Rio Novo Gold Inc. (TSX:RN) (TSX:RN.WT) ("Rio Novo" or the "Company") is pleased
to announce the results of the definitive Feasibility Study ("the FS") for its
100%-owned Almas Gold Project ("Almas" or "the Project"), located in Tocantins
State, Brazil. The FS is authored by Pincock Allen & Holt (PAH), Rio Novo's
independent engineering consultant, and complies with the requirements of
National Instrument 43-101 "Standards of Disclosure for Mineral Projects".
The results of the FS were presented to Rio Novo's Board of Directors and
unanimously approved. The construction of the Project is now subject to the
successful arrangement of project financing. Rio Novo sees strong interest from
various financial institutions to finance the project. A number of indicative
term sheets have been received from financial institutions and the company is
now working along with its financial advisor to arrange the most optimal
financial structure for the Project.
Highlights of the Almas FS are as follows:
-- The NI 43-101 compliant FS confirms a technically feasible and
economically robust project, with the following economics based on a
discount rate of 5%:
Gold Price After-Tax After-Tax Payback
(US$/oz) NPV (US$M) IRR (%) (years)
1,450 Flat 131.2 22.1 2.8
1,460 Deck Price (1) 152.9 28.4 1.9
1,700 Flat 233.0 34.2 1.9
(1) Based on 3-year trailing average gold price up to Nov 5, 2012 - Price
Deck (US$/oz) - $1,750 (2014); $1,650 (2015); $1,550 (2016); $1,410
(2017/27)
-- Proven & Probable Reserves of 763,940 ounces of gold, based on a gold
price of US$1,350 per ounce;
-- Average annual refined gold production of 73,172 oz over the first three
years of production at an average grade of 1.25 g/t;
-- Total refined gold production of 700,754 oz over 13.5 years at an
average grade of 0.87 g/t with;
-- Full ramp up to 2.05 Mtpa capacity by mid H1 2014, pending financing;
-- Average gold recovery of 92% to bullion;
-- Pre-production capital expenditures of US$150.0 million, including pre-
stripping of the Paiol pit and recoverable taxes;
-- Sustaining capital expenditures of US$88.4 million, including pre-
production stripping of Cata Funda and Vira Saia pits, recoverable taxes
and mine closure costs;
-- Average Life of Mine ("LOM") cash operating costs of US$721/oz;
-- Cash operating costs of US$ 483/oz in the first 3 years of mine
production;
Commenting on the announcement, Rio Novo's President & CEO, Julio Carvalho,
stated, "The completion of the FS of the Almas Gold Project is a major
achievement for Rio Novo and puts the company back on track to achieve its plan
of becoming a gold producer. We always thought of this project as being at the
core of our strategy to support and self-fund future growth of the Company, and
the positive outcome of the FS further enhances the realization of this
objective. The positive FS is another key element of project de-risking, along
with the previously granted Construction License and the purchased ball mill,
which is now on the Almas site. We continue to see opportunities to optimize the
project as we work on detailed engineering over the next several months. In
addition, Rio Novo's dominant land position in the Almas gold district creates
future upside potential to grow our resource base through continuing
exploration".
Total reserves are to be mined from three deposits; Paiol, the project's primary
deposit, and two satellite deposits, Vira-Saia and Cata Funda, located 5km and
15km away, respectively. The total reserves to be processed also include spent
heap leach residue stockpiled by Vale, Almas' previous operator.
The project development concept, as envisioned in the FS, begins with the
construction of a new gold mill which will utilize crushing, ball milling,
gravity and carbon-in-leach ("CIL") to recover gold bullion. The facility will
be located in the Paiol area. Simultaneously, the Paiol open pit will be
dewatered and pre-stripped to prepare for production. Mine production will be by
a conventional open pit, drill and blast, truck and shovel operation.
