UPDATE ON THE PREPARATION WORK FOR THE OPENING OF THE SLEEPING GIANT MINE _________________________________________________________________ Rouyn-Noranda, Québec, Canada, August 27, 2020
Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF) (“Abcourt” or the “Corporation”), is pleased to announce that the preparation work for the opening of the Sleeping Giant mine is progressing as planned and that the objective of producing some ore at the Sleeping Giant mine, at the end of September or the beginning of October is attainable. To date, more than $5M has been invested in this project and the Company was able to do that with the Elder mine cash flow. The Company is very proud to have realized this project without contracting any debt. Work to be done: Shaft No.1 is used for the ventilation of mine and as an escape way. The old timber in the manway has to be replaced by new timber. Shaft No.2 is used for production and services. We have to repair and re-enforce the landings in the manway. The drifts that connect the two shafts have to be re-habilitated, as needed. Work history: The rehabilitation of the mill and tailings pond was started immediately after the purchase of the property in 2016 and continues. The mine now has to be rehabilitated for its re-opening. Repair work in the mine was started in the second quarter of the annual period ending on June 30, 2020. It consisted in having the needed installations and the equipment for the work to be done. The repair of landings in shafts No.1 and No.2 followed. This work was stopped in December 2019 but it was re-started on April 16, 2020, with the re-opening of the mine after the closure due to Covid-19. For this work, we 2 made sure that the timber used (Douglas fir) would last a long time and allow the operation to continue for many years. In a press released dated June 5, 2020, we announced that work to re-open the we announced that work to re-open the Sleeping Giant mine had started. Progress made on mine rehabilitation In Shaft No.1, repairs were done from surface to level 100 and the additional timber needed to repair the shaft to level 235 meters was recently received. This will enable us to complete the repair work in shaft No.1. In Shaft No.2, all repairs have been done. The re-enforcing of landings and the installation of guards remain to be done. The drifts that connect shaft No.1 with shaft No.2 were upgraded on levels 55, 100, 145 and 190. After the repair of shaft No.1 to level 235 and after the upgrading of drifts on levels 235 and 295, we will start to produce some ore, probably at the end of September or beginning of October 2020. STRATEGY AND OUTLOOK Currently, the Corporation is focussed on gold. At the Elder mine, our objective is to increase production to 12,500 tonnes per month of gold mineralization. We wish to use the full capacity of the Sleeping Giant mill by opening the Sleeping Giant mine. This should reduce the operating cost per tonne treated. For the long-term, in the gold sector, the Corporation is planning a $2M drilling program at the Sleeping Giant gold property where substantial unexplored gold mineralization is found. ABOUT ABCOURT MINES INC. Abcourt Mines Inc. is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources (2018). Abcourt is currently focusing on the exploitation of the Elder mine. 3 In 2016, Abcourt acquired the Sleeping Giant mine and mill, located half-way between Amos and Matagami, in Abitibi, Quebec, in the territory covered by the Plan Nord of the Quebec government. The mill has a capacity to treat 700 to 750 tonnes per day. A NI 43-101 resource estimate and feasibility study with reserves were recently completed by PRB Mining Services Inc. Proven mineral resources total 10,900 tonnes with a grade of 12.20 g/t of gold and probable reserves total 475,625 tonnes with a grade of 11.85 g/t of gold. Inferred resources are in 93,100 tonnes with a grade of 11.85 g/t of gold. The Abcourt-Barvue property has silver–zinc reserves (2019). A feasibility study was completed in 2007 by Roche / Genivar. An update was completed in July 2019 by PRB Mining Services Inc. A total of 8.07M tonnes are in proven and probable reserves with a grade of 51.79 g/t of silver and 2.83% zinc. About 81.6% of these reserves are mineable by open pit and 18.4% are mineable by underground operations. Inferred resources total 2.07M tonnes with a grade of 114.16 g/t of silver and 2.89% zinc. To know more about Abcourt Mines Inc. (TSXV: ABI), please visit our web site at www.abcourt.com and consult our filings under Abcourt’s profile on www.sedar.com. This press release was prepared by Mr. Renaud Hinse, Engineer and President of Abcourt Mines Inc. Mr. Hinse is a “Qualified Person” under the terms of Regulation 43-101. Mr. Hinse has approved the scientific and technical disclosure. FORWARD LOOKING STATEMENTS This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they are made. Except as may be required by law, the Corporation undertakes no obligation and disclaims any responsibility to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenue and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Abcourt’ annual and periodic reports. The forward-looking information contained herein is made as of the date of this news release. 4 For more information, please contact: Renaud Hinse, President and CEO T : 819 768-2857 450 446-5511 F : 819 768-5475 450 446-3550 Email: rhinse@abcourt.com Dany Cenac Robert, Investor Relations Reseau ProMarket Inc., T: (514) 722-2276 x456 Dany.Cenac-Robert@ReseauProMarket.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
News Releases Monument Reports First Quarter Fiscal 2021 (“Q1 2021”) Results November 16, 2020 View PDF Gross Revenue of $5.92 Million and Cash Cost of US$923/Oz
Vancouver, B.C., November 16, 2020,
Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced its first quarter production and financial results for the three months ended September 30, 2020. All amounts are expressed in United States dollars (“US$”) unless otherwise indicated (refer to www.sedar.com for full financial results).
