Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Adventus and Luminex Announce Merger to Create a Growth-Focused Copper-Gold Company in Ecuador
https://ca.finance.yahoo.com/news/adventus-luminex-announce-merger-create-220300394.html
Adventus Mining Corporation ; Luminex Resources Corp.
Tue, November 21, 2023 at 2:03 p.m. PST·23 min read
ADVZF
-4.72%
LUMIF
+28.00%
Concurrent US$17.1 Million of Equity Financing with Participation by Ross Beaty and Wheaton Precious Metals Corp.
Not for distribution to U.S. newswire services or dissemination in the United States
TORONTO, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Adventus Mining Corporation (“Adventus”) (TSXV: ADZN) (OTCQX: ADVZF) and Luminex Resources Corp. (“Luminex”) (TSXV: LR) (OTCQX: LUMIF) are pleased to announce that they have entered into an arrangement agreement (the “Arrangement Agreement”), pursuant to which Adventus will acquire all of the issued and outstanding common shares of Luminex (the “Luminex Shares”), in exchange for common shares of Adventus (the “Adventus Shares”), by way of a plan of arrangement (the “Transaction”, with the resulting entity referred to as the “Resulting Issuer”). The Transaction will create a combined company that intends to lead the advancement of the El Domo-Curipamba copper-gold project (the “El Domo Project”) towards production and consolidates a large and prospective gold-copper development and exploration portfolio in Ecuador totalling over 135,000 hectares which includes the preliminary economic assessment (“PEA”) stage Condor gold project (the “Condor Project”). Further details of the Transaction are outlined below.
Transaction Highlights
Exceptional Shareholder Base & Renewed Support – Brings together the support of members of Mr. Ross Beaty’s Lumina Group, local Ecuadorian investors and strategic and equity investors that include Altius Minerals Corporation (“Altius”) and Wheaton Precious Metals Corp. (“Wheaton”). A concurrent financing for approximately US$17.1 million, with participation by Mr. Ross Beaty and Wheaton is expected to be completed as part of the Transaction (described below).
Well-Capitalized Copper-Gold Company – Transaction establishes a well-capitalized copper-gold company focused on the advancement of the El Domo Project and consolidation of one of the largest exploration portfolios in Ecuador for future growth potential. The El Domo Project, with a completed feasibility study centred on a shallow and high-grade copper-gold dominant deposit1 , is supported by an investment contract with the Government of Ecuador and is on track for a construction decision in the first half of 2024.
Large Pipeline Gold Project – 98.7% ownership of the gold-copper Condor Project, adjacent to Lundin Gold’s Fruta del Norte project and Tongling / China Rail’s Mirador project. A PEA was completed in 2021 highlighting a 12-year operation producing 187k ounces of gold per year and a US$562 million after-tax NPV5% and a 20.3% after-tax IRR at US$1,760/oz gold2.
Industry Leading Exploration Portfolio – Combined exploration portfolio totalling over 135,000 hectares across 13 projects will be one of the largest land packages in Ecuador with approximately US$50 million in joint venture partner spending to date, and which continues to see funding interest from third parties.
Synergy & Cost Savings – Post Transaction, the Resulting Issuer will be led by a strengthened board, and a management team with a proven history and in-country track record of discovery, exploration success, mine building, operations, community engagement and monetization. The Resulting Issuer is expected to save approximately US$2 million per annum through synergies.
Value Creation & Potential for Shareholders – Expected to directly add liquidity and a greater following, while establishing a path to production at the El Domo Project: one of the highest grade and lowest capital intensity copper-gold projects globally.
___________________________________________
1 The El Domo Project feasibility study is a NI 43-101 Technical Report entitled: “NI 43-101 Technical Report - Feasibility Study - Curipamba El Domo Project - Central Ecuador”, filed on SEDAR+ on December 10, 2021.
2 The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral resources, and there is no certainty the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Condor Project PEA was based on the July 28, 2021 mineral resource estimate and base case economics were calculated using a gold price of $1,600 per ounce and a silver price of $21.00 per ounce, details of which, together with a summary of capital and operating expenditure estimates, assumptions and qualifications used by the qualified persons in preparing the PEA and the underlying mineral resource estimate, are disclosed in the report.
Christian Kargl-Simard, President and CEO of Adventus, commented: “This Transaction is an exciting opportunity to unite complementary assets, teams, and investors to create value for all Adventus and Luminex shareholders. Adventus is pleased to welcome Mr. Ross Beaty, members of the Lumina Group, and new investors as we continue the advancement of the El Domo Project towards future cash flowing operations. For Adventus shareholders, the new capital and acquisition of Luminex’s Condor Project and other properties allows the creation of a stronger and more diversified company with one of the largest copper-gold exploration portfolios in Ecuador.”
Marshall Koval, CEO of Luminex, commented: “We are very pleased to be entering into this combination with Adventus. The Adventus team has done a tremendous job advancing the El Domo Project from an exploration and PEA stage project to the expected start of construction in the first half of 2024. This combination gives Luminex shareholders a more immediate re-rating and return potential from the advancement of the El Domo Project, while reinforcing the growth and new discovery potential of the combined exploration portfolio.”
