RNC will host a call/webcast on August 15 at 10:00 a.m.
(Eastern Time) to discuss the second quarter of 2019
results. North American callers please dial: 1-888-231-8191,
international callers please dial: (+1) 647-427-7450. For
the webcast of this event click
[here] (replay access information
below).
TORONTO, Aug. 15, 2019 /CNW/ - RNC Minerals (TSX: RNX)
("RNC") announces its financial results and review of activities
for the three and six months ended June 30,
2019 and 2018. All amounts are expressed in Canadian
dollars, unless otherwise noted, and are based on the unaudited
condensed interim consolidated financial statements of RNC as at
June 30, 2019.
Paul Huet, Chairman and CEO,
commented, "We are very pleased at the pace of the integration of
the Beta Hunt Mine and the recently acquired Higginsville Gold
Operations (HGO). Already within a month, we are realizing a
25% reduction in Beta Hunt processing costs. Additionally, we are
thrilled that the first material was mined from the HGO's Baloo
open pit in early August. Baloo, in addition to Beta Hunt, provides
a second source of quality feed for the HGO mill and has a very
short haul distance of only 14 km. With the recent robust gold
resource update and increasing production at the Beta Hunt Mine, in
combination with the lower cost and flexibility to process our
material through our HGO mill, gives us great confidence in a
strong second half of 2019 as RNC continues to evolve into a more
stable producer."
Second Quarter of 2019 Highlights
Quarterly gold production: Gold mined production for
the second quarter totaled 11,056 ounces compared to 13,320 ounces
in the second quarter of 2018. Production was lower due to the
planned temporary ramp down of bulk mining during 40,000 meter
resource drilling program at Beta Hunt. The gold mined grade in the
second quarter was 2.59 g/t, 18% lower than in the second quarter
of 2018 due to a higher level of low-grade areas mined during the
quarter. A planned increase in capital development was initiated to
open up a series of new production areas.
Updated Dumont Feasibility Study: On May 30, 2019, RNC, in its capacity as Manager of
the Dumont Joint Venture with Arpent Inc., a subsidiary of Waterton
Precious Metals Fund II Cayman, LP and Waterton Mining Parallel
Fund Offshore Master, LP, announced the positive results of an
updated feasibility study for its Dumont Nickel-Cobalt Project. The
updated feasibility study delivered a US$920
million Net Present Value ("NPV") based on a large scale,
low-cost, long-life project with Initial nickel production in
concentrate of 33ktpa, ramping up to 50ktpa in the Phase II
expansion. Production is expected to be approximately 1.2 million
tonnes (2.6 billion pounds) of nickel in concentrate, over a
30-year life with an initial capital expenditure of US$1.0 billion. Phase I C1 cash costs of
$2.98/lb ($6,570/t). The study estimated Life-of-mine C1
cash costs $3.22/lb ($7,100/t Ni) and AISC of $3.80/lb ($8,380/t)
of payable nickel (low 2nd quartile of cash cost curve).
HGO Acquisition: On June 10,
2019, RNC completed the acquisition of HGO from Westgold
Resources Limited ("Westgold"). On closing, RNC paid
Westgold AUD $25.0 million in cash
and AUD $21.0 million in RNC shares
(satisfied by the issuance of 49.8 million RNC common shares), for
total consideration of AUD $50.0
million (including the AUD $4.0
million deposit previously satisfied in RNC
shares). The cash portion of the HGO purchase price was funded
by a new senior secured $35 million
debt facility entered into by RNC. This facility will also fund
working capital requirements of the combined business.
RNC Minerals Added to MVIS® Global Junior Miners
Index: On June 17, 2019, RNC
announced that MVIS® added RNC Minerals to its MVIS® Global Junior
Gold Miners Index. The modified market cap-weighted index tracks
the performance of the most liquid junior companies in the global
gold and silver mining industry. The pure-play index contains only
companies that invest primarily in gold or silver, or generate at
least 50% of their revenues from gold or silver mining or own
properties that have the potential to generate at least 50% of
their revenues from gold or silver mining when developed.
