 2,475 hectares, more than doubling the mineral rights controlled by the Company.
The Olympic Claims are underlain by "epizonal" orogenic-type gold targets that include the former producing Minto Mine that has produced 17,500 ounces of gold at an average grade of 6.3 grams per tonne ("gpt") gold prior to World War II. In addition, there are eleven historic government-documented mineral occurrences on the Olympic Claims which include the Minto North, Dauntless, Kelvin and Olympic gold prospects, many of which have also been explored with small underground workings prior to World War II. These prospects are associated with regional-scale structural deformation and/or iron carbonate alteration with analogies to the recent discoveries by the Company at the Eagle and Imperial zones, but on sub-parallel regional structures.
As examples of the gold potential of the Olympic Claims, in 2005 Avino reported 14.76 gpt gold over 9.0 metres ("m") (estimated true width of 4.5 m) from chip samples in trenching on the Minto North target. At the Olympic Target, 1988 drilling reportedly intersected 8.2 gpt gold over 3.48 m. As part of the Option, the Company intends to initiate an early-stage 2022 exploration program of systematic biogeochemical and soil sampling to help prioritize targets for future work.
Under the terms of the letter agreement with Avino, the Company can earn a 100% interest in the Olympic Claims for:
- A total cash consideration in the aggregate amount of $100,000;
- the allotment and issuance of up to a total of 1,500,000 common shares ('Shares') of the Company; and
- exploration expenditures in the aggregate amount of $300,000.
- all to be incurred by December 31, 2024.
On vesting its ownership interest, the Olympic Claims will be subject to a 2% net smelter return royalty ("NSR"), of which 1% NSR can be purchased by the Company for $750,000 and the remaining balance of the NSR can be purchased for $1,000,000.
As part of the final requirement to earn its interest, the Company agreed to grant to Avino 750,000 share purchase warrants ("Warrants") by December 31, 2024 that offer Avino the option to purchase additional shares in the Company for a period of three years from the date of issuance. The exercise price of the Warrants will be set at a 25% premium to the 20-day VWAP share price at the issuance date. During the Option, if the Company is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Claims then the Company will be obliged to pay Avino a $1,000,000 discovery bonus.
The Option agreement is subject to the TSX Venture Exchange acceptance, and any Shares or Warrants to be issued will be subject to a four-month hold period on issuance as per the policies of the TSX Venture Exchange.
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits.
Robert T. Boyd, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporationwww.endurancegold.com
Toll Free: (877) 624 2237, info@endurancegold.com
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 news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.
The Reliance Property B.C. - Location of Olympic Claims and the Original Reliance Option
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Endurance Commences Drilling Program at the Reliance Gold Property, B.C.
Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (the "Company") is pleased to announce that drilling has commenced at the Reliance Gold Property (the "Property") in southern British Columbia with the first drill rig arriving on April 20. A second rig is anticipated to commence in about five weeks. The road accessible Property is located 4 kilometres ("km") east of the village of Gold Bridge, and 10 km north of the historic Bralorne-Pioneer Gold Mining Camp which has produced over 4 million ounces of gold.
The planned 2022 program consists of reverse circulation ("RC") and diamond drilling designed to expand the 2021 drill discovery at Eagle South which returned 15.70 grams per tonnes ("gpt") gold over 24.8 metres ("m") at shallow depth in DDH21-020 (reported January 12, 2022),and at the Eagle Zone which returned 8.62 gpt gold over 24.4 m from DDH21-006 (reported December 29, 2021). At the Eagle Zone, recent drilling results by the Company have defined a near-surface, shallow dipping zone of 250 m by 150 m in size with a weighted average grade of 5.13 gpt gold and average estimated true width of 11.2 m. The Eagle mineralized zones continue to be open to the southeast and to depth. Soil sampling, biogeochemical sampling, and surface grab samples of up to 21.2 gpt gold (reported January 5, 2022) indicate the potential to expand the combined Eagle mineralized zones to a minimum 400 m strike length. Channel sampling of these new surface prospects discovered in November 2021 will be completed in the next few weeks.
The 2022 RC drilling program is budgeted to complete about 40 holes, with a planned drilling depth of 70 m at each hole, over a six-week period. The diamond drilling program is budgeted for a minimum 8,000 m program. In addition to expanding the Eagle Zones, the 2022 program will drill test several targets along the Treasure Shear and the 2.0 km long Royal Shear. RC drilling has commenced at the Bona prospect on the Treasure Shear where channel sampling returned 4.43 gpt gold over 8.5 m (reported September 13, 2021).
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits.
