Ero
Copper Corp.
(
“Ero” or the
“Company”)
(TSX: ERO) is pleased
to announce its 2020 updated National Instrument 43-101 Standards
of Disclosure for Mineral Projects (“NI 43-101”) compliant mineral
reserve and resource estimate along with updated life of mine
(“LOM”) production, capital and operating cost projections for its
97.6% owned NX Gold Mine, located in Mato Grosso State, Brazil. The
update incorporates the results of ongoing exploration efforts
undertaken on the Santo Antonio Vein which was discovered in early
2019 and brought into operation in Q4 of 2019 by the Company.
Highlights of the update include:
- A 55% increase in
contained gold within the Indicated mineral resource category,
inclusive of mineral reserves, as compared to the Indicated mineral
resources set out in the 2019 Technical Report (as defined below),
totalling 770,231 tonnes grading 10.90 grams per tonne containing
269,936 ounces of gold;
- A 78% increase in
contained gold within the Probable mineral reserve category, as
compared to the Probable mineral reserves set out in the 2019
Technical Report, totalling 862,134 tonnes grading 8.83 grams per
tonne containing 244,650 ounces of gold;
- A 37% increase in
contained gold, at a 13% increase in grade, within the Inferred
mineral resource category as compared to the Inferred mineral
resources set out in the 2019 Technical Report, providing a roadmap
for ongoing exploration programs to further extend the mine’s life,
with potential for higher grades, through conversion of this
material in the future. The 2020 Inferred mineral resource totals
573,772 tonnes grading 10.55 grams per tonne containing
approximately 194,556 ounces of gold; and,
- An updated LOM
plan derived from the updated mineral reserve estimate, outlining a
six-year mine life, producing a total of approximately 227,000
ounces of gold, at an average annual production rate of
approximately 36,000 ounces of gold (approximately 41,400 over the
first four years) at LOM average C1 cash costs* of US$505 per ounce
of gold produced and LOM average all-in sustaining costs (“AISC”)*
of US$720 per ounce.
Commenting on the NX Gold update, David Strang,
President & CEO stated, “The positive results and significant
extension of mine life at our NX Gold operations as outlined in our
2020 LOM update reflect the culmination of a multi-year commitment
to organically grow our NX Gold operations. This effort began in
mid-2018 with the first real exploration program conducted at the
property since 2012. In a very short period of time, NX Gold has
grown from a mine with no reserves in front of it (as outlined in
our 2018 Technical Report) to a low-cost, highly profitable
six-year operation featuring an actionable road-map to further grow
production and extend mine-life through conversion of our newly
defined high-grade Inferred mineral resource.
Our strong belief in the long-term future of NX
Gold is best supported by our most recent quarterly exploration
results that highlighted the best drill holes drilled to date, all
located at the down-plunge limit of known mineralization within the
Santo Antonio vein, a strong leading indicator of additional
potential to depth. We believe that with continued exploration
success, NX Gold has the ability to not only sustain production at
these levels well into the future, but ultimately significantly
increase production volumes from the mine, thereby utilizing more
of the plant’s excess capacity. As outlined in our recently revised
guidance for 2020, during the fourth quarter and into next year, we
are fully committed to this growth effort as evidenced through the
installation of a modular paste-fill plant and additional
allocation to exploration at the mine. We expect to ramp up
drilling efforts to encompass eight drill rigs by year-end
operating on both near-mine and regional programs throughout the
extensive land package controlled by NX Gold.
The emergence of NX Gold over these past few
years is a real credit to our operating and exploration teams at
the mine and the shared vision throughout our organization of what
the NX Gold operations can be. For the first time in our Company’s
history, we feel we have a LOM plan that is beginning to showcase
NX Gold’s potential.
*C1 cash costs per ounce of gold produced and
AISC are non-IFRS measures, as more particularly discussed under
the “Technical and Scientific Information” section of this press
release.