Recent Highlights
Paul Huet Appointed CEO: On July 18, 2019, RNC announced the appointment of
Paul Andre Huet as Chief Executive
Officer ("CEO"). Mr. Huet has been Executive Chairman of the
Corporation since February 2019 and
brings over 30 years of mining industry experience with a proven
track record of building shareholder value. Most recently, he
served as President, CEO and Director of Klondex Mines from 2012 to
2018.
Updated Gold Mineral Resource: On August 12, 2019, RNC announced a substantial
increase to the mineral resource at its Beta Hunt Gold Mine in
Western Australia. There was a
395% increase in the Measured and Indicated resource to 944 koz
(10,104 kt @ 2.9 g/t) and 195% increase in the Inferred resource to
406 koz (4,109 kt @ 3.1 g/t). The increase in resource was achieved
at a discovery cost of A$7.30 per
ounce.
Higginsville Gold Operation Integration: Integration
of RNC's recently acquired HGO operations is on target, with
several key benefits that had been highlighted to shareholders now
being achieved, including a 25% reduction in Beta Hunt processing
costs. Gold recoveries for Beta Hunt material (processed at HGO and
third-party facilities) improved to 93% in the second quarter of
2019 compared to 91% in the second quarter of 2018.
Production Ramping Up: Stope production at Beta Hunt
continues to ramp up. Management expects that production rates will
maintain 40 to 45 kt per month during the third quarter. At HGO's
Baloo open pit, overburden waste stripping commenced in
May 2019, and first material was
mined in early August. Baloo Stage I pit is expected to provide
mineralized material supply to the HGO plant of approximately
30,000 tonnes per month until year end.
Table 1: Summary of Second Quarter Financial Results
(in thousands of dollars except per share amounts)
|
Three
months
ended,
|
Six months
ended,
|
For the period ended
June 30,
|
2019
|
2018
|
2019
|
2018
|
Revenue
|
$17,249
|
$31,872
|
28,112
|
53,297
|
Production and
toll-processing costs
|
16,120
|
23,609
|
24,379
|
44,245
|
Loss before income
taxes
|
(16,073)
|
(618)
|
(19,362)
|
(13,309)
|
Net loss
|
(16,177)
|
(1,131)
|
(19,466)
|
(13,680)
|
Basic and diluted
loss per share
|
(0.03)
|
(0.00)
|
(0.04)
|
(0.04)
|
Adjusted
EBITDA1
|
(4,988)
|
4,768
|
(6,854)
|
2,631
|
Adjusted EBITDA per
share1
|
(0.01)
|
0.01
|
(0.01)
|
0.01
|
Cash flow used in
operating activities
|
(6,330)
|
(8,911)
|
(11,848)
|
(12,960)
|
Cash investment in
property, plant and equipment
|
(2,870)
|
(39)
|
(8,852)
|
(314)
|
1.
|
Earnings before
interest, taxes, depreciation and amortization ("EBITDA") is a
non-IFRS measure: A definition and reconciliation of these measures
are included in the Non-IFRS Measures section of RNC's MD&A
dated August 14, 2019.
