Q3-2024 Production Results and Operational Highlights
21/10/2024 07:00
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Q3-2024 Production Results and Operational Highlights
Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI,
OTCQX:SRBIF), the Brazilian focused gold mining and development company, is
pleased to announce the Company’s third quarter production results and
operating highlights for FY2024 (all financial amounts are expressed in U.S.
dollars unless otherwise indicated).
QUARTER HIGHLIGHTS
* Highest quarterly gold production year to date of 9,489 ounces for Q3-2024.
* Released results of the updated pre-economic assessment (“Updated PEA”)
for its currently producing Coringa Gold operation (“Coringa”), prepared
by NCL Ingeniería y Construcción SpA of Santiago, Chile (“NCL”).
Highlights include: * Annual production of 28,000oz in 2025, ramping up to
36,000oz per year between 2026 and 2031 with an 11-year mine life until 2034
at an average life of mine AISC of $1,241/oz;
* After-tax NPV(10%) of $145M with average life of mine annual free cash flow
of $19M using a long-term gold price of $2,100/oz.
* Construction of the classification plant (crusher and ore sorter)
progressing on time and budget; Commissioning trials of the crusher already
ongoing. The ore sorter remains on track to being fully operational during Q4.
* Cash as at 30 September 2024 was $20.0M vs cash as at 31 December 2023 of
$11.6M.
* Net cash balance at quarter end (after interest bearing loans and lease
liabilities) of $14.0M (31 December 2023: net cash $5.0M)
* The Company is reiterating FY2024 consolidated gold production guidance of
38,000 – 40,000 ounces.
Mike Hodgson, CEO of Serabi, commented:
“The third quarter has been our best quarterly production year to date with
close to 9,500 ounces generated. The process plant again performed admirably
with another quarter recording approximately 55,000 milled tonnes (600 tonnes
per day). Mine output also exceeded 58,000 tonnes.
The Coringa orebody continued to perform well with production principally now
coming from levels 290m and 260m. The main Serra ramp has now reached level
165m and with development on levels 225m, 195m and 165m the mine is being
developed well ahead of production. As mentioned in the past, the conversion
of inferred resources into reserves at Coringa is close to 90% and therefore,
the return of mineral reserves per metre developed is highly beneficial.
The classification plant being assembled at Coringa is now close to completion
and remains on track to being operational during Q4. The Company plan to
pre-concentrate mined ore at Coringa and truck this preconcentrated product to
the Palito plant, 200km to the north, has been formally documented in the
forthcoming Updated PEA. The full NI 43-101 compliant Technical Report will be
issued by November 21 at the latest.
We are tracking well towards guidance, and with the classification plant
progressing according to plan at Coringa, we remain very optimistic for the
remainder of the year. We look forward to seeing the classification plant
being operational next quarter, and hopefully what will be a great end to the
year.”
SUMMARY PRODUCTION STATISTICS FOR 2024 AND 2023
Qtr 1 Qtr 2 Qtr 3 YTD Qtr 1 Qtr 2 Qtr 3 Qtr 4 Full Year
2024 2024 2024 2024 2023 2023 2023 2023 2023
Group
Gold production ((1)(2) ) Ounces 9,007 9,003 9,489 27,499 8,005 8,518 8,738 7,891 33,153
Mined ore Tonnes 56,296 59,564 58,862 174,721 41,546 41,022 44,744 49,541 176,853
Gold grade (g/t) 5.31 5.06 5.48 5.28 6.49 6.94 6.64 5.22 6.28
Milled ore Tonnes 54,521 55,192 54,579 164,292 39,004 41,116 43,092 48,988 172,201
Gold grade (g/t) 5.38 5.31 5.59 5.42 6.75 6.84 6.72 5.31 6.35
Horizontal development Metres 3,087 3,481 3,146 9,714 2,464 2,977 2,923 3,134 11,498
(1) The table may not sum due to rounding.
(2) Production numbers are subject to change
pending final assay analysis from refineries.
OPERATIONAL RESULTS
Total production for the third quarter was 9,489 ounces. Total ore mined
during the quarter was 58,862 tonnes at 5.48 g/t compared to 59,564 tonnes at
5.06 g/t of gold for the second quarter of 2024.
