MONTREAL, Jan. 21, 2020 (GLOBE NEWSWIRE) -- Harfang Exploration Inc. (“Harfang”) (TSX-V: HAR) is pleased to announce the generation of the new Kali Property (the “Property”) in the vicinity of Azimut Exploration’s Patwon gold discovery (James Bay, Québec) (Figure 1). The Property is made up of 194 mineral claims (10,232 ha) entirely owned by Harfang.
The Property covers significant grounds along the Middle and Lower Eastmain Greenstone Belt (MLEGB) near the contact between the La Grande and Nemiscau-Opinaca geological subprovinces. This contact is spatially associated with significant gold deposits and occurrences (eg. Eleonore mine, and Cheechoo and La Pointe prospects). The Property is divided into two separate claim blocks plus two isolated claims. One of them, located inside Azimut’s Elmer Property, was acquired by Harfang in 2018.
Rock assemblages on the Property, as mapped by the ministère de l’Énergie et des Ressources naturelles du Québec, are similar to those described by Azimut in the surroundings of the discovery (see TSX-V AZM’s press release dated on January 14, 2020 / 3.15 g/t Au over 102.0 m). As evidenced by the Québec Government regional magnetic survey, rock units in the western claim block are strongly affected by a major NE-SW dextral deformation corridor along the northwestern edge of the MLEGB. This corridor merges with the east-west contact between both subprovinces inside the Property limits offering favorable structural traps for gold mineralization.
The Kali Project is located 280 km north of Matagami. The western block is located 20 km east of Eastmain’s Cree Community and is accessible by air transportation or by boat along the Eastmain River. The eastern block is located immediately west of the James Bay paved road and is easily accessible by ground transportation. The region benefits from quality infrastructure including roads, hydroelectric power supply and airports.
Harfang is currently compiling historical geological data along this portion of the greenstone belt which will evolve in designing the first exploration program on this new property.
To view FIGURE 1, please click here.
The claims were recently staked by map designation by Harfang with the ministère de l’Énergie et des Ressources naturelles du Québec and are currently pending registration. Figure 1 illustrates the location of all active and pending claims in the area of the Patwon discovery.
Harfang is a mining exploration company whose primary mission is to discover new gold districts in the province of Québec. Harfang's development model is based on the generation of new mining projects and on the establishment of partnerships with major exploration and mining companies to advance its exploration projects.
The technical and scientific information in this press release has been prepared and approved by François Huot, P.Geo, Chief geologist at Harfang, a "qualified person" as defined by NI 43-101.
For further information:
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.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Harfang’s periodic reports including the filings made by Harfang from time to time with securities regulatory authorities.
OTTAWA, Jan. 21, 2020 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) is pleased to provide an update on its Bramaderos gold and copper project in southern Ecuador (Figure 1), which it is exploring together with ASX listed Sunstone Metals Inc. under a farm-in agreement (see “About Bramaderos”, below).
Figures related to this news release can be seen in PDF format by accessing the version of this release on the Company’s website (www.cornerstoneresources.com) or by clicking on the link below:
- Assays from drill holes BMDD004, BMDD005, and BMDD006 extend the known mineralization at the Bramaderos Main gold-copper deposit
- Intervals include:
° 127m (true width1 “tw” 89m) at 0.57g/t gold and 0.1% copper from 216.8m in BMDD005, including
· 39m (tw 27m) at 0.72g/t gold and 0.13% copper from 295m
° 46.2m (tw 32m) at 0.45g/t gold and 0.18% copper from 15m, and 72.5m (tw 51m) at 0.42g/t gold and 0.12% copper from 319.15m in BMDD006
- BMDD005 extends the known mineralization 150m northwest of BMDD001 which intersected 172m (tw 120m) at 0.52g/t gold and 0.16% copper from surface
- BMDD006 extends mineralization a further 360m to the north-west of BMDD005
- BMDD004 defined the east margin of the system in the vicinity of BMDD001
- BMDD007 which is in progress has intersected zones of quartz veining and visible chalcopyrite
- The strike extent of mineralization outlined from BMDD002 to BMDD006 is now 640m and reflects the surface trench which intersected 615m (tw 430m) at 0.52g/t gold and 0.11% copper.