Concurrent with the Transaction, Adventus and Luminex plan to raise approximately US$17.1 million in equity, as a combination of US$13.5 million in a fully committed non-brokered private placement (the “Non-Brokered Private Placement”) of subscription receipts of Adventus (the “Subscription Receipts”), and approximately C$5 million (approximately US$3.64 million based on the US$/C$ exchange rate on November 21, 2023) in a brokered “bought deal” private placement (the “Bought Deal Private Placement”, and together with the Non-Brokered Private Placement, the “Concurrent Financing”) of units (the “Units”) of Adventus, co-led by Raymond James Ltd. and National Bank Financial Inc?., on their own behalf and on behalf of a syndicate of investment dealer?s (collectively, the “Underwriters”). In respect of the Non-Brokered Private Placement, Adventus and Luminex have received firm commitments for US$13.5 million in total, comprised of lead orders from Mr. Ross Beaty, Wheaton, and certain of Luminex’s existing Ecuadorian investors. Further details of the Concurrent Financing are outlined below.
Altius, Adventus’ largest shareholder, has agreed to extend its outstanding US$4 million unsecured convertible debenture until December 31, 2024, subject to completion of the Non-Brokered Private Placement (the “Loan Amendment”). As Altius is an insider of Adventus, the Loan Amendment constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Loan Amendment is exempt from the formal valuation and minority approval requirements of MI 61-101 as, at the time it was agreed to, neither the fair market value thereof, nor the fair market value of the consideration therefor, exceeds 25% of Adventus’ market capitalization.
Transaction Terms
Pursuant to the terms and conditions of the Arrangement Agreement, the holders of the issued and outstanding Luminex Shares will receive 0.67 Adventus Shares for each one (1) Luminex Share held (the “Exchange Ratio”). Luminex options that are outstanding at the time of completion of the Transaction shall be exchanged in accordance with the Exchange Ratio for similar securities to purchase Adventus Shares on substantially the same terms and conditions, and outstanding warrants of Luminex will become exercisable, based on the Exchange Ratio, to purchase Adventus Shares on substantially the same terms and conditions. The Transaction will be carried out by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia).
Upon completion of the Transaction, the Resulting Issuer will continue to be listed as a Tier 1 mining issuer on the TSX Venture Exchange (“TSXV”) under the same Adventus name and ticker symbol, as well as on the OTCQX. Prior to completion of the Concurrent Financing, existing shareholders of Adventus will own approximately 61% of the Resulting Issuer and existing shareholders of Luminex will own approximately 39% of the Resulting Issuer on an undiluted basis. Mr. Ross Beaty is expected to be the only shareholder post completion of the Transaction and the Concurrent Financing to own greater than 10% of the issued and outstanding shares of the Resulting Issuer, owning approximately 13% on an undiluted basis.
The Arrangement Agreement contains customary reciprocal deal-protection provisions including non-solicitation covenants and a right to match any superior proposal as defined in the Arrangement Agreement. Under certain circumstances, Adventus or Luminex would be entitled to a termination fee of US$1,200,000. In connection with the Transaction, certain officers of Luminex shall agree to receive part of any change of control amounts owed in the form of Luminex Shares, which shall have a deemed value per Luminex Share equal to C$0.194 per share (the “Change of Control Share Settlement”). Any Change of Control Share Settlement is subject to the approval of the TSXV.
Complete details of the Transaction will be included in a management information circular to be delivered to Luminex securityholders in the coming weeks.
Conditions to Completion
The completion of the Transaction is subject to a number of terms and conditions, including without limitation the following: (a) approval of the Luminex securityholders, as described below; (b) approval of the TSXV; (c) approval of the British Columbia Supreme Court; (d) there being no material adverse changes in respect of either Adventus or Luminex; (e) a minimum of US$13.5 million in gross proceeds from the Concurrent Financing (which is fully committed, see Concurrent Financing below), and other standard conditions of closing for a transaction of this nature. There can be no assurance that all of the necessary approvals will be obtained or that all conditions of closing will be satisfied.
The Transaction is subject to the approval at a special meeting of Luminex securityholders by (i) 662/3% of the votes cast by Luminex ?shareholders, (ii) ??662/3 % of the votes cast by Luminex shareholders ?and optionholders, voting together as a single class, and (iii) if required, a simple majority of the votes cast by the Luminex shareholders, excluding the votes cast by certain persons as required by MI 61-101. Adventus and Luminex are arm’s length parties and, accordingly, the Transaction is not a related party transaction.
Board of Directors and Management
Upon closing of the Transaction, the board of directors of the Resulting Issuer (the “Resulting Issuer Board”) will be comprised of eight (8) members, including three (3) nominees from Luminex. Mr. Christian Kargl-Simard will remain serving as President, CEO and Director of the Resulting Issuer and lead the combined management and project team. The head office will continue to be in Toronto, Canada.
The Resulting Issuer Board is expected to be led by Mr. Mark Wellings and is anticipated to include Ms. Karina Rogers, Mr. Leif Nilsson, Mr. David Darquea Schettini, Mr. David Farrell and Mr. Ron Halas as independent directors, and Mr. Christian Kargl-Simard and Mr. Marshall Koval as non-independent directors. Advisors to the Resulting Issuer Board will continue to be Mr. Christian Aramayo and Mr. Gerardo Fernandez; Adventus also anticipates the addition of Mr. Leo Hathaway in an advisory role.
