Precious Metals

  • Continuation of significant high-grade intercepts at the producing Sandra K and El Silencio mines
  • Success continues in our brownfield drilling campaign on the La Guarida-Cristales Vein System including 48.45 g/t Au and 34.2 g/t Ag over 0.47 meters

GCM Mining Corp. ("GCM Mining" or the "Company") (TSX: GCM; OTCQX: TPRFF) announced today multiple high-grade intercepts from the latest 32 diamond drill holes, totaling 8,299 meters, from the 2022 in-mine and near-mine drilling programs, as well as a further 28 diamond drill holes, totaling 7,735 meters, from the 2022 brownfield drilling programs at its Segovia Operations, Colombia. The Company also announced the assay results from one additional kick-off diamond drill hole, totaling 748 meters, from the ongoing directional drilling program on the El Silencio Deep Zone.

Significant high-grade intercepts from the latest drill results include:

In-mine

  • Sandra K: 146.33 g/t Au and 712.0 g/t Ag over 0.30 meters on the Sandra K Techo Vein (SK-ES-035);
  • El Silencio: 271.16 g/t Au and 142.9 g/t Ag over 0.88 meters on the 450 Vein (ES-EU-047); and,
  • El Silencio: 78.09 g/t Au and 20.0 g/t Ag over 1.29 meters on the Nacional Vein (ES-EU-48)

Brownfield

  • Marmajito: 23.55 g/t Au and 22.0 Ag over 0.60 meters on the Marmajito Vein (MAR-EU-018);
  • Vera: 8.81 g/t Au and 479.9 g/t Ag over 0.54 meters on a SNO Vein (VER-ES-032A); and,
  • La Guarida-Cristales Vein System: 48.45 g/t Au and 34.2 g/t Ag on the Cristales Vein over 0.47 meters (CR-ES-047A)

Serafino Iacono, Executive Chairman of GCM Mining, commented , "Our 2022 drilling programs are continuing to provide us with outstanding results, especially on the back of a 14% increase in our Measured and Indicated Resources and a 41% increase in our Inferred Resources, both as reported in our press release dated March 24, 2022. Today's announcement of our latest exploration results continues to highlight the potential to extend the mine life and grow production at our Sandra K and El Silencio mines from known in-mine and near-mine exploration targets. Additional high-grade results from the Marmajito and Cristales veins are shaping up our ongoing brownfield drilling campaign, focused on the other 24 known veins we are not currently mining. The sustained investment in geology and exploration by the Company continues to deliver high quality ounces on which to leverage future production and growth initiatives. We look forward to moving these and a number of other promising exploration projects forward in the coming months."

The ongoing 2022 in-mine and near-mine in-fill and step-out drilling campaign commenced in early January with eight diamond drill rigs operating from purpose-built underground drill stations and surface drill platforms and comprises a total of up to 67,000 meters at its four producing mines, including up to 15,000 meters of underground in-fill drilling, for about 74% of the total drilling programs for this year. In and near-mine in-fill and step-out drilling is focused on replacing the 2022 mining production and organic growth through resource conversion to expand the current reserves at the Company's core operating mines. Approximately 16% of the total in-mine and near-mine drilling programs for this year was completed by the end of April, the cut-off date for results reported in this press release.

The other 26% of the planned drilling campaign for 2022, comprising up to approximately 24,000 meters, is focused on defining new resources from the brownfield exploration targets covering the 24 veins within the Segovia mining title that are not currently in production. Approximately 32% of the brownfield exploration drilling programs for this year were completed by the end of April, the cut-off date for results reported in this press release.

GCM Mining currently has a total of 10 diamond drill rigs in operation at Segovia distributed as follows:

In-mine and near-mine drilling

  • Two rigs are carrying out step-out drilling at the Sandra K Mine from two purpose-built surface platforms; and,
  • Four rigs are carrying out resource definition on the El Silencio Deep Zone from one purpose-built underground drill station in the El Silencio Mine to test the 450 and Manto veins from the Lejanias sector, and two additional purpose-built underground drill stations on Levels 11 and 17 of the Providencia Mine to test the Nacional Vein. The fourth rig is conducting directional in-fill drilling on the southern ore-shoot below Level 38A from a purpose-built underground drill station on Level 3 of the Sandra K Mine;
  • One rig is carrying out resource definition at the Carla Mine from a purpose-built underground station off Level 3 to guide the mine development.

Brownfield drilling

  • Two rigs are operating from surface on the La Guarida-Cristales Vein System; and
  • One rig is operating from surface on the Manzanillo Vein.

Key Highlights

IN-MINE and NEAR-MINE DRILLING

Sandra K

In-mine in-fill drilling from underground station SK5680, installed off Level 6, was completed in early March with additional 11 drill holes totaling 1,147 meters. This program was intended to better delineate and further extend down-plunge a cluster of narrow, discontinuous, high-grade zones to approximately future Level 9, outlined by previous mining on the upper levels, which occur at the northernmost end of the Sandra K Mine. Drilling confirmed the continuity of the Sandra K Vein System to the north, but most results were disappointing, except for drill hole SK-IU-216, which returned 6.46 g/t Au with 159.8 g/t Ag over 0.32 meters on the Sandra K Techo Vein.

Step-out exploration drilling from surface platform SK6020, located at the northernmost end of the northern fault block of the Sandra K Vein System, delimited by a set of faults striking NE and steeply dipping to the north related to the Lejanias Fault System, was completed with an additional drill hole totaling 495 meters. This program was designed on a 150 m x 150 m drill spacing and was aimed to extend down-dip the main vein system from future Level 9 to Level 15 and along strike. This drilling was extremely successful confirming the down-plunge extension of the cluster of narrow discontinuous, high-grade zones tested by drilling on underground station SK5680. Drill hole SK-IU-032 intercepted the deepest, high-grade intersection of the Sandra K Vein System encountered so far, some 200 meters vertically below the deepest level of the ongoing operation, returning 20.17 g/t Au with 887.0 g/t Ag over 0.53 meters on the Sandra K Techo Vein.

Additional step-out exploration drilling from surface platform SK5430, still located on the northern fault block of the Sandra K Vein System, was completed with 7 drill holes totaling 2,989 meters. This program was designed on an 80 m x 100 m drill spacing and was aimed to extend down-plunge the Sandra K main ore-shoot. Drilling was successful in demonstrating continuity together with high grades at depth, extending the mineralization down-plunge by 200 meters. Multiple high gold grades were intersected with maximum intersection grades of 146.33 g/t Au with 712.6 g/t Ag over 0.30 meters (SK-ES-035).

Exploration drilling from surface platform SK4950 was completed with an additional 4 drill holes totaling 2,294 meters. This drilling was designed to test the southern fault block of the Sandra K Vein System, south of the main mine area, confirming that results continue to be so erratic that it has not yet been possible to clearly define a sector of interest for the operation. There are some drill holes of interest, such as drill hole SK-ES-36 that returned 12.72 g/t Au with 19.7 g/t Ag over 0.90 meters on the Sandra K Techo Vein, but in-fill drilling is warranted to test the continuity of the mineralization.

