TIDMEMPR
Empress Royalty Corp.
21 July 2022
NEWS RELEASE | JULY 21, 2022 | VANCOUVER, BC
EMPRESS ROYALTY REPORTS FIRST GOLD POUR AT MANICA GOLD MINE
Empress Royalty Corp. (TSXV:EMPR | OTCQB:EMPYF) ("Empress" or
the "Company") is pleased to report the Manica gold mine ("Manica"
or the "Mine") has successfully completed its first gold pour.
Empress owns a 3.375% gold royalty on the Manica gold mine located
in Mozambique and operated by Mutapa Mining & Processing LDA
("MMP").
"The first gold pour at Manica is very exciting and a further
example of Empress delivering on our strategy as another asset
reaches production within 15 months of investment. With this
development, Empress will have three cash-flowing investments in
the portfolio which are projected to generate significant revenue
in the coming years," stated Alexandra Woodyer Sherron, CEO &
President of Empress. "We have demonstrated that our structured
business model of wealth creation generates significantly higher
returns on investment, and these will provide a solid platform
whilst we expand the portfolio with more value-focused assets."
THE INVESTMENT
Empress executed a Royalty and Purchase Agreement for the
creation of a royalty on gold sales from Manica for a total
investment of US$3M. Payments to Empress under the Royalty
Agreement are based on 3.375% of the revenues generated from the
sale of gold from the Project until a total of 95,000 oz of gold
have been sold. Thereafter, the percentage shall reduce to 1.125%
and shall continue into perpetuity. The Royalty is secured by a
first ranking security interest in certain assets of MMP.
THE MANICA MINE
MMP has advised Empress that the first gold has been poured at
Manica. Production was started with the introduction of low-grade
ore to commission all parts of the processing circuit. MMP reported
to Empress that it plans for Manica to be at full commercial
production by the end of the year.
Manica is located in the Odzi-Mutare-Manica Greenstone Belt of
Mozambique and comprises of several deposits on Xtract's Resources
Plc mining concession licence 3990C (the "Concession") which
includes four deposits being Fair Bride, Guy Fawkes, Boa Esperanza,
and Dots Luck. MMP and Xtract have entered into a collaboration and
profit-share arrangement whereby MMP will build, finance and
operate a carbon-in-leach (CIL) plant to process ore mined from
Xtract's concession.
MMP reported to Empress that it is mining and processing the
oxide and transitional ore at Fair Bride and other deposits on the
Concession at its 42,000 tonnes per month processing plant which
utilises a CIL process.
Please see our February 22, 2021, and April 21, 2021, news
releases on Empress' website (www.empressroyalty.com) for further
details on the project and the Royalty.
QUALIFIED PERSON
The disclosure contained in this News Release of a scientific or
technical nature for the Manica project is based on a technical
report entitled "NI 43-101 Technical Report on the Fair Bride Gold
Project, Mozambique" dated February 22, 2021, with an effective
date of February 1, 2021 (the "Fair Bride Technical Report"). The
Fair Bride Technical Report was prepared in accordance with NI
43-101 and is available on the Company's profile at
www.sedar.com.
Technical information in this news release originates in the
public disclosure set out above and has been reviewed and approved
by Richard Mazur, P.Geo., a Qualified Person as defined in National
Instrument 43-101, Standards of Disclosure for Mineral
Projects.
ABOUT EMPRESS ROYALTY CORP.
Empress is a global royalty and streaming creation company
providing investors with a diversified portfolio of gold and silver
investments. Since listing in December 2020, Empress has built a
portfolio of 17 precious metal investments and is actively
investing in mining companies with development and production stage
projects who require additional non-dilutive capital. The Company
has strategic partnerships with Endeavour Financial and Terra
Capital which allow Empress to not only access global investment
opportunities but also bring unique mining finance expertise, deal
structuring and access to capital markets. Empress is looking
forward to continuously creating value for its shareholders through
the proven royalty and streaming models.
ON BEHALF OF EMPRESS ROYALTY CORP.
Per: Alexandra Woodyer Sherron, CEO and President
For further information, please visit our website at
www.empressroyalty.com or contact Kaitlin Taylor, Investor
Communications, by email at info@empressroyalty.com or by phone at
+1.604.331.2080.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release contains statements
about Empress' expectations regarding the economics of the Manica
mine which are forward-looking in nature and, as a result, are
subject to certain risks and uncertainties. Generally,
forward-looking statements can be identified by the use of
forward-looking terminology such as "expects", "believes",
"anticipates", "aims to", "plans to" or "intends to" or variations
of such words and phrases or statements that certain actions,
events or results "will" occur. Although Empress believes that the
expectations reflected in these forward-looking statements are
reasonable, undue reliance should not be placed on them as actual
results may differ materially from the forward-looking statements.
Factors that could cause the actual results to differ materially
from those in forward-looking statements include the timing and
success in MMP completing the successful commissioning of the plant
and bringing the Manica project into commercial production. The
forward-looking statements contained in this news release are made
as of the date hereof, and Empress undertakes no obligation to
update publicly or revise any forward-looking statements or
information, except as required by law. Readers should not place
undue reliance on forward-looking statements or information.
The information contained in this News Release derived from the
Fair Bride Technical Report is subject to certain assumptions,
qualifications and procedures described therein. Reference should
be made to the full text of the Fair Bride Technical Report. The
Fair Bride Technical Report is not and shall not be deemed to be
incorporated by reference into this News Release. The Fair Bride
Technical Report, and consequently the disclosure below, is
prepared as of a certain point in time and Empress is not in a
position to determine whether any information with respect to those
properties that may be material subsequent to the date of the
applicable Fair Bride Technical Report exists.
No qualified person has verified the data disclosed in the Fair
Bride Technical Report on Empress' behalf, including sampling,
analytical, and test data underlying the information or opinions
contained in the Fair Bride Technical Report. As Empress is not the
operator of the Fair Bride property, it does not have access to the
data underlying the Fair Bride Technical Report and it is unable to
perform such verification.
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END
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