- The total strike extent of the mineralization from BMDD002 to BMDD007 is now more than 1km
- Mineralization remains open to the northwest and southeast
At the Bramaderos Main target, assay results from drill holes BMDD004, BMDD005, and BMDD006 have been received. All holes have intersected intervals of gold and copper.
Table 1: Significant Assays from Bramaderos Main holes BMDD004, 005 and 006
VANCOUVER, British Columbia, Jan. 21, 2020 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX-V – AIS, OTCQB: AISSF) (the “Company” or “AIS”) announces that it intends, subject to TSX Venture Exchange approval, to extend the term of 12,622,222 warrants expiring on February 26, 2020. The share purchase warrants were issued pursuant to a private placement of 12,622,222 shares accepted for filing by the TSXV on March 1, 2019.
The warrants will be extended for a period of two years until February 26, 2022. The exercise price remains unchanged at $0.12.
About AIS Resources
A.I.S. Resources Ltd. is a TSX-V listed investment issuer that is managed by experienced, highly qualified professionals who have a long track record of success in lithium and manganese trading, exploration, production and capital markets. Through their extensive business and mining networks, they identify and develop projects worldwide that have strong potential for growth with the objective of providing significant returns for shareholders. The Company's current activities are focused on the mining and trading of manganese ores in Peru, and exploration and development of lithium brine projects in northern Argentina.
On Behalf of the Board of Directors, A.I.S. Resources Limited
President and CEO
T: 604 687-6820
ADVISORY: This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated use of the proceeds of the Private Placement. Although the Corporation believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the proceeds of the Private Placement by the Corporation might change if the board of directors of the Corporation determines that it would be in the best interests of the Corporation to deploy the proceeds for some other purpose. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
LONDON, Ontario, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF) is pleased to announce that further to its news release dated December 9, 2019, and December 23, 2019, it has closed the second and final tranche of its non-brokered private placement of unsecured convertible debentures (the “Debentures”) in the aggregate principal amount of $1,040,000 (the “Final Tranche”). This brings the total funds raised for this private placement to $3,155,000 (the “Offering”).
As previously announced in the Company's December 9, 2019, news release, the Debentures will mature on the date that is 36 months from the date of issuance, bear interest at the rate of 10% per annum, computed on the basis of a 360-day year composed of twelve 30-day months, and payable semi-annually on the last day of June and December of each year, commencing on June 30, 2020. The Debentures will be issued at a price of $1,000 per Debenture with each Debenture being convertible, at the option of the holder, into 5,000 common shares in the capital of the Company (each, a “Share”) at a conversion price of $0.20 per Share, subject to adjustments. The Offering is subject to final approval from the TSX Venture Exchange.
The Company expects that the proceeds of the Offering will be used for capital expenditures, equipment purchases and working capital purposes.
The Company has paid a cash finder's fee in connection with the Final Tranche to a finder in the aggregate amount of $3,500, which represents 7% of the gross proceeds received from the investor introduced to the Company by the finder. Insider participation in the Offering totalled $760,000.
MI 61-101 Disclosure
Three insiders of the Company participated in the Final Tranche and, as such, the issuance of the Debentures to such insiders is a “related-party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). However, the issuance is exempt from: (i) the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b), as the shares into which the Debentures are convertible are not listed on a market specified in MI 61-101, and (ii) from the minority shareholder approval requirement of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(a) of MI 61-101, as the fair market value of the Debentures does not exceed 25% of the Company’s market capitalization. A material change report was not filed by the Company 21 days before the closing of the Final Tranche as the level of insider participation was not known at that time and the Company moved to close the Final Tranche immediately upon satisfaction of all applicable closing conditions. In the view of the Company, this was reasonable in the circumstances because the Company wished to complete the Final Tranche as soon as possible.