El Silencio

In-mine exploration drilling from underground station ES4950, installed on Level 38 of the El Silencio Mine, was designed to test the continuity of the 450 and 450-FW veins close to the mine workings on the Nacional Vein, and to explore the Manto Vein that occurs in the footwall of the Nacional Vein. The 450 Vein, discovered by directional drilling in 2020, is interpreted as a low angle vein or manto that occurs in the hanging-wall of the Nacional Vein, some 40 meters vertically above. Drilling was successful in demonstrating the continuity of the 450 Vein together with high grades. Multiple high gold grades were intersected from 9 drill holes totaling 974 meters, with maximum intersection grades of 271.16 g/t Au with 142.9 g/t Ag over 0.88 meters (ES-EU-047).

The ongoing directional drilling program on the El Silencio Deep Zone is targeted to extend and better delineate the southern ore-shoot down-plunge below Level 40, the deepest level of historical mining on the Manto Vein.

Mother hole ES-MH09 (440 m deep) intercepted two unknown structures at depths of 97.0 meters and 267.0 meters, which returned 11.32 g/t Au with 13.0 g/t Ag over 0.39 meters and 9.28 g/t Au with 13.4 g/t Ag over 0.79 meters , respectively.

A medium grade intercept was intersected from kick-off hole ES-MH09-01 (748 meters) with intersection grades of 6.32 g/t Au with 4.9 g/t Ag over 0.52 meters on the 450 Vein.

The table below lists the key intercepts from the ongoing 2022 in-mine and near mine drilling campaigns that were received since the press release issued on March 16, 2022:

Hole From (m) To (m) Width (m) Au (g/t) Ag (g/t) Vein
SANDRA K MINE
Surface Drilling platform SK6020
SK-ES-032 457.03 457.56 0.53 20.17 887.0 SKT
Surface Drilling platform SK5430
SK-ES-035 347.15 347.45 0.30 146.33 712.0 SKT
SK-ES-037 338.46 339.06 0.60 43.03 92.4 SKT
SK-ES-040 341.50 342.10 0.60 7.38 47.3 SKT
SK-ES-043 365.20 366.90 1.70 11.32 23.2 SKT
including 365.56 366.35 0.79 21.00 41.6 SKT
SK-ES-043 467.61 467.92 0.31 10.68 19.5 SNO
SK-ES-043 490.30 490.63 0.33 51.84 40.5 SNO
Surface Drilling platform SK4950
SK-ES-036 530.69 531.59 0.90 12.72 19.7 SKT
UG Drilling station SK5680
SK-IU-216* 86.10 87.44 1.34 2.30 52.01 SNO
including 87.12 87.44 0.32 6.46 159.8 SNO
El SILENCIO MINE
UG Drilling station ES4950
ES-EU-041* 97.64 98.29 0.65 81.33 30.2 450-HW
ES-EU-043* 60.00 60.50 0.50 8.27 25.1 450
ES-EU-047* 0.00 4.86 4.86 10.42 22.0 NAL
including 0.53 1.10 0.57 76.39 164.9 NAL
including 3.95 4.86 0.91 7.31 6.8 NAL
ES-EU-047* 83.84 85.61 1.77 135.72 72.0 450
including 83.84 84.72 0.88 271.16 142.9 450
ES-EU-048* 0.74 13.50 12.76 9.65 18.0 NAL
including 1.37 2.66 1.29 78.09 20.0 NAL
including 11.59 13.50 1.91 6.88 39.8 NAL
El SILENCIO DEEP - DIRECTIONAL DRILLING
UG Drilling station ES5690
ES-MH09** 96.87 97.26 0.39 11.32 13.0 SNO
ES-MH09** 264.71 265.50 0.79 9.29 13.4 SNO

* Denotes underground drill holes. The underground in-fill holes were drilled at 49 to -90 degrees from the horizontal. Sample interval grades over 6.0 g/t Au are reported. Grades are for quartz vein intersections and are length-weighted composites. The width is the sample length and is not necessarily the true width of the vein. All gold and silver grades are uncut and are not diluted to a minimum mining width.

** Denotes directional drilling mother and kick-off holes. Sample interval grades over 6.0 g/t Au are reported.

Vein name abbreviations: Vein. SKT: Sandra K Techo Vein. 450: 450 Vein. 450-HW: 450 Hanging Wall Vein. NAL: Nacional Vein. SNO: unnamed veins.

Results from in-mine exploration and in-fill drilling are reported for 20 holes (2,521 m) including: 11 holes (1,547 m) at Sandra K (SK-IU-207 to SK-IU-217); and 9 holes (974 m) at El Silencio (ES-EU-040 to ES -EU-048). There are no results above cut-off grade for 10 holes at Sandra K and 5 holes at El Silencio, so these holes are not listed in the table above.

Results from step-out surface exploration drilling are reported for 12 holes (5,778 m) from Sandra K (SK-ES-032 to SK-ES-043). There are no results above cut-off grade for 6 holes, which are not listed in the table above.

Results from directional drilling from one purpose-built station on Level 3 at Sandra K are reported from 1 kick-off hole (ES-MH09-01), totaling 748 meters, drilled on the southern ore-shoot. In addition, 440 meters were drilled in one mother hole (ES-MH-009).

Please refer also to the attached illustrative maps showing the Sandra K and El Silencio drilling programs.

BROWNFIELD DRILLING

Vera

Exploration drilling from surface station VER5420 was designed to test the continuity of the Lluvias Vein on the northern fault block of the Vera Vein System, east to the Vera Mine, with 4 drill holes totaling 816.0 meters. Drill hole VER-ES-032 and its re-drill hole VER-ES-032A intercepted the same zone of veining in the hanging-wall of the Lluvia Vein at a depth of 87.0 meters, which returned 9.89 g/t Au with 370.8 g/t Ag over 0.47 meters and 8.81 g/t Au with 479.9 g/t Ag over 0.54 meters , respectively. A low-grade intercept was intersected from drill hole VER-ES-032 (264 meters) with intersection grades of 3.66 g/t Au and 151.0 g/t Ag over 0.30 m on the Vera Vein.

Marmajito

The exploration drilling program on the Marmajito Vein from underground station MAR5380, installed on the exploration ramp that starts from Level 15 of the Providencia mine and leads to the western extension of the Marmajito mine workings, was suspended when drill hole MAR-EU-020 intercepted an unknown confined water source with a very high flow rate that prevented normal drilling operations, putting the safety of the drillers at risk. Since the beginning of January 5 drill holes had been completed for a total of 1,662 meters. This program was aimed to follow up a high-grade intercept encountered by drilling from the previous drill station PV5630, also installed on the same ramp. Drilling was successful in confirming the up-dip continuity of the Marmajito Vein with maximum intersection grades of 8.61 g/t Au with 5.8 g/t Ag over 0.50 meters on the Marmajito Vein (MAR-EU-018).

La Guarida-Cristales Vein System

Drilling from surface platform CR6550 was designed to test the down-plunge extension of the La Guarida Mine ore-shoot within a structural block delimited by two NW trending faults. A total of 9 drill holes, totaling 3,320 meters, were completed. Drill holes CR-ES-038, CR-ES-039, CR-ES-041, CR-ES-045, CR-ES-047 and CR-ES-047A intercepted a vein over an average depth of 360 meters interpreted as the structure corresponding to the southeastern extension of the Cristales Vein. Multiple high gold grades were intersected, with maximum intersection grades of 48.45 g/t Au with 34.2 g/t Ag over 0.47 meters (CR-ES-047A).