The updated NX Gold mineral reserve and resource
estimate is shown in the following table:
Classification |
Tonnage(000
tonnes) |
Grade(gpt
Au) |
Au
Contained(000
ounces) |
Probable Mineral Reserve |
|
|
|
Santo Antonio Vein |
862.1 |
8.83 |
244.7 |
Brás Vein |
- |
- |
- |
Buracão Vein |
- |
- |
- |
Total Probable Reserve |
862.1 |
8.83 |
244.7 |
|
|
|
|
Indicated
Mineral Resource (inclusive of Reserves) |
Santo Antonio Vein |
763.3 |
10.97 |
269.2 |
Brás Vein |
6.9 |
3.36 |
0.7 |
Buracão Vein |
- |
- |
- |
Total Indicated Resource |
770.2 |
10.90 |
269.9 |
|
|
|
|
Inferred
Mineral Resource |
|
|
|
Santo Antonio Vein |
267.8 |
13.08 |
112.6 |
Matinha Vein |
149.0 |
12.15 |
58.2 |
Brás Vein |
149.3 |
4.81 |
23.1 |
Buracão Vein |
7.7 |
2.77 |
0.7 |
Total Inferred Resource |
573.8 |
10.55 |
194.6 |
Mineral Reserve & Resource
Notes:
1. Mineral Resource
effective date of August 31, 2020.2. Mineral Reserve effective date
of September 30, 2020.3. Presented Indicated mineral resources
inclusive of mineral reserves. Indicated mineral resource totals
are undiluted. All figures have been rounded to the relative
accuracy of the estimates. Summed amounts may not add due to
rounding.4. Grade-shell 3D models using 1.20 gram per tonne (“gpt”)
gold were used to generate a 3D mineralization model of the NX Gold
Mine. Mineral resources were estimated using ordinary kriging
within 2.5 meter by 2.5 meter by 0.5 meter block size. Mineral
resource were constrained using a minimum stope dimension of 1.25
meters by 1.25 meters by 1.50 meters and a cut-off of 1.90 gpt
based on gold price of US$1,900 per ounce of gold and total
underground mining and processing costs of US$115.14 per tonne of
ore mined and processed. The mineral resource estimates were
prepared in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral
Resources and Mineral Reserves, adopted by the CIM Council on May
10, 2014 (the “CIM Standards”), and the CIM Estimation of Mineral
Resources and Mineral Reserves Best Practice Guidelines, adopted by
CIM Council on November 23, 2003 (the ‘CIM Guidelines”), using
geostatistical and/or classical methods, plus economic and mining
parameters appropriate to the deposit.5. Mineral reserve estimates
were prepared in accordance with the CIM Standards and the CIM
Guidelines, using geostatistical and/or classical methods, plus
economic and mining parameters appropriate for the deposit. Mineral
reserves are based on a long-term gold price of US$1,650 per ounce
(“oz”), and a USD:BRL foreign exchange rate of 5.00. Mineral
reserves are the economic portion of the Indicated mineral
resources. Mineral reserve estimates include operational dilution
of 17.4% plus planned dilution of approximately 8.5% within each
stope for room-and-pillar mining areas and operational dilution of
3.2% plus planned dilution of 21.2% for cut-and-fill mining areas.
Assumes mining recovery of 92.5% and 94.7% for room-and-pillar and
cut-and-fill areas, respectively. Practical mining shapes
(wireframes) were designed using geological wireframes / mineral
resource block models as a guide.
Mineral resources which are not mineral reserves
do not have demonstrated economic viability.
UPDATED LOM PRODUCTION PLAN
The Company’s updated LOM production plan,
prepared in conjunction with the updated mineral reserve estimate,
outlines a six-year LOM with total production of approximately
226,600 ounces and average annual production of approximately
41,400 ounces of gold over the first four years. In total,
approximately 860,000 tonnes of ore are projected to be mined and
processed grading an average of approximately 8.80 grams per tonne
of gold.
|
Q4 2020* |
2021 |
2022 |
2023 |
2024 |
2025 |
2026 |
Ore Mined & Processed |
46.5 |
167.0 |
179.4 |
170.9 |
139.4 |
80.6 |
78.4 |
(000 tonnes) |
Au Grade (gpt) |
7.61 |
7.21 |
8.34 |
9.13 |
9.61 |
9.87 |
11.61 |
Recovery (%) |
92.1% |
92.1% |
92.1% |
92.0% |
92.0% |
92.0% |
92.0% |
Gold Production (oz) |
10,458 |
35,647 |
44,291 |
46,121 |
39,631 |
23,550 |
26,901 |
Silver Production (oz) |
5,980 |
20,370 |
25,309 |
26,355 |
22,646 |
13,457 |
15,372 |
(*) 2020 production outlines the mineral reserve
schedule for the three months from the effective date of September
30, 2020 to December 31, 2020. All figures have been rounded to the
relative accuracy of the estimates. Summed amounts may not add due
to rounding.