The Offering will be conducted by the Company utilizing the "accredited investor" exemption of National Instrument 45-106 – Prospectus and Registration Exemptions, and also other applicable exemptions available to the Company.
The Debentures issued in the Final Tranche, and the shares into which the Debentures issued in the Final Tranche may be converted (collectively, the “Securities”), are subject to restrictions on resale under applicable Canadian securities laws for a period of four months and one day from January 20, 2020, the issue date of the Debentures issued in the Final Tranche.
None of the Securities have been or will be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities, in any jurisdiction in which such offer, solicitation or sale would require registration or otherwise be unlawful.
Indiva’s family of cannabis brands set the standard for quality and innovation. Indiva aims to bring its exceptional portfolio of products to Canadians and cannabis enthusiasts around the world as laws permit. Indiva’s production facility, based in London, Ontario, includes a craft grow operation and an extraction and manufacturing space, which can process 70 tonnes of biomass annually and produce safe, high-quality, cannabis-infused edibles. In Canada, Indiva will produce and distribute the award-winning Bhang® Chocolate, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, Gems™, and other derivative products through license agreements and joint ventures. Click here to connect with Indiva on social media and here to find more information on the Company and its products.
Vice President of Communications
DISCLAIMER AND READER ADVISORY
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 or has in any way approved or disapproved of the contents of this press release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the use of proceeds of the Offering, the expectations of management regarding the use of proceeds of the Offering, TSX Venture Exchange approval of the Offering. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Risks that could change or prevent these statements from coming to fruition include the Company may not conclude the Offering on terms favourable to the Company or at all; the TSX Venture Exchange may not provide final approval of the Offering; and proceeds of the Offering may not be used as stated in this news release. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
VANCOUVER, British Columbia, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Triumph Gold Corp., (TSX-V: TIG) (OTCMKTS: TIGCF) (“Triumph Gold” or the “Company”) is pleased to announce that Jesse Halle (P.Geo.) has been appointed Vice President Exploration. Jesse brings over twenty years of geoscience-related experience to the job; he has filled senior technical rolls while advancing a number of porphyry copper-gold deposits in Yukon and BC, including Western Copper and Gold’s Casino deposit, and Copper Mountain Mining’s Copper Mountain deposit. Jesse has been working with Triumph as an Exploration Manger since 2016.
Triumph Gold President, Tony Barresi (Ph.D., P.Geo.), comments: “We have been lucky to have an experienced porphyry geologist like Jesse on our technical team and we are excited to welcome Jesse as Triumph’s new Vice President Exploration. I am confident that Jesse’s fresh ideas and meticulous and innovative approaches to exploration will yield more exploration successes for Triumph Gold.”
Jesse Halle (P.Geo.) comments: "I am extremely pleased to be assuming leadership of Triumph Gold’s technical team at such an exciting time for the Company. The past three years have shown continual exploration success at the Freegold Mountain Project with new areas of outstanding metal grades and economic potential. I am eager to build on these discoveries and confident there are more to come.”
The technical content of this news release has been reviewed and approved by Tony Barresi, Ph.D., P.Geo., President of the Company, and qualified person as defined by National Instrument 43-101.
About Triumph Gold Corp.
Triumph Gold Corp. is a growth oriented Canadian-based precious metals exploration and development company. Triumph Gold Corp. is focused on creating value through the advancement of the district scale Freegold Mountain Project in Yukon. For maps and more information, please visit our website www.triumphgoldcorp.com
On behalf of the Board of Directors
Signed "Tony Barresi"
Tony Barresi, President
|For further information please contact:
John Anderson, Executive Chairman
Triumph Gold Corp.
