TORONTO, Sept. 17, 2019 /CNW/ - RNC Minerals (TSX: RNX)
(RNC) has re-filed on SEDAR its technical report prepared in
respect of its gold resource update for the Beta Hunt Mine and
Dumont Nickel Project ("Dumont") NI 43-101 compliant technical
report ("feasibility study").
In connection with its bought deal short form prospectus
offering of units of RNC, and as a result of a review by staff of
the Ontario Securities Commission, RNC has updated and
re-filed:
- the report entitled "Technical Report Western Australia
Operations – Eastern Goldfields: Beta Hunt Mine (Kambalda) and
Higginsville Gold Operations (Higginsville)" dated September 17, 2019 to include disclosure related
to Higginsville Gold Operations as part of the Beta Hunt Project.
There were no changes to any material conclusions or
recommendations outlined in the original report with respect to
Beta Hunt Mine with an effective date of August 12, 2019.; and
- the report entitled "Technical Report on the Dumont Ni Project,
Launay and Trécesson Townships,
Quebec, Canada" (the "Dumont
Technical Report") prepared for Royal Nickel Corporation and
dated July 11, 2019, to provide
additional detail with respect to certain items (as noted in the
Notice to Reader included with such updated filing). There were no
changes to any material conclusions, recommendations or other
material items included in the Dumont Technical Report.
About RNC Minerals
RNC is currently focused on the integration of its Beta Hunt
Gold Mine with its recently acquired Higginsville Gold Operation
("HGO") in Western Australia. A
significant high-grade gold discovery - "Father's Day Vein" - was
made in September 2018 at Beta Hunt.
The significant 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 HGO, which
is comprised of a low cost 1.4 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 results of
exploration at the Beta Mine, the potential to generate revenue
from nickel production and information about the timing, potential,
extent and success of mining at the Beta Hunt Mine and Higginsville
Gold Operations and the ability to monetize mineralized material at
the Beta Hunt Mine.
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.
Cautionary Statement Regarding the Beta Hunt Mine and
Higginsville
The decision to produce at the Beta Hunt
Mine was not based on a feasibility study of mineral reserves,
demonstrating economic and technical viability, and, as a result,
there may be an increased uncertainty of achieving any particular
level of recovery of minerals or the cost of such recovery, which
include increased risks associated with developing a commercially
mineable deposit. Historically, such projects have a much higher
risk of economic and technical failure. There is no guarantee that
anticipated production costs will be achieved. Failure to achieve
the anticipated production costs would have a material adverse
impact on SLM's cash flow and future profitability. Readers are
cautioned that there is increased uncertainty and higher risk of
economic and technical failure associated with such production
decisions. It is further cautioned that mineral resources are not
mineral reserves and do not have demonstrated economic
viability.
A production decision at the Higginsville gold
operations was made by previous operators of the mine, prior to the
completion of the acquisition of the Higginsville gold operations
by RNC and RNC made a decision to continue production subsequent to
the acquisition. This decision by RNC to continue production and,
to the knowledge of RNC, the prior production decision were not
based on a feasibility study of mineral reserves, demonstrating
economic and technical viability, and, as a result, there may be an
increased uncertainty of achieving any particular level of recovery
of minerals or the cost of such recovery, which include increased
risks associated with developing a commercially mineable deposit.
Historically, such projects have a much higher risk of economic and
technical failure. There is no guarantee that anticipated
production costs will be achieved. Failure to achieve the
anticipated production costs would have a material adverse impact
on the Corporation's cash flow and future profitability. Readers
are cautioned that there is increased uncertainty and higher risk
of economic and technical failure associated with such production
decisions.
SOURCE RNC Minerals