Additional surface exploration drilling from drill platform CR7150, located to the north of the Cristales Mine, was designed to test the up-dip extension of the Cristales Vein. A total of 5 drill holes, totaling 792 meters, were completed with maximum intersection grades of 16.22 g/t Au with 7.8 g/t Ag over 0.62 meters on the Cristales Vein (CR-ES-035).

The table below lists the key intercepts from the 2022 brownfield drilling campaign that were received since the press release issued on March 16, 2022:

Hole From (m) To (m) Width (m) Au (g/t) Ag (g/t) Vein
VERA VEIN
Surface Drilling platform VER5000
VER-ES-032 87.02 87.49 0.47 9.89 370.8 SNO
VER-ES-032 90.03 90.40 0.37 2.25 357.7 SNO
VER-ES-032 226.91 227.21 0.30 3.66 151.0 VER
VER-ES-032A 86.48 87.02 0.54 8.81 479.9 SNO
MARMAJITO VEIN
UG Drilling station PV5630
MAR-EU-017* 286.70 287.40 0.70 5.64 2.5 MAR
MAR-EU-018* 13.60 14.90 1.30 12.46 12.7 SNO
Including 14.00 14.60 0.60 23.55 22.0 SNO
MAR-EU-018* 315.00 315.50 0.50 8.61 5.8 MAR
LA GUARIDA-CRISTALES VEIN SYSTEM
Surface Drilling platform CR7150
CR-ES-035 57.00 58.30 1.30 8.01 3.8 CRI
including 57.68 58.30 0.62 16.22 7.8 CRI
CR-ES-036 49.75 51.10 1.35 3.18 2.0 CRI
including 49.75 50.25 0.50 6.75 5.1 CRI
Surface Drilling platform CR6650
CR-ES-038 387.26 387.60 0.34 21.36 66.7 CRI
CR-ES-039 353.45 354.30 0.85 43.10 30.7 CRI
CR-ES-041 312.34 315.07 2.73 5.23 19.4 CRI
including 312.76 313.32 0.56 17.79 71.8 CRI
including 313.32 313.64 0.32 7.36 26.3 CRI
CR-ES-045 353.52 354.25 0.73 16.94 6.2 CRI
CR-ES-047 371.35 372.00 0.65 10.99 7.5 CRI
CR-ES-047A 371.57 372.53 0.96 23.87 17.2 CRI
including 371.57 372.04 0.47 48.45 34.2 CRI

* Denotes underground drill holes. The underground holes were drilled at 9 to 33 degrees from the horizontal. Sample interval grades over 6.0 g/t Au are reported. Grades are for quartz vein intersections and are length-weighted composites. The width is the sample length and is not necessarily the true width of the vein. All gold and silver grades are uncut and are not diluted to a minimum mining width.

Vein name abbreviations: Vein. MAR: Marmajito Vein. VER: Vera Vein. CRI: Cristales Vein. SNO: unnamed veins.

Results from brownfield exploration drilling are reported for 28 holes (7,735 m) including: 5 holes (1,326 m) at Vera (VER-ES-029 to VER-ES-032A) of which one was lost; 4 holes (1,298 m) at Marmajito (MAR-EU-016 to MAR-EU-019) and 19 holes (5,111 m) on the La Guarida-Cristales Vein System (CR-ES-031B and CR-ES-034 to CR-ES-048) of which three were lost. There are no results above cut-off grade for 3 holes at Vera, 2 holes at Marmajito and 11 holes on La Guarida-Cristales Vein System, so these holes are not listed in the table.

Please refer also to the attached illustrative maps showing the Vera, Marmajito and La Guarida-Cristales Vein System drilling programs.

Qualified Person

Dr. Stewart D. Redwood, PhD, FIMMM, FGS, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.

Quality Assurance and Quality Control

The Segovia samples were prepared and assayed by SGS Laboratories Ltd (ISO 9001:2008) at their laboratory in Medellin. Gold was assayed by 30 g fire assay with atomic absorption spectrophotometer ("AAS") finish. Samples above the upper detection limit of 10.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Silver samples above 500 g/t were re-assayed by nitric and hydrochloric acid digestion with AAS finish for ore grades and the highest in grade were double-checked by SGS Laboratories Ltd. in Lima, Peru. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.

About GCM Mining Corp.

GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. GCM Mining also owns approximately 44% of Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 32% equity interest in Denarius Metals Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on GCM Mining can be found on its website at www.gcm-mining.com and by reviewing its profile on SEDAR at www.sedar.com .

Cautionary Statement on Forward-Looking Information

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs and mineral resources and reserves. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GCM Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 31, 2022 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and GCM Mining disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@gcm-mining.com

Attachment 1 – Sandra K Mine In-mine In-fill and Surface Step-out Drilling Grade Intercepts
https://www.globenewswire.com/NewsRoom/AttachmentNg/f428e55b-573c-4898-9e45-14ba164884d7

Attachment 2 – Cross section A-A' of the Sandra K Vein System
https://www.globenewswire.com/NewsRoom/AttachmentNg/b77bd8c7-8c13-405b-9100-06af9822ff8c

Attachment 3 – Cross section B-B' of the Sandra K Vein System
https://www.globenewswire.com/NewsRoom/AttachmentNg/aef324c4-dfca-4b82-a05c-686f729164f5

Attachment 4 – El Silencio Deep vein system In-fill Drilling Grade Intercepts
https://www.globenewswire.com/NewsRoom/AttachmentNg/a903e528-7b1b-45a2-af82-c5f641da3396

Attachment 5 – Cross section of the El Silencio Deep Vein System
https://www.globenewswire.com/NewsRoom/AttachmentNg/c0b705a6-8511-4ed7-a475-a75630259891

Attachment 6 – Vera Project Drilling Grade Intercepts
https://www.globenewswire.com/NewsRoom/AttachmentNg/24586a32-e2a0-4273-bed0-c12e6f9ec5f5

Attachment 7 – Cross section of the Vera Vein System
https://www.globenewswire.com/NewsRoom/AttachmentNg/434994ab-fcd8-4077-b5a9-2e8f033d9f97

Attachment 8 – Marmajito Vein Drilling Grade Intercepts
https://www.globenewswire.com/NewsRoom/AttachmentNg/a75f48bb-03fb-44eb-b22e-814cb539d30b

Attachment 9 – Cross section of the Marmajito Vein System
https://www.globenewswire.com/NewsRoom/AttachmentNg/518d4cd7-5cb3-4938-b153-c59689464a0b

Attachment 10 – La Guarida-Cristales Trend Drilling Grade Intercepts
https://www.globenewswire.com/NewsRoom/AttachmentNg/715d72ee-17ee-4e26-9b28-a92d2a492dd8

Attachment 11 – Cross section of the La Guarida-Cristales Vein System
https://www.globenewswire.com/NewsRoom/AttachmentNg/b51ba468-8a25-4983-a3fa-3206c5778f6c


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

GCM:CA
gran colombia

GCM Mining


Keep reading...Show less
GCM Mining Announces Second Quarter 2022 Results Webcast

GCM Mining Announces Second Quarter 2022 Results Webcast

GCM Mining Corp. ("GCM Mining" or the "Company") (TSX: GCM, OTCQX: TPRFF) announced today that it will release its second quarter and first half 2022 results after market close on Thursday, August 11, 2022 and will host a conference call and webcast on Friday, August 12, 2022 at 9:00 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
GCM Mining: Copper, Gold & Silver Projects with Discovery Potential in Canada, CEO Clip Video

GCM Mining: Copper, Gold & Silver Projects with Discovery Potential in Canada, CEO Clip Video

GCM Mining Corp. (TSX: GCM) (OTCQX: TPRFF The emerging mid-tier gold producer has management with a proven track record of mine building and operating in Latin America. Executive Chairman, Serafino Iacono tells us more.

