Updated estimate of over 24,000 ounces is
more than double initial estimate of 9,250
ounces
TORONTO, Sept. 20, 2018
/CNW/ - RNC Minerals (TSX: RNX) ("RNC") is pleased to announce an
updated estimate of gold production from the "Father's Day Vein"
discovery at its Beta Hunt Mine (see RNC news releases dated
September 9 and 16, 2018). It is now
estimated that 24,000 ounces of high-grade gold has been produced
from development on the 15 level at the Beta Hunt Mine. The updated
estimate includes additional in-process material from the initial
discovery area, specimen stones and coarse gold recovered from the
expanded development area (see RNC news release dated September 16, 2018), and an increase in
production over original estimates based on final out-turns
received from the Perth Mint. Estimated production from the
Father's Day Vein is expected to increase as the remaining material
from the expanded development area is processed and development
continues to be extended. Final gold ounces from the discovery
area will be determined after the remaining coarse gold and
specimens are processed and/or sold over the short term. All of the
high grade coarse gold is being processed by the Perth Mint.
"The cash flow from this massive increase in gold production
from the Father's Day Vein at Beta Hunt will fundamentally improve
RNC's balance sheet to a substantial net cash position, which will
allow RNC to begin to aggressively explore the largely untested
high-grade gold potential at Beta Hunt. With ongoing development
activities based on an improved understanding of the sediment
structures, we expect to provide timely updates on this important
discovery. I greatly appreciate the hard work and perseverance of
the entire Beta Hunt team, who made this discovery possible, and
their ongoing diligence in moving the operation forward." said
Mark Selby, President and CEO of
RNC.
RNC Minerals to Present at the Denver Gold Forum 2018
RNC will be participating in the Denver Gold Forum 2018 to be
held over the September 23-26, 2018
period in Colorado Springs.
Mark Selby, President and CEO of
RNC Minerals, will address conference at 4:30 p.m. Mountain Time (6:30 p.m. Eastern Time) on Monday, September 24, 2018. The presentation will
be recorded and made available for replay by conference organizers
beginning 7:00 a.m. Eastern Time on
Thursday, September 27 at:
http://goldforum.info/?e46play275.
The disclosure of scientific and technical information contained
in this news release has been approved by Kevin Small, Vice-President, Project Development
of RNC, a Qualified Person under NI 43-101.
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 "Fathers Day Vein" was recently made. RNC also
has 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 eighth largest cobalt reserve in the world. RNC
owns a 35% interest in Orford Mining Corporation, a mineral
explorer focused on highly prospective and underexplored areas of
Northern Quebec and the U.S.
Carolina Gold Belt. RNC has a strong
management team and Board with over 100 years of mining experience
at Inco and Falconbridge. 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 and Reed mines as well as the and the potential of
the Dumont development project and Orford Mining's Qiqavik, West
Raglan, Jones-Keystone Loflin and Landrum-Faulkner exploration
properties.
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; 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