Empress Royalty Corp. (TSXV:EMPR)( OTCQB:EMPYF) ("Empress" or the "Company") is pleased to announce that pre-production has commenced at the Manica Gold Mine ("Manica" or the "Mine"). The Company owns a 3.375% royalty on Manica, which is located in Mozambique and operated by Mutapa Mining & Processing LDA ("MMP
"Congratulations to the team at MMP for their hard work and dedication in taking Manica from a development stage project into a producing mine," stated Alexandra Woodyer Sherron, CEO and President of Empress Royalty. "The Manica Gold Mine is our second development asset reaching pre-production and demonstrates our team's ability to make strategic investments that create significant returns and value for our shareholders."
Figure 1 to 3. Empress Management Site Visit to Manica Gold Mine
Empress is a global royalty and streaming creation company providing investors with a diversified portfolio of gold and silver investments. Since listing in December 2020, Empress has built a portfolio of 17 precious metal investments and is actively investing in mining companies with development and production stage projects who require additional non-dilutive capital. The Company has strategic partnerships with Endeavour Financial and Terra Capital which allow Empress to not only access global investment opportunities but also bring unique mining finance expertise, deal structuring and access to capital markets. Empress is looking forward to continuously creating value for its shareholders through the proven royalty and streaming models.
ON BEHALF OF Empress Royalty Corp.
Per: Alexandra Woodyer Sherron, CEO and President
For further information, please visit our website at www.empressroyalty.com or contact Kaitlin Taylor, Investor Communications, by email at info@empressroyalty.com or by phone at +1.604.331.2080.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain information contained herein constitutes forward-looking information or statements under applicable securities legislation and rules. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are frequently identified by such words as may, will, plan, expect, anticipate, estimate, intend, indicate, scheduled, target, goal, potential, subject, efforts, option and similar words, or the negative connotations thereof, referring to future events and results. Forward looking statements in this press release include, but are not limited to, statements related to the implementation of Empress' investment game plan and the anticipated returns on its investments. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Empress to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to the risks and uncertainties identified in Empress' most recent Annual Information Form filed on the Company's profile on SEDAR at www.sedar.com. Although management of Empress has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 statements will prove to be accurate. Readers should not place undue reliance on forward-looking statements. Empress will not update any forward-looking statements except as required by applicable securities laws. Empress caution readers not to place undue reliance on these forward-looking statements and it does not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
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“The royalty business is a unique and amazing business because you get leverage … a gold royalty company is a leverage tool a million miles long,” said EB Tucker, Author of “Why Gold? Why Now?”
Empress Royalty (TSXV:EMPR,OTCQB:EMPYF) is a royalty and streaming creation company that provides investors a strategic approach to investing in gold and silver. Since listing in December 2020, Empress has built a diversified portfolio of 17 precious metal investments and is actively investing in mining companies with development and production stage projects who require additional non-dilutive capital. Empress applies a financially disciplined approach to investing in these cost-effective operations, with strong, experienced management teams and excellent exploration potential. The Company has strategic partnerships with Endeavour Financial and Terra Capital which allow Empress to not only access global investment opportunities but also bring unique mining finance expertise, deal structuring and access to capital markets.
A royalty allows Empress to receive payment based on a percentage of gold or silver produced at a mine, or the revenues or profits generated from the sale of those minerals at a mine, in exchange for an initial investment. A metal stream provides Empress the right to purchase a portion of one or more metals produced from a mine in exchange for non-dilutive capital, at a price determined for the life of the transaction by the purchase agreement.
The Empress business model capitalizes on the stable cash flow and long-term capital gains of streaming and royalty investments in the mining industry. Focusing on global gold and silver projects, Empress aims to create a diverse and robust portfolio of investment opportunities that will create value for its shareholders, as well as its strategic mining industry partners. By following this strategy, Empress is able to invest in mining companies without diluting their shareholders, while also generating consistent revenue for its shareholders.
Endeavour Financial has offices in London, UK and George Town, Cayman Islands. It’s one of the top mining financial advisory firms globally, founded in 1988, and since completing US$500 million of royalty and stream financing and US$8 billion of debt financing. The company maintains a reputation of achieving success through its diverse team with experience in both natural resources and finance, with professionals including investment bankers, geologists, mining engineers, cash flow modellers, and financiers.
Terra Capital is a boutique investment management fund, incepted in June 2010 and significantly outperforming all benchmarks and becoming a leader amongst its peers. Terra Capital partners with investee companies with proven management teams, clean capital structures, positive catalysts, projects with world class potential, low operating and capital costs, and locations in stable jurisdictions. The strategic partnership represents Empress Royalty’s gateway into the Australian investment market.
Empress Royalty has recently completed a one percent net smelter return royalty for the near term, cash producing Pinos project in Mexico with Candelaria Mining. The Pinos project is 100 percent owned by Candelaria Mining (TSXV:CAND) and is located in the state of Zacatecas, the second largest gold producing district in the country after Sonora.
The Pinos project's preliminary economic assessment (PEA) plans for average yearly production of approximately 12,700 ounces of gold equivalent for a life of mine of seven years with potential for growth. With all permits in place and funding secured, plans are to construct a mining operation that will process 200 tonnes per day, which will rise to 400 tonnes per day within two years of initial production.
Empress Royalty has a 4.5 percent stream investment in this gold commodity, currently in the production stage. Operated and wholly owned by the Sierra Sun Group, it's located in Ocoyo, Peru. The partnership with Empress is enabling this mine to increase processing capacity from 750 to 1,000 tonnes per day. The mine has full permits and an established supply chain through two refiners, one in Peru and the other in Switzerland.
