VANCOUVER, Nov. 27, 2019 /CNW/ - KORE Mining Ltd. (TSX-V:
KORE | OTCQB: KOREF) ("KORE" or the "Company") is
pleased to announce Newmont Goldcorp Corporation ("Newmont
Goldcorp") has agreed to accept common shares of KORE in settlement
of a future US$1 million payment to
Newmont Goldcorp on announcement of an economic assessment for the
Imperial gold project. The agreement is an amendment
("Amendment") to the March 2017
Imperial purchase agreement ("Purchase Agreement") with Goldcorp
USA Inc., a wholly owned
subsidiary of Newmont Goldcorp.
"This agreement provides KORE with significantly more
flexibility going into 2020," commented Scott Trebilcock, CEO of KORE. "KORE is
now free to complete a preliminary economic assessment of the
Imperial gold project. Engineering at Imperial is ramping up
quickly with KORE's new COO Marc
Leduc on the team and we look forward to the restart of
permitting in early 2020."
Pursuant to this Amendment, Newmont Goldcorp has elected, under
an existing clause in the Purchase Agreement, to accept common
shares of the Company for the US$1
million payment due on announcement of an economic study of
the Imperial gold project. This election by Newmont will
expire twelve months after the date of this Amendment and gives
KORE the opportunity to complete an economic assessment without the
burden of a cash liability. The Amendment does not obligate
KORE to complete an economic assessment within the next twelve
months. All other provisions of the Purchase Agreement will
remain in full force.
The common shares would be issued pursuant to the
approval/regulations of the TSX Venture Exchange. The common
shares, if issued, would be priced on a 30-day trailing average of
TSX Venture Exchange also per the Purchase Agreement.
About KORE
KORE is 100% owner of a portfolio of advanced gold exploration
and development assets in California and British Columbia. KORE is
supported by strategic investors Eric
Sprott and Macquarie Bank who, together with the management
and Board own 66% of KORE. The Company is well positioned to
advance and unlock the value of its multi-million ounces of gold
resources.
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.
All statements in this press release, other than statements
of historical fact, are "forward-looking information" with respect
to KORE within the meaning of applicable securities laws. KORE
provides forward-looking statements for the purpose of conveying
information about current expectations and plans relating to the
future and readers are cautioned that such statements may not be
appropriate for other purposes. By its nature, this information is
subject to inherent risks and uncertainties that may be general or
specific and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove
to be accurate, that assumptions may not be correct and that
objectives, strategic goals and priorities will not be achieved.
These risks and uncertainties include but are not limited to
exploration findings, results and recommendations, as well as those
risks and uncertainties identified and reported in public filings
under KORE's SEDAR profile at www.sedar.com.
Although KORE has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking information,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. KORE disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise
unless required by law.
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SOURCE Kore Mining