President and CEO Cathy Zhai commented: “Fiscal 2021 started with new challenging as a global COVID-19 pandemic carried forward from fiscal 2020. The Company has fully resumed its production in the first quarter from eight-week’s mining ban at Selinsing in the first quarter, the Selinsing Sulphide gold plant upgrade is however still pending for financing.
“On the other hand, gold price surged to record high and the gold mining sector was very active in Western Australia, gold mining producers enjoyed high production margins, and investment is flowing into that region for gold explorations.
The Company continues try hard to access to financing, and it is very closely monitoring the market and looking for divesting of base metal portfolio to focus on primary gold assets, as well as new corporate development opportunities to lift up market value for the best interest of its shareholders.”
First Quarter Highlights:
3,504 ounces (“oz”) of gold produced (Q1 2020:
4,852oz) with 3,100oz of gold sold for gross revenue of $5.92 million (Q1 2020: 4,323oz of gold sold for revenue of $6.34 million);
Gross margin of $3.06 million (Q1 2020: $2.65 million);
Average realized price per ounce, excluding prepaid gold sales, of $1,909/oz (Q1 2020: $1,475/oz);
Cash cost per ounce of $923/oz (Q1 2020: $855/oz);
All-in sustaining costs per ounce (“AISC”) of $1,055/oz (Q1 2020: $1,158/oz);
Peranggih grade control drilling after positive trial mining results identified 58,662 tonnes at 0.93g/t Au materials;
Production resumed at Selinsing after lifting eight weeks mining ban in last quarter during COVID-19 pandemic Entering into a Tuckanarra JV arrangement with Odyssey subsequent to the quarter opens corporate development opportunities in WA region.
RE:Substantial Increase in Gold ...Stage 1 open pit Peranghi nozzpack @ sth. wrote:
Based on the 2017 GC drilling program which identified a high grade zone measuring 150 m by 80 m in P North ( see Fig 1 in link below ) management estimated this this GC zone contained 20,000 to 30,000 ounces....see link to 2017 NR below.
The recently completed 5002 m GC drilling of this Zone elicited this statement from management..
The GC delineated indicates;
54.2% higher contained ounces, 63% higher gold grade, and 5.2% less tonnage gold materials to be extracted than the initial assay results from 2017 GC drilling program at the same area.
So in just this small zone, we now have at least 31,000 to 47,000 ounces of even higher grade gold within a lesser volume of ore.
I had earlier missed this implication .
They are now telling us that we have a significant new gold deposit at Peranghi whose size will eventually describe a substantially new oxide resource once P North and the other 3 high grade zones are fully explored.
My earlier analyses of these 4 zones showed in excess of 120,000 ounces.
This discovery completely alters the future perspective for mining at Selinsing.....no rush to fund Biox as we have new and substantial sources of high grade oxides for years to come
xxxxxxxxxxxxxxx
The Peranggih phase 1 GC drill program was completed during Q1 2021 with additional 1,466 meters drilled bringing total drilling to 5,002 meters.
The drill program identified a total of 58,662 tonnes at 0.93g/t Au, which increased the mining inventory.
The GC delineated indicates;
54.2% higher contained ounces, 63% higher gold grade, and 5.2% less tonnage gold materials to be extracted than the initial assay results from 2017 GC drilling program at the same area.
A further GC drill program was planned;
The Peranggih phase 1 GC drill program was completed during Q1 2021 with additional 1,466 meters drilled bringing total drilling to 5,002 meters.
The drill program identified a; total of 58,662 tonnes at 0.93g/t Au, which increased the mining inventory.
The GC delineated indicates; 54.2% higher contained ounces, 63% higher gold grade, and 5.2% less tonnage gold materials to be extracted than the initial assay results from 2017 GC drilling program at the same area.
The recent 2017 close spaced RAB drilling program was carried out at an historic mining site to test 150m strike length x 80m width of the mineralization.
This allowed the accurate identification of several high grade gold (HG) zones surrounded by a main low grade (LG) halo.
The significant drill intersections; (Au >2.0 g/t & >5m length) within a more consistent high grade gold area are presented in Table 1.