UPDATED LOM OPERATING & CAPITAL COSTS
The updated production plan has resulted in
changes to the forecast operating and capital cost estimates. The
tables below show the operating and capital costs for the updated
LOM production schedule, and further reconciles C1 Cash Costs and
AISC as outlined by the Company.
|
Q4 2020[1] |
2021 |
2022 |
2023 |
2024 |
2025 |
2026 |
Tonnes Processed (000s) |
46.5 |
167.0 |
179.4 |
170.9 |
139.4 |
80.6 |
78.4 |
Exchange Rate (USD:BRL) |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
Gold Price (US$/oz) |
1,750 |
1,750 |
1,750 |
1,750 |
1,750 |
1,750 |
1,750 |
Silver
Price (US$/oz) |
18.00 |
18.00 |
18.00 |
18.00 |
18.00 |
18.00 |
18.00 |
|
|
|
|
|
|
|
|
Operating Cost Detail
(R$ 000s) |
|
|
|
|
|
|
|
Mining Costs (incl. Development) |
20,982 |
88,365 |
93,448 |
65,702 |
60,909 |
36,084 |
39,012 |
Processing Costs |
7,618 |
35,352 |
36,064 |
35,308 |
32,537 |
19,255 |
20,787 |
Operational Support |
5,113 |
19,640 |
17,333 |
17,333 |
17,333 |
10,400 |
11,440 |
Sub Total (R$ 000s) |
33,714 |
143,357 |
146,845 |
118,343 |
110,778 |
65,739 |
71,238 |
less: Silver Credit |
(538) |
(1,833) |
(2,278) |
(2,372) |
(2,038) |
(1,211) |
(1,383) |
less: Capitalized Development |
(9,531) |
(36,964) |
(19,822) |
(1,705) |
(418) |
- |
- |
less: Operator Bonus Provision |
(775) |
(6,154) |
(6,154) |
(6,154) |
(6,154) |
(6,154) |
(6,154) |
Total, C1 Basis (R$ 000s) |
22,870 |
98,405 |
118,591 |
108,111 |
102,167 |
58,373 |
63,700 |
C1 Cast Cost (R$ per oz) |
$2,187 |
$2,761 |
$2,678 |
$2,344 |
$2,578 |
$2,479 |
$2,368 |
C1 Cash Cost (US$ per oz) |
$437 |
$552 |
$536 |
$469 |
$516 |
$496 |
$474 |
add: G&A (incl. Bonus Provision) |
4,398 |
20,023 |
20,023 |
20,023 |
20,023 |
14,476 |
15,308 |
add: Sustaining Capital (incl. Development)[2] |
12,201 |
43,543 |
32,109 |
5,652 |
3,257 |
2,484 |
- |
add: CFEM Royalty (1.5%) |
1,381 |
4,706 |
5,847 |
6,089 |
5,232 |
3,109 |
3,552 |
add: Transport & Insurance |
20 |
72 |
72 |
72 |
72 |
72 |
72 |
Total, AISC Basis (R$ 000s) |
$40,870 |
$166,750 |
$176,643 |
$139,947 |
$130,752 |
$78,514 |
$82,632 |
AISC (R$ per oz) |
$3,908 |
$4,678 |
$3,988 |
$3,034 |
$3,299 |
$3,334 |
$3,072 |
AISC (US$ per oz) |
$782 |
$936 |
$798 |
$607 |
$660 |
$667 |
$614 |
C1 Cash Cost /
AISC Notes:
1. 2020 operating
costs are presented for the three months of the mineral reserve
schedule from the effective date of September 30, 2020 to December
31, 2020.2. Sustaining Capital (including Development) as further
detailed in the “Capital Expenditures” table of this press
release.3. C1 cash costs per ounce of gold produced and AISC are
non-IFRS measures, as more particularly discussed under the
“Technical and Scientific Information” section of this press
release.4. Operating Costs presented in thousands, Brazilian real
(“BRL”)
|
Q4 2020[1] |
2021 |
2022 |
2023 |
2024 |
2025 |
2026 |
Capital Expenditures
(R$ 000s) |
|
|
|
|
|
|
|
Development |
9,531 |
36,964 |
19,822 |
1,705 |
418 |
- |
- |
Equipment |
750 |
5,415 |
5,783 |
788 |
- |
- |
- |
Ventilation & Safety Equipment |
950 |
514 |
260 |
300 |
250 |
230 |
- |
Environment |
419 |
650 |
280 |
240 |
350 |
180 |
- |
Other, Sustaining |
552 |
0 |
5,964 |
2,618 |
2,239 |
2,074 |
- |
Sustaining Capital, Sub-Total |
12,201 |
43,543 |
32,109 |
5,652 |
3,257 |
2,484 |
- |
|
|
|
|
|
|
|
|
Infrastructure |
7,886 |
5,608 |
2,470 |
640 |
230 |
68 |
- |
Other, Non-Sustaining (incl. Growth) |
