TSXV – KORE
WKN: 875742
ISIN : CA2986551018
VANCOUVER, July 4, 2019 /CNW/ - KORE Mining Ltd.
("KORE" or the "Company") is pleased to announce that
its Board of Directors has appointed Scott
Trebilcock as President & Chief Executive Officer
("CEO") as of July 3, 2019. As
CEO Mr. Trebilcock has also been appointed to the Board of
Directors.
Chairman of the Board James Hynes, stated, "On behalf of KORE
and our shareholders, I would like to welcome Mr. Trebilcock as our
incoming President and CEO. This marks an important milestone as we
build-out KORE as a leading gold developer and explorer"
Incoming CEO Mr. Trebilcock commented, "With the advanced
Imperial development project, a
quality exploration portfolio, a clean capital structure and
supportive major shareholders KORE is well-positioned to deliver
shareholder value. I look forward to working with the Board
to build-out the strategy, organization, and capital market profile
of the Company."
Outgoing CEO, Mr. Rothwell
remains a Director and major shareholder of the Company. The
Board would like to thank Mr. Rothwell for his vision as a co-founder of
KORE, driving acquisition of the core assets and his leadership
taking the Company public. Mr. Rothwell stated "Having the opportunity to
bring in a President and CEO of Scott's caliber speaks to the
quality of KORE's assets and corporate strategy. With the
completion of our financing with Macquarie Bank Ltd. and Scott at
the helm, Kore is well-positioned for the next phase of
growth."
Following Mr. Trebilcock's appointment, Mr. Hynes will become
the Executive Chairman of the Company.
Mr. Trebilcock has over 25 years of experience as a process
engineer, management consultant, and mining executive. Most
recently he was Chief Development Officer of Nevsun Resources,
responsible for strategy, corporate development, investor relations
and exploration. Nevsun sold to Zijin Mining for $1.9 billion after a year-long contested defense
process led by Mr. Trebilcock. Mr. Trebilcock also drove
M&A at Nevsun, including the 2016 acquisition of Reservoir
Minerals, and led Nevsun's investor relations program for almost a
decade. Mr. Trebilcock holds a B.Sc. in Chemical Engineering, an
MBA from Queen's University and is a Chartered Director.
Mr. Trebilcock has received an initial grant of incentive stock
options to purchase 2.60 million common shares of Kore exercisable
at a price of $0.27. Mr.
Trebilcock will also invest $100,000
in KORE via a private placement at $0.25 per share. The grant of options and
private placement remains subject to the approval of the TSX
Venture Exchange. Common shares issued pursuant to the private
placement will be subject to a four-month hold period, other than
transfers permitted under applicable securities laws. Following the
closing of the private placement, Mr. Trebilcock will be the
beneficial owner of 1,564,000 common shares of Kore.
About KORE
KORE is a development stage company that offers exposure to
precious metals exploration and development in North America, with a corporate strategy
focused on advancing its California development and British Columbia advanced exploration stage
projects.
KORE owns a 100% interest in the Imperial gold development project
("Imperial"), located on Bureau of Land Management (BLM)
administered land in a current mining district of Imperial County, California, USA. Imperial is approximately 17km SSE of the
operating Mesquite Mine recently acquired by Equinox Gold (TSXV:
EQX) for US$158 million. Imperial boasts excellent access and
infrastructure.
For more information on historical work performed on the
Imperial Project please refer to the Company's website at
www.koremining.com.
Our focus on the Imperial Project is supported by an historic
Environmental Impact Study/Report completed in compliance with
then-existing US Federal and California environmental regulations. The
Imperial project inherits the
analysis and design of a mine plan that meets Bureau of Land
Management and California Surface Mining And Reclamation Act
requirements. KORE is advancing and updating background permit
studies to meet current regulations and considers the project to
have excellent prospects for near-term success as a result of
extensive and thorough consultation to date.
KORE has adopted a collaborative, inclusive and mutual-benefit
driven approach to engagement to build and strengthen stakeholder
relationships and looks forward to permitting success on this
low-impact, high-return project.
Table 1: Combined historical1 estimates of
Kore Imperial resources2
|
|
|
|
|
|
|
Size
|
Grade
|
Contained
Au
|
Source
|
Au
Cutoff
|
|
(tonnes)
|
(g/t)
|
(oz)
|
|
(g/t)
|
Indicated
|
|
|
|
|
|
Imperial
|
45,762,947
|
0.60
|
879,000
|
2012 PEA
|
0.17
|
Inferred3
|
|
|
|
|
|
Imperial
|
76,334,175
|
0.53
|
1,298,000
|
2012 PEA
|
0.17
|
A Qualified Person has not done sufficient work to classify the
historical estimates as current resources and KORE is not treating
the historical estimates as current resources. Significant data
compilation, re-drilling, re-sampling and data verification may be
required by a Qualified Person before the historical estimates at
the Projects can be classified as current resources.
