VANCOUVER, BC, Nov. 10,
2023 /CNW/ - Filo Corp. (TSX:
FIL) (Nasdaq First North Growth Market: FIL) (OTCQX:
FLMMF) ("Filo", or the "Company") announces its results for
the three and nine months ended September
30, 2023. View PDF version
Jamie Beck, President & CEO,
commented, "We have successfully continued our nine-rig drilling
campaign through the South American winter season with limited
impact on drilling productivity. The winter campaign yielded some
of the best results of the year, materially increasing the area of
known mineralization and identifying additional high-grade zones.
Multiple holes support the idea of a continuous mineralization
between the Aurora and Bonita Zones. We enter the spring with
optimism that our exploration efforts will continue to grow the
size, and demonstrate the strategic nature, of the deposit."
Q3 2023 Highlights
- Continued exploration success, highlighted by:
- Assay results announced for hole FSDH091 resulted in the first
intersection of a high-grade zone near the Bonita Zone, and
the first instance of consistent grades greater than 1% CuEq
outside of the Aurora Zone. FSDH091 included a high-grade section
averaging 1.15% CuEq over 212m. At
over 1km north of the Aurora Zone, the results from this hole open
up an entirely new area to explore for high-grade
mineralization;
- Hole FSDH090, collared 730m to
the south of FSDH091, intersected 1,518.5m at 0.48% CuEq and intersected a
number of high-grade sulphide veins over the upper several hundred
metres, similar to those seen in FSDH087. This includes a
22m intersection of 490.8g/t silver
which may correlate with a 16m
interval of 4.73% CuEq (including 50g/t silver) 300m away in FSDH087;
- Assay results announced for FSDH088, collared in the Filo
sector, included 992.0m at 0.63% CuEq
from 66.0m, including 582.0m at 0.73% CuEq from 436.0m. Hole FSDH088, which is south of Aurora
and 2.5km south of FSDH091, demonstrates the considerable size of
the deposit;
- Assay results announced for hole FSDH084 resulted in the
second-best hole from a grade-thickness perspective ever drilled at
the Filo del Sol Project. The results of hole FSDH084 confirm the
continuity of high-grade mineralization within the Aurora Zone,
including the high-grade Breccia 41 Zone;
- The assay results of FSDH091, FSDH090 and FSDH087 support the
idea of continuous mineralization across the 1.3km distance
between the Aurora and Bonita Zones. Additional holes in this area
are underway, which will provide critical information on the
continuity of mineralization from Tamberias in the south to Bonita
in the north (a distance of over five kilometers);
- Assay results announced from the Company's geotechnical
drilling program, carried out in support of the Company's studies
of a potential underground adit to provide platforms to more
efficiently drill out the Aurora Zone and Breccia 41:
- Results from hole FSGT006 returned several mineralized
intersections, including 12m at
5.21 g/t Au at shallow depth. This hole is 600m to the east of the nearest hole into the
Filo del Sol deposit and, although copper values are uniformly low,
it indicates that peripheral alteration and mineralization extend
to this area;
- Five holes were drilled in total for a cumulative 1,597m. Consistent with the results of the
Company's 2023 geophysical surveys, the geotechnical drilling
results confirm the presence of strong hydrothermal alteration
extending as far as 2km to the east of the Aurora Zone, which opens
up a large area of prospective ground for additional
exploration.
Q3 2023 Drilling and Assay
Results
Drilling and assay results disclosed by the Company during and
subsequent to the first three quarters of 2023 are summarized in
Appendix 1 to this news release.
Outlook
Drilling continues to be the Company's primary focus with nine
drill rigs at site. Drilling will remain a mix of both large and
small step-outs to the north and south of the Aurora Zone, as well
as resource definition drilling within it. The Company continues to
maintain a strong focus on improving drill productivity through a
variety of initiatives.
Data collected from the current campaign is being used to
develop a comprehensive geological model which will guide further
exploration and form the basis of an eventual update to the Mineral
Resource estimate. The Company is continuing preliminary
metallurgical testwork on the sulphide mineralization, as well as
environmental and social baseline programs in support of future
project permitting.
The Company's plans and timelines are subject to equipment and
staff availability, along with being able to operate safely and
effectively in accordance with the Company's health and safety
protocols.