Almas Gold Project Base Case Statistics
Gold Reserve Parameters Unit Amount
Gold Reserve oz 763,940
Gold Price used to calculate Reserves US$/oz 1,350
Cut-off Grade Au, g/t 0.29
Average Grade (fully diluted) Au, g/t 0.87
Operating Parameters
Production Start-up Year 2014
Mining Method Open-Pit
Total Strip Ratio (including pre-stripping) Waste:Ore 4.87:1
Run of Mine (ROM) Material to Process K tonnes 27,304
Average ROM Grade to Process Plant Au (g/t) 0.87
Throughput Mtpa 2.05
Average Gold Recovery % 92%
Total Gold Production (after refining) oz 700,755
Average Production during the first 3 years oz 73,172
Average grade during the first 3 years Au (g/t) 1.25
Life of Mine Years 13.5
Financial Parameters
Realized Gold Price (flat) US$/oz 1,450
Initial Capital Expenditures US$M 150.0
Sustaining Capital Expenditures (all-in) US$M 88.4
Mine Closure Costs US$M 5.5
Salvage Credit US$M 12.5
LOM Avg. Cash Operating Costs US$/oz 721.3
LOM Avg. Total Cash Costs US$/oz 775.0
Exchange Rate R$:US$ 2.00
Government Royalty (all deposits) % 1.0
Paiol Royalty % 1.7
Cata Funda Royalty % 1.2
Vira-Saia Royalty % 2.5
Effective Corporate Tax Rate % 15.25
Financial Analysis
The cash flow model was based on the production schedule, associated gold
grades, metallurgical recoveries and capital and operating expenditures ("Capex"
& "Opex") outlined in this press release. The analysis assumed delivery of
refined gold bars with a payable gold content of 99.8% at a flat LOM market
price of US$1,450/oz, less a cost of US$7.00/oz for refining, freight on
delivery and insurance. The average net revenue per year is US$79.5 million in
the first 10 years of operation starting in 2014. The average annual after-tax
free cash flow is estimated to be about US$29.6 million in the same period.
The table below summarizes the sensitivity of the Project's Net Present Value
("NPV") to variations in gold price, and capital and operating costs.
----------------------------------------------------------------------------
delta% Gold PRICE OPEX CAPEX
----------------------------------------------------------------------------
NPV@5% US$/t NPV@5% Total NPV@5%
(%) USD/Oz US$ M ROM US$/Oz US$ M US$ M US$ M
----------------------------------------------------------------------------
20% 1,740.0 249.0 22.26 865.6 69.1 179.9 106.4
15% 1,667.5 219.9 21.33 829.5 85.5 172.5 112.5
10% 1,595.0 190.6 20.40 793.5 101.9 165.0 118.7
5% 1,522.5 161.1 19.48 757.4 116.2 157.5 124.9
Base Case 1,450.0 131.2 18.55 721.3 131.2 150.0 131.2
-5% 1,377.5 101.9 17.62 685.3 146.3 142.5 137.4
-10% 1,305.0 70.6 16.69 649.2 161.2 135.0 143.6
-15% 1,232.5 38.5 15.77 613.1 175.8 127.5 149.8
-20% 1,160.0 5.9 14.84 577.1 190.4 120.0 156.1
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Almas Mineral Reserve Statement
The reserves estimate used to complete the FS was developed by PAH and derived
from the measured and indicated resource estimate detailed in the press release
published on October 25th, 2012 (Rio Novo Gold Upgrades Resources at Its Almas
Gold Project:
http://www.marketwire.com/press-release/rio-novo-gold-upgrades-resources-at-its-almas-gold-project-tsx-rn-1718197.htm).
In total, 91% of reported measured and indicated resources were converted to
proven and probable reserves.
The open-pit mineral reserves were estimated using diluted resource model and
pit optimization constrained within Whittle pit shells utilizing appropriate
mining and processing costs as defined by the FS; US$1,350 per ounce of gold and
average cut-off grade of 0.29 Au g/t.