GCM Mining Corp. (TSX: GCM) (OTCQX: TPRFF)

https://www.gcm-mining.com/overview/default.aspx

About CEO Clips:

CEO Clips - are short company video profiles broadcast to a large audience of investors on TV and 15+ financial sites including Reuters, Yahoo!Finance, and Wall Street Journal.

BTV - Business Television/CEO Clips

Discover Companies to Invest in

www.b-tv.com

Contact: Trina Schlingmann (604) 664-7401 x 5 trina@b-tv.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131687

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
GCM Mining and Aris Gold Combine to Create a Leading Americas Gold Producer

GCM Mining and Aris Gold Combine to Create a Leading Americas Gold Producer

  • Creates a company with larger scale and significant free cash flow to unlock shareholder value
  • Substantial combined gold reserve of 3.8 Moz and resource base of 18.3 Moz Measured & Indicated and 7.7 Moz Inferred 1
  • Strengthened mine-building, operating and financial capacity
  • Streamlined corporate structure with direct realizable synergies
  • No premium, all-share business combination

GCM Mining Corp. (GCM) (TSX: GCM; OTCQX: TPRFF) and Aris Gold Corporation (Aris Gold) (TSX: ARIS; OTCQX: ALLXF) announce they have entered into a definitive agreement (the Arrangement Agreement) under which GCM will acquire all the outstanding Aris Gold shares not already held by GCM (the Transaction). The resulting entity will be named Aris Gold Corporation and will be led by Ian Telfer as Chair and Neil Woodyer as CEO and Director.

Ian Telfer, Aris Gold Chair, stated: "The combined group creates a top-in-class company with multiple tier one assets. After Aris Gold became operator of the Soto Norte joint venture, joining forces with GCM became a logical next step. Our increased scale will also broaden our future opportunities to continue building a +1 million ounce producer over the next few years."

Serafino Iacono, Executive Chair of GCM, stated: "Each team has unique strengths with GCM being the Colombian leader for responsible, sustainable mining practices. Together with Aris Gold's Board and management, the combined group brings a track record of building sizable and successful mining companies; this transaction further diversifies the company's portfolio and reaffirms Colombia as an area of focus. While I am stepping down from a day-to-day executive role, I will remain a director and advisor on matters in Colombia as well as an enthusiastic securityholder."

Neil Woodyer, CEO of Aris Gold, stated: "We are building a gold mining business with scale, cash flow, a strong financial position with US$397 million of cash and US$260 million of additional committed funding, and a high-quality growth pipeline. Our teams are well known to each other, and together we will optimize the delivery of the growth projects to unlock shareholder value."

Under the terms of the Transaction, all the outstanding Aris Gold shares not held by GCM will be exchanged at a ratio of 0.5 of a common share of GCM for each common share of Aris Gold (the Exchange Ratio). The Exchange Ratio was determined at-market giving consideration to the 10-day and 20-day volume weighted average prices on the TSX for each of GCM and Aris Gold for the period ended July 22, 2022. Both the GCM and Aris Gold Boards of Directors (other than certain interested directors) have approved the terms of the Arrangement Agreement, and all of the directors and officers of both GCM and Aris Gold have entered into binding voting support agreements in favour of the Transaction, representing in aggregate 3.0% of GCM's issued shares and 9.0% of Aris Gold's issued shares.

Transaction highlights

  • Creates the top-of-the-class company among junior producers and the largest gold company in Colombia, with diversification in Guyana and Canada.
  • Experienced Board of Directors and management team with a track record of building value in the gold sector
  • Brings together teams with unmatched experience in Colombia and extensive project development and mine building expertise
  • Strong financial position to de-risk growth projects, with combined cash and committed funding of US$657 million 2 and free cash flow generation from the Segovia Operations (US$84 million on a 12-month trailing basis to March 31, 2022) 3
  • Estimated G&A cost savings of US$10 million per year through the reduction of duplicative public company expenses and rationalizing other expenses
  • No premium transaction that simplifies the ownership structure within a single company
  • Substantial long-term re-rating potential, with share price upside from enhanced market visibility, trading liquidity, access to capital, and reduced cost of capital

Board of Directors

The Board of Directors of the resulting entity will have nine members, with Ian Telfer as Chair and Daniela Cambone, David Garofalo, Mónica de Greiff, Serafino Iacono, Peter Marrone, Hernan Martinez, Attie Roux and Neil Woodyer as members.

Mónica de Greiff is new to the Aris Gold team and is a former Board Member of GCM, from 2018 to 2020, when she left to accept the position of Colombian Ambassador to Kenya. She has held positions in both the public and private sectors, including Minister of Justice for the Republic of Colombia and Vice Minister of Mines and Energy. Ms. de Greiff is a former member of the Board of Directors of the United Nations Global Compact, the world's largest corporate sustainability initiative.

Management team

The combined group will be led by Neil Woodyer as CEO and the corporate office will be based in Vancouver, Canada. Both Lombardo Paredes, CEO of GCM, and Mike Davies, CFO of GCM, will retire from their roles with GCM. Serafino Iacono will step back from an executive role but will continue as a member of the Board of Directors and an advisor on matters in Colombia.

Building a globally relevant, sustainable gold producer

The combined group will have a balanced mix of production, development, and exploration assets across the Americas with proven and probable mineral reserves of 3.8 million ounces of gold, measured and indicated mineral resources of 18.3 million ounces of gold, inclusive of mineral reserves, and inferred mineral resources of 7.7 million ounces of gold. 4

  • Segovia Operations (Antioquia, Colombia): a high-grade underground mining district that produced 206,389 ounces of gold in 2021. Operations at Segovia have been ongoing for over 150 years and there is a well-established history of mineral resource and reserve replacement. The Segovia Operations include the purchase of mined material from small-scale miners, which are described in the Segovia Technical Report 5 and represented about 16% of 2021's gold production, as part of an industry-leading Colombian program for the integration of informal small-scale miners into the supply chain, with added environmental, social and security benefits.
  • Marmato Mine (Caldas, Colombia): a historic producing underground gold mine currently undergoing a modernization and expansion program, which includes the construction of a new decline, mine workings, 4,000 tpd carbon in pulp processing plant and dry stack tailings facilities. The Pre-Feasibility Study disclosed in the Marmato Technical Report estimates production of 175,000 ounces per year (oz/yr) from the optimized Upper Mine and the Lower Mine expansion project. 5
  • Toroparu Project (Cuyuni-Mazaruni, Guyana): an advanced stage open pit and underground gold project with estimated average gold production of 225,000 oz/yr over a 24-year mine life, as described in the Preliminary Economic Assessment (PEA) disclosed in the Toroparu Technical Report. 6 Located approximately 50 kilometres southwest of the recently constructed Aurora gold mine, Toroparu is one of the largest undeveloped gold projects in the Americas and provides the combined company with a foothold in the emerging and highly prospective Central Guiana Shear Zone. 5
  • Soto Norte Project (Santander, Colombia): a large-scale feasibility-stage underground gold project undergoing permitting and licensing. In April 2022, Aris Gold became the operator of the Soto Note joint venture and is leading a new and reframed environmental permitting process. The Feasibility Study disclosed in the Soto Norte Technical Report estimates average gold production of 450,000 oz/yr over the steady state production years. Upon exercising its option to increase its joint venture ownership interest from 20% to 50%, the attributable gold production to Aris Gold would be 225,000 oz/yr. 5
  • Juby Project (Ontario, Canada): an advanced stage gold project with an open pit mineral resource located in the Abitibi greenstone belt.

