VANCOUVER, BC, March 18, 2021 /PRNewswire/ - GoldMining Inc.
(the "Company" or "GoldMining") (TSX: GOLD; NYSE
American: GLDG) is pleased to issue the following letter from
its Chairman, Amir Adnani, updating
shareholders on the recent successful launch of Gold Royalty Corp.
("GRC" or "Gold Royalty") (NYSE American: GROY) and plans for
project advancement:
Dear Fellow Shareholders,
Since going public a decade ago, we entered the first phase of
GoldMining's strategy, which was to acquire resource stage projects
in stable jurisdictions in the Americas at opportune prices during
low points in the gold and copper cycle. In 2020, we embarked on
the second phase of our strategic plan with a view to unlock the
intrinsic value from our vast project portfolio. To this end we
created Gold Royalty Corp. to expose existing shareholders to a new
and distinct form of value enhancement.
Last week, Gold Royalty completed its successful initial public
offering (the "IPO") and listing on the NYSE American, achieving a
market capitalization of approximately US$200 million. The IPO was tripled from its
initial size of US$30 million to
US$90 million which provided GRC with
one of the strongest balance sheets amongst its peers.
As a result of this transformative event, GoldMining holds
20,000,000 GRC shares on its balance sheet. Importantly, GoldMining
shareholders have continued indirect ownership of our 49% equity
stake in GRC which has a current market value of approximately
C$120 million1.
As such, we view the IPO as an important value-crystallizing
event for the Company and a strong vote of confidence in our team
and assets. I would like to take this opportunity to thank the
GoldMining and Gold Royalty teams for all their hard work and
effort to transform Gold Royalty from a concept into a highly
successful IPO launch in less than 9 months.
Since the IPO, the GRC team has hit the ground running. Just
yesterday, Gold Royalty announced an agreement to acquire a 1.2%
NSR on the advanced-stage Séguéla project. The project is operated
by Roxgold Inc., an experienced mine developer and operator who has
reported being on track to make a construction decision in the
first half of 2021. As the largest shareholder, we look forward to
more positive developments at Gold Royalty.
Moving forward, we remain focused on identifying accretive
acquisition opportunities, evaluating joint ventures with potential
industry partners, and increasing our efforts to daylight value
from our projects. We control one of the largest global resource
holdings amongst our peers, with an aggregate total of
approximately 14.3 million ounces gold equivalent Measured and
Indicated Resources and 16.5 million ounces gold equivalent
Inferred Mineral Resources (see Table below for further
information).
While our technical team continues to review key projects for
advancement, we are initiating preliminary economic assessments
("PEAs") at the La Mina gold-copper project in Colombia and the high-grade Yellowknife gold project in Canada. We expect these studies to be
completed in H2 2021. In addition, diamond drilling programs to
test geological targets and to better define, and potentially
expand, existing mineral resources at the Titiribi and La Mina
projects in Colombia are currently
planned to commence in H2 2021. Details will be announced as the
studies progress and as program details are refined and
finalized. These programs will be funded with existing
cash-on-hand and are subject to permitting and potential
restrictions related to COVID-19.
We look forward to an exciting 2021 for GoldMining, Gold Royalty
and all our stakeholders. We thank our shareholders for their
continued support and look forward to reporting further progress as
we execute our strategy.
___________________________
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1
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Based on the closing
price of the GRC Shares on the NYSE American and the applicable
exchange rate on March 17, 2021.
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About GoldMining Inc.
GoldMining Inc. is a public mineral exploration company focused
on the acquisition and development of gold assets in the Americas.
Through its disciplined acquisition strategy, GoldMining now
controls a diversified portfolio of resource-stage gold and
gold-copper projects in Canada,
U.S.A., Brazil, Colombia, and Peru.
Technical Information
Paulo Pereira, P. Geo., President
of GoldMining, has reviewed and approved the technical information
contained in this news release. Mr. Pereira is a Qualified
Person as defined in National Instrument 43-101 ("NI 43-101").
Disclosure regarding Mineral Resource estimates included herein
have been prepared by the Company in accordance with NI 43-101. NI
43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for public disclosure by
issuer of scientific and technical information concerning mineral
projects. NI 43-101 differs significantly from the disclosure
requirements of the United States Securities and Exchange
Commission ("SEC") generally applicable to U.S. companies subject
to the SEC's disclosure requirements. For example, the terms
"Measured Mineral Resource", "Indicated Mineral Resource" and
"Inferred Mineral Resource" are defined in NI 43-101 by reference
to the guidelines set out in the Canadian Institute of Mining,
Metallurgy and Petroleum CIM Definition Standards on Mineral
Resources and Mineral Reserves. These definitions differ from the
definitions in the disclosure requirements promulgated by the SEC.