Concurrent Financing
The Concurrent Financing will consist of two tranches, for total gross proceeds of approximately US$17.1 million, of which US$13.5 million is fully committed and the balance of approximately C$5M (approximately US$3.64 million) has agreed to be purchased on a “bought deal” private placement basis.
The first tranche is the Non-Brokered Private Placement, a US$13.5 million fully committed offering of Subscription Receipts of Adventus at a price of C$0.29 per Subscription Receipt.
Each Subscription Receipt shall entitle the holder thereof to receive, without payment of any additional ?consideration or further action on the part of the holder, one Common Share in the capital of Adventus upon the satisfaction or waiver of all conditions to the completion of the Transaction in ?accordance with the terms of the Arrangement Agreement ?(collectively, the “Escrow Release Conditions”).? Mr. Ross Beaty, Wheaton and certain of Luminex’s existing Ecuadorian shareholders have committed to participating in this tranche. No commission is being paid on the Non-Brokered Private Placement.
In connection with the second tranche, the Bought Deal Private Placement, Adventus and Luminex have entered into an engagement letter with Raymond James Ltd. and National Bank Financial Inc., on their own behalf and on behalf of the Underwriters, pursuant to which the Underwriters have agreed to purchase, on a “bought deal” private placement basis 1,725,000 Units of Adventus at a price of C$2.90 per Unit (the “Unit Offering Price”) for gross proceeds of approximately C$5 million, which the parties may agree to increase in the context of the market by an amount of up to an additional C$5 million. Each Unit shall consist of four (4) Adventus Shares and six (6) Subscription ?Receipts, with 40% of the price per Unit allocated to the Adventus Shares underlying each Unit and 60% of the price per ?Unit allocated to the Subscription Receipts underlying each Unit.? Adventus has granted the Underwriters an over-allotment option to purchase at the Unit Offering Price up to such number of an additional Units as is equal to 15% of the number of Units sold pursuant to the Bought Deal Private Placement (the “Over-Allotment Option”). The Over-Allotment Option is exercisable by the Underwriters in whole or in part at any ?time until 48 hours prior to the closing date of the Bought Deal Private Placement. Adventus shall pay to the Underwriters a commission equal to 6.0% of the gross proceeds from the Bought Deal Private Placement, 50% of which will be paid to the Underwriters at closing of the Bought Deal Private Placement and 50% of which will be placed in escrow (the “Escrowed Commission”) as described below.
The gross proceeds of the Non-Brokered Private Placement, the gross proceeds from the sale of the Subscription Receipts underlying the Bought Deal Private Placement and the Escrowed Commission (collectively, the “Escrowed Proceeds”), will be placed into escrow. Provided that the Escrow Release Conditions are satisfied or waived (where permitted) prior to 5:00 p.m. (Toronto time) on March 31, 2024 (the “Escrow Release Deadline”), the Escrowed Commission will be released to the Underwriters from the Escrowed Proceeds, and the balance of the Escrowed Proceeds (less certain expenses of an escrow agent to be appointed) will be released to or as directed by Adventus and the Subscription Receipts shall be automatically converted into Adventus Shares, without payment of any additional consideration or further action on the part of the subscribers. In the event that the Escrow Release Conditions are not satisfied by the Escrow Release Deadline, the Escrowed Proceeds, together with interest earned thereon, will be returned to the holders of Subscription Receipts and such Subscription Receipts will be cancelled.
The net proceeds of the Concurrent Financing will be used to advance the El Domo Project, select ?exploration programs across the combined exploration portfolio of Adventus and ?Luminex, costs related to the proposed Transaction and for working capital and general corporate ?purposes?.
The Concurrent Financing is being conducted in all of the provinces and territories of Canada pursuant to private placement exemptions, in the United States pursuant to available exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and applicable state securities laws?, and in such other jurisdictions outside of Canada and the United States, in ?each case, in accordance with all applicable laws, provided that no prospectus, ?registration statement or similar document is required to be filed in such foreign ?jurisdiction?. Completion of the Concurrent Financing is subject to obtaining the required TSXV approvals and satisfaction of customary closing conditions. The Subscription Receipts and the Adventus Shares to be issued in connection with the Concurrent Financing, and the Adventus Shares underlying the Subscription Receipts, will be subject to a statutory four-month and one day hold period from the closing date. The closing date of both the Non-Brokered Private Placement and the Bought Deal Private Placement is expected to be on or around December 8, 2023.
Luminex and Adventus intend to rely on the “part and parcel exception” under the policies of the TSXV with respect to the Concurrent Financing and the Change of Control Share Settlement, as each is integral to the Transaction by ensuring the Resulting Issuer is sufficiently capitalized to complete mine construction at the El Domo Project.
The securities to be offered in the Concurrent Financing and the Change of Control Share Settlement have not been, and will not be, registered under 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.
Transaction Timeline
Pursuant to the Arrangement Agreement and subject to satisfying all necessary conditions and receipt of all required approvals, the parties anticipate completion of the Transaction in January 2024. Following completion of the Transaction, Luminex Shares will be de-listed from the TSXV and Luminex will cease to be a reporting issuer under Canadian securities laws.