The Palito orebody continued to perform satisfactorily with good mine outputs,
but not at forecast grades. The problems highlighted in the previous quarterly
report cited the need to bulk mine the Chica da Santa sector where selective
mining had originally been planned. This resulted in lower than budgeted
grades due to unavoidable dilution. As the Company ramps up the development of
Coringa, several crews have been redeployed and, as a result, development and
production levels at Palito have decreased slightly. A return to mined grades
of 6.00g/t is forecast with the opening of the Barichello sector which will
contribute a significant volume of production for 2025.
The process plant performance has been exceptional with another approximately
55,000 tonnes milled during the quarter equivalent to 600 tonnes per day, this
has been an exceptional effort, brought about by exceptional crushing
performance and better preventative maintenance programmes which have
dramatically reduced mill downtime. We have now had a consistent nine months
of throughput at these new record levels.
The Palito Complex process plant treated 54,579 tonnes of ROM ore during the
quarter, with an average grade of 5.59 g/t of gold, compared with 55,192
tonnes at 5.31 g/t in the second quarter of 2024.
A total of 3,146 metres of horizontal development has been completed for the
quarter of which, 1,957 metres was ore development. The balance is the ramp,
crosscuts and stope preparation development.
The Coringa orebody continues to perform very well, with mined grades
averaging 6.44 g/t for the quarter. Production is focused on the uppermost
levels 320m, 290m and 260m, with development now complete or very nearly on
levels 225m and 195m. The newest level 165m is now under development as the
main ramp continues to advance towards level 130m. Coringa has 2½ fully
developed levels ahead of stoping.
UPDATED CORINGA PEA RESULTS (October 7, 2024 News Release
(https://www.globenewswire.com/Tracker?data=z2FGBQZiDl2he0SHXH5lHOMjvUCMheDB4-T1HrVdDiSxkkI8geVLoIVV7LX-fu4zuIaPyHtGexehe0Pkhl69pT-2GTqozVlj13CwVS9HekPqRQZN0c1-6lVPhHzxrexJFE9ASTNxY7qPvsYplTO3qkzZ9Qg9yGCp9Q_VItdNKBrWU9b9KL1o_pCaOUYHUR8t))
Highlights:
* Annual production is estimated at 28,000oz in 2025, and then averages
36,000oz per year between 2026 and 2031 with an 11-year mine life until 2034
* Average Life of Mine (“LOM”) All-In Sustaining Cost (“AISC”) of
$1,241/oz including royalties and refining costs using the Base Case gold
price.
* The updated Mineral Resource Inventory at Coringa, upon which the Updated
PEA is based were as follows: * Measured & Indicated Resources (M&I) 795kt @
7.03g/t gold (179koz contained);
* Inferred Resources 1,454kt @ 5.81g/t gold (271koz contained);
* Mine plan utilises 145koz M&I and 241koz Inferred which equates to 81% of
the total M&I resource inventory and 89% of the inferred resource.
* Average LOM gold grades from the mine of 5.38 g/t, which are increased to
8.50 g/t after ore sorting, producing a total gold production of 363koz.
* Under the Base Case scenario, the operation underscores robust economics:
* Post-tax NPV(10%) of $145M;
* Average annual free cash flow of $19M;
* Sustaining Life of Mine (“LOM”) capital expenditures of $87M to be
funded from project cash-flow;
* Mining is by underground shrinkage stoping using a cut-off grade of 3.16 g/t
gold. Resource widths and grades within the Updated PEA mine plan have been
further diluted to 1 metre minimum mining widths.
An interview with Mike Hodgson by Crux Investor discussing the PEA can be
accessed here: https://youtu.be/gnWhxMMfMB8
An interview with Mike Hodgson by BRR Media discussing the PEA can be accessed
here: https://brrmedia.news/Coringa_PEA
The Updated PEA was completed by NCL Ingeniería y Construcción SpA
(“NCL”) of Santiago, Chile, Serabi’s independent engineering consultant.
The full NI 43-101 compliant Technical Report, supporting the economic results
and including the updated mineral resource statement is being prepared by NCL
and is required to be published with 45 days, with an expected release no
later than November 21, 2024. A further news release will be made when it
becomes available with copies available on the Company’s website and on
SEDAR+.