Empress Royalty recently acquired a 100 percent stream on a silver commodity in Durango, Mexico. The Tahuehueto silver project is wholly owned by Atalaya Mining (TSXV:ATLY,OTC Pink:ATLYF). In a friendly location, this mine is estimated to reach production in Q2 2022. The pre-feasibility study (PFS) completed in 2017 showed that the project had a 21 year mine life, at a production rate of 550 tonnes per day. The typical epithermal polymetallic deposits in this area of Mexico historically yields gold, silver, zinc, lead, and copper.
In early 2022, Empress increased its royalty to 3.375 percent in this gold mine, located in Mozambique, Africa. With estimated production in Q2 2022, the investment holds a value of US$3 million. The mine is owned and operated by Mutapa Mining & Processing (MMP), where Empress holds the royalty on gold sales for up to 95,000 ounces of gold. MMP intends to process the oxide and transitional ore through the installation of a processing plant that can handle up to 42,000 tonnes per month.
Alexandra Woodyer Sherron has over 20 years of experience in the mining industry and currently serves as the director, CEO, president, and investment committee member of Empress Royalty.. Sherron started at PricewaterhouseCoopers before joining Endeavour Financial, a global mining finance advisory firm. During her investment banking career in London, Sherron was the director of structured financing and involved in the successful completion of over US$1.5 billion in financings.
David Rhodes’ career in the finance industry has spanned more than 25 years. In addition to his roles at Empress Royalty, Rhodes is the managing director of Endeavour Financial, one of the top mining financial advisory firms. Endeavour has an award-winning track record in the mining industry, specializing in arranging multi-sourced funding solutions for development companies. The company also has an asset management department and developing insurance business. Prior to joining Endeavour over 14 years ago, Rhodes was at Standard Bank London, Barclays Capital, and the Royal Bank of Scotland. At Standard and Barclays, he sourced, structured, and syndicated finance for mining projects and companies on a global basis. Having lived and worked in London and New York, Rhodes has international experience in North and Sourth American, European, Commonwealth of Independent States (CIS), and African markets. As a result, he has arranged over US$18 billion of funding for mining companies.
Jeremy Bond has over 13 years of experience across funds management and financial advisory. He has run the Terra Capital Natural Resource Fund since 2010, returning over 300 percent since inception. Prior to Terra Capital, Bond worked at RAB Capital, a UK hedge fund, rated the “Best Energy and Natural Resource Fund'' by Hedge Fund Review and ranked number one in Barron’s Hedge Fund 50 Global rankings in 2007, during Bond’s tenure. Prior to RAB, he worked at Azure Capital, a boutique investment bank, facilitating numerous mergers and acquisition transactions, in addition to financings in the resources and small industrials sectors. Bond has bachelor’s of commerce, economics, and arts degrees.
Paul Mainwaring has over 15 years of experience in corporate finance; and, in the last 11 years whilst at Endeavour, has focused on financings in the natural resources sector. Mainwaring has extensive experience in cash flow modelling, financial analysis, valuation, debt advisory, deal structuring, and the negotiation, documentation, and execution of mining finance transactions and re-financings. Prior to joining Endeavour in 2006, he worked for PricewaterhouseCoopers in their valuation and strategy department. Mainwaring was involved in valuation assignments and corporate transactions across a range of sectors, having previously worked as a chemical engineer in the petrochemical and pharmaceutical industries. Paul is a chartered financial analyst (CFA) charterholder.
Wes Roberts has master’s of science and business administration degrees, in addition to being a professional engineer. Roberta is a professional mining engineer with over 35 years of experience specializing in the economic evaluation and development of mineral deposits. He has held numerous positions in the mining industry, which include Canada Talc, Derry Michener Booth & Wahl, Davey International, Bharti Engineering, GMP Securities, Inco, and Breakwater Resources. He served as vice president of corporate development and vice president of mining at the Canadian law firm Heenan Blaikie. Since then, Roberts has held positions as a mineral engineering consultant with Dorsey & Whitney, mineral engineer for Gravitas Mining and most recently as mining engineer at Principle Capital Partners. He holds a bachelor’s of science degree and a master’s of science degree, both with mining engineering specializations. Roberts also holds a master’s of business administration in finance.
Natascha Kiernan is a lawyer, independent director, and entrepreneur. Kiernan received her juris doctor degree from Columbia University and has held senior positions with several prominent international law firms, including 12 years in the New York and London offices of Skadden, Arps, Slate, Meagher & Flom. She has 18 years of experience advising governments, financial institutions, and corporations on complex, multi-billion dollar mergers and acquisitions and finance transactions involving mining, energy, and infrastructure assets. In addition to Empress Royalty, Kiernan serves as an independent director on the boards of Soma Gold (TSXV:SOMA) and Altaley Mining (TSXV:ATLY), and as a board member consultant to the BC Oil and Gas Commission. She is the founder and principal of Bellevue Strategic Advisory, which provides advice to corporate clients on transaction structuring, risk management, and corporate governance. Kiernan is a frequent lecturer and panel presenter on topics related to mergers and acquisitions, finance, and corporate governance. She acts as a regional ambassador for Women Get on Board; and, in 2020, was selected as a “Top 40 under 40” rising legal star by the Financial News.
Rich Vigil has worked in the mining industry since 2005, first as a mine engineer for Freeport McMoRan, previously Phelps Dodge, at the underground Henderson mine and for a junior gold mining company. After completing his education, Vigil worked in equity research, covering the precious metals sector for the Cowen Group, previously Dahlman Rose, and later for RMB Resources, the merchant banking division of FirstRand in South Africa. In this position, he provided debt, equity, and pre-paid streams to the junior mining industry. Vigil later worked in the Corporate Lending Credit Group at Morgan Stanley covering Metals and Mining and the Oil and Gas industry. He has experience throughout the Americas, including Canada, the United States, Mexico, Peru, Brazil, Colombia, Argentina, and Chile. Vigil graduated cum laude from the Colorado School of Mines, where he studied mining engineering, and completed his master’s of business administration from Tulane University, specializing in international business and finance.