3,923 |
21,121 |
2,456 |
4,898 |
2,915 |
827 |
- |
Exploration / Drilling |
12,000 |
- |
- |
- |
- |
- |
- |
Reclamation & Closure Costs |
- |
- |
- |
- |
- |
- |
24,939 |
Non-Sustaining Capital, Sub-Total |
23,809 |
26,729 |
4,926 |
5,538 |
3,145 |
895 |
24,939 |
|
|
|
|
|
|
|
|
Total Capital Costs
(R$ 000s) |
36,010 |
70,272 |
37,035 |
11,189 |
6,402 |
3,379 |
24,939 |
Capital Expenditure Notes:
1. 2020 capital
expenditure presented for the three months of the mineral reserve
schedule from the effective date of September 30, 2020 to December
31, 2020.2. Amounts shown do not include discretionary greenfield
or brownfield exploration in years 2021 through 2026.3. Capital
expenditures presented in thousands, Brazilian real (“BRL”)
TECHNICAL AND SCIENTIFIC INFORMATION
Mineral Resources
Block model tonnage and grade estimates for the
NX Gold Mine were classified according to the CIM Standards and the
CIM Guidelines by Sr. Porfirio Cabaleiro Rodriguez of GE21
Consultoria Mineral Ltda. (“GE21”) who is an independent qualified
person as such term is defined under NI 43-101.
Grade shells using a value of 1.20 gpt gold were
used to generate a 3D mineralization model of the NX Gold Mine.
Within the grade shells, mineral resources were estimated using
ordinary kriging within 2.5 meter by 2.5 meter by 0.5 meter block
size, and the mineral resource estimate was constrained using a
minimum stope dimension of 1.25 meters by 1.25 meters by 1.50
meters and a cut-off of 1.90 gpt based on gold price of US$1,900
per ounce of gold, underground mining and processing costs of
US$115.14 per tonne of ore mined and processed. Indicated mineral
resources are presented undiluted and are shown inclusive of
mineral reserves.
Mineral resource effective date of August 31,
2020.
Mineral Reserves
The mineral reserves for the NX Gold Mine are
derived from the Indicated mineral resource as defined within the
resource block model following the application of economic and
other modifying factors further described below. Inferred mineral
resources, where unavoidably mined within a defined mining shape
have been assigned zero grade. Dilution occurring from Indicated
resource blocks were assigned grade based upon the current mineral
resource grade of the blocks included in the dilution envelope.
Mineral reserves were classified according to the CIM Standards and
the CIM Guidelines by Sr. Porfirio Cabaleiro Rodriguez of GE21, an
independent qualified person as such term is defined under NI
43-101.
Mineral reserve cut-off grades and parameters
applied to the mineral reserve estimate are summarized below:
- 3.14 gpt applied
to mining stopes, in room and pillar mining areas, and 3.22 gpt to
stopes in cut and fill mining areas, incorporating mining and
development, processing, general and administrative (“G&A”) and
indirect costs;
- 0.80 gpt applied
to gallery development incorporating development and processing
costs; and,
- 2.30 gpt applied
to mining marginal material adjacent to planned mining stopes
incorporating mining, development and processing costs.
Mineral reserve cost assumptions are based on
actual operating cost data during the eight-month period from
January 1, 2020 to August 30, 2020, expressed in USD per tonne
run-of-mine (“ROM”), converted at a USD:BRL foreign exchange rate
of 5.00 corresponding to the average foreign exchange rate during
this same period.