Table 1 – Summary of Updated PEA Results (in Millions)
Gold Price (per ounce) $1,950 BASE CASE $2,100 $2,280 SPOT $2,600
Pre-tax NPV (5%) $193 $230 $275 $356
Pre-tax NPV (10%) $151 $181 $217 $281
Post-tax NPV (5%) $159 $184 $214 $267
Post-tax NPV (10%) $125 $145 $169 $211
Project Post-tax Cash Flow $210 $242 $281 $350
Avg. Annual Free Cash Flow $16 $19 $22 $27
Avg. Gross Revenue $52 $56 $61 $69
Table 2 – Coringa Updated PEA - Base Case Metrics
Unit Amount
Gold Price $/oz $2,100
Cut-off grade g/t 3.16
Run of Mine (ROM) Material to Process Tonnes 2,232,919
Mining Method Method Shrinkage Stoping
Annual Throughput at 100% Capacity Tonnes 215,000
Ore Sorter Efficiency (Tonnes) % 61%
Ore Sorter Upgrade x 1.59
Process Gold Recovery % 97%
Total Gold Production (Recovered) Ounces 363,108
Mine Life Years 11
Sustaining Capital Expenditures $M $87
Mine Closure Costs $M $1
Cash Operating Costs (inc. Royalty + TC/RCs) $/oz $965
All In Sustaining Cost (inc. Royalty + TC/RCs) $/oz $1,241
Exchange Rate R$:US$ 5.5
Royalties % 4.00%
Profits Tax Rate % 34%
*Base Case Metrics are from year 2025+
Table 3 - Coringa Updated Mineral Resource Estimate
Classification Quantity Grade Contained Metal
Gold Gold
000 't g/t 000' oz
Measured Resources 172 8.96 49
Indicated Resources 623 6.49 130
Measured & Indicated Resources 795 7.03 179
Inferred Resources 1,454 5.81 271
(1) Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. Mineral Resources are reported inclusive of Mineral Reserves. All figures are rounded to reflect the relative accuracy of the estimates. Mineral Resources are reported within classification domains inclusive of in-situ dilution at a cut-off grade of 3.16g/t gold assuming an underground extraction scenario, an operating cost of $107/t for mining, crushing and sorting, sorting efficiency of 61% of the tonnes and 1.59
upgrade factor, $88/t for hauling to Palito, processing at Palito plant and site costs, metallurgical recovery of 97%, 4% on royalties and 2.3% for refining, insurance, freight and sales, and a gold price of $1,950/troy oz. (2) Serabi is the operator and owns 100% of the Coringa Gold Project such that gross and net attributable mineral resources are the same. The mineral resource estimate was prepared by NCL Ingeniería y Construcción SpA in accordance with the standard of CIM and Canadian National
Instrument 43-101, with an effective date of 6 April 2024 by Mr Nicolás Fuster, who is a Qualified Person under the Canadian National Instrument 43-101. (3) NCL believes that the resource estimates shown in the table above meets the CIM standards for a resource estimate based on CIM Standards of Mineral Resources and Reserves Definitions and Guidelines adopted by the CIM council 10 May, 2014
CORINGA LICENCING
As reported last quarter, in January 2024, the Company received the renewal of
the GUIA trial mining license, for a period of three years and it is under the
GUIA license that Coringa is operating. The Company has been invited and has
applied for an increase of the volume of ore that can be transported from
Coringa to Palito. With respect to progress on the Installation License (LI),
the Company along with its environmental consultancy, Araca, has completed the
Plano Basico Ambiental (PBA). This study was incorporated into the Indigenous
Impact Report (ECI) that was submitted to FUNAI (the federal agency for
indigenous communities) in May 2024 for approval.
FINANCE UPDATE
Cash balances at the end of September 2024 were $20.0M, in comparison to the
cash balances at the end of December 2023 of $11.6M. On 7 January 2024, the
Group completed a $5.0M unsecured loan arrangement with Itau Bank in Brazil.