Robert T. Boyd, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporationwww.endurancegold.com
Toll Free: (877) 624 2237, info@endurancegold.com
Diamond drill core is logged and evaluated on the Property and samples designated for collection under the supervision of a geologist at the property. Drilling is completed with NQ size tools capable of collecting 4.76 cm diameter core. Diamond drill core is cut using a diamond drill saw with one half of the core sent for analysis and the remaining kept for future studies. Sample intervals are typically 2 metre core length and intervals are shortened for lithology or alteration changes. For drilled and sampled intervals of poor average core recovery, the complete core is sampled and sent to the laboratory for assay analysis. RC samples are collected under the supervision of a geologist at the drilling rig. Drilling is completed using a 3.5 inch hammer bit and rock chip samples are collected using a cyclone. Sample size are reduced to 1/8th size with a riffle splitter at the drilling rig. A second duplicate split and coarse chips are collected for reference material and stored.
All core and RC samples are submitted to ALS Global in North Vancouver, BC, an ISO/IEC 17025:2017 accredited laboratory, where they are crushed to 70%
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 news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.
Reliance Property B.C. - RC22-001 - The Initial 2022 RC Drill Hole on the Treasure Structural trend
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Endurance Gold Announces DTC Eligibility for its Common Shares and Berlin Open Market Acceptance
Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (BE: 3EG) ("Endurance or the "Company") is pleased to announce that its common shares are now eligible for electronic clearing and settlement through the Depository Trust Company ("DTC") in the United States. DTC eligibility will enable an accelerated settlement process and the Companies shares to be economically transferred between brokerage accounts electronically within the United States. The company's common shares trade on the OTC Pink under the ticker symbol ENDGF.
In addition, the Company was sponsored by a German financial institution and has been accepted for listing of its shares on the Berlin Open Market with the Company's common shares trading in Germany under the ticker symbol 3EG.
DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be "DTC eligible". DTC eligibility is expected to simplify the process of trading and enhance liquidity of the Company's common shares in the United States.
With the DTC eligibility existing US-resident investors benefit from potentially greater liquidity and faster execution speeds. This also opens the door to new US investors that may have been previously restricted from purchasing the Company's common shares and simplifies the process of trading them in the United States.
European and German investors have been showing interest in the Company. Thus, including the Company for trading on the Berlin Open Market offers European and German investors the possibility to trade in the Company shares within a local and familiar legal environment. Inclusion in the Berlin Open Markets is not considered an admission to trading or a formal German exchange listing.
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits. The companies core funding focus is the Reliance Gold Project located near Gold Bridge, BC in the Bralorne Gold Camp.
Robert T. Boyd, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, info@endurancegold.com - www.endurancegold.com
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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Endurance Gold Increases Non-Brokered Private Placement to $3 Million
Endurance Gold Corporation (TSXV: EDG) ("Endurance or the "Company") is pleased to announce plans to increase the size of the non-brokered private placement previously announced on January 31, 2022 with about 50% participation by Evanachan Limited, a company controlled by Robert McEwen.
The Company intends to increase the non-brokered private placement of 6,250,000 units (each, a "Unit") to up to 7,500,000 Units for increased gross proceeds of up to $3.0 million (the "Offering"). Each Unit remains at a price of $0.40 per Unit. Other than the size of the Offering increase, all the terms remain the same as announced on January 31, 2022. Each Unit will consist of one common share (each, a "Share") and one-half non-transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share of the Company at an exercise price of $0.55 for a period of two years from the date of issuance thereof. Proceeds raised from the sale of the Units will be used by the Company for exploration activities and for general corporate purposes.
The Offering is made to accredited investors within the meaning of National Instrument 45-106 and the completion of the Offering is subject to the receipt of acceptance by the TSX Venture Exchange (the "Exchange"). All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months plus one day from the Closing. Finders' fees may be payable in connection with the sale of the Units in accordance with the policies of the Exchange.
"We have received significant interest in our financing from sophisticated investors and, amongst others, are very pleased to welcome Evanachan Limited, a corporation controlled by Mr. Robert McEwen, which committed to subscribe for 3,750,000 Units, about 50% the increased Offering," stated Robert T. Boyd, President & CEO.
Certain insiders of the Company intend to participate in the private placement and their holdings of securities of the Company will increase as a result. Based on current commitments, Insiders are expected to subscribe to about 12.5% of the increased Offering. The Company will rely on the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of such insider participation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Robert T. Boyd
President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, info@endurancegold.com
www.endurancegold.com
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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Endurance Invited And Exhibiting at AME Roundup Core Shack Featuring High-Grade Drill Intersections From The Reliance Gold Project BC
Endurance Gold Corporation (TSXV: EDG) (the "Company") is pleased to announce that the Company will be exhibiting, in-person and by special invitation, at the 2022 AME Roundup Conference Core Shack located at the Vancouver Convention Centre West on Monday, January 31 and Tuesday, February 1.