The historical mineral resources in this news release were
estimated using the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM), CIM Standards on Mineral Resources and Reserves,
Definitions and Guidelines prepared by the CIM Standing Committee
on Reserve Definitions and adopted by CIM Council.
Imperial Mineral Historical Resource Estimation Parameters: a)
Grade estimation is based on assay samples composited to 20ft
intervals. Grade capping thresholds were determined following a
detailed statistical analysis of the data for the entire
mineralized domains varied from 0.02 to 0.2 ounces per ton (opt)
gold (Au). b) Resource model grade blocks were estimated using
Gemcom GEMSTM modeling software based on a traditional wireframe
interpretation constructed from a sectional interpretation of
drilling data. c) The database for the Imperial model consisted of 349 RC holes
totalling 190,134 feet of drilling. A total of 36,361 analyses were
considered for use in the resource estimate. d) The modelled gold
mineralized zone was subdivided into three domains displaying
different strike or dip directions with a total length of 3,200 ft,
width up to 800ft and average thickness of 85ft in the East area
and 1,200ft in length, 1,000ft in width and average thickness of
90ft to 120ft in the West area, dipping from 5 to 35 degrees e) A
bulk density value of 0.077 ton per cubic foot was used and derived
from 9 core holes consisting of 32 samples collected in a 1994 and
1995 drilling program.
Mineral resources were reported within an optimized pit shell using
a gold price of US$1,400/oz with a
process recovery of 80%. g) Process costs used were US$1.50/ton and G&A was US$0.40/ton. Open pit mining costs were
US$1.20/ton and sustaining capex was
US$0.50/ton with open pit slopes of
45 degrees.
Qualified Person Statement
Technical information with respect to the Projects contained
in this news release has been reviewed and approved by David S. Smith, CPG, who is KORE's designated
independent qualified person for the purposes of NI 43-101.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any KORE common shares in
the United States. The KORE common
shares to be issued in connection with the Transaction have not
been and will not be registered under the
United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any state securities laws and may
not be offered or sold within the United
States or to U.S. persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Neither the 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.
Cautionary Statement Regarding Adjacent Properties and
Forward-Looking Information
This news release contains forward-looking statements
relating to the future operations of the Company and other
statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will", "may",
"should", "anticipate", "expects" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements regarding
the future plans and objectives of the Company are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Such factors include, but are not
limited to: uncertainties related exploration and
development; the ability to raise sufficient capital to fund
exploration and development; changes in economic conditions or
financial markets; increases in input costs; litigation,
legislative, environmental and other judicial, regulatory,
political and competitive developments; technological or
operational difficulties or inability to obtain permits encountered
in connection with exploration activities; and labor relations
matters. This list is not exhaustive of the factors that may affect
the Company's forward-looking information. Important factors
that could cause actual results to differ materially from the
Company's expectations also include risks detailed from time to
time in the filings made by the Company with securities
regulations.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will update or
revise publicly any of the included forward-looking statements as
expressly required by Canadian securities law.
___________________________________
|
1
|
The reader is
cautioned that the above referenced "Historical Resource" is
considered historical in nature and as such is based on prior
data
and reports prepared by previous property owners. The work
necessary to verify the classification of this mineral resource
estimate has not
been completed and the resource estimate, therefore, cannot be
treated as NI 43-101 current resource verified by a Qualified
Person. There
can be no assurance that any of the historical resources, in whole
or in part, will ever become economically viable
|
2
|
Mineral Resources are
not mineral Reserves and do not have demonstrated economic
viability. There is no certainty that all or any part of the
mineral Resource will be converted into mineral Reserves. The
estimate of mineral resources may be materially affected by
environmental,
permitting, legal, title, taxation, sociopolitical, marketing, or
other relevant issues
|
3
|
The quantity and
grade of reported Inferred resources in this estimation are
uncertain in nature and there has been insufficient exploration
to
define these Inferred resources as an Indicated or Measured mineral
resource and it is uncertain if further exploration will result in
upgrading
them to an Indicated or Measured mineral resource
category.
|
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SOURCE Kore Mining