Regulus Provides Update on Site Activities Amid COVID-19 Pandemic
March 18 2020 - 7:00AM
Regulus Resources Inc. (“Regulus” or the
“Company”, REG TSX.V) is providing an update on
site activities at its 100% owned AntaKori copper-gold property
located in Cajamarca, Peru and the Company’s response to the
ongoing COVID-19 pandemic.
The Company’s current priority in the face of
the COVID-19 pandemic is to ensure that all employees and their
families are safe and minimize any potential risks to them or
others in the communities where we live and work. In line with the
state of national emergency declared on March 15th, 2020 by the
Peruvian government that requires mandatory social isolation for 15
days, Regulus employees in Peru will remain at home. This measure
has required exploration operations at AntaKori, including
drilling, to be placed on hold for this period and consequently the
Company has ceased all major activities on site. The Company
is monitoring the situation very closely and after the 15-day
period has concluded, will evaluate the situation based on official
government recommendations. Regulus’ corporate management team will
work from home and any near-term international travel has been
postponed.
As the COVID-19 pandemic and recent market
developments evolve, Regulus is taking measures to conserve cash
and maintain the AntaKori asset so that the continuation of the
Phase II drill program can resume when the environment stabilizes.
As of March 2nd, 2020, the Company had C$7.4 million in cash.
In lieu of drilling in the near term and to
continue the advancement of the AntaKori project, the Company will
begin additional geological and engineering studies that will
ultimately contribute to a Preliminary Economic Assessment. Much of
this work can be done from home offices with the benefit of virtual
office technology to interconnect team members. If drilling is
postponed for an extended period, the Company may elect to complete
a Preliminary Economic Assessment on the significant resource that
has already been defined on the property, to show the underlying
value at the AntaKori project.
John Black, Chief Executive Officer of
Regulus, commented as follows: “Our priority first
and foremost is the health of our employees and their families. Our
employees will remain at home until it is deemed safe to return by
local health organizations. The Company is well positioned to
continue to advance the AntaKori project during this period of
health and economic uncertainty. While we’re eager to drill-test
the geophysical targets to the north of our property, that may not
be a possibility for some time due to local restrictions. To
advance the project while minimizing cash burn, we have begun
additional geological and engineering studies that will ultimately
contribute to a Preliminary Economic Assessment. We believe
that the resource as currently defined at AntaKori would form
the basis for a robust Preliminary Economic Assessment. We
are fortunate to have strong support from our shareholders and
to have completed a financing towards the end of 2019 that
positions Regulus to weather the current economic
environment.”
For Further Information, please
contact:
Regulus Resources Inc.
John E. Black CEO / DirectorPhone: +1 303
618-7797 mobile +1 720
514-9036 officeEmail: john.black@regulusresources.com
About Regulus Resources Inc. and the
AntaKori Project
Regulus Resources Inc. is an international
mineral exploration company run by an experienced technical and
management team. The principal project held by Regulus is the
AntaKori copper-gold-silver project in northern Peru. The AntaKori
project currently hosts a resource with indicated mineral resources
of 250 million tonnes with a grade of 0.48 % Cu, 0.29 g/t Au and
7.5 g/t Ag and inferred mineral resources of 267 million tonnes
with a grade of 0.41 % Cu, 0.26 g/t Au, and 7.8 g/t Ag (see press
release dated March 1, 2019). Mineralization remains open in most
directions.
For further information on Regulus Resources
Inc., please consult our website at www.regulusresources.com.
Forward Looking Information
Certain statements regarding Regulus, including
management's assessment of future plans and operations, may
constitute forward-looking statements under applicable securities
laws and necessarily involve known and unknown risks and
uncertainties, most of which are beyond Regulus' control. Often,
but not always, forward-looking statements or information can be
identified by the use of words such as “plans”, “expects” or “does
not expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate” or
“believes” or variations of such words and phrases or statements
that certain actions, events or results “may”, “could”, “would”,
“might” or “will” be taken, occur or be achieved.
Specifically, and without limitation, all
statements included in this press release that address activities,
events or developments that Regulus expects or anticipates will or
may occur in the future, including the proposed exploration and
development of the AntaKori project described herein, the
completion of the anticipated drilling program, the completion of
an updated NI 43-101 resource estimate and management's assessment
of future plans and operations and statements with respect to the
completion of the anticipated exploration and development programs,
may constitute forward-looking statements under applicable
securities laws and necessarily involve known and unknown risks and
uncertainties, most of which are beyond Regulus' control. These
risks may cause actual financial and operating results,
performance, levels of activity and achievements to differ
materially from those expressed in, or implied by, such
forward-looking statements. Although Regulus believes that the
expectations represented in such forward-looking statements are
reasonable, there can be no assurance that such expectations will
prove to be correct. The forward looking statements contained in
this press release are made as of the date hereof and Regulus does
not undertake any obligation to publicly update or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities law.
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