TORONTO, Aug. 18,
2022 /CNW/ - Karora Resources Inc. (TSX: KRR) (OTCQX:
KRRGF) ("Karora" or the "Corporation") is pleased to announce
a new high-grade coarse gold discovery at its Beta Hunt Mine. The
new discovery was made on the 16 level of the A Zone, almost
directly below the well-known "Fathers Day Vein" discovery
originally announced in September
2018 that yielded approximately 30,000 ounces of gold from a
high-grade coarse gold structure along a strike length of only ~10
metres.
Paul Andre Huet, Chairman &
CEO, commented: "Our latest high-grade coarse gold discovery at
Beta Hunt is particularly exciting given its location relative to
the Fathers Day Vein discovery that ultimately launched Karora on
its current trajectory as a growing, profitable gold producer.
Although it is too early to estimate the potential size of the new
coarse gold occurrence, it is a very positive development as the
area was exposed during normal mine development and this additional
high-grade mineralization is not included in our Mineral Resource
and is a bonus to normal mine production, which serves to lower
costs and increase production. As we have stated in the past,
coarse gold occurrences at Beta Hunt are best described as periodic
upside to mine production. We will not lose our focus on following
a disciplined mine plan and controlling costs.
Management Appointment
I am also pleased to announce the appointment of Bevan Jones to the position of Chief Operating
Officer, Australia. Bevan, who
brings a strong track record of delivering superior operational
performance, will have overall responsibility for Karora's
day-to-day Australian operations. Bevan has over 27 years of
expertise in mine management and leadership in mining. He also has
a demonstrated strong commercial focus leading mining operations to
achieve optimum performance and profitability. Bevan joins Karora
from Gold Fields where he was the General Manager of St Ives gold
operation, essentially right next door to our Beta Hunt Mine. His
familiarity with all aspects of mining in the immediate area,
including leadership, community relations, geology and a strong
local network are a great fit to bring Karora to the next level. I
am pleased to welcome Bevan to the Karora team and look forward to
his contribution with Karora.
Graeme Sloan, who has been
integral to the turnaround of Karora over the past few years, is
retiring from his day-to-day operational role after a lengthy
career in the mining sector. We are fortunate that Karora
shareholders will continue to have the benefit of Graeme's
strategic input, as he will be transitioning into a senior
management advisory role, which will help ensure a seamless
transition of day-to-day leadership at our operations. We could not
be more thankful to Graeme for his transformation of Karora and are
extremely happy for him as he transitions into this now role.
Graeme originally joined Karora as a consultant to aid with the
re-start of Beta Hunt in early 2019. He was promoted to Managing
Director of Australia, a role that
he has served in for over three years.
On behalf of the Karora Board and team, I extend a heartfelt
thank you for his contributions, dedication and sacrifices made
over the last few years in transitioning the Company from a
single-mine toll milling operation to a multi-mine operation with
two central mills and an enviable growth platform. We wish Graeme
all the best in his well-deserved retirement."
About Karora Resources
Karora is focused on increasing gold production to a targeted
range of 185,000-205,000 ounces by 2024 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, which is fed at
capacity from Karora's underground Beta Hunt mine and Higginsville
mines. Karora recently acquired the 1.0 Mtpa Lakewood Mill in
Western Australia. At Beta Hunt, a
robust gold Mineral Resource and Reserve are 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 1,900 square kilometers. The Corporation
also owns the high grade Spargos Reward project, which came into
production 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 liquidity
and capital resources of Karora, production guidance, full year
consolidated 2022 production guidance, the potential of coarse gold
discovery and the potential of the Beta Hunt Mine, Higginsville
Gold Operation, the Aquarius Project, the Spargos Gold Project, the
commencement of mining at the Spargos Gold Mine, the Lakewood Mill,
and the completion of the resource estimate.
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.
www.karoraresources.com
SOURCE Karora Resources Inc.