Recommendations by the Boards of Directors and Fairness Opinion
After consultation with its financial and legal advisors, the board of directors of Adventus unanimously approved the entering into of the Arrangement Agreement. Raymond James Ltd. provided a fairness opinion to the board of directors of Adventus, stating that, as of the date of such opinion and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the consideration to be paid by Adventus is fair, from a financial point of view, to Adventus.
After consultation with its financial and legal advisors, the board of directors of Luminex (the “Luminex Board”) unanimously approved the entering into of the Arrangement Agreement, following the unanimous recommendation of a special committee of the Luminex Board (the “Luminex Special Committee”). The Luminex Board recommends that Luminex securityholders vote in favour of the Transaction. Haywood Securities Inc. provided a fairness opinion to the Luminex Special Committee, stating that, as of the date of such opinion and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the consideration to be received by Luminex shareholders under the Transaction is fair, from a financial point of view, to such Luminex shareholders.
Advisors and Counsel
Bacchus Capital Advisors is acting as financial advisor to Adventus. DLA Piper (Canada) LLP, DLA Piper LLP (US) and AVL Abogados are acting as legal counsel to Adventus in Canada, the U.S. and Ecuador, respectively.
Haywood Securities Inc. is acting as financial advisor to Luminex. Borden Ladner Gervais LLP, Troutman Pepper Hamilton Sanders LLP, and Tobar ZVS are acting as legal counsel to Luminex in Canada, the U.S. and Ecuador, respectively.
Analyst and Investor Webcast and Conference Call
Adventus and Luminex will host a joint conference call on Tuesday, November 22, 2023, at 12:00 pm (noon) ET to discuss the Transaction. Conference call and webcast details:
Date:
Wednesday, November 22, 2023
Time:
12:00 pm noon ET
Webcast link:
https://events.6ix.com/preview/adventus-mining-corporation
Qualified Person and Technical Reports
The technical information of this news release has been reviewed and approved by Mr. Dustin Small, P.Eng., Vice President Projects of Adventus, a non-Independent Qualified Person, as defined by National Instrument 43-101 (“NI 43-101”). Technical information for the El Domo Project is derived from the Technical Report for the El Domo Project titled: “NI 43-101 Technical Report - Feasibility Study - Curipamba El Domo Project - Central Ecuador”, filed on SEDAR+ on December 10, 2021. Technical information for the Condor Project is derived from the Technical Report for the Condor Project titled: “Condor Project NI 43-101 Technical Report on Preliminary Economic Assessment”, filed on SEDAR+ on September 13, 2021.
About Adventus
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus is majority owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus is engaged in a country-wide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus owns an exploration project portfolio in Ireland with South32 Limited as the funding participant. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and significant Ecuadorian shareholders. Adventus is based in Toronto, Canada, and is listed on the TSXV under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
About Luminex
Luminex Resources Corp. is a Vancouver, Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. Luminex’s inferred and indicated mineral resources are located at the Condor Gold-Copper project in Zamora-Chinchipe Province, southeast Ecuador. Luminex also holds a large and highly prospective land package in Ecuador.
For further information from Adventus, please contact Christian Kargl-Simard, President and Chief Executive Officer, at +1-416-230-3440 or christian@adventusmining.com. Please also visit the Adventus website at www.adventusmining.com
For further information from Luminex, please contact Scott Hicks, VP Corporate Development and Communications, at +1-604-646-1890 or info@luminexresources.com. Please also visit the Luminex website at https://luminexresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, respectively (collectively referred to herein as “forward-looking information”). Forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “is expected”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or terminology which states that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. Forward-looking information in this news release includes: expected timing and completion of the Transaction; the strengths, characteristics and expected benefits and synergies of the Transaction; receipt of court approval; approval of the Transaction by Luminex shareholders and optionholders at the special meeting of Luminex securityholders; obtaining TSXV acceptance to complete the Transaction; certain officers of Luminex agreeing to receive the Change of Control Share Settlement, and obtaining TSXV acceptance to complete the Change of Control Share Settlement; the completion of the Concurrent Financing; the participation of the identified persons in the Concurrent Financing; the expected use of proceeds from the Concurrent Financing; the satisfaction of the Escrow Release Conditions; the conversion of the Subscription Receipts into shares of the Resulting Issuer; the exercise of the Over-Allotment Option; obtaining TSXV acceptance to complete the Concurrent Financing; the payment of commissions by Adventus with respect to the Concurrent Financing; the anticipated holdings of Ross Beaty and Altius after the completion of the Transaction; the completion of the Loan Amendment; obtaining TSXV acceptance to complete the Loan Amendment; the anticipated timing of the special meeting of Luminex securityholders to vote on the Transaction and the related management information circular; the expected delisting of the Luminex Shares from the TSXV; the composition of the Resulting Issuer board and management team; and the companies’ assessments of, and expectations for, future periods. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances, including information in this news release regarding the Transaction and the Concurrent Financing, contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent the companies’ expectations, estimates and projections regarding possible future events or circumstances. The forward-looking information included in this news release is based on the companies’ opinions, estimates and assumptions in light of their experience and perception of historical trends, current conditions and expected future developments, their assumptions regarding the Transaction and the Concurrent Financing (including, but not limited to, their ability to close the Transaction and the Concurrent Financing on the terms contemplated, and to derive the anticipated benefits therefrom), as well as other factors that they currently believe are appropriate and reasonable in the circumstances. The forward-looking information contained in this news release is also based upon a number of assumptions, including the companies’ ability to obtain the required securityholder, court and regulatory approvals in a timely matter, if at all; their ability to satisfy the terms and conditions precedent of the Arrangement Agreement in order to consummate the Transaction; their ability to satisfy the Escrow Release Conditions; assumptions in respect of current and future market conditions and the execution of the companies’ business strategies, that operations in Adventus’ and Luminex’s properties will continue without interruption, and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated, intended or implied. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Forward-looking information is also subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but are not limited to, failure to receive the required shareholder, court, regulatory and other approvals necessary to effect the Transaction; the potential for a third party to make a superior proposal to the Transaction; that the Resulting Issuer and its shareholders will not realize the anticipated benefits following the completion of the Transaction; that all tranches of the Concurrent Financing will not be completed; that the proceeds of the Concurrent Financing will not be used as announced; that the Loan Amendment will not be completed; that the special meeting of Luminex securityholders to vote on the Transaction will not occur at the anticipated timeframe; and those set forth under the caption “Risk Factors” in Adventus’ annual information form, the companies’ most recent respective management’s discussion and analysis, and other documents filed with or submitted to the Canadian securities regulatory authorities on the SEDAR+ website at www.sedarplus.ca.
Although the companies have attempted to identify important risk factors that could cause actual results or future events to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to them or that they presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents the companies’ expectations as of the date of this news release and is subject to change after such date. Adventus and Luminex each disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
Adventus Mining/Salazar Resources: Constitutional Court of Ecuador Issues Ruling on Constitutionality of Environmental Consultation Decree: Leaving the Decree and Consultation Process in Effect Pending Law from National Assembly
https://www.newswire.ca/news-releases/constitutional-court-of-ecuador-issues-ruling-on-constitutionality-of-environmental-consultation-decree-leaving-the-decree-and-consultation-process-in-effect-pending-law-from-national-assembly-860475742.html
Adventus Mining Corporation 17 Nov, 2023, 22:48 ET
TORONTO, Nov. 17, 2023 /CNW/ - Adventus Mining Corporation ("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSXV: SRL) (OTCQB: SRLZF) (collectively the "Participants") are pleased to announce that the Constitutional Court of Ecuador (the "Court") has issued a ruling with regards to the constitutionality of Presidential Decree 754 (the "Decree"). The Decree, signed in May 2023, modified the Environmental Regulation of the Environmental Organic Code to include detailed steps for carrying out the Environmental Consultation (the "Consultation") in accordance with international human rights instruments and guaranteed by article 398 of the Ecuadorian Constitution.
The Consultation is a prerequisite for the issuance of environmental licenses for all projects across all sectors in Ecuador (not limited to the metals and mining sector) classified as medium and high impact, but also those classified as low impact for the extractive industries. The Consultation seeks to ensure people in the impact areas are duly informed and consulted with regards to impacts, mitigations, and environmental management plans of the proposed projects.
The Decree was challenged by an Act of Unconstitutionality filed with the Court in June 2023 and accepted by the Court in August 2023 along with a precautionary measure that ordered the provisional suspension until the Court could resolve the case (see news release dated August 2, 2023). In September 2023, the Court prioritized the case (see news release dated September 11, 2023) and the hearing was held on September 18, 2023. On November 17, 2023, the Court issued its ruling that declared Decree 754 to be unconstitutional in form, and indicated that the Consultation process must be regulated through an organic law which can only be issued by the National Assembly of Ecuador (the "Assembly") and not by Presidential decree. Notwithstanding, the ruling defers the effects of the unconstitutionality decision until the Assembly passes an organic law to regulate the Consultation process. The ruling also expressly revokes the temporary suspension of the Decree and indicates that the Decree will remain in-effect until the Assembly passes a new law regulating the Consultation.
This decision by the Court allows over 170 projects to resume their respective Consultation processes by proceeding under the terms the Decree. These important projects span across all industries and sectors in Ecuador, which include but are not limited to hospitals, water treatment plants, roads, clean energy projects, and three mining related projects, including the El Domo-Curipamba project. Therefore, the Participants are pleased to continue the advancement of the El Domo-Curipamba project in line with recent guidance.