While the combined company embarks on delivering its growth projects, the Board of Directors of the combined company is expected to initially adopt a no-dividend policy based on the strategic principle that internal cash flow generation is best deployed to advance high-return growth opportunities within the company.

Terms of the Transaction

On closing, GCM shareholders and Aris Gold shareholders (taking into consideration the 44.3% of Aris Gold currently held by GCM) are expected to own, on a diluted in-the-money basis, approximately 74% and 26% of the combined group, respectively.

The Arrangement Agreement includes customary transaction protection terms. GCM and Aris Gold have agreed to not solicit any alternative transactions and each party has the right to match any superior competing offer, with a reciprocal Transaction termination fee of US$6 million to be paid in certain circumstances.

The material conditions to completion of the Transaction include:

  • Approval by Aris Gold's shareholders, with greater than 66 2/3% approval threshold and approval of disinterested minority shareholders.
  • Approval by GCM's shareholders, with greater than 50% approval threshold.
  • Receipt of all required governmental and regulatory approvals including TSX and Colombian anti-trust approvals.
  • Other customary conditions.

It is anticipated that both the GCM and Aris Gold shareholder meetings will take place in mid September 2022, and completion of the Transaction is expected to occur promptly thereafter.

GCM Board of Directors' recommendation

The Board of Directors of GCM determined it was advisable to establish a special committee of the independent directors of GCM (the GCM Special Committee), comprising Robert Metcalfe, De Lyle Bloomquist, Belinda Labatte and Jaime Perez Branger to, among other things, review and evaluate the merits of the proposed Transaction and to consider such materials and information needed, including an independent fairness opinion, and to make a recommendation to the Board of Directors of GCM in respect of the proposed Transaction.

The GCM Special Committee and the Board of Directors of GCM received a fairness opinion from its co-financial advisors, National Bank Financial Inc. (National Bank) and Stifel Nicolaus Canada (Stifel GMP) that, based upon and subject to the respective assumptions, limitations, qualifications of and other matters set forth in connection with the preparation of such opinion, the Transaction is fair, from a financial point of view, to GCM (the GCM Fairness Opinions).

Following the report and favourable recommendation of the GCM Special Committee, the Board of Directors of GCM (other than certain interested directors) approved the Transaction and determined to recommend approval of the Transaction to the GCM shareholders. In addition, all of the directors and officers of GCM have entered into binding voting support agreements with Aris Gold and GCM under which such individuals have agreed to support the Transaction and vote their GCM shares in favour of the Transaction.

A copy of the GCM Fairness Opinions, the factors considered by the GCM Special Committee and the Board of Directors of GCM and other relevant background information will be included in the management information circular and related documents that are expected to be delivered to the GCM shareholders in connection with a special meeting of GCM shareholders to be called to consider and approve the Transaction, filed with the applicable Canadian securities regulatory authorities and made available on GCM's SEDAR profile at www.sedar.com , and posted on GCM's website at http://www.gcm-mining.com/ .

Aris Gold Board of Directors' recommendation

As of today, GCM beneficially owns 60,991,545 Aris Gold shares representing approximately 44.3% of the issued and outstanding Aris Gold shares. GCM is considered a "related party" of Aris Gold and the Transaction is a "business combination" of Aris Gold for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (MI 61-101). The Board of Directors of Aris Gold formed a special committee of independent directors comprising of Ian Telfer, Peter Marrone and Daniela Cambone (the Aris Special Committee) to, among other things, review and evaluate the merits of the proposed Transaction and to consider such materials and information needed including an independent fairness opinion and formal valuation, and to make a recommendation to the Board of Directors of Aris Gold in respect of the proposed Transaction.

BMO Nesbitt Burns Inc. (BMO Capital Markets) was retained by the Aris Special Committee to provide, under the supervision of the Aris Special Committee, an independent formal valuation prepared in accordance with MI 61-101 and independent fairness opinion. BMO Capital Markets provided its opinion (the BMO Fairness Opinion) to the Special Committee that, as of July 24, 2022, and subject to the assumptions, limitations and qualifications contained therein, the consideration to be received by the Aris Gold shareholders (other than GCM) pursuant to the proposed Transaction is fair from a financial point of view to the Aris Gold shareholders (other than GCM). BMO Capital Markets also prepared a formal valuation of the Aris Gold common shares (the Aris Gold Valuation) and the GCM common shares (the GCM Valuation), which are being issued as consideration, as required under MI 61-101. BMO Capital Markets concluded that, as of July 24, 2022, and subject to the assumptions, limitations, and qualifications included in the Aris Gold Valuation and GCM Valuation, respectively, that the value of the Aris Gold common shares on an en bloc basis 7 was in the range of C$2.30 to C$3.10 per share and the value of the GCM common shares on a trading value basis was in the range of C$3.70 to C$5.75 per share.

Canaccord Genuity Corp. (Canaccord) was retained by the Aris Board of Directors and provided its opinion (the Canaccord Fairness Opinion) to the Aris Board of Directors that, as of July 24, 2022, and subject to the assumptions, limitations and qualifications contained therein, the consideration to be received by the Aris Gold shareholders (other than GCM) pursuant to the proposed Transaction is fair from a financial point of view to the Aris Gold shareholders (other than GCM).

Following the report and favourable recommendation of the Aris Special Committee, the Board of Directors of Aris Gold (other than certain interested directors) approved the Transaction and determined to recommend approval of the Transaction to the Aris Gold shareholders. In addition, all of the directors and officers of Aris Gold have entered into binding voting support agreements with GCM and Aris Gold under which such individuals have agreed to support the Transaction and vote their Aris Gold shares in favour of the Transaction.

A copy of the BMO Fairness Opinion, the Canaccord Fairness Opinion, the Aris Gold Valuation, the GCM Valuation, the factors considered by the Aris Special Committee and Board of Directors of Aris Gold and other relevant background information will be included in the management information circular and related documents that are expected to be delivered to the Aris Gold shareholders in connection with a special meeting of Aris Gold shareholders to be called to consider and approve the Transaction, filed with the applicable Canadian securities regulatory authorities and made available on Aris Gold's SEDAR profile at www.sedar.com , and posted on Aris Gold's website www.arisgold.com .

Advisors and counsel

National Bank Financial and Stifel GMP are acting as co-financial advisors to GCM and each has provided a fairness opinion to the GCM Special Committee and the Board of Directors of GCM.

Wildeboer Dellelce LLP, Proskauer Rose LLP and CLA Consultores S.A.S. are acting as Canadian, US and Colombian legal advisors to GCM, respectively, and the GCM Special Committee has retained Blake, Cassels & Graydon LLP as its independent counsel.