The full set of drill results for the holes intercepting this HG gold mineralization occurrence are listed in
Appendix A and Appendix B.
Previous activities plus more recent exploration works, totaling 1,700m for 21 trenches, 2,900m of Diamond Drilling (DD) and Reverse Circulation (RC) drilling for 35 drill holes, and 2,800m of close spaced RAB drilling for approximately 300 drill holes (completed in 2017) have been used to outline an exploration target of 20,000 to 30,000 oz Au contained within 1 to 2 Mt @ 0.3 to 2.0 g/t Au. The potential tonnages and grades are con
Gold & Silver bulls starting to break out > ^ > ^ > ^
Murchison gold mill Ex.... Silver Lake Resources leasing Murchison gold mill for $7.9M
silver_lake_resources_murchison_358.jpg
Silver Lake Resources (ASX:SLR) will receive $7.9 million in payments after entering into a binding agreement with a private consortium for a dry hire lease of its Murchison gold mill and associated infrastructure in Western Australia.
This will be made in equal monthly payments over the 10 month lease, which will commence in or around January 2015.
The private consortium can extend the lease in two stages that could increase payments by a further $7.1 million in Stage 1 and $9.5 million in Stage 2.
“The lease of the Murchison Mill is a mutually beneficial agreement for Silver Lake and for the lessee,” managing director Les Davis said.
“During the term of the lease, Silver Lake will be assessing a number of strategic alternatives to further enhance the option value on the gold and base metal resources in the Murchison.”
The Murchison Gold Operations have been on care and maintenance since July 2014.
Murchison gold mill
Commissioning of the 1.2 million tonne per annum Murchison gold mill commenced late in January 2013 and the first gold pour occurred mid February 2013.
Up until it was placed on care and maintenance, the mill processed 1.5 million tonnes at 1.5 grams per tonne gold for 70,000 recovered ounces which included processing of historic surface stocks.
The mill is located 600 kilometres north of Perth.
Monument Announces Joint Venture Arrangement for the Tuckanarra Project in Western Australia
TSXV.MMY | 4 hours ago VANCOUVER, British Columbia, Oct. 19, 2020 (GLOBE NEWSWIRE) --
Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” is pleased to announce that it has entered into a Joint Venture Arrangement (the “Transaction”) with Odyssey Energy Ltd (proposed to be renamed Odyssey Gold Ltd) (ASX: ODY) to advance the Tuckanarra Gold Project (“Tuckanarra”) located in the Murchison Goldfield.
Tuckanarra is currently 100% owned by Monument through its Australian subsidiary Monument Murchison Pty. Ltd. (“Monument Murchison”), which also holds 100% of the Burnakura and Gabanintha Gold Projects (“Murchison Gold Projects”) as its primary high-grade gold development projects in the Meekatharra district.
Subject to the closing of the Transaction, ODY will own 80% of Tuckanarra and develop Tuckanarra together with Monument under an unincorporated joint venture.
TRANSACTION HIGHLIGHTS
Sell 80% of Tuckanarra interest for consideration of AUD$5 million cash subject to certain conditions;
Retain a 1% NSR royalty over Odyssey’s 80% shared interest; Retain a 20% interest in Tuckanarra Project free carried until a decision to mine;
Preferentially process ODY’s gold ore through Monument’s Burnakura gold plant subject to commercial terms;
Jointly develop the Tuckanarra Gold Project through an unincorporated joint venture.
President and CEO Cathy Zhai said: “The JV arrangement with Odyssey is a strategic move by the Company to divest Tuckanarra, one of our quality gold projects, allowing it to be advanced faster;
and have our team focus on the primary highly prospective gold projects Burnakura and Gabanintha, former mining centers in Meekatharra and Cue region, and move these two projects closer to production through our existing infrastructure.
This strategy will complement our Selinsing Gold Project in Malaysia, which has been in production since 2010 and has produced over 315,000 ounces of gold to date.”
Ms. Zhai further commented: “We are excited to work with the Odyssey team, a part of Apollo Group in Perth which has a long and successful history of exploring and developing mining assets around the world.
Apollo Group collectively has financed in excess of $1bn of mining projects. We are open to all opportunities to increase our shareholders value as a whole.”
To date Monument has defined a total 381,000 ounces of gold resources under NI43-101 standards at Burnakura from its three gold projects (Figure 1), all acquired in 2014 with an aggregate historical gold resources of 644,000 ounces under JORC standards, of which 81,000 ounces were attributed to Tuckanarra.
ODY plans to progressively explore high grade opportunity at Tuckanarra after closing the Transaction.
Tuckanarra is directly adjacent to the Stakewell Gold Project that was recently acquired by ODY.
Together ODY will own tenements covering 25km of strike of highly fertile banded iron formation (“BIF”) and greenstones with extensive gold mining history.