IR Pro Communications Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors - including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
MONTREAL, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions is pleased to announce today that Mr. Brian Levitt will be providing strategic, commercial and corporate finance advice to its board of directors and management.
Mr. Levitt is the current Chairman of The Toronto-Dominion Bank (TD) and has been an independent director on TD's Board since December 2008. In addition to being Chairman of TD, he also serves as director of Domtar Corporation and TD Ameritrade Holding Corporation.
He is the former President and Chief Executive Officer of Imasco Limited, during the time one of Canada’s largest consumer goods and services companies.
Furthermore, Mr. Levitt served as Chairman of the Board of Domtar Inc. (predecessor of Domtar Corporation) from 2004 to 2007.
Mr. Levitt is Chair Emeritus of the Montreal Museum of Fine Arts and is Vice-Chair of the Board of the C.D. Howe Institute as well as Chancellor of Bishop’s University. In 2015, Mr. Levitt was appointed an Officer of the Order of Canada.
Lastly, Mr. Levitt holds a law degree from the University of Toronto, where he also completed his Bachelor of Applied Science degree in Civil Engineering.
“I am very excited to be joining the Xebec team and to have the opportunity to help Xebec scale up through its next stages of development. Xebec’s know-how and proprietary technologies relating to renewable natural gas and hydrogen production have demonstrated that they can make a real difference to the ability of gas utilities and energy providers to contribute to the transition to low carbon energy solutions.”
– Brian Levitt
“It is a great pleasure to welcome Brian Levitt as an advisor to our Board. His addition brings significant legal, commercial and financial know-how and experience to Xebec. As the company continues to grow and expand, the need for more experienced and seasoned senior executives and non-executives increases as well. We’re honoured to have Brian join our organization.”
– Kurt Sorschak, Chairman, President and CEO, Xebec Adsorption Inc.
For more information:
Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec Adsorption Inc. is a global provider of gas generation, purification and filtration solutions for the industrial, energy and renewables marketplace. Its customers range from small to multi-national corporations and governments looking to reduce their carbon footprints. Headquartered in Montreal (QC), Xebec designs, engineers and manufactures innovative and transformative products, and has more than 1,500 customers worldwide. With two manufacturing facilities in Montreal and Shanghai, as well as a sales and distribution network in North America, Europe, and Asia, Xebec trades on the TSX Venture Exchange under the symbol XBC. For additional information on the company, its products and services, visit Xebec at xebecinc.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. This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”, “might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions. Forward-looking statements, including statements concerning future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses and future prospects as well as the expectations of management of Xebec with respect to information regarding the business and the expansion and growth of Xebec operations, involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are subject to business and economic factors and uncertainties, and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in Xebec's public documents, including in the most recent annual management discussion and analysis and annual information form, filed on SEDAR at www.sedar.com. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the uncertain and unpredictable condition of global economy, Xebec’s capacity to generate revenue growth, limited number of customers, and other factors. Although Xebec believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Xebec disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
25% Dividend Increase - CDN$0.15 Per Share Annual Basis to Be Paid Monthly
VAL-D’OR, Québec, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Abitibi Royalties Inc. (RZZ-TSX-V, ATBYF-OTC-Nasdaq Intl: “Abitibi Royalties” or the “Company”) is pleased to announce its Q4 2019 royalty payment from the Canadian Malartic Mine, located near Val-d’Or, Québec and total cash1 generated during the quarter. In addition, the Company’s board of directors has approved, effective April 2020, a 25% dividend increase to the Company’s outstanding common shares from CDN$0.12 to CDN$0.15 per common share on an annualized basis. The frequency of the payment of dividends will be changed from quarterly to monthly, also effective April 2020. The Company is unique among its peers due to its strong treasury, no debt, new monthly dividend, share buyback program and limited number of outstanding shares (approximately 12.5 million).