Selected Financial
Information
(in thousands of
Canadian dollars)
|
September
30,
|
December
31,
|
|
|
2023
|
|
2022
|
Cash and cash
equivalents
|
|
134,178
|
|
74,915
|
Working
capital
|
|
119,619
|
|
60,296
|
Mineral
properties
|
|
10,385
|
|
9,737
|
Total assets
|
|
149,929
|
|
85,964
|
The financial
information in this table was selected from the condensed interim
consolidated financial statements for the three and nine months
ended September 30, 2023, which are available on SEDAR+ at
www.sedarplus.ca and at the Company's website
www.filocorp.com
|
Financial Results
(in thousands of
Canadian dollars, except per share amounts)
|
Three months
ended
|
Nine months
ended
|
|
September
30,
|
September
30,
|
|
2023
|
2022
|
2023
|
2022
|
Exploration and project
investigation
|
36,657
|
19,915
|
106,845
|
56,919
|
General and
administration ("G&A"), excluding share-
based compensation expense(1)
|
1,708
|
2,327
|
5,751
|
3,932
|
Share-based
compensation expense(1)
|
1,682
|
3,996
|
7,122
|
7,451
|
Net loss
|
23,379
|
20,040
|
82,956
|
47,953
|
Basic and diluted loss
per share
|
0.18
|
0.16
|
0.66
|
0.40
|
(1)
|
Share based
compensation is a non-cash cost which reflects the amortization of
the estimated fair value of share options over their vesting
period. The fair value of share options is calculated using the
Black-Scholes pricing model, which relies heavily on the Company's
share price and historical share price volatility. Due to the
material increase in the Company's share price and volatility since
2021, the calculated fair value of the Company's share options has
increased considerably, resulting in a higher share option value
and resultant share-based compensation expense being recognized. A
portion of this expense is included in Exploration and Project
Investigation expense.
|
|
|
The financial
information in this table was selected from the Company's condensed
interim consolidated financial statements for the three and nine
months ended September 30, 2023, which are available on SEDAR+
at www.sedarplus.ca and the Company's website
www.filocorp.com
|
For the three and nine months ended September 30, 2023, Filo incurred net losses of
$23.4 million and $83.0 million, respectively (2022 – $20.0 million and $48.0
million) including operating losses of $39.7 million and $118.4
million (2022 – $26.2 million
and $66.9 million) and net gains of
$13.7 million and $31.0 million from the use of marketable
securities (2022 – $4.0 million and
$16.6 million). Exploration and
project investigation costs are generally the most significant
expenses for the Company and for the three and nine months ended
September 30, 2023, they accounted
for approximately 92% and 90% of the operating losses, respectively
(2022 – 76% and 85%). The Company expenses its exploration costs
through the consolidated statement of comprehensive loss, except
for mineral property option payments and mineral property
acquisition costs, which are capitalized.
Liquidity and Capital
Resources
As at September 30, 2023, the
Company had cash and cash equivalents of $134.2 million and net working capital of
$119.6 million, compared to cash and
cash equivalents of $74.9 million and
net working capital of $60.3 million
as at December 31, 2022. The increase
in the Company's cash and cash equivalents and net working capital
is due the non-brokered private placement completed in June 2023 which resulted in net proceeds of
$129.1 million, plus the net
$1.1 million BHP Top-Up and
$4.6 million in gross proceeds
received by the Company in relation to the exercise of stock
options during the nine months ended September 30, 2023. These cash inflows were
offset by funds used in operations and for general corporate
purposes, plus amounts used in the acquisition of mineral
properties ($1.0 million) and
equipment and facilities for the Filo del Sol Project ($3.9 million).
The Company will continue to deploy the majority of Its treasury
to fund ongoing advancement of the Filo del Sol Project, and to a
lesser extent, for working capital and general corporate
purposes.
About Filo del Sol
Filo del Sol is a high-sulphidation epithermal
copper-gold-silver deposit associated with one or more large
porphyry copper-gold systems. Overlapping mineralizing events
combined with weathering effects, including supergene enrichment,
have created several different styles of mineralization, including
structurally controlled and breccia-hosted gold, manto-style
high-grade silver (+/- copper) and high-grade supergene enriched
copper within a broader envelope of disseminated, stockwork and
breccia-hosted sulphide copper and gold mineralization. This
complex geological history has created a heterogeneous orebody
which is characterized by zones of very high-grade copper +/- gold
+/- silver mineralization within a large envelope of more
homogeneous, lower-grade mineralization.
Technical Information
Copper Equivalent is calculated based on US$ 3.00/lb Cu, US$
1,500/oz Au and US$ 18/oz Ag,
with 80% metallurgical recoveries assumed for all metals. The
formula is: CuEq % = Cu % + (0.7292 * Au g/t) + (0.0088 * Ag
g/t).
