Fury Gold Mines Ltd 6-K, filed Apr 15, 2020
Fury Gold Mines Ltd (FURY)
6-K
2020-04-15
For: 2020-04-15
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Added on
April 10, 2026
About this 6-K
Fury Gold Mines Ltd filed this 6-K on April 15, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN
PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month
of April 2020
Commission File Number: 001-38145
Auryn Resources Inc.
(Translation of registrant's name into English)
(Translation of registrant's name into English)
Suite 600,
1199 West Hastings Street
Vancouver, British Columbia, V6E 3T5 Canada
(Address of principal executive office)
Vancouver, British Columbia, V6E 3T5 Canada
(Address of principal executive office)
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form
40-F.
Form 20-F [ ] Form 40-F [ X ]
Form 20-F [ ] Form 40-F [ X ]
Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(1):
SUBMITTED
HEREWITH
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Exhibits
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Auryn Delivers Positive Preliminary Economic
Assessment for Homestake Ridge Gold
Deposit
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly
authorized.
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Auryn Resources
Inc.
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(Registrant)
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Date: April 15, 2020
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/s/ Stacy Rowa
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Stacy Rowa
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Chief Financial Officer
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Exhibit 99.1
Auryn Delivers Positive Preliminary Economic Assessment for
Homestake Ridge Gold Deposit
US$108 Million NPV 5% with IRR of
23.6% at US$1,350/oz Gold; US$670/oz gold AISC1
US$173 Million NPV 5% with 32% IRR at US$1,620/oz Gold
US$88 Million Pre-Production Capital Expenditures
Vancouver, Canada – April 15th,
2020 – Auryn Resources Inc. (TSX: AUG, NYSE American: AUG)
(“Auryn” or the “Company”)
is pleased to announce positive
results from an independent preliminary economic assessment (PEA)
and an updated resource estimate for its 100% owned 7,500 hectare
Homestake Ridge gold project located in the prolific
Iskut-Stewart-Kisault gold belt in northwestern British Columbia,
Canada (Figure 1). The PEA demonstrates the project’s
potential to become a high-grade, small footprint, underground gold
mine with positive economics and upside potential from both a
rising gold price and prospective expansion. The PEA presentation
can be viewed by clicking here,
and a visualization of the Life Of Mine (LOM) model can be
viewed here.
A Message from Ivan Bebek, Executive Chairman and
Director:
“This is an early look into the Homestake Ridge high-grade
gold project’s current value, which demonstrates a highly
profitable deposit with a low capex in an established mining
jurisdiction, and importantly, it is open for considerable
expansion.
“We took a conservative approach in our study to see the
project’s resilience at $1,350 gold, which generated a 23.6%
IRR, however, at $1,620 gold the project generates an IRR of 32%
and an NPV of over US$173 million.
“The Homestake Ridge gold project is a valuable part of our
portfolio, which also includes multiple tier-one exploration
opportunities, such as Sombrero and Curibaya in southern Peru and
Committee Bay in northern Canada. We are very much looking forward
to advancing our portfolio as we continue to see improving metal
prices.”
1 All-in sustaining cost (“AISC”) is a
Non-GAAP measure. The Company has calculated AISC using operating
costs (Table 3) as a basis, and then adjusting it in accordance
with the World Gold Council guidance.
PEA Summary:
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Base Case: $1,350/oz gold, $12/oz
silver, $3.00/pound copper, $1.00/pound lead and an exchange rate
of 0.70 (US$/C$)
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Net present value (NPV 5%) after tax and mining duties
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US$108 million
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Internal rate of return (IRR) after tax
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23.6%
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Pre-production capital costs
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US$88 million
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After tax payback period
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36 months
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All in sustaining costs (AISC) per ounce gold
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US$670
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PEA life of mine (LOM)
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13 years
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LOM metal production gold equivalent ounces
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590,040 AuEq ounces
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LOM average diluted head grade
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6.42g/t AuEq
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Peak year annual production (year three)
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88,660 AuEq ounces
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Average LOM payable production
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45,400 AuEq ounces
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LOM mineralized material mined
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3.4 Million tonnes
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Mining scenario tonnes per day
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900 tonnes
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The Company cautions that the PEA is preliminary in nature in that
it includes Inferred Mineral Resources which are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be characterized as
mineral reserves, and there is no certainty that the PEA will be
realized. Mineral resources that are not mineral reserves do not
have demonstrated economic viability.
The PEA was prepared in accordance with National Instrument 43-101
(“NI
43-101”) by MineFill
Services Inc. of Seattle, WA with other contributors including
Roscoe Postle Associates Inc. (RPA), now part of SLR Consulting
Ltd. (SLR), (QP for updated mineral resource estimate) and
One-Eighty Consulting Group (environmental, permitting and social).
The Company plans to file the PEA on SEDAR
at www.sedar.com within
45 days in accordance with NI 43-101.
Updated Mineral Resource Estimate:
The PEA is based on an updated mineral resource estimate that was
prepared in-house by Auryn and audited by RPA using block models
constrained to new geological wireframes. Grades for gold, silver,
lead, arsenic and antimony were estimated using Inverse Distance
(ID3)
weighting. Two block models were constructed in Leapfrog Geo Edge
software: one for the Homestake Main and Silver deposits and the
other for South Reef.
The updated mineral resource estimate was developed using a revised
geological model based on a complete re-log of the deposits that
defined the geometry of breccia bodies and vein arrays that were
successfully traced both laterally and vertically within the
deposits. These resulting geometries provided additional confidence
in tracing high-grade mineralization within the deposits. The
resource remains open for expansion at depth and along strike
(Figure 2). The updated mineral resource estimate demonstrates
higher grades with a decrease in tonnes as compared to the previous
resource estimate dated September 1, 2017 (detailed in a Canadian
National Instrument 43-101 Technical Report dated September 29,
2017 as amended October 23, 2017 and filed on SEDAR) with overall
metal content largely unchanged. The updated 2019 mineral resource
estimate is summarized in Table 1.1 below:
Table 1.1 Mineral Resource by Zone – Effective Date: December
31, 2019
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Average
Grade
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Metal
Content
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Classification
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Zone
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Tonnage Mt
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Gold g/t
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Silverg/t
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Copper %
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Lead%
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Goldoz
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Silver Moz
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Copper Mlb
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Lead Mlb
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Indicated
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HM
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0.736
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7.02
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74.8
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0.18
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0.077
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165,993
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1.8
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2.87
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1.25
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Total Indicated
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0.736
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7.02
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74.8
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0.18
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0.077
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165,993
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1.8
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2.87
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1.25
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Inferred
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HM
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1.747
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6.33
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35.9
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0.35
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0.107
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355,553
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2.0
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13.32
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4.14
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HS
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3.354
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3.13
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146.0
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0.03
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0.178
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337,013
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15.7
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2.19
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13.20
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SR
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0.445
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8.68
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4.9
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0.04
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0.001
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124,153
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0.1
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0.36
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0.00
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Total Inferred
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5.545
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4.58
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100.0
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0.13
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0.142
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816,719
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17.8
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15.87
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17.34
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Notes:
1. Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
Definition Standards for Mineral Resources and Mineral Reserves
dated May 10, 2014 (CIM (2014) definitions), as incorporated by
reference in NI 43-101, were followed for Mineral Resource
estimation.
2. Mineral Resources are estimated at a cut-off grade of 2.0 g/t
AuEq.
3. AuEq values were calculated using a long-term gold price of
US$1,300 per ounce, silver price at US$20 per ounce and copper
price at US$2.5 per pound and an exchange rate of US$/C$1.20. The
AuEq calculation included provisions for metallurgical recoveries,
treatment charges, refining costs and transportation.
4. Bulk density ranges from 2.69 t/m3 to 3.03 t/m3, depending on
the domain.
5. Differences may occur in totals due to rounding.
6. The Qualified Person responsible for this mineral resource
estimate is Philip A. Geusebroek, P. Geo., RPA.
The Mineral Resource sensitivity to cut-off grade is shown on Table
1.2 below.
Table 1.2 Mineral Resource Sensitivity by Cut-Off
Grade
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Average
Grade
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Metal
Content
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Cut-off g/t AuEq
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TonnageMt
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Goldg/t
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Silverg/t
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Copper%
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Lead%
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Goldoz
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SilverMoz
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CopperMlb
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Lead Mlb
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5.0
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0.372
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10.99
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131.3
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0.20
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0.120
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131,463
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1.6
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1.7
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0.99
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4.0
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0.465
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9.57
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111.2
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0.20
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0.105
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142,911
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1.7
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2.0
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1.07
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3.0
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0.592
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8.18
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90.5
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0.19
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0.090
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155,730
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1.7
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2.5
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1.18
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2.0
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0.736
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7.02
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74.8
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0.18
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0.077
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165,993
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1.8
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2.9
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1.25
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1.0
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0.862
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6.19
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65.2
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0.17
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0.069
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171,441
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1.8
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3.1
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1.32
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5.0
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2.158
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8.25
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145.7
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0.21
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0.216
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572,444
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10.1
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9.8
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10.26
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4.0
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2.972
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6.78
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133.4
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0.18
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0.189
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648,212
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12.8
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11.9
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12.36
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3.0
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4.136
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5.52
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118.6
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0.15
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0.163
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734,275
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15.8
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14.0
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14.84
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2.0
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5.545
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4.58
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100.0
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0.13
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0.142
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816,719
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17.8
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15.9
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17.34
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1.0
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6.448
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4.09
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90.9
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0.12
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0.127
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847,996
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18.9
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17.0
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18.07
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PEA Project Overview:
To-date the project has been investigated with more than 275 drill
holes, totaling more than 90,000 meters. In addition to the three
known zones of mineralization, multiple exploration targets remain
to be tested. The PEA envisions a 900 tonne per day underground
mining operation spanning a 13-year mine life based on a mine plan
using a gold price of US$1,300/oz. Mining would commence in the
larger Homestake Main zone first, followed by the Homestake Silver
zone around year six and finally the South Reef zone. The material
would be treated in a conventional crushing, grinding and flotation
plant to produce a copper concentrate, a lead/zinc concentrate and
finally Au-Ag dore from cyanide leaching of regrind
tailings.
Mining and Processing:
The mine plan and production schedule were developed in Deswik mine
stope optimizer software (MSO). The principal mining method in the
MSO runs was overhand longhole retreat mining on 20-meter sublevel
intervals. The minimum mining width was 2.5 meters and a mining
cutoff grade of 3.5 g/t AuEq was used to develop the stope
wireframes. An ELOS (equivalent linear overbreak) of 0.25 meters
was added at the hanging-wall and footwall to account for
dilution.
Processing of the Homestake Ridge mineralization is determined by
the difference in metal contents across the three deposits included
in the study. Given that 97% of the metal value is gold and silver,
the realization of the value of the Homestake Ridge deposits will
be dependent on the recovery of precious metals. Based on recent
metallurgical test work, the optimal processing stream appears to
be campaign processing of each deposit in sequence, rather than
blending. The flowsheet thus consists of an initial rougher
flotation to produce a base metal concentrate, followed by
secondary flotation to produce a pyrite concentrate. The pyrite
concentrate is then reground and subjected to cyanide leaching to
recover the remaining gold and silver in rougher
tailings.
The Homestake Main mineralization would be processed first to
produce a copper concentrate rich in gold, then Homestake Silver to
produce a lead/zinc concentrate rich in silver and finally South
Reef to produce a gold concentrate. The metallurgical recoveries
are estimated to be 86% for gold, 74% for silver, 70% for copper
and 66% for lead.
Capital and Operating Costs:
The pre-production capital is estimated at US$88 million (CAD$126
million) with US$86 million (CAD$123 million) in sustaining
capital, primarily capitalized development underground. The PEA is
based on owner-operated equipment and manpower. A contingency of
15% has been applied to all direct costs. Details of the
pre-production and sustaining capital are shown on Table 2
below:
Table 2: Capital Cost Summary
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Expenditure
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Initial
(US$M)
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Sustaining
(US$M)
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Mining Equipment
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$3.0
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$2.1
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Surface mobile equipment
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$3.5
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$2.5
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Capitalized Underground Development
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$66.4
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Tailings
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$8.4
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Site Development – Roads, Airport
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$6.3
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Camp Facilities
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$3.2
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Site Infrastructure
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$3.5
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Power Supply
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$8.4
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Process Plant
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$26.2
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Access Upgrades – barge landing and roads
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$2.1
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EPCM costs – 15% of directs
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$8.7
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Owner Costs – 10% of directs
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$5.8
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Reclamation – tailings
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$3.5
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Closure
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$3.5
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Water Treatment
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$1.4
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Environmental Permits/Baseline Data
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$0.6
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End of Life Salvage
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($3.5)
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Operating costs were developed from unit costs for projects of a
similar scale in Canada and translated to USD at an exchange rate
of 0.70 (US$/C$). A summary of the operating costs is shown in
Table 3 below.
Table 3: Operating Cost Summary
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Area
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Unit Cost
(US$)
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Life-of-Mine
(US$)
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Mining
($/t mined)
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$63.50
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$182.9
million
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Processing
($/t milled)
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$21.00
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$71.9
million
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General
and Administration ($/t)
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$14.00
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$48.0
million
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Environmental/Water
Treatment
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$0.82
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$2.8
million
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Community/Social
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$0.17
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$0.6
million
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Total
Operating Costs ($/t milled)
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$89.39
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$306.2
million
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Project Economics and Sensitivity Analyses:
The following tables illustrate the PEA project economics and the
sensitivity of the project to changes in the base case metal
prices, operating costs and capital costs. As is typical with
precious metal projects, the project is most sensitive to metal
prices, followed by operating costs and initial capital
costs.
Table 4: Project Economics at $1,350 Gold
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NPV at 0%
(US$M)
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NPV at 5%
(US$M)
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NPV at 7%
(US$M)
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IRR
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Payback
(Mo)
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Before
Tax
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$278
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$170
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$140
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30.1%
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26
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After
Tax
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$184
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$108
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$87
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23.6%
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36
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Table 5: Metal Price Sensitivity – After-Tax
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Gold Price
(US$/oz)
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Silver Price
(US$/oz)
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NPV at 0%
(US$M)
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NPV at 5%
(US$M)
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IRR
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Payback
(Mo)
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40%
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$1,890
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$16.80
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$373
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$239
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39.4%
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31
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30%
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$1,755
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$15.60
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$326
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$206
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35.8%
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32
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20%
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$1,620
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$14.40
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$278
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$173
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32.0%
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33
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10%
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$1,485
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$13.20
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$231
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$141
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28.0%
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34
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Base Case
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$1,350
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$12.00
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$184
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$108
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23.6%
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36
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-10%
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$1,215
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$10.80
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$137
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$75
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18.8%
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40
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-20%
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$1,080
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$9.60
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$90
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$42
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13.2%
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46
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-30%
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$945
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$8.40
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$39
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$6
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6.4%
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75
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Table 6: Operating Cost Sensitivity – After-Tax
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NPV at 0%
(US$M)
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NPV at 5%
(US$M)
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IRR
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Payback
(Mo)
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20%
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$145
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$82
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20.1%
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39
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10%
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$165
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$95
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21.9%
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38
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Base Case
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$184
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$108
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23.6%
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36
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-10%
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$203
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$121
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25.3%
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35
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-20%
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$223
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$134
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26.9%
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35
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Table 7: Capital Cost Sensitivity – After-Tax
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NPV at 0%
(US$M)
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NPV at 5%
(US$M)
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IRR
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Payback
(Mo)
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20%
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$149
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$79
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17.1%
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43
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10%
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$167
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$93
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20.1%
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40
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Base Case
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$184
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$108
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23.6%
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36
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-10%
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$201
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$128
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27.7%
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34
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-20%
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$219
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$137
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32.5%
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33
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Indigenous and Community Relations:
The pursuit of environmentally sound and socially responsible
mineral development guides all of Auryn’s activities as the
Company understands the broad societal benefits that responsible
mining can bring, as well as the risks that must be managed through
the implementation of sustainable development practices. Auryn
strives to maintain the highest standards of environmental
protection and community engagement at all of its
projects.
Auryn considers sustainability to include the pursuit of three
mutually reinforcing pillars: environmental and cultural heritage
protection; social and community development; and, economic growth
and opportunity. The Company assesses the environmental, social and
financial benefits and risks of all our business decisions and
believes this commitment to sustainability generates value and
benefits for local communities and shareholders alike.
Auryn places a priority on creating mutually beneficial, long-term
partnerships with the communities and countries in which it
operates, and with its shareholders, respecting their interests as
its own. At the community level, the Company works to establish
constructive partnerships to address and contribute to local
priorities and interests and ensure that local people benefit both
socially and economically from its activities.
Auryn has undertaken early and ongoing engagement with respect to
the Homestake Ridge gold project since January 2017. Engagement
goals include providing Indigenous groups, residents of nearby
communities and other regional interests with corporate and
project-related information, details of work programs and other
activities being undertaken in the field, project updates and
opportunities for feedback and local involvement in the Homestake
Ridge project.
Auryn’s approach to Indigenous and stakeholder engagement
provides opportunities and benefits through:
●
the
provision of jobs and training programs
●
contracting
opportunities
●
capacity
funding for Indigenous engagement
●
sponsorship
of community events
Members of local Indigenous groups comprise approximately 40% of
Auryn’s Homestake Ridge project team. Two of our primary
contractors are local Indigenous-owned companies. Auryn and the
Nisga’a Lisims Government entered into a Confidentiality
Agreement in January 2020. The parties look forward to a
collaborative relationship based on mutual respect and a desire for
economic prosperity generated by responsible natural resource
development in British Columbia.
Figure 1: Illustrates the general location and access to
infrastructure at the Homestake Ridge project.
Figure 2: Illustrates a long section of the Homestake Main and
Homestake Silver deposits demonstrating the deposits are open at
depth and along strike.
QUALIFIED PERSON:
The foregoing technical information contained in this news release
has been prepared in accordance with the Canadian regulatory
requirements set out in National Instrument 43-101 (Standards for
Disclosure for Minerals Projects) and reviewed on behalf of the
Company by Dr. David Stone, P.Eng., a Qualified
Person.
ON
BEHALF OF THE BOARD OF DIRECTORS OF AURYN RESOURCES
INC.
Ivan Bebek
Executive Chairman and Director
For further information on Auryn Resources, please contact Natasha
Frakes, Manager of Corporate Communications at (778) 729-0600
or info@aurynresources.com.
About Auryn
Auryn Resources is a technology-driven junior exploration company
focused on finding and advancing globally significant precious and
base metal deposits. The Company has a portfolio approach to asset
acquisition and has six projects, including two flagships: the
Committee Bay high-grade gold project in Nunavut and the Sombrero
copper-gold project in southern Peru. Auryn’s technical and
management teams have an impressive track record of successfully
monetizing assets for all stakeholders and local communities in
which it operates. Auryn conducts itself to the highest standards
of corporate governance and sustainability.
Forward Looking Information and Additional Cautionary
Language
Certain information contained in this news release constitutes
forward-looking information or forward-looking statements within
the meaning of Canadian or U.S. securities laws ("forward-looking
statements"). All statements in this news release, other than
statements of historical fact, which address events, results,
outcomes or developments that the Company expects to occur are
forward-looking statements. Forward-looking statements include
statements that are predictive in nature, depend upon or refer to
future events or conditions, or include words such as "expects",
"anticipates", "plans", "believes", "estimates", "considers",
"intends", "targets", or negative versions thereof and other
similar expressions, or future or conditional verbs such as "may",
"will", "should", "would" and "could". More particularly and
without restriction, this news release contains forward-looking
statements and information about the economic analyses for the
Homestake Ridge Gold Project and its potential for development and
expansion, the anticipated IRR and NPV for the project, capital and
operating costs, processing and recovery estimates and strategies,
proposed mining method and development plans, mineral resource
estimates and statements as to management's expectations with
respect to, among other things, the matters and activities
contemplated in this news release.
Such forward looking statements are necessarily based upon a number
of factors and assumptions that, while considered reasonable by the
Company as of the date of such statements, are inherently subject
to significant business, economic and competitive uncertainties and
contingencies. The assumptions made by the Company in preparing the
forward looking statements contained in this news release, which
may prove to be incorrect, include, but are not limited to: the
specific assumptions set forth above and in the Technical Report;
that the Company is able to develop the property in the manner set
out in the Technical Report; that the Company is able to advance
the property through to feasibility; that if viable, the Company is
able to obtain all necessary permits to develop the mine on the
property; that the Company is able to complete the consultation
with the Indigenous people in the area of that Homestake Ridge Gold
Project; that the exchange rate between the Canadian dollar, and
the United States dollar remain consistent with current levels or
as set out in this press release; that prices for gold and silver
remain consistent with the Company's expectations; that prices for
key mining supplies, including labour costs and consumables, remain
consistent with the Company's current expectations; that
Company’s current estimates of mineral resources, mineral
grades and mineral recovery are accurate; and that there are no
material variations in the current tax and regulatory environment.
Many factors, known and unknown, could cause the actual results to
be materially different from those expressed or
implied.
By its nature, this information is subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. Factors that could cause
future results or events to differ materially from current
expectations expressed or implied by the forward-looking statements
include: availability of financing to fund the Company’s
exploration and development activities, the ability of the
Company’s exploration program to identify and expand mineral
resources, operational risks in exploration and development for
gold and silver, the Company’s ability to realize the PEA,
delays or changes in plans with respect to exploration or
development projects or capital expenditures, uncertainty as to
calculation of mineral resources, changes in commodity and power
prices, changes in interest and currency exchange rates, the
ability to attract and retain qualified personnel, inaccurate
geological and metallurgical assumptions (including with respect to
the size, grade and recoverability of mineral resources), changes
in development or mining plans due to changes in logistical,
technical or other factors, title defects, government approvals and
permits, cost escalation, changes in general economic conditions or
conditions in the financial markets, environmental regulation,
operating hazards and risks, delays, taxation rules, competition,
public health crises such as the COVID-19 pandemic and other
uninsurable risks, liquidity risk, share price volatility, dilution
and future sales of common shares, aboriginal claims and
consultation, cybersecurity threats, climate change, delays and
other risks described in the Company’s documents filed with
Canadian and U.S. securities regulatory authorities. Readers should
refer to the risks discussed in the Company’s Annual
Information Form and MD&A for the year ended December 31, 2019
and subsequent continuous disclosure filings with the Canadian
Securities Administrators available at www.sedar.com and the
Company’s registration statement on Form 40-F filed with the
United States Securities and Exchange Commission and available
at www.sec.gov.
Readers should not place undue reliance on forward looking
statements.
Cautionary Note to United States Investors
This news release uses the terms “indicated mineral
resource” and “inferred mineral resource”, which
are Canadian mining terms as defined in and required to be
disclosed in accordance with National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI
43-101”), which references the guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum (the
“CIM”) – CIM Definition Standards on Mineral
Resources and Mineral Reserves (“CIM Standards”),
adopted by the CIM Council, as amended. However, these terms are
not defined terms under Industry Guide 7 (“Industry Guide
7”) under the United States Securities Act of 1933, as
amended, and, until recently, have not been permitted to be
used in reports and registration statements filed with the U.S.
Securities and Exchange Commission (the “SEC”). The SEC
has adopted amendments to its disclosure rules to modernize the
mineral property disclosure requirements for issuers whose
securities are registered with the SEC under the Exchange Act.
These amendments became effective February 25, 2019 (the “SEC
Modernization Rules”) with compliance required for the first
fiscal year beginning on or after January 1, 2021. The SEC
Modernization Rules replace the historical disclosure requirements
for mining registrants that were included in SEC Industry Guide
7.
United States investors are cautioned that there are differences in
the definitions under the SEC Modernization Rules and the CIM
Standards. Accordingly, there is no assurance any mineral reserves
or mineral resources that the Company may report as
“indicated mineral resources” and “inferred
mineral resources” under NI 43- 101 would be the same had the
Company prepared the reserve or resource estimates under the
standards adopted under the SEC Modernization Rules. United States
investors are also cautioned that while the SEC will now recognize
“indicated mineral resources” and “inferred
mineral resources”, investors should not assume that any part
or all of the mineralization in these categories will ever be
converted into a higher category of mineral resources or into
mineral reserves. Mineralization described using these terms has a
greater amount of uncertainty as to their existence and feasibility
than mineralization that has been characterized as reserves.
Accordingly, investors are cautioned not to assume that any
“indicated mineral resources” or “inferred
mineral resources” that the Company reports are or will be
economically or legally mineable. Further, “inferred mineral
resources” have a greater amount of uncertainty as to their
existence and as to whether they can be mined legally or
economically. Therefore, United States investors are also cautioned
not to assume that all or any part of the “inferred mineral
resources” exist. In accordance with Canadian securities
laws, estimates of “inferred mineral resources” cannot
form the basis of feasibility or other economic studies, except in
limited circumstances where permitted under NI 43-101. In
addition, United States investors are cautioned that a preliminary
economic assessment cannot support an estimate of either
“proven mineral reserves” or “probably mineral
reserves” and that no feasibility studies have been completed
on the Company’s mineral properties.
Accordingly, information contained in this news release describing
the Company’s mineral deposits may not be comparable to
similar information made public by U.S. companies subject to the
reporting and disclosure requirements under the United States
federal securities laws and the rules and regulations
thereunder.
The Toronto Stock Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.