Trading Symbol:
TSX-V: ARTG
VANCOUVER, BC, May 4, 2023
/CNW/ - Artemis Gold Inc. (TSXV: ARTG) ("Artemis" or the "Company")
is pleased to announce that it has initiated a gold hedge program
for the Company's Blackwater Mine project (the "Blackwater Mine")
by entering into gold forward sales agreements to deliver 100,000
ounces of gold bullion between March
2025 and December 2027 at a
weighted average sales price of CAD$2,836 per gold ounce.
Steven Dean, Chairman and CEO of
Artemis Gold commented, "The initiation of a modest gold hedge
program is a prudent and important step in underwriting the returns
on capital invested in the early years of operations of the
Blackwater Mine. The effective price on the first 100,000 gold
ounces is at or near historic highs and approximately 40% higher
than the gold price assumption used in our September 2021 Feasibility Study. Hedging these
ounces is also a risk management tool to further de-risk servicing
of the Company's bank debt funding for the development of the
mine."
All amounts are stated in Canadian Dollars unless otherwise
noted.
Qualified Person
Jeremy Langford, FAUSIMM, a
Qualified Person as defined by National Instrument 43-101, has
reviewed, and approved the scientific and technical information in
this news release. The Company's technical report for the
Blackwater Mine entitled "Blackwater Gold Project, NI 43-101
Technical Report on Updated Feasibility Study" with an effective
date of September 10, 2021 (the
"September 2021 Feasibility Study")
is available on the Company's profile at www.sedar.com.
ARTEMIS GOLD INC.
On behalf of the Board of Directors
"Steven Dean"
Chairman and Chief Executive Officer
+1 604 558 1107
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.
Cautionary Note Regarding
Forward-Looking Information
This news release contains certain "forward looking
statements" and certain "forward-looking information" as defined
under applicable Canadian and U.S. securities laws. Forward-looking
statements and information can generally be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate", "believe", "continue", "plans",
"potential" or similar terminology. Forward-looking statements and
information are not historical facts, are made as of the date of
this news release, and include, but are not limited to, statements
regarding the potential of the Project; the jobs to be created in
connection with the Project; the contribution of the Project to the
economy; opinions of the Province of British Columbia regarding the Project and the
region; agreements and relationships with Indigenous partners; the
future of mining in British
Columbia; the plans of the Company with respect to the
Project, including construction, site preparation, clearing,
consultation with indigenous groups ;; and other plans and
expectations of the Company with respect to the Project.
These forward-looking statements involve numerous risks and
uncertainties and actual results may vary. Important factors that
may cause actual results to vary include without limitation, risks
related to the ability of the Company to accomplish its plans and
objectives with respect to the development of the Project within
the expected timing or at all, the timing and receipt of certain
required approvals, changes in commodity prices, changes in
interest and currency exchange rates, risks inherent in exploration
and development activities, changes in development or mining plans
due to changes in logistical, technical or other factors,
unanticipated operational difficulties (including failure of plant,
equipment or processes to operate in accordance with
specifications, cost escalation, unavailability of materials,
equipment or third party contractors, delays in the receipt of
government approvals, industrial disturbances, job action, and
unanticipated events related to heath, safety and environmental
matters), the COVID-19 pandemic, political risk, social unrest,
changes in general economic conditions or conditions in the
financial markets, and other risks related to the ability of
the Company to proceed with its plans for the Project and other
risks set out in the Company's most recent MD&A. In making the
forward-looking statements in this news release, the Company has
applied several material assumptions, including without limitation,
the assumptions that: (1) market fundamentals will result in
sustained mineral demand and prices; (2) the receipt of any
necessary approvals and consents in connection with the development
of the Project; (3) the availability of financing on suitable terms
for the development, construction and continued operation of the
Project; (4) sustained commodity prices such that the Project
remains economically viable; and (5) that the COVID-19 pandemic and
restrictions related thereto will not materially impact the Company
or prevent the Company from operating its business as planned. The
actual results or performance by the Company could differ
materially from those expressed in, or implied by, any
forward-looking statements. Accordingly, no assurances can be given
that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
impact they will have on the results of operations or financial
condition of the Company. Except as required by law, the Company is
under no obligation, and expressly disclaim any obligation, to
update, alter or otherwise revise any forward-looking statement,
whether written or oral, that may be made from time to time,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
SOURCE Artemis Gold Inc.