Q4 2019 Royalty Payment
During Q4 2019, the Company generated total cash of approximately CDN$2.1 million, with approximately CDN$999,000 coming from royalties on the open pit portion contained within the Company’s 3% NSR at the Canadian Malartic Mine. Royalties from the open pit portion of the Canadian Malartic Mine commenced at the end of Q4 2018 (the Company’s core underground royalties at East Malartic and Odyssey are not in production). The Canadian Malartic Mine is the largest gold mine in Canada and is operated by Agnico Eagle Mines Limited (“Agnico Eagle”) and Yamana Gold Inc. (“Yamana”). The remainder of the cash generated during the quarter came from option premiums (CDN$268,000), Dividends (CDN$140,000) and taxable capital gains from equity investments (CDN$697,000).
During the twelve months ended December 31, 2019, the Company generated cash of approximately CDN$5.3 million (See news release dated April 16, 2019 for Q1 2019, July 17, 2019 for Q2 2019 and October 16, 2019 for Q3 2019 breakdowns).
The Company has 12,521,610 issued shares, with no warrants, stock options or other forms of share-based compensation outstanding.
25% Dividend Increase to be paid Monthly
The Company’s board of directors has approved a 25% dividend increase from CDN$0.12 to CDN$0.15 per common share on an annualized basis. The frequency of dividend payments will also be changed from quarterly to monthly. The increased dividend amount and the payment of monthly dividends will begin in April 2020. Table 1. below sets out the record and payment dates for shareholders for Q1 and Q2 2020.
1 Non-IFRS Measure: The Company has calculated the measure “cash” using the cash basis of accounting. This is a non-IFRS measure as IFRS requires the Company’s cash in its financial statements to be recognized using the accrual basis of accounting. The Company believes that this measure, while not a substitute for measures of performance prepared in accordance with IFRS, provides investors an improved ability to evaluate the underlying performance of the Company.
Q1-Q2 2020 Dividend Schedule
MONTREAL, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (TSX-V: KTR) (FRANKFURT: 58V), is pleased to announce initial results from the drilling program that started in November 2019 and is continuing into 2020. Over 3,900 meters have been drilled and many more assays are forthcoming. The main objectives of the program were to test the sub-horizontal mineralized model of the Sherlock sector and to investigate the new mineralized zones such as trench SHK34, Conan and Elementary.
- MS-19-51: 40.15m @ 0.44% Cu & 4.3 Ag g/t starting from surface
- MS-19-52: 53.0m @ 0.53% Cu & 4.9 Ag g/t starting from 19m
- Sub-horizontal, lightly dipping stacked mineralized zones confirmed
- Open at depth to the North, East and West
- Sharp contacts of the mineralized zones allow for easy selection of the units
- Clear definition of high grade units that can be treated with floatation versus units that will need to be treated with sorting equipment
“We are very excited to see these first results which confirm our interpretation. The units are now better defined with higher grade and very clear boundaries which would make for easier modeling. The way the mineralization is hosted within the marble units is now much more evident and clearly demonstrates the advantages of shallow mineralization model we have at Mitchi versus a traditional porphyry. Shallow open pit deposits with selective mining have significantly lower capital cost requirements in comparison to the bulk tonnage porphyry deposits. We are looking forward to more results from this ongoing drilling program over the coming months.” comments Kiril Mugerman, President & CEO of Kintavar.
The first six drill holes of the program were performed between the Sherlock trench to the West and the SHK38 trench to the East (Figure 1). All the holes were drilled vertically and each one intersected the mineralized sedimentary units. The 3 holes to the South (MS-19-47, 49 and 51) are presented on the long section (Figure 2) confirming the continuation of the two main mineralized units and the grades.
Many assays are still pending but the lithological units intersected in the 23 short holes in the Sherlock zone in 2019 confirm the sub horizontal lightly dipping mineralized units which remain open to the North, East and West.
