VANCOUVER, Jan. 30, 2020 /CNW/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX: GOLD; OTCQX: GLDLF) announces that
all of its outstanding warrants, which had expiry dates in
January 2020, have been exercised.
Total cash proceeds received from the exercise of such
warrants totaled $5,549,902.50, of
which $3,188,990 was received after
the Company's last published balance sheet date.
Currently, the Company has 144,806,560 shares outstanding, no
warrants outstanding, cash of approximately $8.7 million and no debt.
Garnet Dawson, CEO of GoldMining,
commented: "With the exercise of all outstanding warrants, the
Company has further strengthened its balance sheet and is
positioned to continue evaluating additional acquisition
opportunities in the Americas and advance several of its key
projects in 2020. In early 2020, the Company expects to
complete a resource estimate and file a technical report on the
Yarumalito Project, GoldMining's latest acquisition in Colombia."
GoldMining's existing project portfolio includes global measured
and indicated resources of 10.5 million ounces gold (13.4 million
ounces gold equivalent) and inferred resources of 12.4 million
ounces gold (14.9 million ounces gold equivalent). See Table
1 below for further details.
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. Additionally,
GoldMining owns a 75% interest in the Rea Uranium Project, located
in the Western Athabasca Basin of
Alberta, Canada.
Table 1: GoldMining's Aggregated Mineral Resource Statement
across all its Projects1,2,3.
Deposit
|
Cut-off4
(g/t)
|
Tonnage
(Mt)
|
Grade
|
Contained
Metal
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(%)
|
Gold
Eq
(g/t)
|
Gold
(Moz)
|
Silver
(Moz)
|
Copper
(Mlbs)
|
Gold
Eq
(Moz)
|
Measured
Resources
|
Titiribi5
|
0.3
|
51.600
|
0.49
|
-
|
0.17
|
0.78
|
0.820
|
-
|
195.1
|
1.290
|
Yellowknife13
|
0.5/1.5
|
1.176
|
2.10
|
-
|
-
|
2.10
|
0.080
|
-
|
-
|
0.080
|
Total
|
|
|
|
|
|
|
0.900
|
-
|
195.1
|
1.370
|
Indicated
Resources
|
Titiribi5
|
0.3
|
234.200
|
0.51
|
-
|
0.09
|
0.65
|
3.820
|
-
|
459.3
|
4.930
|
Sao
Jorge6
|
0.3
|
14.420
|
1.54
|
-
|
-
|
1.54
|
0.715
|
-
|
-
|
0.715
|
Cachoeira7
|
0.35
|
17.470
|
1.23
|
-
|
-
|
1.23
|
0.692
|
-
|
-
|
0.692
|
Whistler8
|
0.3
|
110.280
|
0.50
|
1.76
|
0.14
|
0.79
|
1.765
|
6.130
|
343.1
|
2.797
|
La
Mina9
|
0.25
|
28.170
|
0.74
|
1.77
|
0.24
|
1.12
|
0.667
|
1.607
|
150.2
|
1.013
|
Crucero12
|
0.4
|
30.653
|
1.00
|
-
|
-
|
1.00
|
0.993
|
-
|
-
|
0.993
|
Yellowknife13
|
0.5/1.5
|
12.933
|
2.35
|
-
|
-
|
2.35
|
0.979
|
-
|
-
|
0.979
|
Total
|
|
|
|
|
|
|
9.630
|
7.737
|
952.7
|
12.059
|
Measured and
Indicated Resources
|
Total
|
|
|
|
|
|
|
10.530
|
7.737
|
1,147.8
|
13.429
|
Inferred
Resources
|
Titiribi5
|
0.3
|
207.900
|
0.49
|
-
|
0.02
|
0.51
|
3.260
|
-
|
77.9
|
3.440
|
Sao
Jorge6
|
0.3
|
28.190
|
1.14
|
-
|
-
|
1.14
|
1.035
|
-
|
-
|
1.035
|
Cachoeira7
|
0.35
|
15.667
|
1.07
|
-
|
-
|
1.07
|
0.538
|
-
|
-
|
0.538
|
Whistler8
|
0.3/0.6
|
311.260
|
0.47
|
2.26
|
0.11
|
0.68
|
4.626
|
22.617
|
713.5
|
6.731
|
La
Mina9
|
0.25
|
12.394
|
0.65
|
1.75
|
0.27
|
1.07
|
0.260
|
0.697
|
73.3
|
0.427
|
Boa
Vista10
|
0.5
|
8.470
|
1.23
|
-
|
-
|
1.23
|
0.336
|
-
|
-
|
0.336
|
Surubim11
|
0.3
|
19.440
|
0.81
|
-
|
-
|
0.81
|
0.503
|
-
|
-
|
0.503
|
Crucero12
|
0.4
|
35.779
|
1.00
|
-
|
-
|
1.00
|
1.147
|
-
|
-
|
1.147
|
Yellowknife13
|
0.5/1.5
|
9.302
|
2.47
|
-
|
-
|
-
|
0.739
|
-
|
-
|
0.739
|
Total
|
|
|
|
|
|
|
12.444
|
23.311
|
864.7
|
14.896
|
Table 1 Notes:
1.
|
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, among
other things, environmental permitting, legal, title, taxation,
sociopolitical, marketing or other relevant issues.
|
2.
|
The above aggregated
resource table is provided for informational purposes only and is
not intended to represent the viability of any project on a
standalone or aggregated 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.
|
3.
|
All quantities are
rounded to the appropriate number of significant figures;
consequently, sums may not add up due to rounding.
|
4.
|
Gold cut-off for all
projects except for Whistler, which is gold equivalent
cut-off.
|
5.
|
Notes for
Titiribi:
|
|
a.
|
Based on technical
report titled "Technical Report on the Titiribi Project Department
of Antioquia, Colombia" prepared by Joseph A. Cantor and Robert E.