Display Drill Core will include representative core from the four best holes drilled by the Company at the Reliance Gold Property (the "Property") in 2021 from drill holes spread along a 750 m trend which returned 15.7 gpt gold over 24.8 m including 26.96 gpt gold over 4.1 m, 8.47 gpt gold over 24.9 m including 16.27 gpt gold over 10.5 m, 8.62 gpt gold over 24.4 m including 17.02 gpt gold over 4.3 m, and the most recent drill announced last week of 1.70 gpt gold over 62.1 m.
The Property is located in southern British Columbia. The road accessible property is located 4 kilometres ("km") east of the village of Gold Bridge, and 10 km north of the historic Bralorne-Pioneer Gold Mining Camp which has produced over 4 million ounces of gold.
Following the Core Shack, on Wednesday February 2 and Thursday, February 3, the Company will then be exhibiting at the Project Generators' Hub and featuring the Company's 100% owned drill-stage Elephant Mountain Gold Project, Alaska and, 100% owned Bandito Rare- Earth Niobium Property, Yukon, as well as re-exhibiting some highlights from the Property.
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits.
Robert T. Boyd
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, info@endurancegold.com
www.endurancegold.com
Please review prior press releases and presentations for sampling procedures and cautionary statements. The 2020 and 2021 work programs were supervised by Darren O'Brien, P.Geo., an independent consultant and qualified person as defined in National Instrument 43-101. Mr. O'Brien has reviewed and approved this news release. 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 news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111970
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AGNICO EAGLE ANNOUNCES INVESTMENT IN ATEX RESOURCES INC.
Stock Symbol: AEM (NYSE and TSX)
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") announced today that it has agreed to subscribe for 33,869,939 units ("Units") of ATEX Resources Inc. (TSXV: ATX) ("ATEX") in a non-brokered private placement at a price of C$1.63 per Unit for total consideration of US$40,000,000 (approximately C$55,208,000 ). Each Unit is comprised of one common share of ATEX (a "Common Share") and one-half of one common share purchase warrant of ATEX (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at a price of C$2.50 for a period of five years following the closing date of the private placement, subject to acceleration in certain circumstances. Closing is expected to occur on or about October 30, 2024 and is subject to certain conditions.
The investment in ATEX is consistent with Agnico Eagle's historical practice of strategic equity investments in projects with high geological potential. It provides Agnico Eagle with exposure to an early stage, copper-gold exploration project in Chile , an established mining jurisdiction. The Company continues to focus on its portfolio of high-quality internal growth projects, and complements its pipeline of projects with a strategy of acquiring strategic toehold positions in prospective opportunities.
Agnico Eagle does not currently own any Common Shares or Warrants. On closing of the private placement, and after giving effect to two other share issuance transactions to be completed by ATEX concurrently with the private placement, Agnico Eagle will own 33,869,939 Common Shares and 16,934,969 Warrants, representing approximately 13.21% of the issued and outstanding Common Shares on a non-diluted basis and approximately 18.59% of the Common Shares on a partially-diluted basis, assuming exercise of the Warrants held by Agnico Eagle.
On the closing of the private placement, Agnico Eagle and ATEX will enter into an investor rights agreement, pursuant to which Agnico Eagle will be granted certain rights, provided Agnico Eagle maintains certain ownership thresholds in ATEX, including: (a) the right to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership in ATEX at the time of such financing or acquire up to a 19.99% ownership interest, on a partially-diluted basis, in ATEX; and (b) the right (which Agnico Eagle has no present intention of exercising) to nominate one person (and in the case of an increase in the size of the board of directors of ATEX to ten or more directors, two persons) to the board of directors of ATEX.
Agnico Eagle is acquiring the Common Shares and Warrants for investment purposes. Depending on market conditions and other factors, Agnico Eagle may, from time to time, acquire additional Common Shares, common share purchase warrants or other securities of ATEX or dispose of some or all of the Common Shares, Warrants or other securities of ATEX that it owns at such time.
An early warning report will be filed by Agnico Eagle in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact:
Agnico Eagle Mines Limited
c/o Investor Relations
145 King Street East , Suite 400
Toronto, Ontario M5C 2Y7
Telephone: 416-947-1212
Email: investor.relations@agnicoeagle.com
Agnico Eagle's head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7. ATEX's head office is located at 50 Richmond Street East, Toronto , Ontario M5C 1N7.
About Agnico Eagle
Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada , Australia , Finland and Mexico . It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States . Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
Forward-Looking Statements
The information in this news release has been prepared as at October 25, 2024 . Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "may", "will" or similar terms.