The vertical drilling and the new model as well allowed to demonstrate that the mineralized units have very sharp contacts with the surrounding non mineralized units. As a result, the mineralized marble units can now be easily segregated into two categories, those that can be treated directly with flotation (F – grade of approximately 0.50% to 0.40% Cu) versus those that will need to be treated prior with existing sorting technologies (S – grade of approximately 0.15% to 0.40% Cu). This can have an important impact on project economics in the future (e.g. smaller mill, smaller flotation plant, smaller tailings, etc…) in comparison to the previous geological model envisioned in 2018 where much more dilution was present. The Corporation has already completed initial flotation studies (see press release April 24, 2019) which demonstrated high recoveries with very high copper content (up to 80% recovery with up to 59% copper content) due to the predominant presence of the minerals bornite and chalcocite. Sorting test work began in 2019 and will be further refined with these new findings.
Further compilation and modeling continue as more results become available and will be published accordingly. The drilling program has restarted in mid January and currently is focusing on the Conan, Elementary and SHK34 copper zones that were discovered last summer.
Figure 1: Location of the 6 first drill holes on the Sherlock zone: https://www.globenewswire.com/NewsRoom/AttachmentNg/f268f8b8-cdd5-4ab2-8f4b-f14fdae3b033
TORONTO, Jan. 20, 2020 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical-grade cannabis, is pleased to confirm that a special meeting (“Meeting”) of shareholders (the “Shareholders”) of WeedMD will take place as scheduled on February, 4, 2020 at 10:00 a.m. (EST) at Fogler, Rubinoff LLP, located at TD Centre North Tower, Suite 3000, 77 King Street West, Toronto, Ontario.
The Meeting is being held in connection with the private placement of subscription receipts (the “Subscription Receipts”) with the LiUNA Pension Fund of Central and Eastern Canada (“LPF”) for gross proceeds of $25 million, which was completed as part of WeedMD's acquisition of Starseed Holdings Inc. ("Starseed"). Upon WeedMD receiving the requisite shareholder approvals at the Meeting, the Subscription Receipts will automatically convert into WeedMD common shares. Further details about the financing are contained in the Meeting information circular (the "Circular") which is available for download on WeedMD’s SEDAR profile here.
Shareholders as of the record date of December 30, 2019 will have the right to vote by proxy or in person at the Meeting. All Shareholder votes are important and each is encouraged to take the time to read the Circular and vote prior to the voting deadline of January 31, at 10:00 a.m. (EST).
In connection with the closing of the Starseed acquisition, WeedMD will be issuing 538,756 common shares to Stoic Advisory Inc. as consideration for financial advisory services provided to WeedMD. In addition, upon completion of the $25 million equity investment, an additional 153,637 common shares will be issued to Stoic.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer of cannabis products for both the medical and adult-use markets. The Company owns and operates a 158-acre state-of-the-art greenhouse, outdoor and processing facility located in Strathroy, Ontario. WeedMD also operates CX Industries Inc., a wholly-owned subsidiary of WeedMD Inc., from the Company’s fully-licensed 26,000 sq. ft. Aylmer, Ontario production facility which specializes in cannabis extraction and processing. With the recent acquisition of Starseed Medicinal Inc., a medical-centric licensed holder with operations in Bowmanville, Ontario, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with other employers and union groups complements WeedMD’s direct sales to medical patients. The Company maintains strategic relationships across the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies where its adult-use brands Color Cannabis and Saturday are sold.
Follow WeedMD, Color Cannabis & Starseed:
For further information, please contact:
For Investor Enquiries:
Chief Strategy Officer
For Media Enquiries:
VP, Communications & Corporate Affairs
To learn more, visit us at www.weedmd.com
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which are based upon WeedMD's current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy.
The forward-looking information in this news release is based upon the expectations, estimates, projections, assumptions and views of future events which management believes to be reasonable in the circumstances. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact. Forward-looking information in this news release include, but are not limited to, statements with respect to internal expectations, expectations with respect to actual production volumes, expectations for future growing capacity and the completion of any capital project or expansions. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally; the ability of WeedMD to implement its business strategies; competition; crop failure; and other risks.