Canaccord is acting as financial advisor to Aris Gold and has provided a fairness opinion to the Board of Directors of Aris Gold. BMO Capital Markets was retained by the Special Committee and has provided a formal valuation and fairness opinion to the Aris Gold Special Committee.

Fasken Martineau DuMoulin LLP and Dentons are acting as Canadian and Colombian legal advisors to Aris Gold, respectively.

Conference call details

Ian Telfer, Serafino Iacono, and Neil Woodyer will host a conference call and webcast today, Monday, July 25, 2022 at 9am EDT/6am PDT.

No passcode is necessary to access the call or webcast.

Conference call

Toll-free US and Canada: 1-800-319-4610
International: +1 604-638-5340

Webcast – link here

A replay of the call will also be available by dialling the following numbers and using passcode 9244:

Toll-free US and Canada: 1-800-319-6413
International: +1 604-638-9010

Pro forma consolidated mineral reserves and resources

Table 1: Proven and probable mineral reserve estimates

Category Property Tonnes (kt) Gold grade (g/t) Silver grade (g/t) Contained gold (koz) Contained silver (koz)
Proven Marmato 802 5.10 22 133 569
Probable Marmato 18,898 3.10 6 1,888 3,780
Probable Soto Norte 4,953 6.22 34 990 5,477
Proven Segovia 204 12.00 - 79 -
Probable Segovia 2,087 9.93 - 666 -
Total P&P 3,756 9,826

Notes: Totals may not add due to rounding. Mineral reserve estimates for Soto Norte represent the portion of mineral reserves attributable to Aris Gold based on its 20% ownership interest. Mineral reserves were estimated using a gold price of USD$1,400 per ounce at Marmato, USD$1,300 per ounce at Soto Norte, and USD$1,650 per ounce at Segovia. The mineral reserve effective dates are March 17, 2020 for Marmato, January 1, 2021 for Soto Norte, and December 31, 2021 for Segovia. This disclosure of mineral reserve estimates has been approved by Pamela De Mark, P.Geo, Vice President Exploration of Aris Gold, who is a Qualified Person as defined by National Instrument NI 43-101.

Table 2: Measured and indicated mineral resource estimates

Category Property Tonnes
(Mt)
Gold grade (g/t) Silver grade (g/t) Contained gold (koz) Contained silver (koz)
Measured Marmato 2.8 6.20 28 562 2,561
Indicated Marmato 54.0 3.00 7 5,245 11,285
Indicated Soto Norte 9.6 5.47 36 1,691 11,065
Measured Segovia 0.5 14.01 - 208 -
Indicated Segovia 4.1 10.65 - 1,412 -
Measured Toroparu 110.9 1.26 - 4,479 -
Indicated Toroparu 74.1 1.66 - 3,958 -
Indicated Juby 21.3 1.13 - 733 -
Total M&I 18,288 24,911

Notes: Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resource estimates are reported inclusive of mineral reserves. Totals may not add due to rounding. Mineral resource estimates for Soto Norte represent the portion of mineral resources attributable to Aris Gold based on its 20% ownership interest. Mineral resources were estimated using a gold price of USD$1,600 per ounce at Marmato, USD$1,300 per ounce at Soto Norte, USD$1,800 per ounce at Segovia, USD$1,630 at Toroparu, and USD$1,450 per ounce at Juby. The mineral resource effective dates are June 30, 2021 for Marmato, May 22, 2019 for Soto Norte, December 31, 2021 for Segovia, November 1, 2021 for Toroparu, and July 14, 2020 for Juby. This disclosure of mineral resource estimates has been approved by Pamela De Mark, P.Geo, Vice President Exploration of Aris Gold, who is a Qualified Person as defined by National Instrument NI 43-101.

Table 3: Inferred mineral resource estimates

Property Tonnes
(Mt)
Gold grade (g/t) Silver grade (g/t) Contained gold (koz) Contained silver (koz)
Marmato 30.8 2.60 3 2,567 3,282
Soto Norte 5.5 4.06 26 714 4,551
Segovia 5.3 9.91 1,704
Toroparu 13.8 2.74 1,213
Juby 47.1 0.98 1,488 -
Total inferred 7,686 7,833

Notes: See notes under Table 2

Technical reports and data verification

Technical reports for Marmato, Soto Norte, and Juby have been filed with the Canadian securities regulatory authorities and are available for review on Aris Gold's website at www.arisgold.com and on the profile of Aris Gold Corporation on SEDAR at www.sedar.com . Technical reports for Segovia and Toroparu have been filed with the Canadian securities regulatory authorities and are available for review on GCM's website at www.gcm-mining.com and on the profile of GCM on SEDAR at www.sedar.com . These reports confirm that the qualified persons responsible for the preparation of the technical reports have verified the data disclosed, including drilling, sampling, assaying, and QAQC protocols and results, and are of the opinion that the sample recovery, preparation, analyses, and security protocols used for the mineral resource estimates are reliable for that purpose.

Scientific and technical information concerning Marmato is summarized, derived, or extracted from the Marmato Technical Report entitled "Revised NI 43-101 Technical Report Pre-Feasibility Study Marmato Project Colombia" dated September 18, 2020 with an effective date of March 17, 2020. The Marmato Technical Report was prepared by Ben Parsons, MSc, MAusIMM (CP), Eric J. Olin, MSc Metallurgy, MBA, SME-RM, MAusIMM, Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP, Jeff Osborn, BEng Mining, MMSAQP, Joanna Poeck, BEng Mining, SME-RM, MMSAQP, Fredy Henriquez, MS Eng, SME, ISRM, Breese Burnley, P.E., Cristian A Pereira Farias, SME-RM, David Hoekstra, BS, PE, NCEES, SME-RM, David Bird, PG, SME-RM, Mark Allan Willow, MSc, CEM, SME-RM, and Tommaso Roberto Raponi, P.Eng, each of whom is independent of the Company within the meaning of NI 43-101 and is a "Qualified Person" as such term is defined in NI 43-101.

Scientific and technical information concerning Soto Norte is summarized, derived, or extracted from the Soto Norte Technical Report entitled "NI 43-101 Technical Report Feasibility Study of the Soto Norte Gold Project, Santander, Colombia", dated March 21, 2022 with an effective date of January 1, 2021. The Soto Norte Technical Report was prepared by Ben Parsons, MSc, MAusIMM (CP), Chris Bray, BEng, MAusIMM (CP), Dr John Willis PhD, BE (MET), MAusIMM (CP), and Dr Henri Sangam, Ph.D., P.Eng., each of whom is independent of the Company within the meaning of NI 43-101 and is a "Qualified Person" as such term is defined in NI 43-101. The report was also prepared by Robert Anderson, P.Eng., a Qualified Person who is considered non-independent of the Company.

Scientific and technical information concerning Segovia is summarized, derived, or extracted from the Segovia Technical Report entitled "NI 43-101 Technical Report, Prefeasibility Study, Segovia Project, Antioquia, Colombia" dated May 6, 2022 with an effective date of December 31, 2021. The Segovia Technical Report was prepared by Ben Parsons, MSc, MAusIMM (CP), Eric Olin, MSc, MBA, MAusIMM, SME-RM, Cristian A. Pereira Farias, SME-RM, David Bird, MSc, PG, SME-RM, Fredy Henriquez, MS Eng, SME, ISRM, Jeff Osborn, BEng Mining, MMSAQP, Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP, Giovanny Ortiz, BS Geology, FAusIMM, Joshua Sames, PE, BEng Civil, Mark Allan Willow, MSc, CEM, SME-RM, and Jeff Parshley, P.G., each of whom is independent of the Company within the meaning of NI 43-101 and is a "Qualified Person" as such term is defined in NI 43-101.