Given Odyssey access to Monument’s Burnakura gold process plant located 25km from Odyssey’s projects, Odyssey will preferentially process ores extracted from both projects, subject to commercial terms at the Burnakura gold processing plant.
Monument and Monument Murchison (together “Monument Group”) entered into a binding Tenement Sale Agreement with ODY and its subsidiary Tuckanarra Resources Pty. Ltd. (“Tuckanarra Resources”) (together “ODY Group”), under which Monument Group sells to ODY Group a 80% of the Tuckanarra Gold Project for the aggregated consideration of AUD$5 million in cash, plus 1% net smelter return royalty over the ODY’s percentage share the Tuckanarra Gold Project on standard terms, as detailed below:
Deposit: AUD$150,000 cash payable on signing the Tenement Sale Agreement;
Completion Consideration: AUD$1,850,000 cash payable on completion of the Acquisition;
Deferred Consideration: AUD$2,000,000 cash payable within 6 months of completion of the Acquisition; and
Milestone Consideration: AUD$1,000,000 cash payable on the delineation of an independently assessed mineral resource in accordance with the JORC Code (2012 Edition) of at least 100,000 ounces of gold at a minimum resource grade of 1.55g/t in relation to Tuckanarra Gold Project, within 36 months of completion of the Acquisition.
The acquisition is subject to condition precedents including:
Regulatory Approval: All ASX and other regulatory approvals required in relation to the Acquisition having been obtained either unconditionally or on conditions acceptable to the relevant party (acting reasonably);
Due Diligence: Odyssey completing due diligence on the Tuckanarra Gold Project subject to its satisfaction;
Capital Raising: Odyssey successfully completing a capital raising of at least $1 million at a price not less than $0.02 per share;
Shareholder Approval: Odyssey obtaining shareholder approval in relation to the Acquisition or relevant aspects of
The completion of the Transaction is projected by December 9, 2020.
The cash proceeds will be used for Murchison Gold Projects development and working capital.
Unincorporated Joint Venture Agreement
Tuckanarra Resources (80%) and Monument Murchison (20%) have also entered into an unincorporated joint venture agreement in respect to the exploration and development of the Tuckanarra, on the following key terms:
Tuckanarra Resources will be the manager of the joint venture;
A joint venture management committee will comprise of two members from Tuckanarra Resources and one member from Monument Murchison and will have the responsibility for overseeing joint venture matters, including a decision to mine;
Monument Murchison’s 20% interest is free carried until a decision to mine on the Tuckanarra Gold Project, following which the participant will contribute pro rata or dilute;
If a decision to mine is made, the parties will form an unincorporated mining joint venture on certain agreed terms and subject to a separate mining joint venture agreement;
There is a pre-emptive right on disposal of joint venture interests and drag along and tag along rights;
Tuckanarra Resources and Monument Murchison have agreed to negotiate in good faith a processing arrangement on reasonable arm's length commercial terms for Monument Murchison to process ore extracted by Tuckanarra Resources from the Tuckanarra or Stakewell Gold Projects at Monument Murchison's Burnakura plant in Meekatharra, Western Australia; and Other standard terms and conditions for an unincorporated exploration joint venture including areas of interest and rights upon default by a participant (including an option to acquire a defaulting participant’s interest at fair market value).
Planned Exploration under the Unincorporated Joint Venture
Upon completion of the Transaction, work planned to develop the targeting profile for Tuckanarra in the near term will include:
Reassessment and re-processing of historical high-resolution magnetics in the area;
Potential sub audio magnetics ground geophysical survey;
An updated 3D structural targeting model of the region;
Confirmation of the drill database through on-ground work and reference to historical company reports;
Re-interpretation of soil sampling data including potential infill lines;
A target ranking exercise over the area; and Re-logging and re-assaying of drill core and samples where appropriate.
MURCHISON GOLD PROJECT DEVELOPMENT (BURNAKURA AND GABANINTHA)
Murchison Gold Project is situated in the Meekatharra district.
The unique position in the Murchison Goldfields, where historically millions ounces of gold were delivered and major production from Westgold Resources and Ramelius Resources are still ongoing.
This together with the fully functional small size gold processing plant designed for high grade production that can be upgraded to larger capacity, makes Murchison Gold Project strategic and attractive as the recent success of Musgrave Minerals and Spectrum Metals highlights.
Burnakura and Gabanintha Gold Projects are at the development stage with considerable exploration potential, located approximately 650km north of Perth and 45 km south of Meekatharra in the Murchison Goldfields, containing a total of 381,000 ounces of gold under NI43-101 Standards (historical resources of 563,000 ounces).
The projects have extensive mining histories and have been mined via numerous open pits and underground methods as well as smaller workings.