Janet Meiklejohn has over 25 years of experience, in corporate finance, institutional equity sales and, most recently, as Chief Financial Officer and member of the Executive Leadership Team for several high growth companies, both public and private. She was Vice President Institutional Equity sales with several leading Canadian Investment Banks, including Desjardins Securities, National Bank and Macquarie Capital, where she specialized in the the mining sector. Accordingly, she has an established network of renowned institutional investors. Janet has expertise in financial reporting, strategy, valuation, and governance, and currently serves as an independent director on the board of Forum Energy Metals (TSXV: FMC). She is a Chartered Professional Accountant (CA), retired member of the Institute of Chartered Business Valuators, and holds MBA from the Ivey School of Business.
Doris Meyer is the corporate secretary of Empress Royalty, through Golden Oak. She gained her experience in the mining industry in performing the role of vice president, and finance and corporate secretary of Queenstake from 1985 to 2004. While at Queenstake, Meyer was a part of, or led, negotiations of joint venture and acquisition agreements, and equity and debt financings. She was a key member of the team that negotiated the acquisition of the Jerritt Canyon mine in Nevada. Meyer organized Golden Oak in 1996 and has provided publicly traded mineral exploration companies with administrative, financial reporting, and corporate compliance services for 23 years.
Kaitlin Taylor started working in the mining industry with Boreal Metals and in the banking industry at BlueShore Financial. She has experience in office management, investor communications, public company social media and marketing, financial services, and executive assistance. Taylor attended Capilano University and obtained her bachelor’s of business degree, with a focus on international business. She also studied at the University of Hertfordshire in London, UK.
Ben Meyer is the assistant corporate secretary of Empress Royalty, through Golden Oak. Meyer has worked in the mining industry for over 10 years and has completed the legal administrative assistant and paralegal programs at the University of the Fraser Valley.
Rick Mazur is CEO and director of Forum Energy Metals, a director of Impact Silver, and a director of Midnight Sun Mining. Mazur, professional geologist, is a geoscientist who has held positions in the international exploration and mining industry for over 40 years. During his tenure, Mazur worked as a project geologist, financial analyst, and senior executive on uranium, gold, base metals, coal, and industrial minerals projects. Mazur graduated with a bachelor’s of science degree, specializing in geology, from the University of Toronto in 1975, subsequently obtaining a master’s of business administration from Queen’s University in 1985. Heworked for seven years as an integral member of the management team of Canamax Resources, which discovered, financed, and built three Canadian gold mines, two of which currently remain in production.
Allison Rippin Armstrong is a biologist and environmental scientist with over 25 years of experience in permitting, regulatory processes, and environmental compliance, working with Indigenous organizations, resource companies, and regulatory agencies, including Indigenous, territorial and federal governments. She served as the vice president of sustainability at Kaminak Gold, until it was acquired by Goldcorp in 2016. Along the way, Armstrong found that her passion and calling leaned more to the areas of mentorship, advocacy, education, and training. As compliance specialist at the Ekati Diamond Mine, Armstrong was part of the team that led the mine toward ISO 14001 certification.During her tenure, she started an Environmental Awareness program that included the formation of an Environment Club with participation from all departments at the mine site. As an independent consultant Armstrong has worked in Yukon, Nunavut, Northwest Territories, British Columbia, Alberta, Ontario, Saskatchewan, Alaska, and Botswana. For the past three years, she has assisted Lucara Diamond with all matters related to environment, social matters, and governance. Armstrong is the chair of the board of Tectonic Metals.
David Laing has more than 35 years of experience in mining operations, projects, engineering studies, mining finance, mergers and acquisitions, and corporate development in both precious and base metals. Formerly a technical director of Endeavour Financial, he is responsible for mine technical analysis and has previously held positions as chief operating officer at Endeavour Mining, Equinox Gold, True Gold Mining, and Quintana Resources. Laing has also held senior positions at Standard Bank, technical consulting roles at MRDI, and various positions at Billiton and Royal Dutch Shell’s mining business. Laing brings significant global technical expertise to Empress Royalty.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EMPYF) ("Empress" or the "Company") is pleased to announce that it has completed the first tranche of its US$2M private placement by the issuance of 4,350,000 units at C$0.30 each for gross proceeds of US$1M with Rick Rule. The final tranche is expected to close shortly
"It is our absolute pleasure to welcome Rick Rule as a Strategic Investor in Empress Royalty and we look forward to closing the final tranche of this financing imminently," stated Alexandra Woodyer Sherron, CEO & President of Empress.
"I'm delighted to become a shareholder and participate in the growth of Empress Royalty", stated Rick Rule.
The Common Shares, Warrants and Warrant Shares will be subject to a resale hold period under Canadian securities laws until four months from closing. The Offering may close in one or more tranches. The Offering is subject to the approval of the Exchange.
The Company intends to use the proceeds of the Offering to evaluate potential royalty and streaming investment opportunities, increase market awareness in the U.S., and for general working capital purposes.
The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Empress is a global royalty and streaming creation company providing investors with a diversified portfolio of gold and silver investments. Since listing in December 2020, Empress has built a portfolio of 17 precious metal investments and is actively investing in mining companies with development and production stage projects who require additional non-dilutive capital. The Company has strategic partnerships with Endeavour Financial and Terra Capital which allow Empress to not only access global investment opportunities but also bring unique mining finance expertise, deal structuring and access to capital markets. Empress is looking forward to continuously creating value for its shareholders through the proven royalty and streaming models.
ON BEHALF OF Empress Royalty Corp.