Forward-looking statements in this news release include, without limitation, statements relating to the expected closing date of the Transaction, Agnico Eagle's ownership interest in ATEX upon closing of the private placement, Agnico Eagle's acquisition or disposition of securities of ATEX in the future and the terms of the investor rights agreement.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Other than as required by law, Agnico Eagle does not intend, and does not assume any obligation, to update these forward-looking statements.
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SOURCE Agnico Eagle Mines Limited
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Siren Increases Antimony and Gold Potential with Permit Over NZ’s Largest Antimony Mine
Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to announce that it has applied for an exploration permit over the historic Endeavour Antimony mine, located in Marlborough, 120kms east of Sams Creek.
Highlights
- The Endeavour mine was historically New Zealand’s largest antimony producer.
- Around 3,000t of stibnite ore (antimony) was recovered from the Endeavour mine and direct shipped to England in the late 19th Century.
- Stibnite ore was mined along strike for 1,200m and a vertical extent of 400m.
- The antimony mineralisation mined contained approximately 2g/t Au but the gold was not recovered.
- The Endeavour antimony mine is part of a larger shear zone that extends for at least 5-6kms and includes at least two other antimony occurrences.
- The mineralisation and structure at the Endeavour mine look very similar to the Auld Creek mineralisation in Reefton.
- Siren is particularly encouraged by the 400m vertical extent exposed in the old mine workings at Endeavour.
- By comparison, only a 150m vertical extent has been tested by drilling at Auld Creek, which contains an inferred mineral resource estimate of 105koz at 3.9g/t Au and 14,500t at 1.7% antimony.
- Metallurgical testwork was completed on Endeavour antimony samples (average 18.7% antimony) in 1977. A stibnite concentrate grading 63% antimony and an overall recovery of 90% was obtainable in a two-stage flotation process.
Siren Managing Director and CEO, Victor Rajasooriar commented:
“We are quite thrilled to have applied for the exploration permit over the historic Endeavour Antimony mine. Our geological team has been scouting for Antimony projects to build scale to our existing Antimony / Gold projects and a successful application would be a welcome addition to the portfolio. Antimony is one of the few elements classified as a 'critical' or 'strategic' mineral by countries including the United States, China, Australia, Russia, the European Union, and more recently New Zealand, underscoring its special geopolitical value. The price of Antimony currently trading at US$25,000/t, supply forecast to drop due to lower grade / old mines coming to an end and the recent decision by China to stop exporting Antimony to other countries, all point to a very positive environment for Siren to explore and grow the Antimony and Gold business in New Zealand”.
Queen Charlotte Exploration Permit Application
Sams Creek Gold Limited, a wholly owned subsidiary of Siren, has applied for the Queen Charlotte exploration permit that contains the historic Endeavour antimony mine (Figure 1). In 1873 mineralisation containing 60% antimony was discovered in a landslide near the saddle between Endeavour Inlet and Port Gore within a line of mineralisation running from Titirangi Bay through the Endeavour Inlet to Resolution Bay. This mine was the largest antimony mine in New Zealand, producing over 3,000t of stibnite (antimony) ore that was direct shipped to England between 1870 and 1890 (Figures 1 and 2). The high-grade ore was sorted by hand and exported untreated, while the lower grade ore was for a period treated at a smelter adjacent to the mine (MacDonnell 1993).
The historic workings penetrated less than 100m deep into a mineralised system that is 1-2kms long and has a surface exposure extending more than 400m vertically. In addition to the antimony, this mineralised system contains significant gold, but it was not recovered.
Figure 1. Antimony Mine, Endeavour Inlet. Nelson Provincial Museum, Tyree Studio Collection: 181917.
Figure 2. Stibnite Sheds, Endeavour Inlet. Nelson Provincial Museum, Tyree Studio Collection: 179109.
Detailed records and mapping of the Endeavour Inlet mineralised system are very sparse and fragmented. A comprehensive overview of this mineralised system was largely developed by geologist Franco Pirajno (Pirajno 1979) and is the basis for the current understanding of the system. He proposed that there may be three parallel major shear zones that strike NNW-SSE, one of which passes through the Endeavour Inlet mineralised zone (Figure 3).
The known part of the Endeavour mineralised zone is about 1,200m long (Figure 4). The Endeavor mineralisation may connect with the East Endeavour Inlet and the Resolution Bay mineralisation along strike to the SE which would increase the strike length to 5-6kms (Figure 3). The known vertical extent of the Endeavour mine exceeds 400m, but the total vertical extent could be significantly greater (Figure 5).