A summary of the mineral reserve estimate
parameters is provided below:
Mining Costs (US$/tonne ROM) |
$76.52 |
|
|
|
Processing Costs (US$/tonne ROM) |
$38.62 |
|
|
|
G&A Costs (US$/tonne ROM) |
$18.10 |
|
|
|
Indirect Costs (US$/tonne ROM) |
$22.07 |
|
|
|
Metallurgical Recovery (average) |
91.00% |
|
|
|
Gold Price (US$/oz) |
$1,650 |
|
|
|
Foreign Exchange Rate (USD:BRL) |
5.00 |
|
Other modifying factors considered in the
determination of the mineral reserve estimate include:
- A cut-off grade of
3.14 gpt was applied to mining stopes within the room and pillar
mining areas, and 3.22 gpt to stopes within the cut and fill mining
areas, in the determination of planned mining stopes within the
mineral resource blocks based on actual operating cost data and
past operating performance of the mine.
- The mining method
employed for the Santo Antônio vein is inclined room and pillar for
the thicker lower-panel of the vein, and overhand cut and fill for
the thinner upper panel of the vein incorporating paste-fill. A new
paste-fill plant was designed, at cost of approximately US$2
million, with the aim of improving overhand cut and fill operations
as well as enhancing pillar recovery throughout the
mine.
- Maximum stope
spans in the room and pillar mining area are based on a design
stope of 6m by 4m between pillars. For cut and fill mining areas
the size of stopes are based on a designed stope measuring 18m
along strike with a frontal slice of 3 vertical meters.
- Within designed
stopes, all contained material was assumed to be mined with no
selectivity. Inferred mineral resources, where unavoidably included
within a defined mining shape have been included in the mineral
reserves estimate at zero grade. Mining dilution resulting from
Indicated blocks was assigned the grade of those blocks captured in
the dilution envelope using the current mineral resource
estimate.
Mineral reserve effective date of September 30,
2020.
Non-IFRS Measures
The Company utilizes certain non-IFRS measures,
including C1 cash cost of gold produced, which are not measures
recognized under IFRS. The Company believes that these measures,
together with measures determined in accordance with IFRS, provide
investors with an improved ability to evaluate the underlying
performance of the Company. Non-IFRS measures do not have any
standardized meaning prescribed under IFRS, and therefore they may
not be comparable to similar measures employed by other companies.
The data is intended to provide additional information and should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS.
C1 cash cost of gold produced (per ounce) is the
sum of production costs, net of capital expenditure development
costs and silver by-product credits, divided by the gold ounces
produced. By-product credits are calculated based on actual
precious metal sales during the period divided by the total ounces
of gold produced during the period. C1 cash cost of gold produced
per ounce is a non-IFRS measure used by the Company to manage and
evaluate operating performance of the Company’s operating mining
unit and is widely reported in the mining industry as benchmarks
for performance but does not have a standardized meaning and is
disclosed in addition to IFRS measures.
AISC of gold produced (per ounce) is the sum of
production costs including capital expenditure development costs,
sustaining capital costs, on-site general and administrative costs,
royalties, transport and insurance contract costs, net of silver
by-product credits, divided by the gold ounces produced. By-product
credits are calculated based on actual precious metal sales during
the period divided by the total ounces of gold produced during the
period. C1 cash cost of gold produced per ounce is a non-IFRS
measure used by the Company to manage and evaluate operating
performance of the Company’s operating mining unit and is widely
reported in the mining industry as benchmarks for performance but
does not have a standardized meaning and is disclosed in addition
to IFRS measure
QUALITY ASSURANCE / QUALITY CONTROL
Database QA/QC Validation
In order to validate the current mineral
resource estimate, GE21 selected a series of quality assurance,
quality control (“QA/QC”) samples, including blanks, duplicate and
standard control samples from those performed by NX Gold. The set
of samples was taken from the current mineral resource estimate
zone as well as adjacent areas. In the opinion of GE21, blank,
standard and duplicate sample analysis was found to be within the
acceptance limits for the classification of mineral resources. No
sample or database biases were detected. This work was supplemented
by drill hole database validation performed using the Geovia Surpac
software database tool which looks to validate final depth,
overlapping results and drill hole collar information. No
inconsistencies or errors were found in the drill database
review.