The projects cover an area on the eastern margin of the Archean Meekatharra -Wydgee greenstone belt within the north-eastern Murchison Domain of the Yilgarn Craton.
The 260,000 tpa gold processing plant, 108 man camp and infrastructure facilities are well maintained, and ready to be placed into production once a three stage refurbished crushing plant is installed.
An economic assessment was completed in 2018 and it is currently under review, with the new rally of gold prices in 2020.
The Murchison Gold Project requires both development and exploration work to increase its prospective potential to add value to the Monument Group as a whole.
Burnakura Project
The Burnakura project consists of a full set of gold processing facilities and operating camp, 6 mining licenses, 3 exploration licences (2 under application) and 5 prospecting licenses covering a total area of 123.1 km
2 . It contains a NI43-101 compliant Resource of 381,000 ounces of gold.
The historical resources were in total 410,000 ounces of gold under JORC standards.
Significant effort was devoted to development and exploration since acquisition, to establish production capacity and economic viability to compliment the Selinsing Gold production.
The Burnakura gold deposits are situated along a northeast trending splay (Burnakura Shear Zone) that parallels and is linked to the north-northeast trending regional scale Mt Magnet fault.
The Burnakura Shear Zone Gold mineralization is typical of a brittle to semi-ductile shear zone, forming semi-continuous dilational veins.
The main historical mining period was between 1898 and 1961, and a total production of 32,231 ounces of gold at 26 g/t has been estimated to have been produced.
More recent production, prior to the commissioning of the Burnakura gold processing plant in 2005, from the 13 producing pits and two underground operations amounts to 216,000 ounces of gold at 3.7g/t.
Gold production since the Burnakura plant was commissioned totals 58,371 ounces from Tectonic, ATW Gold Corp and Kentor Gold.
The project has been extensively explored and numerous drill programs have been carried out since 1986.
A total of 20,642 drill holes are in the current database as well as 13,278 surface samples.
The main mining leases were covered by an aerial photographic survey carried out in 2014, and various geophysical surveys have been completed including an airborne magnetics, radiometric and digital elevation survey in 2008 at 40m line spacing.
In addition, several structural interpretations have been completed by various consultants.
An updated mineral resource was reported by SRK in 2018 under NI43-101 standards, with 381,000 ounces of gold for the NOA 1-6, NOA 7-8, ANA, Authaal and Federal City deposits, comprised of 88,000 ounces of Inferred and 293,000 ounces of Indicated Resource.
Gabanintha Project
The Gabanintha project consists of 2 mining licenses, 3 exploration licenses and 16 prospecting licenses (5 under application) covering a total area of 43.4 km
2 . It contains a historical Inferred Resource of 153,000 ounces of gold at 2.16g/t.
The project lies on the Gabanintha Shear Zone, a 1km wide north-northwest anastomosing regional shear zone hosted within a mafic and ultramafic sequence with minor volcanics.
Mineralization is associated with quartz veins and stockworks hosted within a volcanogenic suite of lithologies which include ultramafic, mafic and felsic volcanics, felsic porphyry, gabbro/dolerite, volcanogenic sediments and thin BIFs.
Historical mining production of 11,800 ounces of gold has been estimated up until 1914, with intermittent gold and copper production until the late 1940’s.
Between 1987 and 1991, Dominion Mining expanded the resources at Kavanagh, Yagahong and Canterbury and mined Terrell’s, Yagahong, Kavanagh, Canterbury, Canterbury South and Tumblegum pits, producing approximately 150,000 ounces of gold.
There was no production from Jinka Minerals Limited or Kentor Gold who owned the project after Dominion.
A total of 8,718 drill holes are in the current database as well as 13,452 surface samples.
The project has been covered by over 8 geophysical surveys including multiple EM surveys which were primarily used to target copper mineralization.
Various resource estimations have been completed between 2011 and 2013.
Work Plan for Murchison Gold Project (Burnakura and Gabanintha)
The work plan for the Murchison project will consist of re-assessing the production profile at current higher gold prices, developing a range of high priority exploration targets, as well as further advancing existing mineral resources so that updates can be incorporated into a new life of mine plan.
In addition, there will be further corporate development work, and other opportunities that could potentially add value to shareholders that will be explored.