Mineralized zones within the Filo del Sol deposit are typically
flat-lying, or bulk porphyry-style zones and drilled widths are
interpreted to be very close to true widths.
Samples were cut at Filo's operations base near the town of
Guañizuil, Argentina by Company
personnel. Diamond drill core was sampled in 2 metre intervals
(except where shortened by geological contacts) using a rock saw
for sulphide mineralization. Oxide mineralization was cut with a
core splitter in order to prevent dissolution of water-soluble
copper minerals during the wet sawing process. Core diameter is a
mix of PQ, HQ and NQ depending on the depth of the drill
hole. RC samples were collected at the drill site by Company
personnel with splitting carried out at the Company's field camp
near the drill sites. Individual samples represent final
splits from 2 metre intervals down the hole. Samples were
bagged and tagged and packaged for shipment by truck to the ALS
preparation laboratory in Mendoza, Argentina where they were crushed and a 500g
split was pulverized to 85% passing 200 mesh. The prepared samples
were sent to the ALS assay laboratories in either Lima, Peru or Santiago, Chile for copper, gold and silver
assays, and multi-element ICP and sequential copper analyses.
ALS is an accredited laboratory which is independent of the
Company. Gold assays were by fire assay fusion with AAS
finish on a 30g sample. Copper and silver were assayed by atomic
absorption following a 4-acid digestion. Samples were also
analyzed for a suite of 36 elements with ICP-ES and a sequential
copper leach analysis was completed on each sample with copper
greater than 500ppm (0.05%). Copper and gold standards as well as
blanks and duplicates (field, preparation and analysis) were
randomly inserted into the sampling sequence for Quality Control.
On average, 9% of the submitted samples are Quality Control
samples. No data quality problems were indicated by the QA/QC
program.
Details on assay procedures and the drill intersections provided
in Appendix 1 can be found in the Company's news releases dated
January 10, 2023, February 2, 2023, March
16, 2023, April 13, 2023,
April 13, 2023, May 30, 2023, July 4,
2023, July 11, 2023,
August 21, 2023, September 5, 2023 and October 25, 2023.
Qualified Persons
The scientific and technical disclosure for the Filo del Sol
Project included in this news release have been reviewed and
approved by Bob Carmichael, P.Eng.
and Jamie Beck, P. Eng. Mr.
Carmichael is Filo's Vice President of Exploration and a Qualified
Person under National Instrument 43-101 Standards of Disclosure of
Mineral Projects ("NI 43-101"). Mr. Beck is Filo's President and
CEO and is also a Qualified Person under NI 43-101.
About Filo Corp.
Filo is a Canadian exploration and development company focused
on advancing its 100% owned Filo del Sol copper-gold-silver deposit
located in San Juan Province, Argentina and adjacent Region III,
Chile. The Company's shares are
listed on the TSX and Nasdaq First North Growth Market under the
trading symbol "FIL", and on the OTCQX under the symbol "FLMMF".
Filo is a member of the Lundin Group of Companies.
Additional Information
The Company's condensed interim consolidated financial
statements for the three and nine months ended September 30, 2023 and related management's
discussion and analysis are available on SEDAR+ at www.sedarplus.ca
and the Company's website at www.filocorp.com.
The Company's certified adviser on the Nasdaq First North Growth
Market is Aktieinvest FK AB, +46 8 506 51703,
rutger.ahlerup@aktieinvest.se.
The information contained in this news release was accurate at
the time of dissemination but may be superseded by subsequent news
release(s). The Company is under no obligation, nor does it intend
to update or revise the forward-looking information, whether as a
result of new information, future events or otherwise.
This information was submitted by Filo Corp. for publication,
through the agency of the contact person set out below, on
November 10, 2023 at 08:00 pm
EST.