The table below details the final estimates of Proven & Probable Reserves:
Tonnes Grade Contained
Paiol Deposit (COG=0.281 g/t Au) (000's) g/t Au oz Au
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Proven 15,199 0.80 389,765
Probable 7,430 0.84 201,026
Total Proven & Probable 22,630 0.81 590,791
----------------------------------------------------------------------------
Tonnes Grade Contained
Paiol Heap Leach (COG=0.350 g/t Au) (000's) g/t Au oz Au
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Proven 1,648 0.88 46,752
Total Proven 1,648 0.88 46,752
----------------------------------------------------------------------------
Tonnes Grade Contained
Vira Saia Deposit (COG=0.314 g/t Au) (000's) g/t Au oz Au
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Proven 1,787 1.13 64,920
Probable 361 1.09 12,601
Total Proven & Probable 2,148 1.12 77,521
----------------------------------------------------------------------------
Tonnes Grade Contained
Cata Funda Deposit (COG=0.350 g/t Au) (000's) g/t Au oz Au
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Proven 558 1.82 32,668
Probable 322 1.57 16,209
Total Proven & Probable 879 1.73 48,877
----------------------------------------------------------------------------
Tonnes Grade Contained
Total Reserves (COG=0.293 g/t Au) (000's) g/t Au oz Au
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Proven 19,192 0.87 534,105
Probable 8,113 0.88 229,836
Total Proven & Probable 27,305 0.87 763,941
----------------------------------------------------------------------------
Notes:
(1) The reserve estimates shown in the table above meet the CIM Definition
Standards for Mineral Resources and Mineral Reserves, prepared by the CIM
Standing Committee on Reserve Definitions, adopted by CIM Council on
November 27, 2010.
Mine Schedule and Production
The development time to full mine ramp up is about 18 months, starting
immediately after the completion of project financing arrangements and the
timing thereof, is beyond the control of the Company.
The three identified deposits in the FS (Paiol, Vira Saia and Cata Funda), which
comprise the Project, will be mined as conventional open pits. The remaining
gold content of the old leach pad left by the previous operator, Vale, is also
included in the mine schedule.
Mining operations will include overburden stripping, waste transportation and
disposal, ore blasting, loading, hauling, and dumping at the processing plant.
Mining will utilize a combination of hydraulic excavators, large front end
loaders and 35 tonnes haul trucks as the primary mining equipment. The FS is
based on owner-operated equipment.
The preparation of the Paiol pit for production, including pre-stripping and ore
stockpiling, is currently planned to begin by mid-2013, assuming completion of
financing. Production is expected to start in the first half of 2014, with the
extraction of primary ore from the Paiol pit.
The production schedule anticipates the delivery of 1.8 Mt of run-of-mine
("ROM") ore at grade of 1.25 g/t during 2014 as part of the ramp-up schedule.
Average annual planned production over the life of mine is 2.05 Mtpa of ROM at
0.87 Au g/t average grade over the 13.5-year mine life. Average LOM strip-ratio
is estimated at 4.87 to 1. Ore grade will be higher than average in the first 3
years, estimated to be at 1.25 g/t Au.
The Cata Funda pit will commence production in 2015, and continue through to
2016. Production at the Vira-Saia pit will also commence in 2015, and continue
through to 2018. The Leach Pad reserve will be processed from 2018 to 2020.
The ore from Paiol, Vira Saia (5km), Cata Funda (15km) and the Leach Pad will be
transported by road to the mill located in the Paiol area. Each of the three
pits will have local waste dumps.
At the current level of resources, and considering LOM average metallurgical
recovery of 92%, operations result in a production of 702,159 ounces of bullion.
The total gold payable after refining is 99.8%, or 700,755 ounces of gold.
The table below sets out the production schedule over the life of the Project.