The loan is repayable as a bullet payment on 6 January 2025 and carries an
interest coupon of 8.47 per cent. The proceeds raised from the loan are being
used for working capital and secure adequate liquidity to repay a similar
arrangement which was repaid on 22 February 2024. The Company had a net
cash balance at the end of Q3-2024 (after interest bearing loans and lease
liabilities) of $14.0M (31 December 2023: net cash $5.0M). Cash generated in
the quarter was boosted by the realisation of inventory with sales recognised
in the quarter for 10,683 ounces compared with production of 9,489 ounces. At
an average price of $2,480 for the quarter this represents approximately
$3.0M.
FY2024 PRODUCTION GUIDANCE
The Company continues to estimate FY2024 consolidated gold production of
38,000 – 40,000 ounces.
About Serabi Gold plc
Serabi Gold plc is a gold exploration, development and production company
focused on the prolific Tapajós region in Para State, northern Brazil. The
Company has consistently produced 30,000 to 40,000 ounces per year with the
Palito Complex and is planning to double production in the coming years with
the construction of the Coringa Gold project. Serabi Gold plc recently made a
copper-gold porphyry discovery on its extensive exploration licence. The
Company is headquartered in the United Kingdom with a secondary office in
Toronto, Ontario, Canada.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018.
The person who arranged for the release of this announcement on behalf of the
Company was Andrew Khov, Vice President, Investor Relations & Business
Development.
Enquiries
SERABI GOLD plc
Michael Hodgson t +44 (0)20 7246 6830
Chief Executive m +44 (0)7799 473621
Clive Line t +44 (0)20 7246 6830
Finance Director m +44 (0)7710 151692
Andrew Khov m +1 647 885 4874
Vice President, Investor Relations &
Business Development
e contact@serabigold.com
www.serabigold.com
BEAUMONT CORNISH Limited
Nominated Adviser & Financial Adviser
Roland Cornish / Michael Cornish t +44 (0)20 7628 3396
PEEL HUNT LLP
Joint UK Broker
Ross Allister t +44 (0)20 7418 9000
TAMESIS PARTNERS LLP
Joint UK Broker
Charlie Bendon/ Richard Greenfield t +44 (0)20 3882 2868
CAMARCO
Financial PR - Europe
Gordon Poole / Emily Hall t +44 (0)20 3757 4980
HARBOR ACCESS
Financial PR – North America
Jonathan Patterson / Lisa Micali t +1 475 477
9404
Copies of this announcement are available from the Company's website at
www.serabigold.com.
See www.serabigold.com for more information and follow us on twitter
@Serabi_Gold
GLOSSARY OF TERMS
The following is a glossary of technical terms:
“actinolite” amphibole silicate mineral commonly found in metamorphic rocks, including those surrounding cooled intrusive igneous rocks
“Ag” means silver.
“alkalic porphyry” A class of copper-porphyry mineral deposits characterised by disseminated mineralisation within and immediately adjacent to silica-saturated to silica-undersaturated alkalic intrusive centres and being copper/gold/molybdenum-rich.
“albite” is a plagioclase feldspar mineral
“aplite” An intrusive igneous rock in which the mineral composition is the same as granite, but in which the grains are much finer
“argillic alteration” is hydrothermal alteration of wall rock which introduces clay minerals including kaolinite, smectite and illite
“AISC” means All-In Sustaining Cost – a non IFRS performance measurement established by the World Gold Council
“ANM” means the Agencia Nacional de Mineral.
“Au” means gold.
“assay” in economic geology, means to analyse the proportions of metal in a rock or overburden sample; to test an ore or mineral for composition, purity, weight or other properties of commercial interest.
“biotite” A phyllosilicate mineral composed of a silicate of iron, magnesium, potassium, and aluminum found in crystalline rocks and as an alteration mineral.
“breccia” a rock composed of large angular broken fragments of minerals or rocks cemented together by a fine-grained matrix
“brecciation” Describes the process where large angular broken fragments of minerals or rocks become cemented together by a fine-grained matrix.
“CIM” means the Canadian Institute of Mining, Metallurgy and Petroleum.
“CIP” or “Carbon in Pulp” means a process used in gold extraction by addition of cyanide.
“chalcopyrite” is a sulphide of copper and iron.