The main focus of development work will include:
Review and updates of existing drilling data including wireframe remodelling for a new Alliance resource estimation considering an underground mining scenario. Review status of data for all deposits that are included in the life of mine plan and generate a program of work to update existing data to ensure robust mine plans. Collection of additional data and reinterpretation of data for deposits included in the life of mine plan as required. Drillhole planning to infill and immediately extend deposits to ensure mine plans are based on comprehensive datasets. Resource updates as required. This will be especially important for resources that are being targeted by underground mining. Complete an updated life of mine plan and financial model for production potential. The main focus of exploration will include:
Drill programs that will target down plunge of existing high-grade resources that have the potential to be mined underground such as at NOA 1, 7-8 and Alliance deposits at Burnakura and Yagahong deposits at Gabanintha. Close spaced magnetic orientation surveys that may be able to delineate favourable structures in prospective host lithologies such as BIF. Upgrade existing drilled areas to resource status such as Tumblegum and Kavanagh at Gabanintha. Further refinement and ranking of regional style exploration targets, that have the potential to host significant deposits. There are multiple areas in both projects that have no first pass sampling information. Complete budget in line with exploration strategy. The scientific and technical information in this press release has been prepared by Adrian Woolford, B.Sc. (Hons) Chief Geologist of Monument Mining Limited; reviewed and approved by Roger Stangler, MEng, FAusIMM, MAIG, a Qualified Person as defined by NI43-101, retained by Golder Associates Pty Ltd.
About Monument
Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) is an established Canadian gold producer that operates the 100% owned Selinsing Gold Mine in Malaysia.
Its experienced management team is committed to growth and is advancing several exploration and development projects including the Mengapur Copper and Iron Project, in Pahang State of Malaysia, and the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia.
The Company employs approximately 200 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.
Cathy Zhai, President and CEO Monument Mining Limited Suite 1580 -1100 Melville Street Vancouver, BC V6E 4A6
FOR FURTHER INFORMATION visit the company web site at
Richard Cushing, MMY Vancouver T: +1-604-638-1661 x102 rcushing@monumentmining.com "Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company’’) is pleased to announce that it has agreed to non-binding terms with its senior lender, KfW IPEX-Bank GMBH (“KfW”) and is engaged in ongoing discussions with other lenders to provide a combined financing package of at least US$30 million.
The Company is working with KfW and the other lenders with the aim of executing binding agreements for loan facilities and being able to receive funding thereunder by the end of 2020.
The proposed financing package will provide substantial additional liquidity for Nevada Copper as it ramps-up operations into 2021.
Under the non-binding term sheet with KfW, it is proposed that KfW will provide a new US$15 million senior loan, with a three-year tenor, at an interest rate of LIBOR plus 4.9%.
This new KfW loan is expected to have a 12-month repayment holiday period.
In addition, amortization and debt service account payments under the Company’s existing senior project loan facility with KfW are expected to be deferred until 2023.
The Company is also in the process of finalizing the specific terms of an additional complementary financing from other lenders and will provide an update in due course.
The proposed combined financing package is subject to, amongst other things, finalization of terms with KfW and the other lenders, negotiation and execution of definitive documentation, satisfaction of conditions precedent and regulatory approval, if required.
As previously announced on November 10, 2020, Pala Investments Limited (“Pala”), the Company’s largest shareholder, confirmed that it will continue to provide financial support to the Company until the end of the year, by which time the Company expects to complete the new financing package.
In connection with this, Pala has provided the Company with access to additional liquidity of up to US$15 million in the form of a promissory note (the “Promissory Note”).
The Company made an initial draw of US$2 million under the Promissory Note, with subsequent draws available at the Company’s option, subject to agreed use of proceeds.
The Promissory Note has a maturity date of January 31, 2021, bears interest at 8% per annum on amounts drawn, and is expected to be repaid through the funds received from the US$30 million financing package as outlined above.
The negotiation and approval of the Promissory Note was supervised on behalf of the Company by the independent members of the Company’s board of directors.
There can be no assurance that the definitive binding agreements for the proposed financing package as outlined above will be entered into or that those transactions will be completed.
If the financing package is not completed, then absent obtaining other financing, the Company may not be able to continue operations.
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project.
Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver.
Its two fully permitted projects include the high-grade underground mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.
Mike Ciricillo, President and CEO For further information contact: Rich Matthews, Investor Relations Integrous Communications rmatthews@integcom.us +1 604 355 7179 Cautionary Language This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the proposed combined financing package and the amount, terms and timing in respect thereof, potential amendments to the Company’s existing senior credit facility with KfW, and the availability of future drawdowns under the Promissory Note. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information are subject to known or unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to: the ability of the Company to complete a new financing package in a sufficient amount of funds and within the necessary timeframe; the state of financial markets; the impact of COVID-19 on the business and operations of the Company; history of losses; requirements for additional capital and no assurance can be given regarding the availability thereof; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and ramp-up of the Pumpkin Hollow Underground Mine; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; the outcome of disputes with the Company’s contractors; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; volatility of the market price of the Company’s common shares; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2019 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated May 15, 2020. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information.