Per: Alexandra Woodyer Sherron, CEO and President
For further information, please visit our website at www.empressroyalty.com or contact Kaitlin Taylor, Investor Communications, by email at info@empressroyalty.com or by phone at +1.604.331.2080.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements about Empress' expectations concerning the completion of the Offering, the intended uses of proceeds of the Offering, regulatory acceptance of the Offering and the Company's expectations on future plans which are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "believes", "anticipates", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Although Empress believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the assumptions and risks associated with the state of equity financing markets and results of future activities of the Company. The forward-looking statements contained in this news release are made as of the date hereof, and Empress undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law. Readers should not place undue reliance on forward-looking statements or information.
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Empress Royalty Corp. (TSXV:EMPR | OTCQB:EMPYF) ("Empress" or the "Company") reports that following the Company's Annual General and Special Meeting, held on September 28, 2022, Shareholders of the Company voted in favour of management's director nominees and the re-appointment of the auditors. Following the new share-based compensation policy adopted by the TSX Venture Exchange in November 2022, Shareholders of the Company also voted in favour of the Company's replacement 10% "rolling" stock option plan ("Option Plan") and a new equity incentive plan ("Equity Plan"). The Board of Directors approved the Option Plan and Equity Incentive Plan on July 18, 2022, subject to regulatory and shareholder approval
The Company's Option Plan is a 10% "rolling" stock option plan which governs the granting of stock options to directors, officers, employees and consultants of the Company or a subsidiary of the Company for the purchase of up to 10% of the issued and outstanding common shares in the capital of the Company (the "Common Shares") from time to time which supersedes the current stock option plan. Any stock options currently outstanding under the superseded stock option plan will remain outstanding as at the effective date, however, new stock option grants will be subject to the new Option Plan.
The Company's Equity Plan governs the granting of any restricted share unit (RSU), performance share unit (PSU) or deferred share unit (DSU) (collectively the "Awards") granted under the fixed Equity Plan, to directors, officers, employees and consultants of the Company or a subsidiary of the Company. The Company has reserved for issuance up to 10,457,439 Common Shares, being 10% of the issued and outstanding Common Shares of the Company, pursuant to the Equity Plan.
Empress is a global royalty and streaming creation company providing investors with a diversified portfolio of gold and silver investments. Since listing in December 2020, Empress has built a portfolio of 17 precious metal investments and is actively investing in mining companies with development and production stage projects who require additional non-dilutive capital. The Company has strategic partnerships with Endeavour Financial and Terra Capital which allow Empress to not only access global investment opportunities but also bring unique mining finance expertise, deal structuring and access to capital markets. Empress is looking forward to continuously creating value for its shareholders through the proven royalty and streaming models.
ON BEHALF OF Empress Royalty Corp.
Per: Alexandra Woodyer Sherron, CEO and President
For further information, please visit our website at www.empressroyalty.com or contact Kaitlin Taylor, Investor Communications, by email at info@empressroyalty.com or by phone at +1.604.331.2080.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EMPYF) ("Empress" or the "Company") is pleased to report the Manica gold mine ("Manica" or the "Mine") has successfully completed its first gold pour. Empress owns a 3.375% gold royalty on the Manica gold mine located in Mozambique and operated by Mutapa Mining & Processing LDA ("MMP
"The first gold pour at Manica is very exciting and a further example of Empress delivering on our strategy as another asset reaches production within 15 months of investment. With this development, Empress will have three cash-flowing investments in the portfolio which are projected to generate significant revenue in the coming years," stated Alexandra Woodyer Sherron, CEO & President of Empress. "We have demonstrated that our structured business model of wealth creation generates significantly higher returns on investment, and these will provide a solid platform whilst we expand the portfolio with more value-focused assets."
Figure 1 - 3. Recent Photographs from Management Visit to Manica Gold Mine
Empress executed a Royalty and Purchase Agreement for the creation of a royalty on gold sales from Manica for a total investment of US$3M. Payments to Empress under the Royalty Agreement are based on 3.375% of the revenues generated from the sale of gold from the Project until a total of 95,000 oz of gold have been sold. Thereafter, the percentage shall reduce to 1.125% and shall continue into perpetuity. The Royalty is secured by a first ranking security interest in certain assets of MMP.
MMP has advised Empress that the first gold has been poured at Manica. Production was started with the introduction of low-grade ore to commission all parts of the processing circuit. MMP reported to Empress that it plans for Manica to be at full commercial production by the end of the year.
Manica is located in the Odzi-Mutare-Manica Greenstone Belt of Mozambique and comprises of several deposits on Xtract's Resources Plc mining concession licence 3990C (the "Concession") which includes four deposits being Fair Bride, Guy Fawkes, Boa Esperanza, and Dots Luck. MMP and Xtract have entered into a collaboration and profit-share arrangement whereby MMP will build, finance and operate a carbon-in-leach (CIL) plant to process ore mined from Xtract's concession.
MMP reported to Empress that it is mining and processing the oxide and transitional ore at Fair Bride and other deposits on the Concession at its 42,000 tonnes per month processing plant which utilises a CIL process.
Please see our February 22, 2021, and April 21, 2021, news releases on Empress' website (www.empressroyalty.com) for further details on the project and the Royalty.
The disclosure contained in this News Release of a scientific or technical nature for the Manica project is based on a technical report entitled "NI 43-101 Technical Report on the Fair Bride Gold Project, Mozambique" dated February 22, 2021, with an effective date of February 1, 2021 (the "Fair Bride Technical Report"). The Fair Bride Technical Report was prepared in accordance with NI 43-101 and is available on the Company's profile at www.sedar.com.
Technical information in this news release originates in the public disclosure set out above and has been reviewed and approved by Richard Mazur, P.Geo., a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Empress is a global royalty and streaming creation company providing investors with a diversified portfolio of gold and silver investments. Since listing in December 2020, Empress has built a portfolio of 17 precious metal investments and is actively investing in mining companies with development and production stage projects who require additional non-dilutive capital. The Company has strategic partnerships with Endeavour Financial and Terra Capital which allow Empress to not only access global investment opportunities but also bring unique mining finance expertise, deal structuring and access to capital markets. Empress is looking forward to continuously creating value for its shareholders through the proven royalty and streaming models.