Click here for the full ASX Release
This article includes content from Siren Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Horizon and Poseidon Merging to Fast-Track the Creation of a New WA Mid-Cap Gold Producer
Horizon Minerals Limited (ASX: HRZ) (Horizon) and Poseidon Nickel Limited (ASX: POS) (Poseidon) have entered into a scheme implementation deed (Scheme Implementation Deed) pursuant to which they have agreed to a merger to be conducted by way of Schemes of Arrangement under the Corporations Act 2001 (Cth) (Corporations Act), whereby Horizon will acquire 100% of the fully paid ordinary shares in Poseidon (Poseidon Shares) and 100% of the unlisted Poseidon options under the code POSAAB, subject to the satisfaction of various conditions.
In addition, Horizon has received firm commitments for a placement to raise $14 million to support the expanded business.
HIGHLIGHTS
Logical consolidation of complementary assets in the Western Australian Goldfields
- The proposed transaction will consolidate Horizon’s large gold resource and Poseidon’s Black Swan processing infrastructure in the Kalgoorlie-Coolgardie districts.
- The combination provides a pathway for sustainable, long-term gold production and cashflow as an independent mid-cap producer. 1,2,3
Substantial resource base and regional tenure
- Combined JORC Mineral Resources of ~1.8Moz gold at an average grade of 1.84g/t Au and 422,700t nickel at an average grade of 1% Ni.
- Combined tenure of 1,309km2 in an attractive geological position in the WA Goldfields.
- A strong pipeline of production sources, Mineral Resource growth opportunities, advanced brownfield exploration targets and greenfield exploration opportunities.1,2,3
Aligned strategy of using Poseidon’s Black Swan infrastructure to fast-track gold production
- Refurbishment of the front end of the Black Swan processing plant and conversion of the back end to facilitate gold production presents a significantly faster, lower capital pathway to gold production compared to building a new gold processing plant in the region.
- Horizon’s 465koz Burbanks and 428koz Boorara gold deposits form the cornerstone assets in a project pipeline aiming to deliver a 5-year mine plan to fill the Black Swan processing plant.
- Conversion of the Black Swan processing plant to a gold plant with throughput optionality will unlock latent value in Horizon’s portfolio and open up the region for toll milling and further consolidation.4
Shared focus and ambition to become the next mid-tier gold producer
- Horizon aims to become a sustainable, 100kozpa standalone producer following the merger and conversion & recommissioning of the Black Swan processing plant.
Strategically positioned and permitted infrastructure
- In addition to the combined entity’s Kalgoorlie-Coolgardie gold assets, Lake Johnston and Windarra present highly strategic assets that have the ability to deliver further shareholder value.
- Situated in the southern Goldfields, the permitted Lake Johnston 1.5Mtpa processing plant and associated infrastructure presents an opportunity to develop a lithium processing hub in this emerging lithium province.
- Located in Laverton, Windarra’s water resource and gold tailings present highly strategic assets
Potential for re-rating based on enhanced scale and market relevance
- Enhanced trading liquidity and scale to drive increased market relevance, grow investor appeal and improved access to capital.
- Lower combined corporate overheads to enable greater focus on asset investment.
OVERVIEW
Pursuant to the terms of the Scheme Implementation Deed:
- each Poseidon shareholder will receive 0.1156 Horizon shares for every 1 Poseidon Share held (the Share Scheme);
- each holder of Poseidon options (other than a POS Incentive Option5 – see below) (Poseidon Options) will receive 0.1156 new Horizon options for every 1 Poseidon Option held (the Option Scheme and, together with the Share Scheme, the Schemes); and
- Poseidon, Horizon and each holder of POS Incentive Options will enter into a deed under which all of the relevant POS Incentive Options will be cancelled (or transferred to Horizon or its nominee) for cash consideration, with effect from the Implementation Date and conditional on the Scheme becoming effective (POS Incentive Option Deed). The POS Incentive Options are not subject to the Option Scheme.
The exchange ratio under the Share Scheme was based on a 40% premium to the 30-day volume weighted average price (VWAP) of $0.0042 per Poseidon share for the period up to 22 October 2024 that is $0.006. Based on the last trading price of Poseidon shares as at 22 October 2024, which was $0.006 and represents a 0% premium to the last traded price.
Following implementation of the Schemes, Horizon shareholders will own 69.8% of the Combined Group (defined below) while Poseidon shareholders will own the remaining 30.2%.
The Schemes are unanimously recommended by the POS Independent Board.6 Each member of the POS Independent Board intends to vote all Poseidon Shares they control in favour of the Share Scheme and all Poseidon Options they control in favour of the Option Scheme, subject to no Superior Proposal7 emerging and the Independent Expert concluding (and continuing to conclude) that the Schemes are in the best interests of Poseidon shareholders and holders of Poseidon Options, respectively.