About Adventus
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus Mining is majority owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus Mining is engaged in a country-wide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus Mining owns an exploration project portfolio in Ireland with South32 Limited as the funding participant. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus Mining is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
About Salazar
Salazar Resources Limited is focused on creating value and positive change through discovery, exploration, and development in Ecuador. The team has an unrivalled understanding of the geology in-country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines. Salazar Resources has a wholly owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm-out non-core assets. The Company actively engages with Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The Company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has a 25% stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, the Company has a 20% stake fully carried through to a construction decision.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This release contains certain "forward looking statements" and certain "forward-looking information" as "defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements relate to future events or future performance and reflect the Participants expectations or beliefs regarding future events. Forward-looking statements include, but are not limited to: the discussions regarding strategies for the development of El-Domo; the adoption of a strategy and the timing thereof; the obtaining of key approvals, permits and environmental licensing approval for the El-Domo and the timing thereof; the start of construction at El Domo and the timing thereof;? and the timing and resolution of the Court?. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, risks related to the exploration, development, production, recoveries and other anticipated or possible future developments at El Domo, including, without limitation, that exploration, development and production activities will not occur or be as anticipated and that environmental licensing will not be approved; failure to obtain the environmental licensing approval for the El-Domo along with other key permits and approvals and to start construction; the Court will not have a favorable ruling or in the expected time period; and general economic, business and political conditions?.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among other things, include: business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of copper or certain other commodities; change in national and local governments, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.
The Participants undertake no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on the information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
For further information from Adventus Mining, please contact Christian Kargl-Simard, President and Chief Executive Officer, at +1-416-230-3440 or christian@adventusmining.com. Please also visit the Adventus Mining website at www.adventusmining.com.
For further information from Salazar Resources, please contact Freddy D. Salazar, Manager – Corporate Development, at +593 98 548 9355 or dsalazar@salazarresources.com. Please also visit the Salazar Resources website at www.salazarresources.com.
SOURCE Adventus Mining Corporation
LUNDIN GOLD REPORTS THIRD QUARTER 2023 RESULTS AND ELECTS TO FULLY REPAY ITS SENIOR DEBT FACILITY
https://www.newswire.ca/news-releases/lundin-gold-reports-third-quarter-2023-results-and-elects-to-fully-repay-its-senior-debt-facility-814217642.html
Lundin Gold Inc. 08 Nov, 2023, 19:05 ET
Robust free cash flow generation underpins decision to extinguish bank debt
VANCOUVER, BC, Nov. 8, 2023 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF)
LUNDIN GOLD REPORTS FURTHER HIGH-GRADE INTERCEPTS FROM ITS 2023 EXPLORATION PROGRAMS
https://www.newswire.ca/news-releases/lundin-gold-reports-further-high-grade-intercepts-from-its-2023-exploration-programs-834438684.html
Lundin Gold Inc. 01 Nov, 2023, 19:00 ET
VANCOUVER, BC, Nov. 1, 2023 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF)
SolGold Company Update
https://www.accesswire.com/796219/solgold-company-update
Wednesday, 25 October 2023 02:50
BISHOPSGATE, LONDON / ACCESSWIRE / October 25, 2023 / The Board of Directors of SolGold (LSE:SOLG)(TSX:SOLG
Adventus Mining and Salazar Resources Achieve Key Permitting Milestone with Granting of Certificate of No Affect of Water
https://www.newswire.ca/news-releases/adventus-mining-and-salazar-resources-achieve-key-permitting-milestone-with-granting-of-certificate-of-no-affect-of-water-871429914.html
Adventus Mining Corporation 02 Oct, 2023, 06:45 ET
TORONTO, Oct. 2, 2023 /CNW/ - Adventus Mining Corporation ("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSXV: SRL) (OTCQB: SRLZF) (collectively the "Participants") are pleased to announce that the El Domo – Curipamba copper-gold project ("El Domo") has been issued a favourable Certificate of No Affect of Water by the Ministry of Environment and Water of the Government of Ecuador ("MAATE"). This important certificate and milestone allows the Participants to construct the planned and designed project infrastructure in an area with the presence of surface and ground water sources.
As the country's third modern metals and mining project to have secured a production focused investment contract with the Government of Ecuador, the Participants are continuing to advance all permitting and licensing approvals required for the start of El Domo construction – currently targeted for the second quarter of 2024. Key processes in progress include:
Storage and Use of Explosives: El Domo has received authorization from the local municipality and design approval from the local municipal fire department for the installation of the project's explosives storage related infrastructure. The authorization and approval granted are prerequisites for the final authorization from the Joint Command of the Armed Forces of Ecuador.
Tailings Dam Construction Permit: The first step of this process was successfully completed with the design review and favourable technical report from the Ministry of Energy and Mines of the Government of Ecuador. The design is now under review by the Government's Agency of Regulation and Control. A favourable technical report from the Agency of Regulation and Control is the second and final step prerequisite for the issuance of the Tailings Dam Construction Permit.
Water Usage Permit: Request for water usage permits for El Domo construction have been submitted and admitted for processing by MAATE and are currently under review.
Environmental License: As previously reported by the Participants (see new releases dated August 2 and September 11, 2023) the Constitutional Court of Ecuador is reviewing a claim of unconstitionality of the Presidential Decree 754 which regulates the process for the environmental consultation processes across all public and private sectors and industries – not limited to the metals and mining sector. Completion of the environmental consultation is the final step required for the issuance of the environmental license for El Domo which will allow for construction to commence. On September 7, 2023, the Constitutional Court declared the case a priority and the public hearing occurred on September 18, 2023. The Constitutional Court is now in the process of formulating its decision, and while there is no established timeline, the Participants expect that a ruling could be issued within 45 days of the hearing. A supportive ruling would provide a clear path forward for El Domo to complete the environmental consultation and receive the environmental license, which would allow for the ramp-up of employment and training plans in support of construction and future operations.