ON BEHALF OF Empress Royalty Corp.
Per: Alexandra Woodyer Sherron, CEO and President
For further information, please visit our website at www.empressroyalty.com or contact Kaitlin Taylor, Investor Communications, by email at info@empressroyalty.com or by phone at +1.604.331.2080.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains statements about Empress' expectations regarding the economics of the Manica mine which are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "believes", "anticipates", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Although Empress believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the timing and success in MMP completing the successful commissioning of the plant and bringing the Manica project into commercial production. The forward-looking statements contained in this news release are made as of the date hereof, and Empress undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law. Readers should not place undue reliance on forward-looking statements or information.
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Empress Royalty Corp. (TSXV:EMPR | OTCQB:EMPYF) ("Empress" or the "Company") is pleased to announce the Company has received the first payable silver ounces from the silver stream agreement on the Tahuehueto Mine ("Tahuehueto" or the "Mine"). Tahuehueto Mine is located in Durango, Mexico, 100% owned and operated by Altaley Mining Corporation ("Altaley
"I am excited to announce Empress has received its first payment of silver ounces from the Tahuehueto mine. It's only been 12 months since the Tahuehueto silver stream was completed and this is a major milestone to see a development asset move forward to generate revenue for the Company", stated Alexandra Woodyer Sherron, CEO and President of Empress. "Tahuehueto is an exceptional asset which is expected to generate significant revenue for Empress. It gives Empress direct exposure to silver and combined with our low G&A provides an effective hedge against inflation pressures as seen in other industries. Empress continues to build a strong portfolio of revenue generating gold and silver royalties and streams and Tahuehueto demonstrates our ability to deliver value to our shareholders."
On April 16, 2021, Empress executed the US$5M silver stream agreement ("Stream") with Altaley to purchase 100% of the payable silver production from Tahuehueto for the first 1,250,000 payable silver ounces. Thereafter, the percentage will step down to 20% of the payable silver production up to a maximum of 10 years. Empress will purchase the silver at 20% of spot price.
Tahuehueto is located in Durango, Mexico. It is a typical epithermal polymetallic mineral deposit in this part of Mexico, with metals consisting of gold, silver, zinc, copper and lead. The Mine is fully permitted, has all social and environmental licenses to operate, and has offtake agreements in place.
On April 26, 2022, Altaley filed an updated technical report, including a Preliminary Feasibility Study ("PFS") for Tahuehueto. With the filing of the PFS report, Altaley updated the March 7, 2022, disclosure with a significant increase of approximately 30% to the overall economics of the project. Altaley expects to produce 2,166 oz/month of gold and 37,829 oz/month of silver, of which 100% of the silver is subject to the above terms of the Stream. Please see Altaley's website (www.altaleymining.com) for further details on the PFS. Highlights from the Altaley press release include the following:
On May 16, 2022, Altaley announced Tahuehueto initiated pre-production mining and milling commissioning operations and construction efforts at the Mine were advanced to allow the start-up and commission of one ball mill capable of processing up to 500 tpd. Please see Altaley's website (www.altaleymining.com) for further details on the announcement of pre-production.
On June 27, 2022, Altaley updated their shareholders on the commissioning, pre-production, and construction progress at Tahuehueto. Please see Altaley's website (www.altaleymining.com) for further details on the Tahuehueto ramp-up. Highlights are as follows:
Technical information in this news release originates in the public disclosure set out above and has been reviewed and approved by Richard Mazur, P.Geo., a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Empress is a global royalty and streaming creation company providing investors with a diversified portfolio of gold and silver investments. Since listing in December 2020, Empress has built a portfolio of 17 precious metal investments and is actively investing in mining companies with development and production stage projects who require additional non-dilutive capital. The Company has strategic partnerships with Endeavour Financial and Terra Capital which allow Empress to not only access global investment opportunities but also bring unique mining finance expertise, deal structuring and access to capital markets. Empress is looking forward to continuously creating value for its shareholders through the proven royalty and streaming models.
ON BEHALF OF Empress Royalty Corp.
Per: Alexandra Woodyer Sherron, CEO and President
For further information, please visit our website at www.empressroyalty.com or contact Kaitlin Taylor, Investor Communications, by email at info@empressroyalty.com or by phone at +1.604.331.2080.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains statements about Empress' expectations regarding the economics of the Tahuehueto mine which are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "believes", "anticipates", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Although Empress believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the timing and success in Altaley completing the successful commissioning of the plant and bringing the Tahuehueto project into commercial production as planned. The forward-looking statements contained in this news release are made as of the date hereof, and Empress undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law. Readers should not place undue reliance on forward-looking statements or information.
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Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EMPYF) ("Empress" or the "Company") is pleased to report that Altaley Mining Corp. ("Altaley") has announced that pre-production has commenced at the Tahuehueto mine ("Tahuehueto" or the "Mine") where Empress holds a 100% silver stream. Altaley is the owner and operator of the mine and recently filed an updated technical report, including a Preliminary Feasibility Study ("PFS") for Tahuehueto. The PFS indicates an increase in the overall economics of the project
"We would like to congratulate the Altaley team for bringing Tahuehueto into pre-production", stated Alexandra Woodyer Sherron, CEO and President of Empress Royalty. "It is extremely rewarding to see our initial investment moving forward from a development stage asset into a producing mine and we look forward to start receiving revenue from this mine in Q2 2022. The Tahuehueto silver stream is an example of the type of well-structured investments Empress intends to bring into the portfolio, to generate great returns for our shareholders."
Please see Altaley's website (www.altaleymining.com) for further details.