|
Operations / Projects
Table 2: Summary for the Period Ended June 30, 2019 and 2018 Operating Results
|
Three months
ended,
|
Six months
ended,
|
For the periods ended
June 30,
|
2019
|
2018
|
2019
|
2018
|
Gold (Beta Hunt
Mine)
|
|
|
|
|
Tonnes mined
(000s)
|
133
|
132
|
167
|
301
|
Gold mined, grade (g/t
gold)
|
2.59
|
3.14
|
2.75
|
2.81
|
Gold mined
(ounces)
|
11,056
|
13,320
|
14,773
|
27,100
|
Tonnes milled
(000s)
|
82
|
112
|
132
|
222
|
Gold milled, grade
(g/t gold)
|
3.32
|
3.24
|
3.17
|
2.83
|
Gold milled
(ounces)
|
8,781
|
11,844
|
13,946
|
20,216
|
Recovery
(%)
|
93%
|
91%
|
93%
|
92%
|
Gold sold
(oz)
|
8,187
|
11,508
|
14,562
|
19,486
|
Average realized price
(US$/oz sold)
|
1,335
|
1,293
|
1,310
|
1,309
|
Mining cash cost
(US$/oz mined)1
|
755
|
730
|
862
|
767
|
Cash operating costs
(US$/oz sold)1
|
1,282
|
1,275
|
1,192
|
1,390
|
All-in sustaining cost
(AISC) (US$/oz sold) 1
|
1,329
|
1,318
|
1,286
|
1,445
|
Gold (HGO
Mine)2, 5
|
|
|
|
|
Tonnes milled
(000s)
|
7
|
-
|
7
|
-
|
Gold milled grade (g/t
gold)
|
1.38
|
-
|
1.38
|
-
|
Gold milled
(ounces)
|
304
|
-
|
304
|
-
|
Recovery
(%)
|
79%
|
-
|
79%
|
-
|
Gold sold
(oz)
|
295
|
-
|
295
|
-
|
Average realized price
(US$/oz sold)
|
1,206
|
-
|
1,206
|
-
|
Gold (HGO
Processing) 5
|
|
|
|
|
Tonnes milled
(000s)
|
53
|
-
|
53
|
-
|
Milled revenue per
tonne (US$)
|
30.11
|
-
|
30.11
|
-
|
Milled cost per tonne
(US$)
|
40.85
|
-
|
40.85
|
-
|
Nickel3
(Beta Hunt Mine)
|
|
|
|
|
Tonnes mined
(000s)
|
5.1
|
8.3
|
5.1
|
16.1
|
Nickel mined, grade
(%)
|
3.29
|
2.55
|
3.29
|
2.21
|
Nickel in concentrate
(kilo tonnes)
|
0.15
|
0.19
|
0.15
|
0.32
|
Average realized price
(US$ per pound)
|
4.07
|
6.81
|
4.07
|
6.76
|
Cash operating cost
(US$ per pound sold)
|
1.55
|
3.84
|
2.42
|
4.14
|
All-in sustaining cost
(AISC) (US$ per pound sold) 1
|
1.64
|
3.92
|
2.52
|
4.19
|
Adjusted
EBITDA1,4
|
(4,988)
|
4,768
|
(6,854)
|
2,631
|
Adjusted EBITDA per
share1
|
(0.01)
|
0.01
|
(0.01)
|
0.01
|
|
|
1.
|
Non-IFRS: the
definition and reconciliation of these measures are included in the
Non-IFRS Measures section of of RNC's MD&A dated August 14,
2019
|
2.
|
Cash operating and
AISC costs were excluded from the table as the period June 10 to
June 30, 2019 was too short for the information to be
meaningful.
|
3.
|
No economic quantity
of nickel was mined during the first quarter of 2019.
|
4.
|
Earnings before
interest, taxes, depreciation and amortization
("EBITDA")
|
5.
|
For the period from
acquisition of HGO being June 10, 2019 to June 30, 2019.
|
Highlights of RNC's financial position are as follows (in
millions of dollars):
As at
|
June 30,
2018
|
December 31,
2018
|
Cash and cash
equivalents
Working capital
deficit1
Property, plant and
equipment
Total
assets
Total
liabilities
Shareholder's
equity
|
$8.8
(8.3)
76.9
153.8
94.6
$59.2
|
$1.3
(19.0)
24.5
58.0
31.9
$26.1
|
1
|
Working capital
deficit is a measure of current assets (including cash and cash
equivalents) less current liabilities.
|
Operations / Projects
Beta Hunt Mine
The Corporation owns 100% of the Beta Hunt Mine, a gold producer
located in the prolific Kambalda mining district of Australia.