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VANCOUVER, British Columbia, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Trevali Mining Corporation (“Trevali” or the “Company”) (TSX: TV; OTCQX: TREVF) is pleased to release preliminary fourth quarter (“Q4”) and full year production results for 2019 and provides 2020 operating, capital and exploration expenditure guidance. All financial figures are in U.S. dollars.
Ricus Grimbeek, Trevali’s President and CEO stated, “In 2019 we started the transformation of Trevali. The Company meaningfully beat annual production guidance, the board was refreshed, a new senior management team was assembled, and we launched the T90 Program to modernize our operations and bring them down the cost curve. The Company is well positioned to be a 400-million-pound annual zinc producer with a reducing cost profile until 2022 when we intend to make a step change in production and cost as the RP2.0 Expansion Project at Rosh Pinah in Namibia is commissioned.”
Key 2019 Highlights Include:
- Marked improvement to safety performance having reduced the Total Recordable Injury Frequency Rate by 46% in 2019 compared to 2018.
- Exceeded 2019 zinc production guidance by producing a record annual 417 million payable pounds of zinc in 2019.
- Total lead and silver production also exceeded 2019 guidance with 50 million payable pounds of lead and 1,489 thousand payable ounces of silver produced in 2019.
- Refreshed the board of directors and introduced a new senior management team.
- Launched the T90 Program inclusive of the Digital Transformation Program aimed at realizing $50 million in annual sustainable efficiencies and reducing All-In Sustaining Cost1 (“AISC”) to $0.90 per pound of zinc by the beginning of 2022.
- Published Trevali’s inaugural annual Sustainability Report.
- Advanced the RP2.0 Expansion Project with an investment decision poised for Q1 2020.
- Completed the Rosh Pinah filtration & grinding upgrade project on time and on budget.
- Discovered a third VMS lens at Perkoa below the existing mining horizons named “T3”.
- Paid down debt of $70 million in 2019.
- Repurchased 28.6 million shares as part of the normal course issuer bid since November 2018.
2020 Catalysts and Key Drivers
- T90 Program: Results of the T90 Program will be highlighted and reflected in our production and financials throughout 2020.
- RP2.0 Expansion Project: Trevali plans on publishing a pre-feasibility study by the end of Q1 2020 to support the initial long lead procurement investment decision which will be followed by the full feasibility study in Q4 2020. The feasibility study will be used to support the full execution funding decision.
- 2019 Mineral Resources and Reserves Statement: The annual statement will be published by the end of Q1 2020.
- 2020 Sustainability Report: The report will be published in Q2 2020 and will provide an update on the progress of our sustainability programs and initiatives as part of Trevali’s commitment to be a leader in sustainability and to providing transparency in the areas of environment, social and governance.
- Perkoa T3 drilling program: Drilling of the 2019 discovery of T3 – the third VMS lens at Perkoa – will advance along with regional targets.
- Santander Pipe: Infill drilling of the Santander Pipe in Peru will continue in 2020. An internal preliminary economic assessment is expected to be completed by the end of Q4 2020 which will evaluate the economic viability of incorporating the Santander Pipe ore into the existing operation.
Q4 2019 and Full Year 2019 Preliminary Production Results & 2020 Production Guidance
Total zinc production from operations totaled 105 million pounds for Q4 2019 and an annual record of 417 million pounds for the full year, exceeding the Company's annual guidance of between 361 to 401 million pounds of zinc production. Lead and silver production for 2019 also exceeded guidance at 50 million pounds and 1,489 thousand ounces of production respectively.
Consolidated production guidance for 2020 is estimated between 380 – 410 million pounds of payable zinc, 51 – 57 million pounds of payable lead and 1,440 – 1,580 thousand ounces of payable silver.
Table 1: Preliminary Consolidated 2019 Production Results and 2020 Production Guidance (2&3)