TORONTO, Sept. 7, 2021 /CNW/ - Karora Resources Inc. (TSX:
KRR) ("Karora" or the "Corporation") is pleased to announce
that it will achieve carbon neutrality in 2021 for its own
operations (Scope 1 emissions) and purchased electricity
consumption (Scope 2 emissions) through the purchase and retirement
of 80,000 tonnes of verified carbon offset credits. The credit
retirements form the preliminary phase of a long term emissions
reduction strategy underway across Karora's business units.
Paul Andre Huet, Chairman &
CEO, commented: "To be among the world's first carbon neutral gold
producers is an exciting achievement for Karora and in line with
our commitment to develop a pathway toward a True Net Zero mining
future. Mining will form the backbone of critical metals delivery
in the years to come and we are proud to be sector leaders in the
junior gold mining space.
Our selection of offsets was driven by a thorough analysis of
carbon reduction and removal quality and credibility as well as the
social impact expected from the variety of offset projects
selected. Our decision to invest in a reforestation project in
Australia was a direct result of
both our geographical community focus and an effort to help the
nation recover from the devastating bushfires of late 2019 and
early 2020. Through this project, we are both offsetting our Scope
1 and 2 emissions as well as ensuring the protection of
Australia's unique
biodiversity.
Today's announcement is one of the many steps in our broader
strategy of reducing our greenhouse gas (GHG) emissions moving
forward. We have begun analysis of our future projected emissions
and emissions intensities and will be using these forecasts as the
basis for our company-wide emissions reduction plan. As we progress
this work, we will be setting annual reduction targets for our
operating business units. Our goal is to continue to be a sector
leader amongst our junior gold mining peers with our initial focus
on Scope 1 and 2 emissions reductions and ultimately reducing our
Scope 3 emissions to achieve True Net Zero emissions status."
Karora, through its partnership with The Net Zero
CompanyTM, selected a range of offset projects in order
to support a diversified basket of important carbon offset projects
ranging from renewable projects to reforestation in Australia. The retired Australian carbon
offsets are independently verified by Gold Standard and
simultaneously qualify as government accredited Australian
Biodiversity Units, meeting the stringent standards required for
the Australian Government's Climate Active Program (formerly the
National Carbon Offset Standard – NCOS).
The Mount Sandy Conservation project selected in Australia involves the protection of a 200
hectare strategic habitat with replanting of over 30 species of
native vegetation including tree cover. The project area is managed
via close collaboration with the traditional land owners and
custodians of Coorong County, the local Ngarrindjeri people. Native
plant species for revegetation will be supplied by the local
nursery at Raukkan Aboriginal Community located 50 kilometres
northwest of the project site.
About Karora Resources
Karora is focused on doubling gold production to 200,000 ounces
by 2024 compared to 2020 and reducing costs at its integrated Beta
Hunt Gold Mine and Higginsville Gold Operations ("HGO") in
Western Australia. The
Higginsville treatment facility is a low-cost 1.6 Mtpa processing
plant, expanding to a planned 2.5 Mtpa by 2024, which is fed at
capacity from Karora's underground Beta Hunt mine and Higginsville
mines. At Beta Hunt, a robust gold Mineral Resource and Reserve is
hosted in multiple gold shears, with gold intersections along a 4
km strike length remaining open in multiple directions. HGO has a
substantial Mineral gold Resource and Reserve and prospective land
package totaling approximately 1,800 square kilometers. The Company
also owns the high grade Spargos Reward project which is
anticipated to begin mining in 2021. Karora has a strong Board and
management team focused on delivering shareholder value and
responsible mining, as demonstrated by Karora's commitment to
reducing emissions across its operations. Karora's common shares
trade on the TSX under the symbol KRR and also trade on the OTCQX
market under the symbol KRRGF.
Cautionary Statement Concerning Forward-Looking
Statements
This news release contains "forward-looking information"
including without limitation statements relating to the Company
achieving a True Net Zero mining future in line with Science Based
Targets, including the goals of reaching Scope 1 Scope 2 net zero
emissions, reducing the Company's carbon footprint, achieving net
zero GHG emissions across the business and the Company becoming
world's first Net Zero GHG junior mining company.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Karora 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 Karora 's filings with
Canadian securities regulators, including the most recent Annual
Information Form, available on SEDAR at www.sedar.com.
Although Karora 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 Karora 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 Karora Resources Inc.