“copper porphyry” copper ore body formed from hydrothermal fluids. These fluids will be predated by or associated with are vertical dykes of porphry intrusive rocks
“Cu” means copper.
“cut-off grade” the lowest grade of mineralised material that qualifies as ore in a given deposit; rock of the lowest assay included in an ore estimate.
“dacite porphyry intrusive” a silica-rich igneous rock with larger phenocrysts (crystals) within a fine-grained matrix
“deposit” is a mineralised body which has been physically delineated by sufficient drilling, trenching, and/or underground work, and found to contain a sufficient average grade of metal or metals to warrant further exploration and/or development expenditures; such a
deposit does not qualify as a commercially mineable orebody or as containing ore reserves, until final legal, technical, and economic factors have been resolved.
“electromagnetics” is a geophysical technique tool measuring the magnetic field generated by subjecting the sub-surface to electrical currents.
“epidote” is a calcium aluminium iron sorosilicate mineral
“garimpo” is a local artisanal mining operation
“garimpeiro” is a local artisanal miner.
“geochemical” refers to geological information using measurements derived from chemical analysis.
“geophysical” refers to geological information using measurements derived from the use of magnetic and electrical readings.
“geophysical techniques” include the exploration of an area by exploiting differences in physical properties of different rock types. Geophysical methods include seismic, magnetic, gravity, induced polarisation and other techniques; geophysical surveys can be undertaken from the
ground or from the air.
“gold equivalent” refers to quantities of materials other than gold stated in units of gold by reference to relative product values at prevailing market prices.
“gossan” is an iron-bearing weathered product that overlies a sulphide deposit.
“grade” is the concentration of mineral within the host rock typically quoted as grams per tonne (g/t), parts per million (ppm) or parts per billion (ppb).
“g/t” means grams per tonne.
“granodiorite” is an igneous intrusive rock like granite.
“hectare” or a “ha” is a unit of measurement equal to 10,000 square metres.
“hematite” is a common iron oxide compound
“igneous” is a rock that has solidified from molten material or magma.
“indicated mineral resource” is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to
support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.
“inferred mineral resource” is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
“IP” refers to induced polarisation, a geophysical technique whereby an electric current is induced into the sub-surface and the conductivity of the sub-surface is recorded.
“intrusive” is a body of rock that invades older rocks.
“lithocap” Lithocaps are subsurface, broadly stratabound alteration domains that are laterally and vertically extensive. They form when acidic magmatic-hydrothermal fluids react with wallrocks during ascent towards the paleosurface.
“measured mineral resource” is that part of a mineral resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and
economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.
“mineralisation” the concentration of metals and their chemical compounds within a body of rock.
“mineralised” refers to rock which contains minerals e.g. iron, copper, gold.
“mineral reserve” is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors
that demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allowances for losses that may occur when the material is mined.
“mineral resource” is a concentration or occurrence of diamonds, natural solid inorganic material or natural fossilised organic material including base and precious metals, coal, and industrial minerals in or on the Earth’s crust in such form and quantity and of such a grade
or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge.
“Mo-Bi-As-Te-W-Sn” Molybdenum-Bismuth-Arsenic-Tellurium-Tungsten-Tin
“magnetite” Magnetic mineral composed of iron oxide found in intrusive rocks and as an alteration mineral.
“monzodiorite” Is an intrusive rock formed by slow cooling of underground magma.
“monzogranite” a biotite rich granite, often part of the later-stage emplacement of a larger granite body.
“mt” means million tonnes.
“NI 43-101” means Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
“ore” means a metal or mineral or a combination of these of sufficient value as to quality and quantity to enable it to be mined at a profit.
“oxides” are near surface bed-rock which has been weathered and oxidised by long-term exposure to the effects of water and air.
“paragenesis” Is a term used to describe the sequence on relative phases of origination of igneous and metamorphic rocks and the deposition of ore minerals and rock alteration.
“phyllic alteration” is a hydrothermal alteration zone in a permeable rock that has been affected by circulation of hydrothermal fluids
“porphry” any of various granites or igneous rocks with coarse grained crystals
“ppm” means parts per million.
