TORONTO, Dec. 12, 2019 /CNW/ - RNC Minerals (TSX: RNX)
("RNC" or the "Company") is pleased to announce consolidated gold
production of 9,485 ounces for the month of November 2019 from its Beta Hunt and Higginsville
mines in Western Australia.
Paul Andre Huet, Chairman &
CEO, commented: "The production results for November were strong
and once again demonstrate the consistent and reliable production
RNC has achieved since the acquisition of the Higginsville Gold
Mine and Mill. With December off to a good start, the strong
combined October, November and third quarter 2019 production total
of 41,470 ounces positions us very well with respect to meeting or
exceeding our previously announced second half 2019 guidance of
42,000 to 49,000 ounces."
As previously stated in RNC's third quarter 2019 results news
release dated November 6, 2019, RNC
will be transitioning to quarterly reporting of production results
beginning in January 2020. In line
with industry standards, the Company will also provide annual
production and cost guidance for 2020 during the first quarter of
2020.
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 liquidity
and capital resources of RNC, production guidance and the potential
of the Beta Hunt Mine, Higginsville Gold Operation and Dumont
Nickel 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