About Adventus
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus Mining is majority owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus Mining is engaged in a country-wide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus Mining owns an exploration project portfolio in Ireland with South32 Limited as the funding participant. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus Mining is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
About Salazar
Salazar Resources Limited is focused on creating value and positive change through discovery, exploration, and development in Ecuador. The team has an unrivalled understanding of the geology in-country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines. Salazar Resources has a wholly owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm-out non-core assets. The Company actively engages with Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The Company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has a 25% stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, the Company has a 20% stake fully carried through to a construction decision.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This release contains certain "forward looking statements" and certain "forward-looking information" as "defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements relate to future events or future performance and reflect the Participants expectations or beliefs regarding future events. Forward-looking statements include but are not limited to: the discussions regarding strategies for the development of El-Domo; the adoption of a strategy and the timing thereof; the obtaining of key approvals, permits and environmental licensing approval for the El-Domo and the timing thereof; the start of construction at El Domo and the timing thereof;? and the timing and resolution of the Court?. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, risks related to the exploration, development, production, recoveries and other anticipated or possible future developments at El Domo, including, without limitation, that exploration, development and production activities will not occur or be as anticipated and that environmental licensing will not be approved; failure to obtain the environmental licensing approval for the El-Domo along with other key permits and approvals and to start construction; the Court will not have a favorable ruling or in the expected time period; and general economic, business and political conditions?.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among other things, include: business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of copper or certain other commodities; change in national and local governments, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.
The Participants undertake no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on the information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
For further information from Adventus Mining, please contact Christian Kargl-Simard, President and Chief Executive Officer, at +1-416-230-3440 or christian@adventusmining.com. Please also visit the Adventus Mining website at www.adventusmining.com.
For further information from Salazar Resources, please contact Freddy D. Salazar, Manager – Corporate Development, at +593 98 548 9355 or dsalazar@salazarresources.com. Please also visit the Salazar Resources website at www.salazarresources.com.
SOURCE Adventus Mining Corporation
Luminex Announces Excellent Metallurgical Results at Cuyes West
https://www.newswire.ca/news-releases/luminex-announces-excellent-metallurgical-results-at-cuyes-west-803414097.html
Luminex Resources Corp. 27 Sep, 2023, 07:00 ET
Highlights:
95% gold recoveries using whole ore cyanidation on the Cuyes West high-grade composite.
96% gold recoveries using flotation on the Cuyes West high-grade composite.
VANCOUVER, BC, Sept. 27, 2023 /CNW/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF
Salazar Resources Provides Update on El Potro Project and Granting of Drilling Permits
https://www.newsfilecorp.com/release/180285
Vancouver, British Columbia--(Newsfile Corp. - September 12, 2023) - SALAZAR RESOURCES LIMITED (TSXV: SRL) (OTCQB: SRLZF) (FSE: CCG)
Solaris Reports 96m of 0.59% CuEq From Near Surface within 144m of 0.50% CuEq and 148m of 0.52% CuEq in First Two Reconnaissance Holes at Patrimonio
https://ca.finance.yahoo.com/news/solaris-reports-96m-0-59-110000802.html
Solaris Resources
Tue, September 12, 2023 at 4:00 a.m. PDT
LUNDIN GOLD EXPANDS ITS 2023 NEAR-MINE EXPLORATION PROGRAM
https://www.newswire.ca/news-releases/lundin-gold-expands-its-2023-near-mine-exploration-program-881398330.html
Lundin Gold Inc. 07 Sep, 2023, 17:00 ET
VANCOUVER, BC, Sept. 7, 2023 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce that for the second time this year the Company is expanding its 2023 near-mine exploration program at its Fruta del Norte ("FDN") operation in southeast Ecuador. The Company plans to increase the 2023 near-mine drilling program by 7,500 metres to a minimum of 30,000 metres to accelerate delineation of new targets and continue to explore other sectors along FDN's major structures. The 2023 near-mine program was originally planned for 15,500 metres and increased to 23,000 meters in May. The regional exploration program continues unchanged
View PDF version.
As a result of improved productivities in the field, the expanded program is expected to be completed within the revised near-mine exploration budget of $12.9 million announced earlier this year. Six rigs (one underground and five on surface) are currently operating on the near-mine program. Three additional rigs are also turning on the Company's other programs, including one underground on the conversion program and two surface rigs on the regional program.
Ron Hochstein, President and CEO, commented, "I am pleased to announce further expansion of our near-mine exploration program. Results from the near-mine program have improved our understanding of many targets within this highly prospective district, leading to the current program now being almost double what was originally planned for 2023. A minimum of 50,000 metres of drilling is planned across the conversion, near-mine and regional programs in 2023. This represents the largest drill program in the district since 2007."
Qualified Persons
The technical information contained in this News Release has been reviewed and approved by Andre Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of NI 43-101.
About Lundin Gold
Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the highest-grade operating gold mines in the world.
The Company's board and management team have extensive expertise in mine operations and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. The Company believes that the value created through the development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.
Additional Information
The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on September 7, 2023 at 2:00 p.m. Pacific Time through the contact persons set out below.
Caution Regarding Forward-Looking Information and Statements
Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws.