On behalf of Filo,
Jamie Beck
President and CEO
APPENDIX 1 – Q3 2023 DRILLING AND
ASSAY RESULTS
Drilling and assay results disclosed by the Company during and
subsequent to the first three quarters of 2023 are summarized in
the following table:
Hole-ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu
(%)
|
Au
(g/t)
|
Ag
(g/t)
|
CuEq1
(%)
|
FSDH068A
|
18.0
|
1,794.0
|
1,776.0
|
0.45
|
0.30
|
4.0
|
0.70
|
incl.
|
54.0
|
94.0
|
40.0
|
0.65
|
0.92
|
8.1
|
1.39
|
incl.
|
394.0
|
1,514.0
|
1,120.0
|
0.59
|
0.38
|
5.3
|
0.92
|
incl.
|
574.0
|
1,298.2
|
724.2
|
0.69
|
0.45
|
6.8
|
1.08
|
FSDH069A
|
138.0
|
1,434.5
|
1,296.5
|
0.60
|
0.38
|
13.9
|
1.00
|
incl.
|
404.0
|
435.0
|
31.0
|
0.00
|
0.27
|
127.0
|
|
and incl.
|
498.0
|
1,096.0
|
598.0
|
0.92
|
0.57
|
19.3
|
1.51
|
incl.
|
792.0
|
886.0
|
94.0
|
1.78
|
1.37
|
26.3
|
3.01
|
FSDH070A
|
282.0
|
1,338.5
|
1,056.5
|
0.54
|
0.38
|
4.0
|
0.86
|
incl.
|
369.7
|
1,040.0
|
670.4
|
0.63
|
0.41
|
5.3
|
0.97
|
incl.
|
540.0
|
712.0
|
172.0
|
0.75
|
0.47
|
5.9
|
1.15
|
FSDH071
|
292.0
|
1,320.0
|
1,028.0
|
0.78
|
0.47
|
6.7
|
1.16
|
incl.
|
408.0
|
580.0
|
172.0
|
1.44
|
0.82
|
12.6
|
2.14
|
incl.
|
514.0
|
574.0
|
60.0
|
2.18
|
1.64
|
16.9
|
3.53
|
incl.
|
776.0
|
1,013.5
|
237.5
|
1.04
|
0.68
|
6.0
|
1.49
|
FSDH072
|
484.0
|
1,712.0
|
1,228.0
|
0.55
|
0.33
|
4.4
|
0.83
|
incl.
|
650.0
|
1,472.0
|
822.0
|
0.68
|
0.42
|
4.4
|
1.02
|
incl.
|
998.0
|
1,328.0
|
330.0
|
0.88
|
0.61
|
2.3
|
1.35
|
FSDH073
|
404.5
|
1,388.4
|
983.9
|
0.62
|
0.32
|
4.0
|
0.89
|
incl.
|
600.0
|
1,214.0
|
614.0
|
0.74
|
0.41
|
3.2
|
1.06
|
incl.
|
756.0
|
1,028.0
|
272.0
|
0.92
|
0.52
|
3.2
|
1.33
|
FSDH074
|
278.0
|
1,300.0
|
1,022.0
|
0.49
|
0.19
|
4.4
|
0.66
|
incl.
|
644.0
|
1,160.0
|
516.0
|
0.61
|
0.21
|
3.2
|
0.79
|
incl.
|
840.0
|
1,092.0
|
252.0
|
0.65
|
0.23
|
3.6
|
0.85
|
FSDH075
|
197.1
|
1,562.0
|
1,364.9
|
0.31
|
0.12
|
2.9
|
0.42
|
incl.
|
197.1
|
268.0
|
70.9
|
0.33
|
0.19
|
15.4
|
0.60
|
and incl.
|
796.0
|
1,562.0
|
766.0
|
0.40
|
0.13
|
1.3
|
0.51
|
incl.
|
910.4
|
1,202.0
|
291.6
|
0.52
|
0.18
|
1.2
|
0.66
|
FSDH076
|
180.0
|
1,543.0
|
1,363.0
|
0.48
|
0.35
|
3.9
|
0.77
|
incl.
|
496.0
|
850.9
|
354.9
|
0.63
|
0.40
|
10.0
|
1.01
|
and incl.
|
952.0
|
1,120.0
|
168.0
|
0.52
|
0.48
|
1.1
|
0.88
|
and incl.
|
1264.0
|
1,490.0
|
226.0
|
0.55
|
0.42
|
1.2
|
0.87
|
FSDH077
|
192.0
|
194.0
|
2.0
|
0.05
|
10.35
|
0.5
|
|
plus
|
404.0
|
920.2
|
516.2
|
0.11
|
0.11
|
0.9
|
0.20
|
FSDH079
|
68.0
|
76.0
|
8.0
|
0.25
|
0.40
|
8.9
|
0.61
|
FSDH080
|
122.0
|
1,347.5
|
1,225.5
|
0.39
|
0.29
|
8.9
|
0.67
|
incl.
|
122.0
|
1,058.0
|
936.0
|
0.42
|
0.33
|
11.3
|
0.77
|
incl.