Accordingly, information contained herein or in the Company's
descriptions of its projects may not be comparable to similar
information made public by U.S. companies reporting pursuant to SEC
disclosure requirements.
"Inferred Mineral Resources" have a great amount of uncertainty
as to their existence, and great uncertainty as to their economic
and legal feasibility. It cannot be assumed that all or any part of
an inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. Investors are cautioned not to
assume that part or all of an inferred resource exists, or is
economically or legally mineable.
Please refer to the Company's Technical Reports, which are
available under its profile at www.sedar.com, for further
information regarding Mineral Resource estimates for the Company's
projects and other important information regarding such projects,
including classification, reporting parameters, key assumptions and
risks for each of the Company's projects.
Table 1: GoldMining's Aggregated Mineral Resource
Statement across all its Projects1,2,3.
![Table 1: GoldMining's Aggregated Mineral Resource Statement across all its Projects. (CNW Group/GoldMining Inc.) Table 1: GoldMining's Aggregated Mineral Resource Statement across all its Projects. (CNW Group/GoldMining Inc.)](https://mma.prnewswire.com/media/1458884/GoldMining_Inc__Table1.jpg)
1.
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Mineral resources are
not mineral reserves and do not have demonstrated economic
viability. There is no certainty that all or any part of the
mineral resources will be converted into mineral reserves. The
estimate of mineral resources may be materially affected by
environmental permitting, legal, title, taxation, sociopolitical,
marketing or other relevant issues.
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2.
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The above global
resource estimate table is provided for informational purposes only
and is not intended to represent the viability of any project on a
standalone or global basis. The exploration and development of each
project, project geology and the assumptions and other factors
underlying each estimate, are not uniform and will vary from
project to project. Please refer to the technical report for each
respective project, as referenced herein, for detailed information
respecting each individual project.
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3.
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All quantities are
rounded to the appropriate number of significant figures;
consequently, sums may not add up due to rounding.
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4.
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Gold cut-off for all
projects except for Whistler, which is gold equivalent
cut-off.
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5.
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Notes for
Titiribi:
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Based on technical
report titled "Technical Report on the Titiribi Project Department
of Antioquia, Colombia" with an effective date of September 14,
2016, which is available under GoldMiningꞌs SEDAR
profile.
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Gold equivalent
estimated for the Titiribi deposit assumes metal prices of
US$1,300/oz gold and US$2.90/lb copper and recoveries of 83% for
gold and 90% for copper.
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6.
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Notes for Sao
Jorge:
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Based on technical
report titled "Technical Report and Resource Estimate on the São
Jorge Gold Project, Pará State, Brazil" with an effective date of
November 22, 2013, which is available under GoldMiningꞌs SEDAR
profile.
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7.
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Notes for
Cachoeira:
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Based on technical
report titled "Technical Report and Resource Estimate on the
Cachoeira Property, Pará State, Brazil" with an effective date of
April 17, 2013 and amended and re-stated October 2, 2013, which is
available under GoldMiningꞌs SEDAR profile.
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8.
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Notes for
Whistler:
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Based on technical
report titled "Technical Report on the Whistler Project" with an
effective date of March 24, 2016, which is available under
GoldMiningꞌs SEDAR profile.
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The Whistler Project
is comprised of three deposits: Whistler, Raintree West and Island
Mountain.
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Gold equivalent
estimated for the Whistler deposit assumes metal prices of
US$990/oz gold, US$15.40/oz silver and US$2.91/lb copper and
recoveries of 75% for gold and silver and 85% for
copper.
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Gold equivalent
estimated for the Raintree West deposit assumes metal prices of
US$1,250/oz gold, US$16.50/oz silver and US$2.10/lb copper and
recoveries of 75% for gold, 85% for copper and 75% for
silver.
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Gold equivalent
estimated for the Island Mountain deposit assumes metal prices of
US$1,250/oz gold, US$16.50/oz silver and US$2.10/lb copper and
recoveries of 75% for gold, 85% for copper and 25% for silver
(recovered in copper concentrate).
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A gold equivalent
cut-off of 0.3 g/t was highlighted in the estimate as a possible
open pit cut-off (Whistler, Raintree-shallow and Island Mountain),
and a gold equivalent cut-off of 0.6 g/t was highlighted in the
estimate as a possible underground cut-off
(Raintree-deep).
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9.
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Notes for La
Mina:
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Based on technical
report titled "Technical Report on the La Mina Project" with an
effective date of October 24, 2016, which is available under
Bellhaven Copper and Gold Inc.ꞌs SEDAR profile.
