TIDMSOLG
RNS Number : 4998A
SolGold PLC
02 June 2021
2 June 2021
SolGold & Cornerstone to Cooperatively Advance Cascabel
to Maximize Shareholder Value
Brisbane, Australia / Ottawa, Canada - SolGold ( LSE & TSX
code: SOLG ) ("SolGold") and Cornerstone Capital Resources Inc.
(TSXV:CGP; OTC:CTNXF; FWB:GWN) ("Cornerstone") (together the
"Parties" and individually, a "Party") are pleased to announce
today they have agreed to work cooperatively to advance the
Cascabel Project in northern Ecuador.
Concurrently with advancing the Cascabel Project, the Parties
will explore and evaluate a range of strategic and financing
options focused on maximizing value for their respective
shareholders with respect to the Cascabel Project.
The respective Boards of Directors of the Parties are committed
to this strategy while simultaneously supporting management and
employees in their ongoing efforts to advance the Cascabel Project
including finalisation and delivery of a new technical report. Both
SolGold and Cornerstone each believe that pursuing these
complementary paths is in the best interests of their respective
shareholders, employees and stakeholders and is designed to
maximize value for each company.
Mr. Twigger, Chairman of SolGold, and Mr. Chamandy, Chairman of
Cornerstone, jointly stated: "We are committed to fostering a
positive working relationship between SolGold and Cornerstone for
the benefit of our respective shareholders. Our focus remains on
maximizing shareholder value by cooperatively advancing Cascabel
with the input of both of our respective management teams and
pursuing all potential value enhancing initiatives."
Keith Marshall, Interim CEO of Solgold commented: "For too long
our companies have been pulling in different directions. This
initiative provides an opportunity for both companies to put away
their differences and to work together for the collective good of
the Cascabel Project."
Nick Mather, a Director of SolGold, commented: "I am welcoming
this initiative and I am 100% supportive as I believe it can
maximize value for SolGold shareholders which has been my objective
from the very beginning. Delivering an updated technical report
that reduces the risk profile of Cascabel along with advancing
discussions with Cornerstone in parallel, is the correct strategic
decision and will benefit SolGold shareholders."
Brooke Macdonald, President and CEO of Cornerstone, added: "Our
focus is aligned with respect to lowering the development risk at
Cascabel and accessing the high-grade core at Alpala that currently
has 442MT at 1.40% CuEq in the measured & indicated category
including 359MT at 1.47% CuEq in the measured category alone based
on MRE#3 ([1]) ."
By order of the Board
Karl Schlobohm
Company Secretary
([1]) See "Cascabel Property NI 43-101 Technical Report, Alpala
Porphyry Copper-Gold-Silver Deposit - Mineral Resource Estimation,
January 2021" with an Effective date: 18 March 2020 and Amended
Date: 15 January 2021 (the "Amended Technical Report"), filed at
www.Sedar.com on January 29, 2021.
CONTACTS
Karl Schlobohm
SolGold Plc (Company Secretary) Tel: +61 (0) 7 3303 0661
kschlobohm@solgold.com.au
Ingo Hofmaier
SolGold Plc (GM - Project & Corporate Tel: +44 (0) 20 3823 2131
Finance) ihofmaier@solgold.com.au
Fawzi Hanano
SolGold Plc (Investors / Media) Tel: +44 (0) 20 3823 2131
fhanano@solgold.com.au
Follow us on twitter @SolGold_plc
ABOUT THE CASCABEL PROJECT
The Cascabel Project is 100% owned by Exploraciones Novomining
S.A. ("ENSA"), an Ecuadorean company owned by SolGold and
Cornerstone. The Alpala deposit is the main target in the Cascabel
concession, located on the northern section of the heavily endowed
Andean Copper Belt, the entirety of which is renowned as the base
for nearly half of the world's copper production. The project area
hosts mineralisation of Eocene age, the same age as numerous Tier 1
deposits along the Andean Copper Belt in Chile and Peru to the
south. The project base is located at Rocafuerte within the
Cascabel concession in northern Ecuador, an approximately
three-hour drive on sealed highway north of the capital Quito,
close to water, power supply and Pacific ports.