|
122.0
|
216.0
|
94.0
|
1.02
|
0.42
|
5.8
|
1.38
|
incl.
|
126.0
|
148.0
|
22.0
|
2.25
|
0.35
|
1.0
|
2.51
|
and incl.
|
494.0
|
882.0
|
388.0
|
0.39
|
0.36
|
20.7
|
0.83
|
FSDH081
|
192.0
|
242.0
|
50.0
|
0.16
|
0.13
|
7.2
|
0.32
|
FSDH082
|
No significant
values
|
FSDH083
|
418.7
|
1,549.8
|
1,131.1
|
0.43
|
0.15
|
2.8
|
0.57
|
incl.
|
560.0
|
672.0
|
112.0
|
0.52
|
0.17
|
6.2
|
0.70
|
and
incl.
|
970.0
|
1,180.0
|
210.0
|
0.61
|
0.22
|
2.1
|
0.80
|
FSDH084
|
170.0
|
1,575.8
|
1,405.8
|
0.62
|
0.43
|
23.2
|
1.13
|
incl.
|
394.0
|
440.0
|
46.0
|
0.01
|
0.38
|
310.2
|
|
and incl.
|
616.0
|
1,258.0
|
642.0
|
1.01
|
0.70
|
20.6
|
1.70
|
incl.
|
772.0
|
827.8
|
55.8
|
2.98
|
2.73
|
92.8
|
5.79
|
incl.
|
778.0
|
812.0
|
34.0
|
3.68
|
3.73
|
110.5
|
7.37
|
FSDH085
|
18.0
|
26.0
|
8.0
|
0.98
|
3.15
|
433.8
|
7.09
|
plus
|
320.0
|
1,199.0
|
879.0
|
0.32
|
0.13
|
6.0
|
0.47
|
incl.
|
658.0
|
1,114.4
|
456.4
|
0.38
|
0.14
|
5.8
|
0.53
|
incl.
|
658.0
|
667.0
|
9.0
|
0.33
|
0.07
|
156.8
|
1.76
|
FSDH087
|
42.0
|
1,472.0
|
1,430.0
|
0.40
|
0.16
|
4.3
|
0.55
|
incl.
|
292.0
|
1,472.0
|
1,180.0
|
0.46
|
0.17
|
3.7
|
0.61
|
incl.
|
190.0
|
194.0
|
4.0
|
1.41
|
0.33
|
49.9
|
2.09
|
and incl.
|
232.0
|
233.0
|
1.0
|
2.04
|
1.02
|
6.6
|
2.84
|
and incl.
|
300.0
|
304.0
|
4.0
|
4.49
|
4.10
|
147.0
|
8.77
|
and incl.
|
350.0
|
442.0
|
92.0
|
0.75
|
0.40
|
11.3
|
1.14
|
incl.
|
358.0
|
374.0
|
16.0
|
2.97
|
1.81
|
50.1
|
4.73
|
incl.
|
436.0
|
440.0
|
4.0
|
1.58
|
0.41
|
33.0
|
2.17
|
and incl.
|
937.5
|
940.0
|
2.5
|
2.00
|
0.48
|
145.2
|
3.63
|
FSDH088
|
66.0
|
1,058.0
|
992.0
|
0.36
|
0.32
|
3.7
|
0.63
|
incl.
|
436.0
|
1,018.0
|
582.0
|
0.41
|
0.38
|
5.4
|
0.73
|
FSDH090
|
100.0
|
1,618.5
|
1,518.5
|
0.31
|
0.11
|
10.3
|
0.48
|
incl.
|
108.0
|
130.0
|
22.0
|
0.07
|
0.06
|
490.8
|
|
and incl.
|
268.7
|
272.0
|
3.3
|
2.64
|
0.92
|
127.2
|
4.43
|
and incl.
|
539.1
|
540.0
|
0.9
|
2.66
|
2.04
|
132.6
|
5.31
|
and incl.
|
665.0
|
1,322.0
|
657.0
|
0.44
|
0.14
|
2.0
|
0.56
|
FSDH091
|
168.0
|
1,536.0
|
1,368.0
|
0.40
|
0.19
|
2.5
|
0.56
|
incl.
|
185.5
|
200.0
|
14.5
|
0.42
|
0.97
|
30.2
|
|
and incl.
|
504.0
|
508.0
|
4.0
|
1.94
|
1.20
|
9.8
|
2.90
|
and incl.
