Drives Strong Third Quarter Production of
24,216 oz
TORONTO, Oct. 7, 2019 /CNW/ - RNC Minerals (TSX: RNX)
("RNC" or the "Company") is pleased to announce consolidated gold
production of 8,239 ounces for the month of September from its Beta
Hunt and Higginsville mines in Western
Australia. This is the third month of consistent production
following the acquisition of Higginsville and brings total gold
production for the third quarter of 2019 to 24,216 ounces. These
figures do not include the estimated 1,750 ounces of coarse gold
recovered from the Beta Hunt Mine in late September (see RNC news
release dated September 24,
2019).
Paul Andre Huet, Chairman &
CEO, commented: "September gold production of 8,239 ounces
continues to demonstrate a strong production rate from our Western
Australian assets. We are focused on delivering steady gold
production from our two mines and are extremely pleased with this
performance following our transformational acquisition of the
Higginsville mine and mill in June. Our third quarter results are
the direct result of the new team we put in place coupled with our
newly outlined gold-focused strategy at RNC, and we look forward to
continuing to deliver steady production. I would like to thank our
teams at both Beta Hunt and Higginsville for their outstanding
performance thus far as we continue to integrate the two operations
into one unit. The future looks bright; we need to maintain the
momentum and aggressively reduce costs on all levels
Material processed during September was mostly comprised of Beta
Hunt, Baloo Stage I and a small
amount of Mt. Henry stockpile material. The 1,750 ounces of
high-grade coarse gold recovered in late September is expected to
be included in October production once the gold has been poured
into dore bar or sold.
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. The
robust Beta Hunt gold mineral resource is underpinned by multiple
gold shears with gold intersections along a 4 km strike length
which remains open in multiple directions. The gold mineral
resource is 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 has a 28% interest in a nickel joint venture that
owns the Dumont Nickel-Cobalt Project located in the Abitibi region
of Quebec. Dumont 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 Board and management team focused
on delivering shareholder value. 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 estimated
1,750 ounces of coarse gold at the Beta Hunt Mine, 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.
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