As of Thursday, overseas investors will be able to trade copper futures on the Shanghai International Energy Exchange. China Wants a Made-in-China Copper Price Bloomberg Clara Ferreira Marques ,Bloomberg•November 15, 2020
(Bloomberg Opinion) -- China’s next move to open up its commodities markets may be a step change.
As of Thursday, overseas investors will be able to trade copper futures on the Shanghai International Energy Exchange. It’s not the first such product: A yuan-denominated crude oil contract, launched in March 2018, has been modestly successful. A subsequent push to let foreigners trade iron ore in Dalian established a global benchmark. Copper could outshine these efforts, thanks to fortuitous timing, global appetite for an economic bellwether and the sheer clout of the world’s largest consumer.
The ambition is clear. Beijing wants increased pricing power in the commodities markets it dominates, specifically when the country imports that ingredient. It no longer wants to be just a price taker. China also wants to bolster use of the yuan for transactions overseas, part of a sputtering, long-term strategy to raise the profile and influence of the currency. At the same time, the government wants domestic companies to do more to hedge against volatility. Allowing foreigners to trade oil and iron ore — along with rubber, low-sulfur fuel oil and purified terephthalic acid or PTA, a petrochemical derivative — goes some way toward all of that.
Copper promises to be an even bigger advance. The metal is a key indicator for an economy that has recovered faster than the rest of the world from the coronavirus. While there is an existing contract on the Shanghai Futures Exchange, intended for local traders, the new one, traded on subsidiary INE, will be open to foreigners. The contract size is the same, but this one will exclude tax and customs duty, and will be delivered into bonded warehouses, helping it compete actively with the London Metal Exchange.
Benchmarks are hard to create, as the oil market shows. Initiatives to shift away from established U.S. dollar contracts, such as Urals crude on the St. Petersburg exchange, have faltered. Shanghai’s yuan-based contract is the country’s first, and perhaps most dramatic, endeavor in international futures markets. While performing relatively well, it hasn’t become an indispensable benchmark or caught up with Brent and West Texas Intermediate in volume, let alone in open interest, the number of futures contracts outstanding. A worrying spread that opened up in the spring, suggesting a distorted market, has now rebalanced.
Gold will benefit from gov't stimulus, but copper could run further Michael McCrae Friday October 23, 2020 18:24
Kitco NewsShare this article: The Democrats stimulus plan will be postive for gold, but it will be extremely positive for copper, said John Thomas Steen, associate professor at the University of British Columbia's mining school.
On Friday Steen joined Kitco Roundtable to discuss stimulus, renewables and the electrification of everything, and the knock on affect on metals, chiefly copper and nickel. Steen was joined by correspondent Paul Harris; editor Neils Christensen; and mining audiences manager, Michael McCrae.
Republican and Democrat leadership are negotiating COVID-19 stimulus package in excess of $2 trillion.
President Biden is ahead in the polls, which could tilt the eventual stimulus to policy goals favored by Democrats.
"A Biden win is extremely positive for copper. The estimated cost of preparing the electricity grid in the U.S. ... is about a trillion dollars. That's a huge stimulus, but it's a wicked amount of copper," said Steen.
Steen argues that the whole story of battery material demand seems to be driven by cars and Tesla, but that misses a larger picture.
"In the mining space, we have to look beyond the cars. Cars are getting a lot of attention [due] to the magnetism and charisma of Elon Musk, but there's a much, much bigger story here. It's the electrification of everything."
Steen notes that China plans to use its stimulus to decarbonise, and 4,000 tonnes of copper are needed to produce enough solar panels for 1GW of electricity.
Big miners like Rio Tinto and BHP Billiton are preparing for future copper demand. In the spring the number two gold miner, Barrick Gold, said it is on the hunt for copper deals. Earlier this week Newmont's Tom Palmer told Reuters that copper will account for up to one-fifth of the metal produced by the end of the decade given its current project pipeline.
Copper is currently trading at a two-year high.
By Michael McCrae For Kitco News
Contact mmccrae@kitco.com
www.kitco.com
Nevada Copper Corp Ord TSX:NCU Alternate Symbol(s): NCU.W | NEVDF
Monument Mining (TSXV:MMY) Photo Gallery - well they growing with new great discovery of plenty more gold ore to increase the ore reserve with good drilling results to be mined many future years - :-))
1,000th Gold Bar Pour Photo Gallery :-)) It's a great Mother ore start
News Releases Monument Reports First Quarter Fiscal 2021 (“Q1 2021”) Results November 16, 2020 View PDF Gross Revenue of $5.92 Million and Cash Cost of US$923/Oz
Vancouver, B.C., November 16, 2020,
Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced its first quarter production and financial results for the three months ended September 30, 2020. All amounts are expressed in United States dollars (“US$”) unless otherwise indicated (refer to www.sedar.com for full financial results).