QA/QC Program
Drill core is logged, photographed and split in
half using a diamond core saw at NX Gold’s secure core logging and
storage facilities. Half of the drill core is retained on site and
the other half-core is used for analysis, with samples collected on
a minimum of 0.2 meters and a maximum of 2.0 meters with an average
length of 0.5 meters. Sampling commences at least 1.0 meter before
the start of the mineralized zone and continues at least 1.0 meters
beyond the limit of the mineralized zone. All sample preparation is
performed in NX Gold’s secure on-site laboratory. Gold content is
determined using fire assay. All sample results used in the
preparation of the 2020 updated mineral resource and reserve
estimate have been monitored through a QA/QC program that includes
the insertion of certified standards, blanks, and pulp and reject
duplicate samples at a rate of one standard, one blank, and one
duplicate pulp sample per every 20 samples for a blended rate of
approximately 5%.
Qualified
Persons and the NI 43-101
Technical Report
Sr. Porfirio Cabaleiro Rodriguez, MAIG, has
reviewed and approved the scientific and technical information
contained in this press release. Mr. Rodriguez is independent of
the Company and is a “qualified person” within the meanings of
National Instrument 43-101, Standards of Disclosure for Mineral
Projects (“NI 43-101”).
The Company will file the associated NI 43-101
compliant report on SEDAR (www.sedar.com) and on the Company’s
website (www.erocopper.com) within 45 days of this press release,
which will serve as an update to the technical report entitled
“Mineral Resource and Mineral Reserve Estimate of the NX Gold Mine,
Nova Xavantina”, dated February 3, 2020 with an effective date of
September 30, 2019, prepared by Porfirio Cabaleiro Rodrigues, MAIG,
Leonardo de Moraes Soares, MAIG, and Paulo Roberto Bergmann,
FAusIMM, each of GE21 and a “qualified person” and “independent” of
the Company within the meanings of NI 43-101 (the “2019 Technical
Report”). The preceding technical report entitled “Mineral Resource
and Mineral Reserve Estimate of the NX Gold Mine, Nova Xavantina”
prepared by Porfírio Cabaleiro Rodriguez, MAIG, Leonardo Apparicio
da Silva, MAIG and Leonardo de Moraes Soares, MAIG all of GE21, who
are independent qualified persons under NI 43-101, where
applicable, is referenced herein as the “2018 Technical
Report”.
ABOUT ERO COPPER CORP.
Ero, headquartered in Vancouver, B.C., is
focused on copper production growth from the Vale do Curaçá
Property, located in Bahia, Brazil. The Company’s primary asset is
a 99.6% interest in the Brazilian copper mining company, Mineração
Caraíba S.A. (“MCSA”), 100% owner of the Vale do Curaçá Property
with over 40 years of operating history in the region. The Company
currently mines copper ore from the Pilar and Vermelhos underground
mines. In addition to the Vale do Curaçá Property, MCSA owns 100%
of the Boa Esperança development project, an IOCG-type copper
project located in Pará, Brazil and the Company owns 97.6% of the
NX Gold Mine, an operating gold and silver mine located in Mato
Grosso, Brazil. Additional information on the Company and its
operations, including technical reports on the Vale do Curaçá, Boa
Esperança and NX Gold properties, can be found on the Company’s
website (www.erocopper.com) and on SEDAR (www.sedar.com).