This press release contains forward-looking information in a number of places, such as in statements relating to the Company's exploration plans, activities and results. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 31, 2023, which is available at www.lundingold.com or on SEDAR.
Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: risks related to political and economic instability in Ecuador; risks associated with the Company's community relationships; risks related to estimates of production, cash flows and costs; risks inherent to mining operations; shortages of critical supplies; the cost of non-compliance and compliance costs; control of the Company's largest shareholders; volatility in the price of gold; failure of the Company to maintain its obligations under its debt facilities; risks related to Lundin Gold's compliance with environmental laws and liability for environmental contamination; the lack of availability of infrastructure; the Company's reliance on one mine; security risks to the Company, its assets and its personnel; risks related to illegal mining; exploration and development risks; the impacts of a pandemic virus outbreak; risks related to the Company's ability to obtain, maintain or renew regulatory approvals, permits and licenses; uncertainty with and changes to the tax regime in Ecuador; the reliance of the Company on its information systems and the risk of cyber-attacks on those systems; the imprecision of Mineral Reserve and Resource estimates; deficient or vulnerable title to concessions, easements and surface rights; inherent safety hazards and risk to the health and safety of the Company's employees and contractors; risks related to the Company's workforce and its labour relations; key talent recruitment and retention of key personnel; volatility in the market price of the Company's shares; measures to protect endangered species and critical habitats; social media and reputation; the adequacy of the Company's insurance; risks relating to the declaration of dividends; uncertainty as to reclamation and decommissioning; the ability of Lundin Gold to ensure compliance with anti-bribery and anti-corruption laws; the uncertainty regarding risks posed by climate change; limits of disclosure and internal controls; the potential for litigation; and risks due to conflicts of interest.
SOURCE Lundin Gold Inc.
For further information: Ron F. Hochstein, President and CEO, Tel (Ecuador): +593 2-299-6400, Tel (Canada): +1-604-806-3589, ron.hochstein@lundingold.com; Finlay Heppenstall, Director, Investor Relations and Corporate Development, Tel: +1 604 806 3089, finlay.heppenstall@lundingold.com
Luminex Announces an Update on the Pegasus Earn-in
https://www.newswire.ca/news-releases/luminex-announces-an-update-on-the-pegasus-earn-in-884519300.html
Luminex Resources Corp. 23 Aug, 2023, 17:00 ET
VANCOUVER, BC, Aug. 23, 2023 /CNW/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") announces that on August 22, 2023, the relevant subsidiary of Anglo American plc ("Anglo American") submitted a withdrawal notice with respect to its option to increase its ownership in the Pegasus project in Ecuador from 25% to 51%. Anglo American has drilled approximately 1,800 metres at the Medusa North target at Pegasus A and had planned to continue drilling at Medusa South. Anglo American encountered delays in receiving surface access to drill its preferred target.
Luminex and Anglo American may engage in discussion to realign the earn-in agreement terms given Anglo American's spend to date, 25% ownership in Pegasus and in-country team. The next concession payments for Pegasus are due in March 2024.
Marhsall Koval, CEO and Director commented: "Although it is disappointing to see continued drilling delays at Pegasus, the Company still believes this area offers numerous attractive copper porphyry targets. Anglo American has spent approximately US$26 million as of June 30, 2023, which can pave the way for either Luminex or a new partner to carry on the high-quality work that has been completed so far."
About Luminex Resources
Luminex Resources Corp. (TSXV:LR, OTCQX:LUMIF) is a Vancouver, Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. Luminex's inferred and indicated mineral resources are located at the Condor Gold-Copper project in Zamora-Chinchipe Province, southeast Ecuador. Luminex also holds a large and highly prospective land package in Ecuador.
Further details are available on the Company's website at https://luminexresources.com/.
To receive news releases please sign up at https://www.luminexresources.com/contact/contact-us/.
Follow us on: Twitter, Linkedin or Facebook.
LUMINEX RESOURCES CORP.
Signed: "Marshall Koval"
Marshall Koval, CEO and Director
Luminex is solely and entirely responsible for the contents hereof. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor any other person, accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include, but are not limited to, statements regarding future earn-in agreements at Pegasus or work programs at Pegasus. Often, but not always, forward-looking statements or information can be identified by the use of phrases or statements that certain actions, events or results "will" occur or be achieved.
With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting mining concessions); and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Luminex Resources Corp.
For further information: Scott Hicks, info@luminexresources.com, T: +1 604 646 1899
Luminex Resources: Condor's Cuyes West Structure Extended Further to Depth with Recent Drilling; 5.0 Metres of 6.75 g/t Au Eq
https://www.newswire.ca/news-releases/condor-s-cuyes-west-structure-extended-further-to-depth-with-recent-drilling-5-0-metres-of-6-75-g-t-au-eq-891065272.html
Luminex Resources Corp. 14 Aug, 2023, 07:00 ET
Cuyes West Drilling Highlights:
CU23-30 – 5.0 metres grading 6.75 g/t Au Eq intersected dacite porphyry
CU23-31 – 1.0 metre grading 11.03 g/t Au Eq intersected in the Cuyes West structure and 89 metres in the breccia pipe grading 1.01 g/t Au Eq
VANCOUVER, BC, Aug. 14, 2023 /CNW/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF)