TORONTO, Aug. 14, 2017 /CNW/ - RNC Minerals (TSX:
RNX) ("RNC") has elected not to extend the option to acquire
Westgold's South Kalgoorlie Operations ("SKO") that was
granted to it in February
2017. The initial option period expired on August 13, 2017. RNC had the right to extend the
option period for an additional six months by payment of
A$4 million to Westgold.
The decision not to extend the option period has no impact on
the 12 month toll-processing agreement that is in place between the
parties, which runs until June 30,
2018.
Mark Selby commented, "At this
point in time, we believe that an issuance of RNC equity to extend
the SKO purchase option would not have been the right decision for
our shareholders. We remain in constructive discussions with
Westgold and other third parties regarding long-term milling
alternatives for the Beta Hunt Mine."
About RNC
RNC is a multi-asset mineral resource
company with a portfolio of gold and base metal production and
exploration properties. RNC's principal assets are the producing
Beta Hunt gold and nickel mine in Western
Australia, a 50% interest in a nickel joint venture with
Waterton that holds the Dumont Nickel Project in the Abitibi region
of Quebec, and a 30% stake in the
producing Reed Mine in the Flin
Flon-Snow Lake region of
Manitoba, Canada. RNC also owns a
majority interest in the West Raglan and Qiqavik projects in
Northern Quebec. RNC has a strong
management team and Board with over 100 years of mining experience
at Inco and Falconbridge. RNC's
common shares trade on the TSX under the symbol RNX. RNC shares
also trade on the OTCQX market under the symbol RNKLF.
Cautionary Statement Concerning Forward-Looking
Statements
This news release contains "forward-looking information"
including without limitation statements relating to the liquidity
and capital resources of RNC, production guidance and the potential
of the Beta Hunt and Reed mines as well as the and the potential of
the Dumont development project and Qiqavik, West Raglan,
Jones-Keystone Loflin and Landrum-Faulkner exploration
properties.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of RNC to be materially different from
any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: future prices and the
supply of metals; the results of drilling; inability to raise the
money necessary to incur the expenditures required to retain and
advance the properties; environmental liabilities (known and
unknown); general business, economic, competitive, political and
social uncertainties; accidents, labour disputes and other risks of
the mining industry; political instability, terrorism, insurrection
or war; or delays in obtaining governmental approvals, projected
cash costs, failure to obtain regulatory or shareholder approvals.
For a more detailed discussion of such risks and other factors that
could cause actual results to differ materially from those
expressed or implied by such forward-looking statements, refer to
RNC's filings with Canadian securities regulators, including the
most recent Annual Information Form, available on SEDAR at
www.sedar.com.
Although RNC has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. Forward-looking
statements contained herein are made as of the date of this news
release and RNC disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by
applicable securities laws.
SOURCE RNC Minerals