President and CEO Cathy Zhai commented: “Fiscal 2021 started with new challenging as a global COVID-19 pandemic carried forward from fiscal 2020. The Company has fully resumed its production in the first quarter from eight-week’s mining ban at Selinsing in the first quarter, the Selinsing Sulphide gold plant upgrade is however still pending for financing.
“On the other hand, gold price surged to record high and the gold mining sector was very active in Western Australia, gold mining producers enjoyed high production margins, and investment is flowing into that region for gold explorations.
The Company continues try hard to access to financing, and it is very closely monitoring the market and looking for divesting of base metal portfolio to focus on primary gold assets, as well as new corporate development opportunities to lift up market value for the best interest of its shareholders.”
First Quarter Highlights:
3,504 ounces (“oz”) of gold produced (Q1 2020:
4,852oz) with 3,100oz of gold sold for gross revenue of $5.92 million (Q1 2020: 4,323oz of gold sold for revenue of $6.34 million);
Gross margin of $3.06 million (Q1 2020: $2.65 million);
Average realized price per ounce, excluding prepaid gold sales, of $1,909/oz (Q1 2020: $1,475/oz);
Cash cost per ounce of $923/oz (Q1 2020: $855/oz);
All-in sustaining costs per ounce (“AISC”) of $1,055/oz (Q1 2020: $1,158/oz);
Peranggih grade control drilling after positive trial mining results identified 58,662 tonnes at 0.93g/t Au materials;
Production resumed at Selinsing after lifting eight weeks mining ban in last quarter during COVID-19 pandemic Entering into a Tuckanarra JV arrangement with Odyssey subsequent to the quarter opens corporate development opportunities in WA region.
RE:Substantial Increase in Gold ...Stage 1 open pit Peranghi nozzpack @ sth. wrote:
Based on the 2017 GC drilling program which identified a high grade zone measuring 150 m by 80 m in P North ( see Fig 1 in link below ) management estimated this this GC zone contained 20,000 to 30,000 ounces....see link to 2017 NR below.
The recently completed 5002 m GC drilling of this Zone elicited this statement from management..
The GC delineated indicates;
54.2% higher contained ounces, 63% higher gold grade, and 5.2% less tonnage gold materials to be extracted than the initial assay results from 2017 GC drilling program at the same area.
So in just this small zone, we now have at least 31,000 to 47,000 ounces of even higher grade gold within a lesser volume of ore.
I had earlier missed this implication .
They are now telling us that we have a significant new gold deposit at Peranghi whose size will eventually describe a substantially new oxide resource once P North and the other 3 high grade zones are fully explored.
My earlier analyses of these 4 zones showed in excess of 120,000 ounces.
This discovery completely alters the future perspective for mining at Selinsing.....no rush to fund Biox as we have new and substantial sources of high grade oxides for years to come
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The Peranggih phase 1 GC drill program was completed during Q1 2021 with additional 1,466 meters drilled bringing total drilling to 5,002 meters.
The drill program identified a total of 58,662 tonnes at 0.93g/t Au, which increased the mining inventory.
The GC delineated indicates;
54.2% higher contained ounces, 63% higher gold grade, and 5.2% less tonnage gold materials to be extracted than the initial assay results from 2017 GC drilling program at the same area.
A further GC drill program was planned;
The Peranggih phase 1 GC drill program was completed during Q1 2021 with additional 1,466 meters drilled bringing total drilling to 5,002 meters.
The drill program identified a; total of 58,662 tonnes at 0.93g/t Au, which increased the mining inventory.
The GC delineated indicates; 54.2% higher contained ounces, 63% higher gold grade, and 5.2% less tonnage gold materials to be extracted than the initial assay results from 2017 GC drilling program at the same area.
The recent 2017 close spaced RAB drilling program was carried out at an historic mining site to test 150m strike length x 80m width of the mineralization.
This allowed the accurate identification of several high grade gold (HG) zones surrounded by a main low grade (LG) halo.
The significant drill intersections; (Au >2.0 g/t & >5m length) within a more consistent high grade gold area are presented in Table 1.
The full set of drill results for the holes intercepting this HG gold mineralization occurrence are listed in
Appendix A and Appendix B.
Previous activities plus more recent exploration works, totaling 1,700m for 21 trenches, 2,900m of Diamond Drilling (DD) and Reverse Circulation (RC) drilling for 35 drill holes, and 2,800m of close spaced RAB drilling for approximately 300 drill holes (completed in 2017) have been used to outline an exploration target of 20,000 to 30,000 oz Au contained within 1 to 2 Mt @ 0.3 to 2.0 g/t Au. The potential tonnages and grades are con
Gold & Silver bulls starting to break out > ^ > ^ > ^
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