“proterozoic” means the geological eon (period) 2.5 billion years ago to 541 million years ago
“pyrite” an iron sulphide mineral
“quartz-alunite ± kaolinite” Alunite is a hydroxylated aluminium potassium sulfate mineral. It presence is typical in areas of advanced argillic alteration and usually accompanied by the presence of quartz (a crystalline silica mineral) and sometimes kaolinite.(a clay mineral).
“saprolite” is a weathered or decomposed clay-rich rock.
“scapolites” are a group of rock-forming silicate minerals composed of aluminium, calcium, and sodium silicate with chlorine, carbonate and sulfate
“sulphide” refers to minerals consisting of a chemical combination of sulphur with a metal.
“tailings” are the residual waste material that it is produced by the processing of mineralised rock.
“tpd” means tonnes per day.
“vein” is a generic term to describe an occurrence of mineralised rock within an area of non-mineralised rock.
“VTEM” refers to versa time domain electromagnetic, a particular variant of time-domain electromagnetic geophysical survey to prospect for conductive bodies below surface.
“vuggy” a geological feature characterised by irregular cavities or holes within a rock or mineral, often formed by the dissolution or removal of minerals leaving behind empty spaces
Assay Results
Assay results reported within this release include those provided by the
Company's own on-site laboratory facilities at Palito and have not yet been
independently verified. Serabi closely monitors the performance of its own
facility against results from independent laboratory analysis for quality
control purpose. As a matter of normal practice, the Company sends duplicate
samples derived from a variety of the Company's activities to accredited
laboratory facilities for independent verification. Since mid-2019, over
10,000 exploration drill core samples have been assayed at both the Palito
laboratory and certified external laboratory, in most cases the ALS laboratory
in Belo Horizonte, Brazil. When comparing significant assays with grades
exceeding 1 g/t gold, comparison between Palito versus external results record
an average over-estimation by the Palito laboratory of 6.7% over this period.
Based on the results of this work, the Company's management are satisfied that
the Company's own facility shows sufficiently good correlation with
independent laboratory facilities for exploration drill samples. The Company
would expect that in the preparation of any future independent
Reserve/Resource statement undertaken in compliance with a recognized
standard, the independent authors of such a statement would not use Palito
assay results without sufficient duplicates from an appropriately certificated
laboratory.
Forward-looking statements
Certain statements in this announcement are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ‘‘believe’’, ‘‘could’’, “should”
‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’,
‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those,
variations or comparable expressions, including references to assumptions.
These forward-looking statements are not based on historical facts but rather
on the Directors’ current expectations and assumptions regarding the
Company’s future growth, results of operations, performance, future capital
and other expenditures (including the amount, nature and sources of funding
thereof), competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors’ current beliefs and
assumptions and are based on information currently available to the Directors.
Several factors could cause actual results to differ materially from the
results discussed in the forward-looking statements including risks associated
with vulnerability to general economic and business conditions, competition,
environmental and other regulatory changes, actions by governmental
authorities, the availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which are beyond
the control of the Company. Although any forward-looking statements contained
in this announcement are based upon what the Directors believe to be
reasonable assumptions, the Company cannot assure investors that actual
results will be consistent with such forward looking statements.
Qualified Persons Statement
The scientific and technical information contained within this announcement
has been reviewed and approved by Michael Hodgson, a Director of the Company.
Mr Hodgson is an Economic Geologist by training with over 30 years' experience
in the mining industry. He holds a BSc (Hons) Geology, University of London, a
MSc Mining Geology, University of Leicester and is a Fellow of the Institute
of Materials, Minerals and Mining and a Chartered Engineer of the Engineering
Council of UK, recognizing him as both a Qualified Person for the purposes of
Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and
Oil & Gas Companies dated June 2009.
Notice
Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as nominated adviser to
the Company in relation to the matters referred herein. Beaumont Cornish
Limited is acting exclusively for the Company and for no one else in relation
to the matters described in this announcement and is not advising any other
person and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Beaumont Cornish
Limited, or for providing advice in relation to the contents of this
announcement or any matter referred to in it.
Neither the Toronto Stock Exchange, nor any other securities regulatory
authority, has approved or disapproved of the contents of this news release
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