ERO COPPER
CORP. |
|
Signed: “David Strang” |
For further information contact: |
David Strang, President &
CEO |
Makko DeFilippo, Vice President, Corporate Development |
|
(604) 429-9244 |
|
info@erocopper.com |
CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS This
Press Release contains “forward-looking information” within the
meaning of applicable Canadian securities laws. Forward-looking
information includes statements that use forward-looking
terminology such as “may”, “could”, “would”, “will”, “should”,
“intend”, “target”, “plan”, “expect”, “budget”, “estimate”,
“forecast”, “schedule”, “anticipate”, “believe”, “continue”,
“potential”, “view” or the negative or grammatical variation
thereof or other variations thereof or comparable terminology. Such
forward-looking information includes, without limitation,
statements with respect to the Company's expected operations at the
NX Gold Property, the estimation of mineral reserves and mineral
resources, the significance of any particular exploration program
or result and the Company’s expectations for current and future
exploration plans including, but not limited to, planned areas of
additional exploration, the potential to convert any portion of the
inferred mineral resource base, the significance of any drill
results or new discoveries and targets, including without
limitation extensions of defined mineralized zones, possibilities
for mine life extensions or continuity of down-plunge
mineralization, further extensions and expansion of mineralization
near the Company’s existing operations of the NX Gold
Mine.Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management in light of management’s experience and perception of
trends, current conditions and expected developments, as well as
other factors that management believes to be relevant and
reasonable in the circumstances, as of the date of this Press
Release including, without limitation, assumptions about:
favourable equity and debt capital markets; the ability to raise
any necessary additional capital on reasonable terms to advance the
production, development and exploration of the Company’s properties
and assets; future prices of copper and other metal prices; the
timing and results of exploration and drilling programs; the
accuracy of any mineral reserve and mineral resource estimates; the
geology of the Vale do Curaçá Property, NX Gold Mine and the Boa
Esperança Property being as described in the technical reports for
these properties; production costs; the accuracy of budgeted
exploration and development costs and expenditures; the price of
other commodities such as fuel; future currency exchange rates and
interest rates; operating conditions being favourable such that the
Company is able to operate in a safe, efficient and effective
manner; work force continues to remain healthy in the face of
prevailing epidemics, pandemics or other health risks, political
and regulatory stability; the receipt of governmental, regulatory
and third party approvals, licenses and permits on favourable
terms; obtaining required renewals for existing approvals, licenses
and permits on favourable terms; requirements under applicable
laws; sustained labour stability; stability in financial and
capital goods markets; availability of equipment and critical
supplies, spare parts and consumables; positive relations with
local groups and the Company’s ability to meet its obligations
under its agreements with such groups; and satisfying the terms and
conditions of the Company’s current loan arrangements. While the
Company considers these assumptions to be reasonable, the
assumptions are inherently subject to significant business, social,
economic, political, regulatory, competitive and other risks and
uncertainties, contingencies and other factors that could cause
actual actions, events, conditions, results, performance or
achievements to be materially different from those projected in the
forward-looking information. Many assumptions are based on factors
and events that are not within the control of the Company and there
is no assurance they will prove to be correct. Furthermore, such
forward-looking information involves a variety of known and unknown
risks, uncertainties and other factors which may cause the actual
plans, intentions, activities, results, performance or achievements
of the Company to be materially different from any future plans,
intentions, activities, results, performance or achievements
expressed or implied by such forward-looking information. Such
risks include, without limitation the risk factors listed under the
heading “Risk Factors” in the Annual Information Form of the
Company for the year ended December 31, 2019, dated March 12, 2020
(the “AIF”). Although the Company has attempted to identify
important factors that could cause actual actions, events,
conditions, results, performance or achievements to differ
materially from those described in forward-looking information,
there may be other factors that cause actions, events, conditions,
results, performance or achievements to differ from those
anticipated, estimated or intended. The Company cautions that the
foregoing lists of important assumptions and factors are not
exhaustive. Other events or circumstances could cause actual
results to differ materially from those estimated or projected and
expressed in, or implied by, the forward-looking information
contained herein. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance
on forward-looking information. Forward-looking information
contained herein is made as of the date of this press release and
the Company disclaims any obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or results or otherwise, except as and
to the extent required by applicable securities laws. CAUTIONARY
NOTES REGARDING MINERAL RESOURCE AND RESERVE ESTIMATES In
accordance with applicable Canadian securities regulatory
requirements, all mineral reserve and mineral resource estimates of
the Company disclosed or incorporated by reference in this press
release have been prepared in accordance with NI 43-101 and are
classified in accordance with the CIM Standards.Mineral resources
which are not mineral reserves do not have demonstrated economic
viability. Pursuant to the CIM Standards, mineral resources have a
higher degree of uncertainty than mineral reserves as to their
existence as well as their economic and legal feasibility. Inferred
mineral resources, when compared with Measured or Indicated mineral
resources, have the least certainty as to their existence, and it
cannot be assumed that all or any part of an Inferred mineral
resource will be upgraded to an Indicated or Measured mineral
resource as a result of continued exploration. Pursuant to NI
43-101, Inferred mineral resources may not form the basis of any
economic analysis. Accordingly, readers are cautioned not to assume
that all or any part of a mineral resource exists, will ever be
converted into a mineral reserve, or is or will ever be
economically or legally mineable or recovered. |
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