Au Au Strip
Year Waste Ore (g/t) (Koz) Ratio
2013 21,754 - - - -
2014 10,640 1,811 1.25 73.0 5.88
2015 6,136 2,050 1.54 101.8 2.99
2016 6,455 2,050 0.95 63.1 3.15
2017 13,931 2,050 0.82 54.2 6.80
2018 13,126 2,050 0.80 53.2 6.40
2019 13,287 2,050 0.67 44.4 6.48
2020 13,172 2,050 0.65 42.6 6.43
2021 12,518 2,050 0.67 43.9 6.11
2022 11,885 2,050 0.92 60.7 5.80
2023 9,289 2,050 1.30 85.7 4.53
2024 815 2,050 1.12 73.5 0.40
2025 - 2,050 0.44 28.8 -
2026 - 2,050 0.41 27.2 -
2027 - 894 0.41 11.9 -
Total 133,007 27,305 0.87 763.9 4.87
Metallurgy and Processing
In September 2010, SGS Geosol Analises Minerais, Geoquimicas e Meio Ambiente in
Belo Horizonte, Brazil and Dr. Homero Delboni Jr. at the Laboratorios de
Simulacao e Controle at Escola Politecnica da Universidade de Sao Paulo in the
Departamento de Engenharia de Minas e de Petroleo (LSC/EPUSP) were selected to
conduct a new metallurgical testwork program to provide the design basis for the
recovery of gold from the Almas deposits. The metallurgical extraction process
developed included semi-autogenous and ball mill (SAB) comminution, followed by
the gravity recovery of coarse gold with centrifugal concentrators and the
extraction the remaining fine gold by the carbon in leach process.
In April 2011, Rio Novo acquired a large ball mill capable of processing
approximately 2.05 million tonnes per year from the Almas deposits. As a result,
the SAB comminution circuit was replaced by a conventional crushing/ball mill
circuit. This ball mill has already been delivered to the Almas site.
The process plant, which was designed by Tetra Tech do Brasil Minerios e Metais
Ltda (former Conestoga-Rovers e Associados Engenharia Ltda), has a nominal
annual treatment capacity of 2.05 million tonnes of ROM material. It employs
three-stage crushing with a primary jaw crusher and secondary and tertiary cone
crushers in closed circuit with vibrating screens. Crushed material reclaimed
from the stockpile will feed a single stage ball mill, in closed circuit with
hydrocyclones to produce a final ground product of nominally 80% passing 74um. A
gravity concentration circuit using centrifugal concentrators has been
incorporated into the ball mill recycle stream to recover coarse gold. Gold not
recovered by the gravity concentrator will be extracted in a carbon-in-leach
circuit which will be designed to provide a nominal residence time of 20hrs at
45% solids by weight. Gold recovered on activated carbon will be recovered by
desorption, electrowinning and smelting to gold bullion. All treatment methods
employed in the design are conventional.
The combined gravity and CIL circuits are expected to deliver a LOM average
metallurgical recovery of 92% (91.5% recovery rate at Paiol; 96.8% at Cata
Funda; 94.7% at Vira Saia; 87.4% at Leach Pad).
Infrastructure
Power Supply - Power supply to the project is available from the regional
electrical utility company, CELTINS (Centrais Eletricas do Tocantins). The area
is served by several hydroelectric power plants. A demand in the order of 12MW
is estimated at full milling capacity. Power will be supplied by CELTINS from
the Porto Alegre do Tocantins substation, located approximately 20km from Paiol,
via a 138kV overhead power line to a local substation at the plant site, and
will be distributed to the mill and mine facilities by a local network.
Water Supply - Water will be drawn from the largest local river, the Rio Manoel
Alves at a point south of the tailings storage facility ("TSF"). Water will be
pumped via the TSF where it will be combined with reclaimed water and pumped to
the reclaimed water pond located adjacent to the plant.
Tailings Storage Facility (TSF) - Waste (tailings) from the process will be
treated to recover water and cyanide for recycle to the process. The dewatered
tailings will then go through the Sulphur Dioxide/Air process to destroy the
remaining cyanide before pumping to the impoundment area 3.0 km south of the
process plant, for permanent storage. To maximize water conservation, excess
water from the tailings slurry will be recovered and reused in the process
plant. The impoundment has sufficient capacity to hold the waste produced over
the first 6 years of production. Initially, the impoundment structure will be
constructed to hold 2 years of production. The structure will be raised and
lengthened to increase capacity every 2 to 3 years of operation. The resulting
expenditures have been accounted for in the sustaining capital estimates. The
waste produced in the remaining years of the mine life will be deposited in the
Vira Saia pit.