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Gold equivalent
estimated for the La Mina project assumes metal prices of
US$1,275/oz gold, US$17.75/oz for silver and US$2.75/lb for copper
and recoveries of 93% for gold and 90% for copper.
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10.
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Notes for Boa
Vista:
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Based on technical
report titled "Technical Report on the Boa Vista Project and
Resource Estimate on the VG1 Prospect, Tapajos Area, Para State,
Northern Brazil" with an effective date of November 22, 2013, which
is available under GoldMiningꞌs SEDAR profile.
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11.
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Notes for Rio
Novo/Surubim:
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Based on technical
report titled "Technical Report on the Rio Novo Gold Project and
Resource Estimate on the Jau Prospect, Tapajos Area, Para State,
Northern Brazil" ("Surubim Project") with an effective date of
November 22, 2013, which is available under GoldMiningꞌs SEDAR
profile.
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12.
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Notes for
Crucero:
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Based on technical
report titled "Technical Report on the Crucero Property, Carabaya
Province, Peru" with an effective date of December 20, 2017, which
is available under GoldMining's SEDAR profile.
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13.
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Notes for
Yellowknife:
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Open pit resources
stated as contained within a potentially economically minable open
pit above a 0.50 g/t Au cut-off.
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Pit optimization is
based on an assumed gold price of US$1,500/oz, metallurgical
recovery of 90%, mining cost of US$2.00/t and processing and
G&A cost of US$23.00/t.
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Underground resources
stated as contained within potentially economically minable gold
grade shapes above a 1.50 g/t Au cut-off.
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Mineral resource
tonnage and grade are reported as undiluted and reflect a
potentially minable bench height of 3.0 m.
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Based on technical
report titled "Independent Technical Report Yellowknife Gold
Project Northwest Territories, Canada" with an effective date of
March 1, 2019, which is available under GoldMining's SEDAR
profile.
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14.
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Notes for
Yarumalito:
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Pit constrained
resources with reasonable prospects of eventual economic extraction
reported above a 0.50 g/t AuEq cut-off.
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Pit constrained
resource estimate and gold equivalency are based on US$1,500/oz
gold and US$2.70/lb copper, mining cost of US$2.00/t, processing
cost of US$8.00/t and pit slope of 45 degrees.
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Based on a technical
report titled "Technical Report: Yarumalito Gold-Copper Property,
Departments of Antioquia and Caldas, Republic of Colombia" with an
effective date of April 1, 2020, which is available under
GoldMining's SEDAR profile.
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15.
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Notes for
Almaden:
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Pit constrained
resources with reasonable prospects of eventual economic extraction
reported above a 0.30 g/t Au cut-off.
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Pit constrained
resource estimate based on US$1,500/oz gold, mining cost of
US$2.25/t, processing cost of US$10.00/t and pit slope of 45
degrees.
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Based on technical
report titled "Technical Report: Almaden Gold Property, Washington
County, Idaho, USA" with an effective date of April 1, 2020, which
is available under GoldMining's SEDAR profile.
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Forward-looking Statements
This document contains certain forward-looking statements
that reflect the current views and/or expectations of GoldMining
with respect to its long-term strategy, proposed work and other
plans and expected timing of PEAs and proposed drililng and its
expectations for GRC and its proposed acquisitions. Forward-looking
statements are based on the then-current expectations, beliefs,
assumptions, estimates and forecasts about the business and the
markets in which GoldMining and GRC operate. Investors are
cautioned that all forward-looking statements involve risks and
uncertainties, including: delays to plans caused by restrictions
and other future impacts of COVID-19 or any other inability of the
Company to meet expected timelines for planned project activities,
including the proposed PEAs and drilling programs; the inherent
risks involved in the exploration and development of mineral
properties, fluctuating metal prices, proposed studies may not
confirm GoldMining's expectations for its projects, risks generally
facing companies in GRC's sector, the ability of GRC to complete
and satisfy the conditions to its proposed acquisition,
unanticipated costs and expenses and the availability and costs of
financing needed in the future. These risks, as well as others,
including those set forth in GoldMiningꞌs Annual Information Form
for the year ended November 30, 2020,
and other filings with Canadian securities regulators and the U.S.
Securities and Exchange Commission, could cause actual results and
events to vary significantly. Accordingly, readers should not place
undue reliance on forward-looking statements and information. There
can be no assurance that forward-looking information, or the
material factors or assumptions used to develop such forward
looking information, will prove to be accurate. The Company does
not undertake any obligations to release publicly any revisions for
updating any voluntary forward-looking statements, except as
required by applicable securities law.
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SOURCE GoldMining Inc.