Under the proposed transaction the combined group will have a global JORC Mineral Resource of ~1.8Moz of gold and ~422.7kt of nickel, as well as 1,309km2 of attractive exploration tenure and two strategically located processing facilities in Black Swan and Lake Johnston.
The Black Swan processing plant has a 2.2Mtpa nickel sulphide concentrator and associated infrastructure and is ideally located as a central processing hub for Horizon’s gold projects as well as for regional toll treatment opportunities. The Black Swan concentrator will also unlock value for Horizon’s high-grade Nimbus silver, zinc and gold project which contains 20.2Moz of silver, 78koz gold and 104kt of zinc.
The proposed transaction brings together complementary assets. A Feasibility Study on the refurbishment and conversion of the Black Swan processing plant to gold production from Horizon’s large baseload and satellite gold deposits will be undertaken. The Feasibility Study is expected to be completed in the second half of 2025 with first gold production from Black Swan currently targeted for mid-2026.
The conversion of the Black Swan processing plant for gold processing would utilise the existing crushing and grinding circuit and likely involve the addition of a carbon in leach (CIL) circuit, elution plant and gold room. The Black Swan plant is currently on care and maintenance and will require some refurbishment. Horizon’s Feasibility Study will provide an up-to-date estimate of the cost of completing this work.
The combined group of Horizon and Poseidon (the Combined Group) will be pursuing its growth strategy from a position of greater market scale, underpinned by an estimated pro-forma cash and listed investments balance of ~$19 million (inclusive of the Placement) and lower consolidated cost base. Following implementation of the Schemes, Poseidon will be delisted from the ASX and become a subsidiary of Horizon, and the Combined Group will continue to trade as Horizon Minerals Ltd under the ticker ASX: HRZ.
Completion of the Schemes is targeted for late January / early February 2025. The Schemes remain subject to various customary closing conditions, including the approval of Poseidon shareholders, holders of Poseidon Options, and the Court, which are summarised below.
Commenting on the proposed merger, Horizon Managing Director Mr Grant Haywood said:
“We believe this proposed merger represents a unique opportunity to unlock the value of our significant gold resource in the WA Goldfields and leverage strategically located processing infrastructure.
This really is a logical consolidation of complementary assets, delivering a near term and cost- effective processing pathway and creates greater potential for both sets of shareholders to create value from the cashflow generation potential of a long project pipeline and wholly owned processing infrastructure.
Outside gold, the merged nickel and silver assets enhances the respective asset values of both parties and retains full exposure for the combined shareholder group to crystalise value in any future sustained price upturn for these commodities.”
Poseidon Nickel CEO Mr Brendan Shalders commented:
“The Schemes announced today are a pivotal step towards establishing a significant gold business and provides Poseidon shareholders and holders of Poseidon Options with an exciting opportunity to become part of an emerging gold producer at a time when the gold price is at all-time highs.
“There is strong alignment between Poseidon’s strategy and that of Horizon, which is one of the core pillars underpinning this regional consolidation. Together we have greater capability to deliver on longer term cashflow generation from cornerstone operations fitting for an emerging mid-tier gold producer.”
Click here for the Horizon & Poseidon Merger Presentation
Click here for the full ASX Release
This article includes content from Horizon Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Horizon Minerals Limited and Poseidon Merging to Create Mid Cap Producer
In addition, Horizon has received firm commitments for a placement to raise $14 million to support the expanded business.
HIGHLIGHTS
Logical consolidation of complementary assets in the Western Australian Goldfields
- The proposed transaction will consolidate Horizon's large gold resource and Poseidon's Black Swan processing infrastructure in the Kalgoorlie-Coolgardie districts.
- The combination provides a pathway for sustainable, long-term gold production and cashflow as an independent mid-cap producer.
Substantial resource base and regional tenure
- Combined JORC Mineral Resources of ~1.8Moz gold at an average grade of 1.84g/t Au and 422,700t nickel at an average grade of 1% Ni.
- Combined tenure of 1,309km2 in an attractive geological position in the WA Goldfields.
- A strong pipeline of production sources, Mineral Resource growth opportunities, advanced brownfield exploration targets and greenfield exploration opportunities.
Aligned strategy of using Poseidon's Black Swan infrastructure to fast-track gold production
- Refurbishment of the front end of the Black Swan processing plant and conversion of the back end to facilitate gold production presents a significantly faster, lower capital pathway to gold production compared to building a new gold processing plant in the region.
- Horizon's 465koz Burbanks and 428koz Boorara gold deposits form the cornerstone assets in a project pipeline aiming to deliver a 5-year mine plan to fill the Black Swan processing plant.