Estimated Capital and Operating Expenditures
The initial capital expenditure amounts to approximately US$150.0 million. This
includes about US$3.7 million of recoverable taxes, and contingencies of US$9.8
million. The initial capital expenditure required for the project, and the
disbursement schedule, is shown in the table below.
Initial Capex
Pre-Production
US$ 000
Civil Works 40,821
Metal Structures 3,674
Mechanical Equipment & Boiler 29,124
Piping 2,671
Electrical 11,318
Automation & Instrumentation 3,629
Electromechanical Erections 19,643
Spare Parts 1,246
Total Direct Capital Costs 112,126
Indirect Costs (1) 28,021
Contingency 9,810
Total Initial Capex 149,958
Recoverable Taxes (PIS/COFINS) 3,714
Total Initial Capex Net of Recoverable Taxes 146,243
(1) Indirect Costs US$'000
EPCM 8,560
Owners Team & Manpower 5,511
Temporary Facilities 5,061
Land Acquisitions 4,257
Other 4,632
Total Indirect Costs 28,021
Sustaining capital expenditure during the operation is US$88.4 million,
including US$4.1 million in recoverable tax credits and US$5.5 million in mine
closure costs. Taxes are recovered within the same period that capital
expenditures are incurred, which effectively brings the net sustaining capital
estimate to $78.8 million. This capital estimate includes planned increases in
the mining fleet, TSF expansion and miscellaneous infrastructure requirements.
Sustaining Capex
2014-2027 US$000
Tailings Dam 29,712
Mine Equipment 26,475
Pre-Stripping & Waste Piles 17,377
Environment & Mine Closure 11,688
Other 3,121
Sustaining Capex Sub Total 88,373
Recoverable Taxes (PIS/COFINS) (4,071)
Salvage Credit (12,500)
Total Sustaining Capex 71,802
The table below details the annual sustaining capital expenditure requirements.
Sustaining Recoverable Total Sustaining
Year Capex Taxes Capex Net of Taxes
----------------- ----------------- ----------------- -------------------
2014 12,099 625 12,724
2015 13,219 592 13,811
2016 14,146 593 14,738
2017 2,188 179 2,367
2018 10,913 577 11,490
2019 11,306 532 11,838
2020 1,114 50 1,164
2021 1,159 77 1,235
2022 3,223 285 3,508
2023 9,365 555 9,920
2024 115 9 124
Total 78,847 4,071 82,919
Mine Closure - - 5,455
Salvage - - (12,500)
The LOM average operating cash costs is US$721.3/oz of gold, or US$18.55 per
tonne of ROM. This amount does not include refining costs or government
royalties (CFEM), which are considered as deductions to gross revenue. The
average reclamation costs amount is US$689,700 per year, from year 1 to 14. The
breakdown of mining, processing and general and administration costs are
presented in the table below.
US$ / oz US$ / Tonne
Mining Ore 231.8 5.96
Process Plant 367.2 9.44
G&A 108.6 2.79
Reclamation 13.7 0.35
Op. Cash Costs 721.3 18.55
Refining Costs 14.7
Royalties (CFEM) 39.0
Total Cash Costs 775.0
Taxation
Taxation of the project has been defined in accordance with the current
legislation of the three levels of government in Brazil. An agreement was signed
between Rio Novo and the State of Tocantins granting Rio Novo ICMS (VAT)
exemption for a period of 15 years comprising the following exemptions; i)
exemption of ICMS due on purchases of machinery and equipment, and principal
consumables and supplies purchased in the State of Tocantins, as well as on
electric power consumption, ii) exemption of the additional ICMS (10%) due on
purchases of machinery & equipment, and the principal consumables and supplies
purchased in other Brazilian states (effective rate thus reduced from 17% to 7%)
and iii) exemption of ICMS due on imported machinery and equipment, and
consumables and supplies.
At the federal level, the RECAP has been granted to the Almas project. The RECAP
is a special tax regime which grants the exemption of PIS and COFINS taxes due
on the acquisition of goods by export companies, as well as on purchases of
machinery and equipment.