Empress is a global royalty and streaming creation company that provides investors a diversified portfolio of gold and silver investments. Since listing in December 2020, Empress has built a portfolio of 17 precious metal investments and is actively investing in mining companies with development and production stage projects who require additional non-dilutive capital. The Company has strategic partnerships with Endeavour Financial and Terra Capital which allow Empress to not only access global investment opportunities but also bring unique mining finance expertise, deal structuring and access to capital markets. Empress is looking forward to continuously creating value for its shareholders through the proven royalty and streaming models.
ON BEHALF OF Empress Royalty Corp.
Per: Alexandra Woodyer Sherron, CEO and President
For further information, please visit our website at www.empressroyalty.com or contact Kaitlin Taylor, Investor Communications, by email at info@empressroyalty.com or by phone at +1.604.331.2080.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements about Empress' expectations regarding the economics of the Tahuehueto mine which are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "believes", "anticipates", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Although Empress believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the timing and success in Altaley completing the successful commissioning of the plant and bringing the Tahuehueto project into production to result in the receipt of stream revenue to Empress. The forward-looking statements contained in this news release are made as of the date hereof, and Empress undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law. Readers should not place undue reliance on forward-looking statements or information.
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Precious metals are rare, naturally occurring, metallic assets that have high economic value.
In the past, the precious metals market was important because these commodities were used as currency. Today, precious metals are considered valuable because of their investment and industrial uses.
But what is the best precious metal to invest in? Different investors have different needs, and it’s important to be aware of the factors that affect supply, demand and prices for each precious metal before making a financial decision.
Below is a quick overview of the gold, silver, platinum and palladium markets. Those four are the most popular of the precious metals, and all can be good investment choices. Read on to find out the ways to invest and what to know before you buy.
The best-known precious metals are gold and silver, and it’s not hard to see why they are good assets to add to an investment portfolio. Gold is a key material for jewelry, and is also used as a store of wealth by investors around the world. Indeed, many believe that it’s superior to any and all paper currencies.
Silver is also used as a store of wealth and in jewelry, but unlike gold bullion, it’s also subject to a fair amount of industrial demand. In other words, the metal is not only bought by investors, but also by manufacturers that then put it to use in various ways.
Silver trading is intriguing because those applications are incredibly varied — the white metal is used in batteries, electronic devices and as a catalyst to produce industrial chemicals, but it’s also found in medical devices and in the automotive industry.
Gold and silver prices are most heavily affected by global economic and political changes. Both metals are considered safe-haven investments, and tend to receive increased attention from investors in times of turmoil. If you believe that more tumultuous times are in store, you may want to consider owning gold and silver bullion as a hedge against these troubles.
Sister metals palladium and platinum are also well-known precious metals. Like silver and gold, both metals are used in jewelry and are bought by investors for portfolio diversification.
However, what they’re perhaps best known for is their use in the automotive industry, specifically in catalytic converters: palladium for gasoline engines, and platinum for diesel engines.
While platinum and palladium prices sometimes also move because of worldwide economic and political volatility, they are influenced more strongly by supply and demand dynamics. In recent years, higher demand and strikes at key mines have pushed the markets for both platinum and palladium into deficit.
Investors who chart these changes and think those circumstances will eventually result in higher platinum and palladium prices may want to consider owning these metals to make a profit.
For investors looking to flex some purchasing power in the precious metals space, there’s perhaps no time like the present. Luckily, those interested in gold, silver, platinum or palladium have myriad options in terms of how to buy into the precious metals space.
From investing in stocks and mutual funds, to purchasing an exchange-traded fund to physically buying precious metals coins, there are many ways to get involved in the space. All it takes is some research to determine which is the best fit.
As a final note, it’s worth being aware that while gold, silver, platinum and palladium are undeniably the most high-profile precious metals, other precious metals do exist. Rhodium and rhenium are two fairly common ones, with rarer examples being germanium and beryllium — getting exposure to these metals is more complex.
This is an updated version of an article originally published by the Investing News Network in 2017.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
First Tellurium Corp. (CSE: FTEL OTC FSTTF ) (the "Company" or "First Tellurium"), reports that channel sampling is underway at the Company's Deer Horn Property in west-central British Columbia, following up on rock sampling at the Pond and H Spot showings in August and September which encountered widespread porphyry-style mineralization (assays pending). The team will also conduct channel sampling on a third zone of porphyry-style mineralization northeast of the Pond and H Spot zones. This target was first identified in 2012 and never explored. In addition, a prominent quartz vein outcrop at least three meters wide, discovered in September, will be sampled and measured.
"Dr. Groat and his team came back very excited about what they found last month," said FTEL President and CEO Tyrone Docherty. "It's why they wanted to get back and start drilling immediately before we lost our fall weather window. Unfortunately, we weren't able to coordinate all the logistics with the drilling company in time for the 2022 season."
Larger Drill Campaign Proposed for 2023 "While we'd like to get a limited number of drill holes completed this season, waiting until next year gives us a longer window for comprehensive drilling," said Docherty. "In addition, assays and information from this year's sampling will give us better intel for planning what will be a larger drill campaign in 2023. In addition to drilling the Pond and H Spot zones, we hope to expand our 2023 drilling to include the new target. This could greatly expand the porphyry potential at Deer Horn."
Photo Gallery from September Sampling Program A photo gallery from the August-September program is now available for viewing here on the Company's website.
"Looking at these photos, shareholders can see why we're so excited about the additional work now underway," said Docherty. "You see multiple targets in porphyry-style outcrop over a broad area. This is why Dr. Groat wanted to get a drill on site as soon as possible, and why he returned to the property again this week for channel sampling."