|
672.8
|
1,510.0
|
837.2
|
0.53
|
0.21
|
1.9
|
0.70
|
incl.
|
872.0
|
1,084.0
|
212.0
|
0.84
|
0.40
|
2.2
|
1.15
|
FSGT006
|
36.0
|
48.0
|
12.0
|
0.07
|
5.21
|
14.1
|
|
incl.
|
40.0
|
44.0
|
4.0
|
0.09
|
10.25
|
18.8
|
|
|
(1)
|
Copper Equivalent is
calculated based on US$ 3.00/lb Cu, US$ 1,500/oz Au and US$ 18/oz
Ag, with 80%
metallurgical recoveries assumed for all metals. The formula
is: CuEq % = Cu % + (0.7292 * Au g/t) +
(0.0088 * Ag g/t)
|
As of the date of this News Release, additional holes have been
completed with assays pending, which include:
• FSDH086
• FSDH089
Assay results for these holes will be released as they are
received, analyzed and confirmed by the Company.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements made and information contained herein in the
news release constitutes "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities legislation (collectively, "forward-looking
information"). The forward-looking information contained in this
news release is based on information available to the Company as of
the date of this news release. Except as required under applicable
securities legislation, the Company does not intend, and does not
assume any obligation, to update this forward-looking information.
Generally, this forward-looking information can frequently, but not
always, be identified by use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "projects",
"budgets", "assumes", "strategy", "goals", "objectives",
"potential", "possible", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events, conditions or results "will", "may",
"could", "would", "should", "might" or "will be taken", "will
occur" or "will be achieved" or the negative connotations thereof.
All statements other than statements of historical fact may be
forward-looking statements.
The Company believes that the expectations reflected in the
forward-looking information included in this news release are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking information
should not be unduly relied upon. Information contained in
this news release is as of the date of this press release. In
particular, this press release contains forward-looking information
pertaining to assumptions made in the interpretation of drill
results, geology, grade, geochemistry, potential implications of
geophysics interpretations, and continuity of mineral deposits;
expectations regarding access and demand for equipment, skilled
labour and services needed for exploration and development of
mineral properties; and that activities will not be adversely
disrupted or impeded by exploration, development, operating,
regulatory, political, community, economic, environmental and/or
healthy and safety risks. In addition, this news release may
contain forward-looking statements or information pertaining to:
potential exploration upside at the Filo del Sol Project, including
the extent and significance of the porphyry copper-gold system
underlying the current Mineral Resource and the prospectivity of
exploration targets; exploration and development plans and
expenditures, including a transition to year-round operations and
the timing thereof; the ability of the Company's COVID-19 operating
protocol to continue to meet government-mandated health and safety
guidelines enabling it to conduct its field programs as planned;
the success of future exploration activities; potential for
resource expansion; ability to build shareholder value;
expectations with regard to adding to its Mineral Reserves or
Resources through exploration; expectations with respect to the
conversion of inferred resources to an indicated resources
classification; ability to execute planned work programs; plans or
ability to add additional drill rigs; timing or anticipated results
of an update to the mineral resource estimate for Filo del Sol;
government regulation of mining activities; environmental risks;
unanticipated reclamation expenses; title disputes or claims;
limitations on insurance coverage; and other risks and
uncertainties.
Statements relating to "mineral resources" are deemed to be
forward-looking information, as they involve the implied
assessment, based on certain estimates and assumptions that the
mineral resources described can be profitably produced in the
future.
The forward-looking statements contained in this news release
are made as at the date of this news release and Filo does not
undertake any obligations to publicly update and/or revise any of
the included forward-looking statements, whether as a result of
additional information, future events and/or otherwise, except as
may be required by applicable securities laws. Forward-looking
information is provided for the purpose of providing information
about management's current expectations and plans and allowing
investors and others to get a better understanding of the Company's
operating environment. Forward-looking information is based on
certain assumptions that the Company believes are reasonable,
including that the current price of and demand for commodities will
be sustained or will improve, the supply of commodities will remain
stable, that the general business and economic conditions will not
change in a material adverse manner, that financing will be
available if and when needed on reasonable terms and that the
Company will not experience any material labour dispute, accident,
or failure of plant or equipment. These factors are not, and should
not be construed as being, exhaustive. Although the Company has
attempted to identify important factors that would 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 statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. All the forward-looking information
contained in this document is qualified by these cautionary
statements. Readers are cautioned not to place undue reliance on
forward-looking information due to the inherent uncertainty
thereof.
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SOURCE Filo Corp.