Scientific and technical information concerning Toroparu is summarized, derived, or extracted from the Toroparu Technical Report entitled "Revised NI 43-101 Technical Report and Preliminary Economic Assessment for the Toroparu Gold Project, Upper Puruni River Region of Western Guyana" dated February 4, 2022 with an effective date of December 1, 2021. The Toroparu Technical Report was prepared by Glen Kuntz, P. Geo., Brian Wissent, P.Eng, Daniel Yang, P.Eng, Ben Peacock, P.Eng, Kurt Boyko, P.Eng, Fernando Rodrigues, MMSAQP, and David Willms, P.Eng, each of whom is independent of the Company within the meaning of NI 43-101 and is a "Qualified Person" as such term is defined in NI 43-101.

Scientific and technical information concerning Juby is summarized, derived, or extracted from the Juby Technical Report entitled "Technical Report on the Updated Mineral Resource Estimate for the Juby Gold Project, Tyrrell Township, Shining Tree Area, Ontario" dated October 5, 2020 with an effective date of July 14, 2020. The Juby Technical Report was prepared by Joe Campbell, B.Sc., P.Geo., Alan Sexton, M.Sc., P.Geo., Duncan Studd, M.Sc., P.Geo. and Allan Armitage, Ph.D., P.Geo., each of whom is independent of the Company within the meaning of NI 43-101 and is a "Qualified Person" as such term is defined in NI 43-101.

Technical information and qualified person

The technical information in this news release was reviewed and approved by Pamela De Mark, P.Geo, Vice President Exploration of Aris Gold, who is a Qualified Person as defined by NI 43-101.

About GCM Mining Corp.

GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at its Segovia Operations. Segovia produced 206,389 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining has equity interests in Aris Gold Corporation (~44%; TSX: ARIS; Colombia – Marmato, Soto Norte; Canada - Juby), Denarius Metals Corp. (~32%; TSX-V: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (~26%; TSX-V: WA: Nunavut – Meadowbank).

Additional information on GCM Mining can be found at www.gcm-mining.com and www.sedar.com .

For further information, contact:

Mike Davies
Chief Financial Officer

e investorrelations@gcm-mining.com
t + 416.360.4653

About Aris Gold

Aris Gold is a Canadian mining company listed on the TSX under the symbol ARIS and on the OTCQX under the symbol ALLXF. The Company is led by an executive team with a demonstrated track record of creating value through building globally relevant gold mining companies. In Colombia, Aris Gold operates the 100%-owned Marmato mine, where a modernization and expansion program is under way, and as of April 12, 2022, operates the Soto Norte joint venture, where environmental licensing is advancing to develop a new gold mine. Aris Gold also owns the Juby project, an advanced exploration stage gold project in the Abitibi greenstone belt of Ontario, Canada. Aris Gold plans to pursue acquisition and other growth opportunities to unlock value creation from scale and diversification.

Additional information on Aris Gold can be found at www.arisgold.com and www.sedar.com .

For further information, contact:

Tyron Breytenbach
Senior Vice President, Capital Markets

Meghan Brown
Vice President, Investor Relations

e info@arisgold.com
t + 778.899.0518

Forward-looking Information

This news release contains "forward-looking information" or "forward-looking statements" within the meaning of Canadian securities legislation. All statements included herein are forward-looking, other than statements of historical fact, including without limitation statements relating to: the Transaction; the resulting entity of the Transaction, including its management, board of directors, assets, capitalization, strategy, plans and goals; the benefits of the Transaction; shareholder meetings, conference calls and webcasts in connection with the Transaction. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "will continue" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Statements concerning mineral resource estimates may also be deemed to constitute forward looking information to the extent that they involve estimates of the mineralization that will be encountered. The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this news release.

Forward looking information and forward looking statements, while based on management's best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of GCM, Aris Gold and the resulting entity to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to: the completion and the timing of the Transaction; the ability of GCM and Aris Gold to receive, in a timely manner, the necessary regulatory, court, securityholder, stock exchange and other third-party approvals; the ability of GCM and Aris Gold to satisfy, in a timely manner, the other conditions to the closing of the Transaction; interloper risk; the ability to complete the Transaction on the terms contemplated by the arrangement agreement between GCM and Aris Gold and other agreements, including the voting support agreements, or at all; failure to achieve and sustain mine-building, operating and financial capacity; the ability of the combined group to realize the anticipated benefits of, and synergies from, the Transaction and the timing thereof; the timing of the commencement and completion of construction activities, first production and sales, if at all; the impacts of a changing risk profile and possible subjection to a credit rating review, which may result in a downgrade or negative outlook being assigned to the combined group or a portion thereof; the combined group's dividend policy; the potential exposure to political, economic or social instability related to the combined group's international operations; the consequences of not completing the Transaction, including the volatility of the share prices of GCM and Aris Gold, negative reactions from the investment community and the required payment of certain costs related to the Transaction; actions taken by government entities or others seeking to prevent or alter the terms of the Transaction; potential undisclosed liabilities unidentified during the due diligence process; the accuracy of the pro forma financial information of the combined group after the Transaction; the interpretation of the Transaction by tax authorities; the success of business integration; the focus of management's time and attention on the Transaction and other disruptions arising from the Transaction; the ability of the Aris Gold management team to successfully integrate with the current operations, risks related to international operations; risks related to general economic conditions; uncertainties relating to operations during the COVID-19 pandemic; actual results of current exploration activities; availability of quality assets that will add scale, diversification and complement the resulting entity's growth trajectory; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; the ability to convert mineral resources to mineral reserves; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; risks associated with holding derivative instruments (such as credit risks, market liquidity risk and mark-to-market risk); possible variations in mineral reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; changes in national and local government legislation, taxation, controls, regulations, and political or economic developments in Canada, Colombia or Guyana; risks of the mining industry including, without limitation, accidents, operations, labour disputes, title disputes, claims and limitations on insurance coverage; delays in obtaining governmental approvals including obtaining required environmental and other licenses; the completion of development or construction activities; and those factors discussed in the section entitled "Risk Factors" in GCM's most recent AIF available on SEDAR at www.sedar.com and in the section entitled "Risk Factors" in Aris Gold's most recent AIF available on SEDAR at www.sedar.com .

Although GCM and Aris Gold have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. Each of GCM and Aris Gold has and continues to disclose in its Management's Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and each of GCM and Aris Gold disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information.

Although information provided by GCM for inclusion in this news release is believed by Aris Gold to be reliable, Aris Gold has not independently verified such information and cannot provide any assurance of its accuracy, currency, reliability or completeness. Although information provided by Aris Gold for inclusion in this news release is believed by GCM to be reliable, GCM has not independently verified such information and cannot provide any assurance of its accuracy, currency, reliability or completeness.

This announcement does not constitute an offer of securities for sale in the United States, nor may any securities referred to herein be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933 as amended (the "Securities Act") and the rules and regulations thereunder. The securities referred to herein have not been registered pursuant to the Securities Act and there is no intention to register any of the securities in the United States or to conduct a public offering of securities in the United States.