Sampling the Third Showing of Porphyry-Style Mineralization The third porphyry-style showing of copper-gold mineralization occupies the northeast quadrant of Deer Horn's 51-square kilometer claim holdings, on a ridge crest 1.8 km northwest of Kenney Lake. Select grab samples from this showing in 2012 graded from 10 to 4540 ppm Cu, from 0.07 to 7.72 ppm Ag and from
A key objective of the current sampling is to identify drill targets for this third zone.
The Pond Showing at First Tellurium's Deer Horn Property. Click here to visit the full photo gallery.
"This third showing has intrigued us for a long time," said Docherty. "The May 2018 PEA was specific in its recommendations for further work on the zone, noting that the area had no known exploration history and that the geology was indicative of porphyry-style mineralization."
FTEL's New Website, Presentation and Video We are also excited to announce the launch of our new website , where you'll find information about our company and properties. In addition, we have also released a new animated pitch deck, which you can find here . This presentation provides an overview of our business and future opportunities. Finally, we have also released a new explainer video, which you can find here . This video dives into the details of our properties and how they can benefit First Tellurium Investors.
Ab out First Tellurium Corp. First Tellurium's unique business model is to generate revenue and value through mineral discovery, project development, project generation and cooperative access to untapped mineral regions in Indigenous territory with sustainable exploration.
Our polymetallic (tellurium, gold, silver copper, tungsten) Deer Horn Project in British Columbia and Klondike tellurium-gold property in Colorado anchor a diversified search for metals, working in alliance with Indigenous peoples, NGOs, governments and leading metals buyers. This is the future of mineral exploration: generating revenue by exploring responsibly and leveraging diverse partnerships.
First Tellurium proudly adheres to and supports the principles and rights set out in the United Nations Declaration on the Rights of Indigenous Peoples and in particular the fundamental proposition of free, prior and informed consent.
Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.
Forward-looking information All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated event .
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Vancouver, British Columbia TheNewswire - October 6, 2022 Bathurst Metal Corp. ( TSXV: BMV) (OTC:BMVVF) (" Bathurst " or the " Company ") is pleased to announce the agreement with Nunavut Tunngavik Incorporated to obtain a 100% interest in the minerals within, upon or under Inuit Owned Mineral Title Lands parcel CO-62 comprising approximately 10,433 hectares. The property is immediately to the north of the Company's 100% owned Speers Lake property and is approximately 100 km south of Kugluktuk in Nunavut. The Mineral Exploration Agreement includes the Inuit Owned Lands Mineral Production Lease, which sets out the details of a 12% net profits royalty. In determining the net profits, the available deductions which can be deducted from gross revenues in each year are limited to 70% of gross revenues.
Lorne Warner (P. Geo), President of Bathurst commented "The new acquisition doubles the Company's land holdings over the Muskox Intrusion. The claims also host a Palladium/Platinum/Chromitite, ultramafic layer (the "Reef") exposed at surface. Data from historical rock sampling indicated the Reef hosted significantly higher Pd/Pt concentrations (up to 6.23 grams/tonne Pd/Pt) near structures hosting younger ultramafic dykes. The company was able to acquire the claims through the assistance of the Kitikmeot Inuit Association".
McGregor Lake/Speers Lake Projects
Previously, the company had acquired a 100% interest of approximately 10,433 Ha covering the exposure of the Proterozoic, Layered Muskox Ultramafic Intrusive (LMUI) in western Nunavut, now called the McGregor and Speers Lake projects. The LMUI outcrops over 80 kilometres along strike and could be one of the largest layered, ultramafic complexes in the world based on regional airborne surveys. The region has received only sporadic, systematic exploration since its first discovery and exploration by Inco in the late 1950's. Additional systematic exploration was not conducted again until the 1980's and in 1999 to 2007. Several geochemical, geophysical, geological mapping and limited diamond drilling has been undertaken on the property. These studies have been able to define at least two sulphide pulses associated with the emplacement of the LMUI. These pulses both contain high nickel and copper concentrations with associated precious metals.
Listed below are some of the more significant precious metal assay results from rock sampling to date.
The Pyrrhotite Lake Area is approximately 5 kilometres south of the McGregor Lake Showings also along the eastern contact of the LMUI with the Archean Age Metasediments. Surface sampling was again able to return high precious metal values. Base metal values as shown in drill hole 87-P5 table also show high copper and nickel concentrations; however the relationship between precious and base metals does not indicate a strong positive correlation in some areas. Data compilation suggests the possibility of mineralization having been remobilized.
Diamond Drill Hole 87-P5 Assay Results
Thickness is core length, true width is unknown.
Lorne Warner, P. Geo, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical disclosure in this news release.
On behalf of the Board of Directors
For more information contact Harold Forzley, CEO
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain of the statements made and information contained herein may contain forward- looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, information concerning the Company's intentions with respect to the development of its mineral properties. Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information.
On behalf of the Board of Directors
Copyright (c) 2022 TheNewswire - All rights reserved.
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Vancouver, Canada TheNewswire - October 5, 2022 Nexus Gold Corp. (" Nexus Gold " or the " Company ") (TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to announce the effective date for its previously announced spinout (the " Spinout ") of the Company's Canadian projects (including the McKenzie Gold Project, located in Red Lake, Ontario) by way of the distribution of the shares of its subsidiary Nexus Metals Corp. (" Nexus Metals ") to the shareholders of the Company through a statutory plan of arrangement (the " Arrangement "). The Arrangement is expected to take effect at 12:01 a.m. on October 12, 2022 (the " Effective Date ").
Pursuant to the terms of the Arrangement, holders of common shares of the Company (the " Existing Nexus Gold Shares ") at the Effective Date will receive one new common share of the Company (each, a " New Nexus Gold Share ") in exchange for each Existing Nexus Gold Share they hold (on a one for one basis) and will receive 1/7 of one Nexus Metals share (each, a " Nexus Metals Share "). The New Nexus Gold Shares are expected to commence trading on the TSX Venture Exchange at the market open on October 14, 2022, under the new CUSIP 65345J105 .