To view the Merger Presentation, please visit:
https://www.abnnewswire.net/lnk/DPBJR05Q
- Conversion of the Black Swan processing plant to a gold plant with throughput optionality will unlock latent value in Horizon's portfolio and open up the region for toll milling and further consolidation.
Shared focus and ambition to become the next mid-tier gold producer
- Horizon aims to become a sustainable, 100kozpa standalone producer following the merger and conversion & recommissioning of the Black Swan processing plant.
Strategically positioned and permitted infrastructure
- In addition to the combined entity's Kalgoorlie-Coolgardie gold assets, Lake Johnston and Windarra present highly strategic assets that have the ability to deliver further shareholder value.
- Situated in the southern Goldfields, the permitted Lake Johnston 1.5Mtpa processing plant and associated infrastructure presents an opportunity to develop a lithium processing hub in this emerging lithium province.
- Located in Laverton, Windarra's water resource and gold tailings present highly strategic assets
Potential for re-rating based on enhanced scale and market relevance
- Enhanced trading liquidity and scale to drive increased market relevance, grow investor appeal and improved access to capital.
- Lower combined corporate overheads to enable greater focus on asset investment.
OVERVIEW
Pursuant to the terms of the Scheme Implementation Deed:
- each Poseidon shareholder will receive 0.1156 Horizon shares for every 1 Poseidon Share held (the Share Scheme);
- each holder of Poseidon options (other than a POS Incentive Option - see below) (Poseidon Options) will receive 0.1156 new Horizon options for every 1 Poseidon Option held (the Option Scheme and, together with the Share Scheme, the Schemes); and
- Poseidon, Horizon and each holder of POS Incentive Options will enter into a deed under which all of the relevant POS Incentive Options will be cancelled (or transferred to Horizon or its nominee) for cash consideration, with effect from the Implementation Date and conditional on the Scheme becoming effective (POS Incentive Option Deed). The POS Incentive Options are not subject to the Option Scheme.
The exchange ratio under the Share Scheme was based on a 40% premium to the 30-day volume weighted average price (VWAP) of $0.0042 per Poseidon share for the period up to 22 October 2024 that is $0.006. Based on the last trading price of Poseidon shares as at 22 October 2024, which was $0.006 and represents a 0% premium to the last traded price.
Following implementation of the Schemes, Horizon shareholders will own 69.8% of the Combined Group (defined below) while Poseidon shareholders will own the remaining 30.2%.
The Schemes are unanimously recommended by the POS Independent Board. Each member of the POS Independent Board intends to vote all Poseidon Shares they control in favour of the Share Scheme and all Poseidon Options they control in favour of the Option Scheme, subject to no Superior Proposal emerging and the Independent Expert concluding (and continuing to conclude) that the Schemes are in the best interests of Poseidon shareholders and holders of Poseidon Options, respectively.
Under the proposed transaction the combined group will have a global JORC Mineral Resource of ~1.8Moz of gold and ~422.7kt of nickel, as well as 1,309km2 of attractive exploration tenure and two strategically located processing facilities in Black Swan and Lake Johnston.
The Black Swan processing plant has a 2.2Mtpa nickel sulphide concentrator and associated infrastructure and is ideally located as a central processing hub for Horizon's gold projects as well as for regional toll treatment opportunities. The Black Swan concentrator will also unlock value for Horizon's high-grade Nimbus silver, zinc and gold project which contains 20.2Moz of silver, 78koz gold and 104kt of zinc.
The proposed transaction brings together complementary assets. A Feasibility Study on the refurbishment and conversion of the Black Swan processing plant to gold production from Horizon's large baseload and satellite gold deposits will be undertaken. The Feasibility Study is expected to be completed in the second half of 2025 with first gold production from Black Swan currently targeted for mid-2026.
The conversion of the Black Swan processing plant for gold processing would utilise the existing crushing and grinding circuit and likely involve the addition of a carbon in leach (CIL) circuit, elution plant and gold room. The Black Swan plant is currently on care and maintenance and will require some refurbishment. Horizon's Feasibility Study will provide an up-to-date estimate of the cost of completing this work.
The combined group of Horizon and Poseidon (the Combined Group) will be pursuing its growth strategy from a position of greater market scale, underpinned by an estimated pro-forma cash and listed investments balance of ~$19 million (inclusive of the Placement) and lower consolidated cost base. Following implementation of the Schemes, Poseidon will be delisted from the ASX and become a subsidiary of Horizon, and the Combined Group will continue to trade as Horizon Minerals Ltd under the ticker (ASX:HRZ).
Completion of the Schemes is targeted for late January / early February 2025. The Schemes remain subject to various customary closing conditions, including the approval of Poseidon shareholders, holders of Poseidon Options, and the Court, which are summarised below.
