Unigold Candelones project remains on-track for Q3 delivery of feasibility, ESIA and Exploitation Licence
April 27 2022 - 7:00AM
Unigold Inc. (“Unigold” or the “Company”) (TSX-V:UGD; OTCQX: UGDIF;
FSE:UGB1) is pleased to provide an update on activities at its 100%
owned Neita concession in the Dominican Republic.
Joseph Hamilton, CEO, commented, “Our strategy
for the delivery of a small footprint, low-capital oxide project at
Candelones is intended to introduce mining to the local communities
while allowing us to build capacity and infrastructure that can be
used to develop the larger sulphide resource in the
future. Our community and government support for this
project have been encouraging. We filed an application to convert
part of the Neita area into an Exploitation Concession at the end
of February. The review of the application has been completed by
the Mining Directorate with no material comments or changes. The
Directorate has now moved the application to the next stage of the
process with the publication of the application in the national
newspaper. We remain confident that we can meet our Q3 guidance for
the delivery of an Exploitation Licence over the southern part of
the Neita concession. Environmental, geotechnical and community
programs remain on-going and, in conjunction with our completed
oxide drilling program, will contribute to our stated objective of
delivering a final feasibility study and environmental impact
assessment in the third quarter of this year.”
The first step in achieving commercial
production at the Candelones oxide deposits is to receive an
Exploitation Licence over a portion of the Neita Concession. The
application and supporting documentation were filed with the
appropriate government organizations on February 25, 2022. The
granting of an Exploitation Licence would give Unigold the sole
right to extract metallic minerals from a 9,990 hectare concession
area for a 75-year period. This application has successfully passed
through the review process at the Dirección General de Mineria. The
first of two public notices was published in the national media in
the Dominican Republic on Monday, April 25, 2022. The Company
expects to continue to work closely with government authorities to
expedite the issuance of the Exploitation Licence.
The Feasibility Study for the Candelones Oxide
project is on-going with Micon International retained to update the
Mineral Resource Estimate and provide a new production schedule for
the oxide portion of the deposit. Tierra Group International, Ltd.
is supervising the geotechnical work to assess the plant and pad
placements and provide a capital cost estimate for those areas.
Following completion of geotechnical and surveying work, the
upgrading of inferred material, and utilizing the results of recent
column testing, the Company will engage appropriate consultants to
finalize a feasibility study with sufficient detail to support
project financing discussions. The Company expects this report to
be released in Q3 of 2022.
The Company will hold an update videoconference
session on Friday, April 29 at 11 am EDT. Please visit
www.unigoldinc.com for more details regarding this conference.
About Unigold Inc. – Discovering Gold in
the CaribbeanUnigold is a Canadian based mineral
exploration company traded on the TSX Venture Exchange under the
symbol UGD, the OTCQX exchange under the symbol UGDIF, and on the
Frankfurt Stock Exchange under the symbol UGB1. The Company is
focused primarily on exploring and developing its gold assets in
the Dominican Republic. The Candelones oxide gold deposit is within
the 100% owned Neita Fase II exploration concession located in
Dajabón province, in the northwest part of the Dominican Republic.
The Candelones project area is about 20 kilometers south of the
town of Restauraćion. The oxide deposit occurs at surface as a
result of the tropical weathering of underlying mineralization.
Unigold has been active in the Dominican Republic since 2002 and
remains the most active exploration Company in the country. The
Neita Fase II exploration concession is the largest single
exploration concession covering volcanic rocks of the Cretaceous
Tireo Formation. This island arc terrain is host to Volcanogenic
Massive Sulphide deposits, Intermediate and High Sulphidation
Epithermal Systems and Copper-gold porphyry systems. Unigold has
identified over 20 areas within the concession area that host
surface expressions of gold systems. Unigold has been concentrating
on the Candelones mineralization and continues to expand the deeper
sulphide resources with on-going drilling.
Forward-looking Statements
Certain statements contained in this document, including statements
regarding events and financial trends that may affect our future
operating results, financial position and cash flows, may
constitute forward-looking statements within the meaning of the
federal securities laws. These statements are based on our
assumptions and estimates and are subject to risk and
uncertainties. You can identify these forward-looking statements by
the use of words like “strategy”, “expects”, “plans”, “believes”,
“will”, “estimates”, “intends”, “projects”, “goals”, “targets”, and
other words of similar meaning. You can also identify them by the
fact that they do not relate strictly to historical or current
facts. We wish to caution you that such statements contained are
just predictions or opinions and that actual events or results may
differ materially. The forward-looking statements contained in this
document are made as of the date hereof and we assume no obligation
to update the forward-looking statements, or to update the reasons
why actual results could differ materially from those projected in
the forward-looking statements. Where applicable, we claim the
protection of the safe harbour for forward- looking statements
provided by the (United States) Private Securities Litigation
Reform Act of 1995. For more information, please visit
https://www.unigoldinc.com/profile/forward-looking-statement.
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.
For further information please visit http://www.unigoldinc.com or contact:
Mr. Joseph Hamilton
Chairman & CEO
jhamilton@unigoldinc.com
T. (416) 866-8157
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