Given its location and characteristics, the project is also eligible for the tax
incentive conceded by SUDAM (Amazon Development Superintendence). This incentive
consists of a reduction of 75% of the regular corporate income tax (25%)
applicable on the project for a ten-year period for new investments in the area
of Legal Amazonia, which includes the Almas project. According to the current
rules, this incentive must be submitted to, and approved by SUDAM prior to 31
December 2013.
Permitting Process
Paiol Mine and Plant
As reported on December 2, 2010, the Tocantins State Natural Resources and
Environment Authority (NATURATINS) has granted to Rio Novo Mineracao Ltda.,
owner and operator of the Almas Gold Project, the Construction License ("Licenca
de Instalacao" or "LI") which enables this company to proceed with the overall
construction of the Project. The LI authorizes the installation of the Paiol
mine and Processing Plant upon fulfillment of typical technical and
environmental preconditions, such as conclusion of the basic engineering,
geotechnical and topographic studies, tailings detoxification studies and
detailed environmental plans, all of which are derived from the definitive
Feasibility Study.
To date, 100% of the environmental plans required under the LI including
vegetation clearing, wildlife management and rescue, archeological survey and
water grant applications, have been submitted for analysis by Naturatins and
these analyses are progressing according to schedule.
The two authorizations that are considered the most critical preconditions for
project construction have been secured, namely, the authorization from the
Tocantins water department for installation of the Tailings Impoundment, granted
on October 25, 2012 and the approval of the preventive archeological program by
the National Cultural Heritage Institute (IPHAN). The archeological survey was
completed in August 2012, without any relevant findings requiring rescue.
Cata Funda and Vira-Saia Deposits
The State of Tocantins, through Resolution COEMA-TO 07/05, instituted the
Simplified License for projects with lower potential to cause negative
environmental impact. Based on Naturatins' criteria for significance with regard
to the context and intensity of impacts, both the Cata Funda and the Vira-Saia
deposits have qualified for a Simplified Licensing Process. Specific Terms of
Reference were issued in June 2012 requesting only "Supplemental Environmental
Assessments for the Expansion of Mining Operations" for the location,
conception, installation and operation of these deposits, as opposed to the
normal Environmental Impact Assessment ("EIA") and separate 3-staged licensing
process, usually required under the Brazilian legislation.
Contracting of the Environmental Assessment services to support the licensing
application is proceeding.
Debt Financing Discussion
Endeavour Financial has been engaged as Rio Novo's Financial Advisor to the
Almas Project Financing. Endeavour's role is to identify and implement various
financing options for the Project, including senior debt and subordinated debt.
Following release of the Preliminary Economic Assessment ("PEA") in April 2012,
Endeavour conducted a preliminary request for proposal ("RFP") process to seek
bids from commercial banks to fund the Project's development by way of project
financing. Response from the bank debt market has been positive, with several
leading project finance institutions submitting competitive proposals for the
financing. A number of institutions have also expressed interest in providing
subordinated debt to the Project.
With the release of the FS, the interested financial institutions will be
approached to commence due diligence and credit approval processes. SRK
Consulting has been appointed as the Independent Engineer firm and is
progressing the technical due diligence on behalf of potential lenders.
Comment from Endeavour: "We are very excited with the positive results of the FS
which confirms the robust economics of the Project and enhances the
financeability of the Almas Gold Project. Endeavour will work with Rio Novo to
arrange the most beneficial financial structure for the Project".
Technical Report
Rio Novo will file a NI 43-101 compliant technical report on the Almas Gold
Project outlining the Mineral Reserves Estimate and the results of the FS. The
report will be available within 45 days at www.sedar.com and on the Company's
corporate website www.rnovogold.com.
Qualified Persons
The Almas Gold Project FS, including the reserve estimates and associated
infrastructure and mining support infrastructure, was prepared by Pincock, Allen
& Holt ("PAH") under the direction of Mr. Bart Stone and Mr. David Pires. Mr.
Stone and Mr. Pires are Qualified Persons for the purposes of National
Instrument 43-101 and have reviewed and approved the contents of this news
release, as applicable.