Commenting on the proposed merger, Horizon Managing Director Mr Grant Haywood said:
"We believe this proposed merger represents a unique opportunity to unlock the value of our significant gold resource in the WA Goldfields and leverage strategically located processing infrastructure.
This really is a logical consolidation of complementary assets, delivering a near term and cost-effective processing pathway and creates greater potential for both sets of shareholders to create value from the cashflow generation potential of a long project pipeline and wholly owned processing infrastructure.
Outside gold, the merged nickel and silver assets enhances the respective asset values of both parties and retains full exposure for the combined shareholder group to crystalise value in any future sustained price upturn for these commodities."
Poseidon Nickel CEO Mr Brendan Shalders commented:
"The Schemes announced today are a pivotal step towards establishing a significant gold business and provides Poseidon shareholders and holders of Poseidon Options with an exciting opportunity to become part of an emerging gold producer at a time when the gold price is at all-time highs.
"There is strong alignment between Poseidon's strategy and that of Horizon, which is one of the core pillars underpinning this regional consolidation. Together we have greater capability to deliver on longer term cashflow generation from cornerstone operations fitting for an emerging mid-tier gold producer."
To view the Merger Presentation, please visit:
https://www.abnnewswire.net/lnk/62XHIX4J
About Horizon Minerals Limited:
Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
Source:
Horizon Minerals Limited
Contact:
Grant Haywood
Chief Executive Officer
T: +61 8 9386 9534
E: grant.haywood@horizonminerals.com.au
Michael Vaughan
Media Relations - Fivemark Partners
T: +61 422 602 720
E: michael.vaughan@fivemark.com.au
News Provided by ABN Newswire via QuoteMedia
Keith Weiner: Key Gold Price Driver Has Changed — Time to Buy Dips, Not Sell Blips
In a conversation with the Investing News Network, Keith Weiner, founder and CEO of Monetary Metals, weighed in on the outlook for gold, touching on a key shift that's occurred in the sector.
"We are in a different market now — and this market now is not being driven by futures, it's being driven by metal," he said, explaining that this new dynamic is giving gold's gains more durability.
While that doesn't mean there can't be corrections, he sees a tension in the industry that's drawing gold higher.
Weiner also discussed silver's path forward, noting that unlike gold, it doesn't have central bank demand in its corner.
He described silver as the working man's monetary metal, saying it's tough for it to take off when many members of the working class are still struggling with persistent inflation and other economic issues.
Silver could benefit if the working class starts faring better, but there are other ways it could move too.
"The capital-owning class tends to own gold, (but) if they decide owning silver is a relative bargain — the other cliche is that silver is a much smaller market. It wouldn't take nearly as much buying of silver to really make the price go bonkers," he said. For now it's too soon to tell — Weiner also noted that past price moves don't guarantee future performance.
Watch the interview above for more of his thoughts on gold and silver. Weiner also shares his perspective on current hot-button issues like the US election and the latest American bank failure.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Barrick Responds to Mali Government's Claims of Breaching Its Commitments
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) denies the allegations made by the Malian Ministry of Mines and the Finance Ministry that it had not honored its commitments made under an agreement designed to achieve a more equitable distribution of mineral resource exploitation to the benefit of all stakeholders.
As announced by Barrick on September 30, the company and the government agreed on a negotiation framework to achieve a global resolution of their disputes. Since that date, Barrick has been actively engaged with the government in pursuit of such a settlement, the terms of which will be set out in a memorandum of agreement.
This memorandum of agreement is intended to settle outstanding differences and to establish the principles that would guide Barrick's partnership with the government in future, including an increase in the state's share of the economic benefits generated by the Loulo-Gounkoto complex.
In early October, Barrick made a payment to the government of FCFA 50 billion (US$85 million) in the context of the ongoing negotiations. Since then, it has consistently maintained its efforts to engage with the government. While Barrick does not accept any claims of wrongdoing, it has chosen to act in good faith as a long-standing partner of Mali, aiming to resolve outstanding disputes through this memorandum of agreement.
Barrick president and chief executive Mark Bristow said the company's mutually beneficial relationship with successive Malian governments had endured for 30 years and occasional differences had always been amicably resolved. Barrick remains committed to finding a mutually acceptable solution to the current impasse in the interest of all stakeholders.
Barrick enquiries
Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "continue", "intended", "committed", "engage", "negotiate", "pursue" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo-Gounkoto Complex and Barrick's commitment to reach a mutually acceptable solution; the potential to increase the Government of Mali's share in the economic benefits of Loulo-Gounkoto; and Loulo-Gounkoto's partnership with the Government of Mali.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Mali and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with new diseases, epidemics and pandemics; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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