Satisfies Spending Requirement
pursuant to the Newmont Purchase Agreement
VANCOUVER,
BC, Nov. 23, 2021 /CNW/ - KORE
Mining Ltd. (TSXV: KORE) (OTCQX: KOREF) ("KORE" or the
"Company") is pleased to announce completion of a major
milestone pursuant to the March 2017
Imperial Gold Project purchase agreement ("Purchase Agreement")
between the Company and Goldcorp USA Inc., a wholly owned subsidiary of Newmont
Corporation. KORE was required in the Purchase
Agreement to spend over $5 million
USD by the fifth anniversary of the Purchase
Agreement. KORE surpassed this requirement in mid-2021.
The only remaining requirement in the Purchase Agreement is payment
of $1 million USD at the first gold
pour.
Scott Trebilcock, KORE CEO
commented, "KORE purchased the Imperial Gold Project to advance to
production. With robust project economics alongside complete
site restoration through backfilling, stringent environmental
standards and the recently announced project ACES (November 17, 2021), the net benefit to
stakeholders would be significant. The $5 million spent to date has been focused on
exploration and building project support. We look forward to
continuing to build upon the long history of gold mining in the
Imperial region."
About Imperial Gold Project
KORE owns 100% of the Mesquite-Imperial-Picacho District
("District") which consists of over 31,000 acres of claims
capturing the entire 28-kilometer trend from the operating Mesquite
mine (Equinox Gold - TSX:EQX) to the closed Picacho mine and
including KORE's Imperial project.
In the District, gold is hosted in local fault structures
related to a series of regional faults connecting the known
District deposits. Those three District deposits
(Mesquite, Imperial and Picacho) were discovered in exposed
outcrops and from placer workings. The rest of the
District is covered by alluvium and has never been systematically
explored using modern techniques.
Imperial has a mineral resource estimate in it's technical
report titled "Preliminary Economic Assessment – Technical Report,
Imperial Gold Project, California,
USA" with an effective date of April 6, 2020, revised and amended as of
June 10, 2021 and filed on
June 11, 2021, having the following
highlights:
- Robust economics: C$ 642 million
NPV5%* post-tax with 52% IRR at US$1,600 per ounce gold;
- Low capital intensity project with only US$ 143 million pre-production capital cost;
- 146,000 ounces gold per year over 8 years for 1.2 million
ounces total production; and
- Technically simple project: shallow open pit, run-of-mine heap
leach with existing infrastructure.
About KORE Mining
KORE Mining is focused on
responsibly creating value from its portfolio of gold assets in
California, USA. The Company is
advancing the Imperial project towards development while continuing
to explore across both district-scale gold assets. Management
and Board (35% ownership), along with strategic investor,
Eric Sprott (26% owner), are aligned
with all KORE shareholders with the goal of creating per share
value.
Further information on KORE can be found on the Company's
website at www.koremining.com or by contacting us at
info@koremining.com or by telephone at (888) 407-5450.
On behalf of KORE Mining Ltd.
"Scott
Trebilcock"
Chief Executive Officer
(888) 407-5450
Technical information with respect to the Imperial Gold Project
contained in this news release has been reviewed and approved
by Marc Leduc, P.Eng, who is KORE's COO and is the qualified
person under National Instrument 43-101 responsible for the
technical matters of this news release.
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 release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking statements relating
to the future operations of the Company and other statements that
are not historical facts. Forward-looking statements are often
identified by terms such as "anticipate", "believe", "budget",
"could", "estimate", "expect", "feel", "indicate", "intend", "may",
"plan", "potential", "predict", "project", "should", "will",
"would", and similar terms and phrases, including references to
assumptions. All statements other than statements of historical
fact, included in this news release, including, without limitation,
statements regarding the future plans and objectives of the Company
are forward-looking statements. Forward-looking statements in
this news release include, but are not limited to, statements with
respect to: the development of the Imperial Gold Project. Such
forward-looking statements, and any assumptions upon which they are
based, are made in good faith and reflect our current judgment
regarding the direction of our business. In connection with the
forward-looking information contained in this news release, the
Company has made numerous assumptions, including, among others:
there being no significant change to current geotechnical,
metallurgical, hydrological and other physical conditions at the
Imperial Gold Project; exploration, permitting, and development of
the Imperial Project being consistent with current expectations and
planning; that the actual environmental and economic impacts and
benefits will result; that current applicable environmental laws do
not change substantially; the geological, permitting and economic
advice that the Company has received is reliable and is based upon
practices and methodologies which are consistent with industry
standards; and other planning assumptions. While the Company
considers these assumptions to be reasonable, these assumptions are
inherently subject to significant uncertainties and
contingencies.
Forward looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information.
Additional risks and uncertainties are described under the "Risk
Factors" section of the Company's Annual Information Form for the
year ended December 31, 2020 prepared
as of April 29, 2021 available under
the Company's issuer profile on www.sedar.com.
Forward-looking statements contained herein are made as of the
date of this news release and the Company disclaims any obligation
to update any forward-looking statements, whether as a result of
new information, future events or results, except as may be
required by applicable securities laws. There can be no assurance
that forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Although the Company has attempted
to identify important risk factors that could cause actual results
to differ materially from those contained in the forward–looking
information or statements or implied by forward–looking information
or statements, there may be other risk factors that cause results
not to be as anticipated, estimated or intended. Accordingly,
readers should not place undue reliance on forward-looking
statements or information.
The preliminary economic assessments are preliminary in nature,
that include 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
reserves, and there is no certainty that the preliminary economic
assessments will be realized. There is no certainty that all or any
part of the mineral resource will be converted into mineral
reserve. It is uncertain if further exploration will allow
improving the classification of the Indicated or Inferred mineral
resource. Mineral resources are not mineral reserves and
do not have demonstrated economic viability.
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SOURCE Kore Mining