Following the significant high-grade gold discovery - Father's
Day Vein discovery – made late in the third quarter of 2018,
the Corporation announced that it had initiated a 40,000 metre
drill program at Beta Hunt. The objective of this program was to
upgrade and expand the gold resource at Beta Hunt and delineate the
high-grade gold mineralization. The resource definition, grade
control and exploration portion of the program was completed during
the second quarter of 2019. A resource update for the Western
Flanks Zone was announced on June 27,
2019 and the A Zone resource update was provided on
August 12, 2019.
The mineral resources at Beta Hunt increased significantly
compared to the prior estimate of December
31, 2017. In the Measured and Indicated mineral resources
category, there was a 395% increase to 944,000 gold ounces (10,104
kt @ 2.9 g/t) and a 195% increase in the Inferred mineral resource
to 406,000 gold ounces (4,109 kt @3.1 g/t) (Table 1). A total of
16,144 metres of drilling in 135 drill holes were completed at
Western Flanks. Mineralization at Western Flanks has now been
defined across a 1.2 km strike length and to a depth of 150 to 250
metres below the basalt contact. At A Zone, a total of 23,233
metres of drilling in 194 drill holes were completed.
Mineralization at A Zone has now been defined across a 1.8 km
strike length and to a depth of 200 to 400 metres below the basalt
contact. The increase in resource was achieved at a discovery cost
of A$7.30 per ounce.
The high-grade coarse Father's Day style gold occurrences
associated with the Shear Zone/Lunnon Sediment intersection horizon
are not represented in the resource model due to the extreme
nuggety nature of this type of bonanza mineralization. These
occurrences are best considered as a potential periodic significant
bonus to mine production.
Beta Hunt Mine Gold Mineral Resources
Resource1,2,3,4
|
Measured
|
Indicated
|
Measured
&
Indicated
|
Inferred
|
|
Kt
|
g/t
|
Koz
|
Kt
|
g/t
|
Koz
|
Kt
|
g/t
|
Koz
|
Kt
|
g/t
|
Koz
|
Western
Flanks5
|
447
|
2.8
|
40
|
7,001
|
3.0
|
670
|
7,448
|
3.0
|
710
|
2481
|
3.1
|
250
|
A
Zone6
|
254
|
2.7
|
22
|
2,403
|
2.7
|
212
|
2,657
|
2.7
|
234
|
1,628
|
3.0
|
156
|
Total
|
701
|
2.8
|
62
|
9,404
|
2.9
|
882
|
10,104
|
2.9
|
944
|
4,109
|
3.1
|
406
|
1.
|
Mineral Resources
are not Mineral Reserves and do not have demonstrated economic
viability. There is no certainty that all or any part of the
Mineral Resources estimated will be converted into Mineral
Reserves.
|
2.
|
The Mineral
Resource estimates include Inferred Mineral Resources that are
normally considered too speculative geologically to have economic
considerations applied to them that would enable them to be
categorized as Mineral Reserves. There is also no certainty that
Inferred Mineral Resources will be converted to Measured and
Indicated categories through further drilling, or into Mineral
Reserves once economic considerations are applied. Mineral resource
tonnage and contained metal have been rounded to reflect the
accuracy of the estimate, and numbers may not add due to
rounding
|
3.
|
Gold Mineral
Resources are reported using a 1.6 g/t Au cut-off
grade
|
4.
|
Mineral Resources
described here are based on information compiled by Paul Ellison,
Senior Geologist for Salt Lake Mining Pty.Ltd. Paul Ellison is an
employee of Salt Lake and is a member of the Australasian Institute
of Mining and Metallurgy (MAusIMM,).
|
5.
|
Mineral Resource
Estimate as of 26 June 2019.
|
6.
|
Mineral Resource
Estimate as of 9 August 2019
|
The successful definition of significant mineral resources along
the Western Flanks and A Zone shear zones highlights the
exploration potential of the other shears on the property including
the fault offset of the mineralized shear system to the south of
the Alpha Island Fault. Historical drilling has demonstrated that
these shears contain gold mineralization. At this stage, however,
following the recent acquisition of the HGO operations, exploration
and resource definition activities will be focused on opportunities
for short term additions to the resource base at HGO.
Over the previous two quarters, Beta Hunt production levels have
been progressively ramping up, reaching 40 to 45 kt per month. In
the coming quarter, a renewed focus on capital development is
planned in preparation for the next generation of stope production
areas. Work to convert the recently reported Western Flanks
Resource into a mineable Reserve is expected to be completed by
mid-September, which will result in an updated production profile.
The production ramp-up, combined with milling cost savings expected
through the HGO acquisition, and the addition of the expected wider
mining blocks should position Beta Hunt for a stronger second half
of 2019.
Higginsville Gold Operation
On June 10, 2019 the Corporation
closed the acquisition of HGO from Westgold. RNC paid Westgold
A$25 million in cash and issued a
total of 56.9 million shares in satisfaction of the HGO purchase
price. The cash portion of the HGO purchase price was funded by a
new senior secured $35 million debt
facility entered into by RNC. This facility will also fund working
capital requirements of the combined Beta Hunt and HGO
business.
The acquisition and integration of HGO and its 1.3 Mtpa gold
mill will provide a key piece of RNC's strategy to unlock the
significant potential of its Beta Hunt gold mine. HGO includes a
367,000 ounce historical reserve within a 1.2 million ounce
historical measured & indicated gold resource, along with a
further 0.7 million ounce historical inferred resource, all located
on a 386 square kilometer land position in the Kalgoorlie gold
region1.
1.
|
The historical
reserve information above is extracted from the report entitled
'2018 Annual Update of Mineral Resources & Ore Reserves' dated
on October 2, 2018 and is available to view on Westgold Resources
Limited's website (www.westgold.com.au) and the ASX
(www.asx.com.au). Mineral Resources are quoted inclusive of Ore
Reserves. RNC confirms that the form and context in which the
Competent Person's findings are presented have not been materially
modified from the original market announcement. A qualified person
has not done sufficient work on behalf of RNC to classify the
historical estimate noted as current mineral resources or mineral
reserves and RNC is not treating the historical estimates as
current mineral resources or mineral reserves.
|
The HGO mill will significantly reduce milling costs for Beta
Hunt (a 25% reduction in processing costs) and provide an in-house
processing facility for Beta Hunt and HGO mineralized material
rather than be part of a highly competitive toll treatment market.
The in-house processing facility is important given the increased
mining activity in the Kambalda area, with a greater number of
mining companies looking to toll treat their mineralized material
through a limited number of third-party tolling facilities. The
Corporation believes this market scenario will continue to cause
further tightening of processing availability at toll facilities
leading to higher tolling costs and reduced available mill
capacity. The acquisition of the HGO milling facilities removes
Beta Hunt from this scenario therefore eliminating this risk.
The HGO operations are located along the highly prospective
Norseman-Wiluna greenstone belt that hosts a number of world class
mining centres including, Kalgoorlie (+50M ozs produced), St Ives (+13Mozs produced)
and Norseman (6Mozs produced). The HGO tenement package is situated
close to St Ives and Norseman and totals approximately, 386 square
kilometres. The area has a strong history of gold mining commencing
in the late 1800's and more recently by Avoca Mining and Westgold.
The HGO processing treatment plant was constructed in 2009 to treat
the underground Trident deposit (0.8Mozs) then followed a wide
range of open pits and in recent years, toll treatment of
third-party ore. Going forward, the Corporation will look to
utilize 100% of the HGO capacity for its own mineralized material
with third-party tolling as an option only if capacity is
available.
The HGO acquisition will continue to deliver key operational
synergies, resulting in on-going cost savings across the HGO and
Beta Hunt sites. Affected areas include: supply costs, personnel,
mobile and fixed plant equipment and technical expertise.
Upon closing the HGO acquisition, the Corporation began working
toward a rapid integration of HGO with its Beta Hunt operations.
This integration is on target, with several key benefits that had
been highlighted to shareholders now being achieved, including a
25% reduction in Beta Hunt processing costs. Gold recoveries for
Beta Hunt material (processed at HGO and third-party facilities)
improved to 93% in the second quarter of 2019 compared to 91% in
the second quarter of 2018.
The Corporation will be undertaking a systematic review of the
entire historical HGO resource inventory. The review is showing
promising results, with a number of areas close to existing
workings having potential to provide short term mill feed with
minimal drilling and set up costs. Work will continue over the
coming months with the aim to maximize milling capacity using 100%
Beta Hunt and HGO mineralized material.
Development on the Baloo Stage I open pit continued with the
completion of the haul road, progress on the overburden stripping
and dewatering. First mineralized material from Stage I was mined
in early August 2019. Grade control
drilling is underway with results to-date similar or better than
what has been previously modelled as part of the optimization
study. Work is also progressing on Baloo Stage 2 with permitting
plans to be submitted to the local mining authorities in the
near-term.
A reinterpretation of historical drill holes has highlighted the
potential to extend the Baloo pit further north beyond a large
NE-SW fault previously thought to terminate the mineralization. The
Baloo Stage I pit is expected to provide mineralized material
supply to the HGO plant of approximately 30,000 tonnes per month
from start-up until year end.
Dumont Nickel-Cobalt Project
Dumont remains one of the world's premier battery metal
projects. Dumont contains the world's largest undeveloped reserves
of nickel and second largest undeveloped reserves of cobalt. As one
of the only large-scale fully permitted, shovel-ready nickel-cobalt
projects globally, Dumont is ideally positioned to deliver the
nickel and cobalt required to meet the massive demand growth
expected from both the stainless steel markets and the EV market in
the coming decade.
RNC has a 28% interest in Dumont and manages the project on
behalf of the Dumont JV.
The results of the updated Dumont feasibility study were
announced announced on May 30, 2019
and the full NI 43-101 compliant technical report ("feasibility
study") was been filed under RNC's profile on SEDAR on July 11, 2019.
The feasibility study highlights are listed below:
- Large scale, low cost, long-life project1
-
- Initial nickel production in concentrate of 33ktpa ramping up
to 50ktpa in Phase II expansion – production of approximately 1.2
million tonnes (2.6 billion pounds) of nickel in concentrate, over
a 30-year life with an initial capital expenditure of $1.0 billion.
- Phase I C1 cash costs2 of $2.98/lb ($6,570/t). Life-of-mine C1 cash costs2
of $3.22/lb ($7,100/t Ni) and AISC of $3.80/lb ($8,380/t)
of payable nickel (low 2nd quartile of cash cost
curve)
- Significant earnings and free cash flow generation support
strong project economics
-
- $920 M after-tax NPV8%
and 15.4% after-tax internal rate of return ("IRR")
- Estimated annual EBITDA ramping up from $303 million in Phase I to $425 million in Phase II and averaging of
$340 million over the life of
project. Free cash flow averages $ 201
million annually over the 30-year project life
- Top tier mining asset in excellent
jurisdiction3
-
- 2nd largest nickel reserve in the world of 2.8
million tonnes (6.1 billion lbs) contained nickel and
9th largest cobalt reserve with 110 thousand tonnes (243
million lbs) contained cobalt
- Once in production, a top 5 nickel sulphide operation globally,
a top 3 Canadian base metal asset, and one of largest battery metal
development projects globally
- Fully permitted, construction ready project located in Abitibi
region in Quebec – one of world's
leading mining jurisdictions
- Impacts and Benefits Agreement successfully negotiated with
local First Nation
1.
|
Based on price and
exchange rate assumptions contained in "Key Assumptions" table
found in the Economic Sensitivities section of the feasibility
study. NPV and IRR calculated from assumed start of construction
and based on 2019 H1 real costs.
|
2.
|
C1 cash costs are
defined as the cash cost incurred at each processing stage, from
mining through to recoverable nickel delivered to the market, net
of by-product credits.
|
3.
|
Reserve comparison
data sourced from company reports, Wood Mackenzie and S&P
Global Market Intelligence.
|
Orford Mining Corporation
RNC holds a 24% equity interest in Orford Mining Corporation.
Orford owns all of the assets of
RNC's former subsidiary, True North Nickel, including the Qiqavik
Gold and West Raglan Nickel projects in Northern Quebec. On May
13, 2019 Orford announced that it had begun the first phase
of its 2019 Exploration program on its 100% controlled Qiqavik gold
project in the Cape Smith Belt located in Northern Quebec. The first phase of this
program consisted of a ground Induced Polarization (IP) survey to
test high priority target areas. The survey was completed during
May 2019.
On July 10, 2019, Orford announced it had begun the second phase
of the 2019 Exploration program at its Qiqavik gold project.
Following-up on the first phase spring geophysical work, the second
phase of this program consists of further ground Induced
Polarization (IP) surveying, Airborne Electromagnetic (EM)
surveying, and detailed geological and structural mapping, followed
by drilling to test high priority target areas on the property. The
field program began on July 8th, 2019
and is expected to take approximately eight weeks to complete.
Financial Results
For the three months ended June 30,
2019, revenues decreased by $14.6
million, or 45.9%, which was primarily due to the
decommissioning of Reed Mine during 2018 which had contributed
$10.3 million to revenue in second
quarter 2018. Excluding Reed Mine, revenues are in line for the
same three-month period year over year. Operating loss for
the three months ended June 30, 2019
of $7.5 million reflected a decrease
of $9.8 million compared to the same
three-month period of 2018 which reported operating earnings of
$2.3 million. The primary contributor
to the increased operating loss was the $14.6 million reduced revenue for the three-month
period of 2019 compared to the same period of 2018. In addition,
general and administrative expenses were higher during the second
quarter of 2019 compared to the same period of 2018 by $5.6 million which were primarily due to
share-based payments expense ($2.4
million) and HGO acquisition cost ($2.6 million).
RNC's ability to operate as a going concern is dependent on its
ability to raise financing. While management has been successful in
securing financing in the past, there can be no assurance that
adequate or sufficient funding will be available in the future, or
available under terms acceptable to RNC.
Conference Call / Webcast
RNC will be hosting a
conference call and webcast today beginning at 10:00 a.m. (Eastern time).
Live Conference Call and Webcast Access Information:
North American callers please dial: 1-888-231-8191
Local and international callers please dial: 647-427-7450
A live webcast of the call will be available through Cision's
website at: http://cnw.en.mediaroom.com/events
A recording of the conference call will be available for replay
for a one week period beginning at approximately 1:00 p.m. (Eastern Time) on August 15, 2019, and can be accessed as
follows:
North American callers please dial: 1-855-859-2056; Pass Code:
6417268
Local and international callers please dial: 416-849-0833; Pass
Code: 6417268
About RNC Minerals
RNC has a 100% interest in the producing Beta Hunt gold mine
located in Western Australia where
a significant high-grade gold discovery - "Father's Day Vein" - was
made. Beta Hunt gold resource potential is underpinned by multiple
gold shears with gold intersections across a 4 km strike length
which remain open in multiple directions adjacent to an existing 5
km ramp network. RNC has a 100% interest in the Higginsville Gold
Operation in Western Australia,
which is comprised of a low cost 1.3 Mtpa gold mill and a
substantial portfolio of gold tenements. In addition, RNC owns a
28% interest in a nickel joint venture that owns the Dumont
Nickel-Cobalt Project located in the Abitibi region of Quebec which contains the second largest
nickel reserve and ninth largest cobalt reserve in the world. RNC
also owns a 24% interest in Orford Mining Corporation, a mineral
explorer focused on highly prospective and underexplored areas of
Northern Quebec. RNC has a strong
management team and Board with over 100 years of mining experience.
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 Mine, Higginsville Gold Operation and Dumont Nickel – Cobalt Project.
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; results of exploration programs; accidents,
labour disputes and other risks of the mining industry; political
instability, terrorism, insurrection or war; or delays in obtaining
governmental approvals, projected cash operating 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