The registered shareholders of the Company (the " Shareholders ") will receive a letter of transmittal (each a " Letter of Transmittal ") with respect to the Arrangement with information on how to surrender certificates representing the Existing Nexus Gold Shares to the Company's depositary, Computershare Investor Services Inc. (" Computershare "). All Shareholders who submit a duly completed Letter of Transmittal along with their respective share certificate(s) to Computershare, will receive a certificate or a DRS statement representing the New Nexus Gold Shares and the Nexus Metals Shares to which they are entitled. Shareholders whose Existing Nexus Gold Shares are registered in the name of an intermediary (such as a broker, investment dealer, bank, or trust company) do not have to take any action and will receive their New Nexus Gold Shares and Nexus Metals Shares through such intermediary.
Further information regarding the Arrangement and the Spinout is available in the Company's management information circular dated June 7, 2022, a copy of which is available under Nexus Gold's profile on SEDAR at www.sedar.com .
Nexus Metals is in the process of applying to have the Nexus Metals Shares listed on the Canadian Securities Exchange (the " CSE "). Listing approval will be subject to Nexus Metals satisfying all of the listing conditions of the CSE.
The Spinout is intended to allow the Company to segregate its assets for the purpose of more focused marketing and financing opportunities. Following the Spinout, the Company will continue to develop international opportunities, while Nexus Metals will focus on the Canadian exploration projects.
The Company also advises it is continuing with its due diligence process regarding the acquisition of one or more projects for both Nexus Metals and Nexus Gold. The Company is focused on adding Canadian-based energy/battery metals (i.e., lithium, copper, nickel, etc.) projects to Nexus Metals, while continuing to focus on international precious metals projects in Nexus Gold. Project portfolios of Nexus Metals and Nexus Gold will be adjusted over time to reflect the more specific focus of each company.
Nexus Gold is a Canadian-based gold exploration and development company with an extensive portfolio of projects in Canada and West Africa. Upon completion of the Arrangement, the Company will continue development of assets in West Africa in addition to broadening its scope to other jurisdictions.
For more information, please visit nxs.gold
On behalf of the Board of Directors of
info@nexusgoldcorp.com www.nexusgoldcorp.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 release. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
Copyright (c) 2022 TheNewswire - All rights reserved.
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Vancouver, British Columbia TheNewswire - October 5, 2022 - Leocor Gold Inc. (the " Company " or " Leocor ") (CSE:LECR ) ( OTC:LECRF) is pleased to announce that it has entered into an option to purchase agreement (the " Option Agreement "), dated September 14, 2022, with an arms-length party(the " Vendor "), pursuant to which it has been granted the right to acquire the Joes Lake Property (the " Property "). The Property consists of a 300-hectare exploration-stage parcel located in the Province of Newfoundland.
Pursuant to the Option Agreement, the Company can acquire the Property by completing a series of cash payments and share issuances to the Vendor and incurring exploration expenditures on the Property over a six-year term, as follows:
Assuming the Company exercises the option and acquires the Property, it will remain subject to a two percent (2.0%) net smelter returns royalty in favour of the Vendor on commercial production from the Property. One-half (1.0%) of the royalty can be purchased from the Vendor at any time by completing a one-time cash payment of $1,000,000.
All common shares issued to the Vendor will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. No finders' fees or commissions are owing by the Company in connection with the entering into of the Option Agreement.
Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor's Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000-hectare exploration corridor. The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert's Arm, Hodge's Hill, and Leamington, (collectively "Western Exploits") representing over 144,000 hectares (1,440 square kilometers) of prospective exploration
Alex Klenman, Chief Executive Officer
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release .
Copyright (c) 2022 TheNewswire - All rights reserved.
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Yorbeau Resources Inc. (TSX: YRB) (" Yorbeau " or the " Company ") is pleased to announce the progress of the exploration program initiated in late August 2022 on its Scott property near Chibougamau, Quebec 100% owned by the Company.
As of October 5, 2022 three holes have been drilled on the property for a total of 2,615 meters. During this program, which is still ongoing, the company discovered a well mineralized 6.6 meters zone of sulphide rich in chalcopyrite (copper) and sphalerite (zinc) centered at a vertical depth of about 925 meters. The sulfide zone has so far been intersected by two drill holes, about 60 meters apart and a third is being executed. This zone of sulfide coincides with a modeled electromagnetic conductor 150 by 150 meters, 300 meters west of known Scott Lake deposit. The average thickness of this zone is not known at this moment. Indeed, the two holes that intersected the conductor only scratched the surface of the eastern edge (EST) of the electromagnetic conductor, according to our interpretation and the modeling made by Inter-Géophysique from Rosemère in Quebec. The current drilling is now targeting the center of the conductor in order to determine the potential size of the lens.
Mr. Laurent Hallé, P.Geo., Consulting geologist and qualified person for the purposes of National Instrument 43-101 with respect to the technical information being reported on has read and approved this press release.
The 100% owned Rouyn property contains four known gold deposits in the six-kilometre-long Augmitto-Astoria corridor located in the western part of the property. The Company signed a definitive agreement in December 2018 that gives IAMGOLD the option to acquire a 100% interest in the Rouyn property, and a major drilling program is underway on the property. Two of the four deposits, Astoria and Augmitto, have substantial underground infrastructure and have been the subject of technical reports that include resource estimates and have been filed in accordance with NI 43-101.
Additional information about the Company is available on its website, http://www.yorbeauresources.com .
Forward-looking statements: Except for the statement of historical fact, all statements in this news release, including without limitation, regarding the potential discovery of new lens, formal drilling results, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Yorbeau disclaims any obligation to update such forward-looking information unless required by applicable securities laws.
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