Having fulfilled its earn-in requirements, SolGold is a
registered shareholder with an unencumbered legal and beneficial
85% interest in ENSA. The junior equity owner in ENSA is required
to repay 15% of costs since SolGold's earn in was completed, from
90% of its share of distribution of earnings or dividends from ENSA
or the Cascabel concession. It is also required to contribute to
development or be diluted, and if its interest falls below 10%, it
shall reduce to a 0.5% NSR royalty which SolGold may acquire for
US$3.5million .
ABOUT SOLGOLD
SolGold is a leading exploration company focused on the
discovery and definition of world-class copper and gold deposits.
SolGold, with 76 concessions covering approximately 3,100km(2), is
the largest and most active concession holder in Ecuador and is
aggressively exploring the length and breadth of this highly
prospective and gold-rich section of the Andean Copper Belt.
See www.solgold.com.au for more information. Follow us on
twitter @SolGold plc
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of the
Regulation (EU) No 596/2014 until the release of this
announcement.
CAUTIONARY NOTICE
News releases, presentations and public commentary made by
SolGold plc (the "Company") and its Officers may contain certain
statements and expressions of belief, expectation or opinion which
are forward looking statements, and which relate, inter alia, to
interpretations of exploration results to date and the Company's
proposed strategy, plans and objectives or to the expectations or
intentions of the Company's Directors, including the plan for
developing the Project currently being studied as well as the
expectations of the Company as to the forward price of copper. Such
forward-looking and interpretative statements involve known and
unknown risks, uncertainties and other important factors beyond the
control of the Company that could cause the actual performance or
achievements of the Company to be materially different from such
interpretations and forward-looking statements.
Accordingly, the reader should not rely on any interpretations
or forward-looking statements; and save as required by the exchange
rules of the TSX and LSE or by applicable laws, the Company does
not accept any obligation to disseminate any updates or revisions
to such interpretations or forward-looking statements. The Company
may reinterpret results to date as the status of its assets and
projects changes with time expenditure, metals prices and other
affecting circumstances.
This release may contain "forward--looking information" within
the meaning of applicable Canadian securities legislation.
Forward--looking information includes, but is not limited to,
statements regarding the Company's plans for developing its
properties. Generally, forward--looking information can be
identified by the use of forward-looking terminology 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 state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved".
Forward--looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied
by such forward--looking information, including but not limited to:
transaction risks; general business, economic, competitive,
political and social uncertainties; future prices of mineral
prices; accidents, labour disputes and shortages and other risks of
the mining industry. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause 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. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, risks relating to the ability of exploration
activities (including assay results) to accurately predict
mineralization; errors in management's geological modelling and/or
mine development plan; capital and operating costs varying
significantly from estimates; the preliminary nature of visual
assessments; delays in obtaining or failures to obtain required
governmental, environmental or other required approvals;
uncertainties relating to the availability and costs of financing
needed in the future; changes in equity markets; inflation; the
global economic climate; fluctuations in commodity prices; the
ability of the Company to complete further exploration activities,
including drilling; delays in the development of projects;
environmental risks; community and non-governmental actions; other
risks involved in the mineral exploration and development industry;
the ability of the Company to retain its key management employees
and skilled and experienced personnel; and those risks set out in
the Company's public documents filed on SEDAR at www.sedar.com .
Accordingly, readers should not place undue reliance on
forward--looking information. The Company does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
The Company and its officers do not endorse, or reject or
otherwise comment on the conclusions, interpretations or views
expressed in press articles or third-party analysis, and where
possible aims to circulate all available material on its
website.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGRUARKRASUNRAR
(END) Dow Jones Newswires
June 02, 2021 02:00 ET (06:00 GMT)
Solgold (LSE:SOLG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Solgold (LSE:SOLG)
Historical Stock Chart
From Jul 2023 to Jul 2024