Cameron of Behre Dolbear & Company (USA), Inc., with an
effective date of September 14, 2016, which is available at
www.sedar.com under GoldMiningꞌs SEDAR profile.
|
|
b.
|
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.
|
6.
|
Notes for Sao
Jorge:
|
|
a.
|
Based on technical
report titled "Technical Report and Resource Estimate on the São
Jorge Gold Project, Pará State, Brazil" prepared by Porfirio
Rodriguez and Leonardo de Moraes of Coffey Mining Pty Ltd.
("Coffey"), with an effective date of November 22, 2013, which is
available at www.sedar.com under GoldMiningꞌs SEDAR
profile.
|
7.
|
Notes for
Cachoeira:
|
|
a.
|
Based on technical
report titled "Technical Report and Resource Estimate on the
Cachoeira Property, Pará State, Brazil" prepared by Gregory Z.
Mosher, P.Geo. of Tetratech, Inc. with an effective date of April
17, 2013 and amended and re-state October 2, 2013, which is
available at www.sedar.com under GoldMiningꞌs SEDAR
profile.
|
8.
|
Notes for
Whistler:
|
|
a.
|
Based on technical
report titled "Technical Report on the Whistler Project" prepared
by Gary Giroux of Giroux Consultants Inc., with an effective date
of March 24, 2016, which is available at www.sedar.com under
GoldMiningꞌs SEDAR profile.
|
|
b.
|
The Whistler Project
is comprised of three deposits: Whistler, Raintree West and Island
Mountain.
|
|
c.
|
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.
|
|
d.
|
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.
|
|
e.
|
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).
|
|
f.
|
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).
|
9.
|
Notes for La
Mina:
|
|
a.
|
Based on technical
report titled "Technical Report on the La Mina Project" prepared
by Scott E. Wilson, C.P.G. of Metals Mining Consultants, Inc.
("MMC") with an effective date of October 24, 2016, which is
available at www.sedar.com under GoldMiningꞌs SEDAR
profile.
|
|
b.
|
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.
|
10.
|
Notes for Boa
Vista:
|
|
a.
|
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" prepared by Jim Cuttle, Gary Giroux and Michael
Schmulian, with an effective date of November 22, 2013, which is
available at www.sedar.com under GoldMiningꞌs SEDAR
profile.
|
11.
|
Notes for
Surubim:
|
|
a.
|
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") prepared by Jim Cuttle and
Gary Giroux, with an effective date of November 22, 2013, which is
available at www.sedar.com under GoldMiningꞌs SEDAR
profile.
|
12.
|
Notes for
Crucero:
|
|
a.
|
Pit constrained
resource estimate based on US$1,500/oz gold, mining cost of
US$1.60/t, processing cost of US$16.00/t and pit slope of 47
degrees.
|
|
b.
|
Based on technical
report titled "Technical Report on the Crucero Property, Carabaya
Province, Peru" prepared by Greg Z. Mosher with an effective date
of December 20, 2017, which is available at
www.sedar.com under GoldMining's SEDAR profile.
|
13.
|
Notes for
Yellowknife:
|
|
a.
|
Pit constrained
resources with reasonable prospects of eventual economic extraction
reported above a 0.50 g/t Au cut-off.
|
|
b.
|
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.
|
|
c.
|
Underground resources
with reasonable prospects of eventual economic extraction stated as
contained within gold grade shapes above a 1.50 g/t Au
cut-off.
|
|
d.
|
Mineral resource
tonnage and grade with reasonable prospects of eventual economic
extraction are reported as undiluted and reflect a bench height of
3.0 m.
|
|
e.
|
Based on a technical
report titled "Independent Technical Report for the Yellowknife
Gold Project, Northwest Territories, Canada" prepared by Ben
Parsons (SRK Consulting (U.S.) Inc.) and Dominic Chartier
(SRK Consulting (Canada) Inc. and Eric Olin (SRK Consulting (U.S.)
Inc.) with an effective date of March 1, 2019, which is available
at www.sedar.com under GoldMining's SEDAR
profile.
|
The above aggregated resource statement is provided for
information purposes only. Investors should refer to the
underlying technical reports referenced above for project-specific
factors relating to each resource estimate.
Paulo Pereira, President of
GoldMining Inc. has reviewed and approved the technical information
contained in this news release. Mr. Pereira holds a Bachelor
degree in Geology from Universidade do Amazonas in Brazil, is a Qualified Person as defined in
National Instrument 43-101 and is a member of the Association of
Professional Geoscientists of Ontario.
Forward-looking Statements
This document contains certain forward-looking statements
that reflect the current views and/or expectations of the Company
with respect to its business and future events, including
expectations respecting the completion of proposed work and
technical reports on its projects, its acquisition strategy and the
sufficiency of existing capital to fund its exploration and other
plans. Forward-looking statements are based on the
then-current expectations, beliefs, assumptions, estimates and
forecasts about the business and the markets in which it
operates. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, including: the inherent
risks involved in the exploration and development of mineral
properties, the potential for delays in exploration or development
activities, accidents and equipment breakdowns, title and
permitting matters, labour and other legal disputes, fluctuating
metal prices, unanticipated costs and expenses and uncertainties
relating to the availability and costs of financing needed in the
future. These risks, as well as others, including those set
forth in the Company's annual information form for the year ended
November 30, 2018 and other filings
with Canadian securities regulators, which are available under the
Company's profile at www.sedar.com, 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.
View original
content:http://www.prnewswire.com/news-releases/goldmining-announces-exercise-of-all-january-2020-warrants-300995748.html
SOURCE GoldMining Inc.