The basic process plant configuration, the design and capital estimate to FS
level of the processing plant and recovery were prepared by Tetra Tech do Brasil
Minerios e Metais Ltda (former Conestoga-Rovers e Associados Engenharia Ltda).
Tetra Tech is a well-known international engineering company with many Qualified
Persons on staff. Tetra Tech's South American projects are reviewed by Mr.
Callum Grant, a Qualified Person. Mr. Callum has reviewed and approved the
contents of this news release, as applicable.
Mr. Brian Arkell, Senior Vice President of Exploration at Rio Novo Gold Inc., is
a Qualified Person, as defined by Canadian National Instrument 43-101, and has
reviewed and approved the geological and exploration information contained in
this release.
About Rio Novo
Rio Novo is focused on the acquisition, exploration and development of gold
properties in Brazil and Colombia. The Company has Measured & Indicated
resources of 1,191,252 oz and 1,464,831 Inferred oz of gold at two projects in
Brazil (Almas and Guaranta Gold Projects) and one in Colombia (Toldafria Gold
Project).
The Company's short-term goal is to become a producer of gold by bringing the
Almas Gold Project, located in the State of Tocantins, into production in 2014.
The Almas Project enjoys both established infrastructure, main grid hydropower
in a proven and mining friendly jurisdiction and is permitted for construction.
About Endeavour Financial
Endeavour Financial is a private independent merchant banking company focused on
providing expert and unbiased financial advisory services to the global natural
resources sector. Endeavour Financial has a history of achieving success for
clients based on resource industry focus, innovative transaction skills and the
diverse professional backgrounds of its award-winning team. Offering advice in
project, corporate and debt capital markets, equity-linked financings, mergers
and acquisitions and strategic business development for over more than two
decades, Endeavour Financial has established itself as a leading financial
advisor in the natural resources sector. Specific to the mining sector, in the
last ten years the firm has closed in excess of US$ 4 billion of development
financings for single-asset emerging producers.
About Pincock Allen & Holt (PAH)
PAH is part of the Runge Limited Group, the world's largest dedicated group of
mine planning professionals. PAH has earned a reputation as a premier
international consulting and engineering firm and one of the oldest and most
respected organizations within the mining and energy consulting community. Its
corporate resume includes over 3,900 successfully completed assignments for many
of the world's foremost precious metal, base metal, industrial mineral, coal and
energy operations. PAH reports are widely used to secure project financing and
successfully undergo reviews and audits.
This press release contains forward-looking statements. All statements, other
than of historical fact, that address activities, events or developments that
the Company believes, expects or anticipates will or may occur in the future
(including, without limitation, statements regarding the estimation of mineral
resources, exploration results, potential mineralization, potential mineral
resources and mineral reserves) are forward-looking statements. Forward-looking
statements are often identifiable by the use of words such as "anticipate",
"believe", "plan", may", "could", "would", "might" or "will", "estimates",
"expect", "intend", "budget", "scheduled", "forecasts" and similar expressions
or variations (including negative variations) of such words and phrases.
Forward-looking statements are subject to a number of risks and uncertainties,
many of which differ materially from those discussed in the forward-looking
statements. Factors that could cause actual results or events to differ
materially from current expectations include, among other things, without
limitation, failure to establish estimated mineral resources, the possibility
that future exploration results will not be consistent with the Company's
expectations, the price of gold and other risks identified in the Company's most
recent annual information form filed with the Canadian securities regulatory
authorities on SEDAR.com. Any forward-looking statement speaks only as of the
date on which it is made and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any
forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rio Novo Gold Inc.
Julio Carvalho
President & CEO
+55 (21) 3956-5025
julio.carvalho@Rnovogold.com
Rio Novo Gold Inc.
Brian Arkell
SVP Exploration & Corporate Development
+1 (720) 883-7338
brian.arkell@Rnovogold.com
Rio Novo Gold Inc.
Alex Penha
General Manager, Corporate Development
+1 (416) 509-0583
alex.penha@Rnovogold.com
www.rnovogold.com
Romulus Resources Ltd. (TSXV:ROM)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Romulus Resources Ltd. (TSXV:ROM)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