Source: Aris Gold Corporation and GCM Mining Corp.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
GCM Mining Reports Second Quarter and First Half 2022 Production; Declares August 15, 2022 Monthly Dividend

GCM Mining Reports Second Quarter and First Half 2022 Production; Declares August 15, 2022 Monthly Dividend

GCM Mining Corp. ("GCM Mining" or the "Company") (TSX: GCM, OTCQX: TPRFF) announced today that it produced a total of 16,370 ounces of gold in June 2022 at its Segovia Operations bringing the total for the second quarter of 2022 to 53,198 ounces compared with 52,198 ounces from Segovia in the second quarter of 2021. In the second quarter of 2022, the Company also produced 85,741 ounces of silver, up from 54,573 ounces of silver in the second quarter last year, together with approximately 294,000 pounds of zinc and 345,000 pounds of lead.

For the first half of 2022, the Company produced 103,149 ounces of gold at its Segovia Operations, up from 101,256 ounces of gold in the first half last year. The Company reported consolidated gold production in the first half last year of 103,684 ounces which included 2,428 ounces from Marmato up to February 4, 2021, the date of the loss of control of Aris Gold Corporation.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
GCM Mining Declares June 15, 2022 Monthly Dividend

GCM Mining Declares June 15, 2022 Monthly Dividend

GCM Mining Corp. ("GCM Mining" or the "Company") (TSX: GCM, OTCQX: TPRFF) announced today that its Board of Directors has declared the next monthly dividend of CA$0.015 per common share will be paid on June 15, 2022 to shareholders of record as of the close of business on May 31, 2022.

About GCM Mining Corp.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Virtual Public Venture Company Investor Conference: Presentations Now Available for On-Demand Viewing

Virtual Public Venture Company Investor Conference: Presentations Now Available for On-Demand Viewing

Virtual Investor Conferences, the leading proprietary investor conference series, today announced that the presentations from the August OTCQB Venture Virtual Investor Conference are now available for on-demand viewing.

REGISTER NOW OR LOGIN AT: https://bit.ly/3zyrFyM

The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download investor materials from the company's resource section.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Alexco Announces the Filing of Management Information Circular in Connection with Special Meeting to Approve Acquisition by Hecla

Alexco Announces the Filing of Management Information Circular in Connection with Special Meeting to Approve Acquisition by Hecla

For any questions, please contact Alexco Resource's proxy solicitation agent and communications advisor, Laurel Hill Advisory Group, toll free at 1-877-452-7184 (1-416-304-0211 outside North America ) or email assistance@laurelhill.com .

Alexco Resource Corp. (NYSE American: AXU) (TSX: AXU) ("Alexco" or the "Company") announced today that it has filed and mailed the management information circular dated July 28, 2022 (the " Circular ") and related meeting materials (collectively, the " Meeting Materials ") for its special meeting (the " Meeting ") of shareholders (the " Shareholders "), optionholders, restricted share unit holders, and deferred share unit holders of Alexco (collectively, the " Securityholders ") to be held on August 30, 2022 at 10:00 am (Pacific Time) (the " Meeting ") in connection with the proposed business combination with Hecla Mining Company ( NYSE: HL ) (" Hecla "), announced on July 5, 2022 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Puma Exploration Announces Date for Annual and Special Meeting of Shareholders

Puma Exploration Announces Date for Annual and Special Meeting of Shareholders

Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the " Company " or " Puma ") announces that its 2022 Annual and Special Meeting of Shareholders (the "Meeting") will be held on Tuesday, August 30, 2022, at 2 pm (EDT).

Again, this year, the Company will hold the Meeting via a live webcast at https://virtual-meetings.tsxtrust.com/1391 , where all Shareholders and their proxy holders, regardless of geographic location, will have an equal opportunity to participate. Shareholders and proxy holders will not be able to attend the Meeting in person. Further details and instructions about virtual participation are included in the Meeting materials available on the Company's website and under Puma's profile on www.SEDAR.com .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Snowline Gold Further Expands Mineralized Footprint of Valley Zone and Mobilizes Third Drill to Its Rogue Project, Yukon

Snowline Gold Further Expands Mineralized Footprint of Valley Zone and Mobilizes Third Drill to Its Rogue Project, Yukon

  • Sheeted vein mineralization observed across 700 m by 800 m area at Valley, with mineralization open in all directions and wider step-outs planned
  • Central corridor of high vein density up to 300 m wide, 600 m long (open) and 430 m deep (open) encountered in holes V-22-005, 007, 010, 012, 014 and 015
  • V-22-015 in system for entire 554 m length, with broad zones of high vein density
  • All assay results and latest drill core evaluations pending, drilling ongoing.

SNOWLINE GOLD CORP. (CSE:SGD) (OTCQB:SNWGF) (the "Company" or "Snowline") is pleased to announce that it has encountered gold bearing quartz vein mineralization in multiple large step-out holes at its Rogue project's Valley Zone in Canada's Yukon Territory (Figure 1). Characteristic sheeted veins are present at various intensities across the roughly 800 m width of the intrusion and extending into the surrounding hornfelsed rocks, and along 700 m of strike length tested to date. Of note is a corridor of high vein densities (commonly >15 veinsm) up to 300 m wide intersected across 600 m of strike length and open along strike, with robust mineralization intersected at 430 m below surface and open to further depth

Snowline Gold Corp., Wednesday, August 3, 2022, Press release picture

Figure 1 - Drilling progress at the Valley Zone, showing quartz vein densities in drill core. Veins range in thickness from several mm to 30 cm true width. Vein densities are considered by the Company a general indicator of gold potential, though other factors can influence grade within and between holes. Assays remain pending for all holes drilled in 2022. A potential southeastern extension of the Valley intrusion is suspected based on aerial magnetic data collected in 2021 and 2022.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Snowline Gold Announces Completion of Second Tranche of Non-Brokered Private Placement for C$2.9 Million

Snowline Gold Announces Completion of Second Tranche of Non-Brokered Private Placement for C$2.9 Million

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Snowline Gold Corp. (CSE:SGD) (the "Company" or "Snowline") is pleased to announce that it has completed the second tranche of its previously announced (July 5, 2022) non-brokered private placement, issuing 2,342,293 units of the Company (the "Units") at a price of C$1.25 per Unit, for aggregate gross proceeds of C$2,927,866. Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"), with each Warrant being exercisable for one common share of the Company at an exercise price of C$2.50 until August 2, 2024 (the "Offering

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Falcon Corporate Update - Annual General Meeting, Spin-Out

Falcon Corporate Update - Annual General Meeting, Spin-Out

Falcon Gold Corp. (FG:TSX-V), (3FA:GR), (FGLDF:OTCQB); ("Falcon" or the "Company") provides corporate update letter to shareholders in an address from its Chief Executive Officer, Karim Rayani. The Company further reports its AGM is approaching and will be held on August 10th, 2022. Please visit www.sedar.com for further details

Falcon is well positioned for a remarkably busy summer; Falcon has had a successful year in acquiring projects of merit. My focus is and always has been on creating value for shareholders, I am pleased with the progress we have made in a very challenging market environment. Falcon has acquired and currently holds over 140,000 hectares of ground in Central Newfoundland tied on to Major Structures. Putting us in the top 8% for land holders. Most of our assets in Central Newfoundland we control 100% with no property payments or Net Smelter Royalties. This makes us uniquely positioned for greater success as new discoveries are potentially made.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×