VANCOUVER, BC, March 18,
2022 /CNW/ - Montage Gold
Corp. ("Montage" or the "Company") (TSXV: MAU) (OTCPK:
MAUTF) is pleased to announce that the Definitive Feasibility Study
NI 43-101 Technical Report on the Koné Gold Project in Côte
d'Ivoire (the "Technical Report") has been filed on SEDAR. The
Technical Report, which is dated March 14,
2022, has an effective date of February 14, 2022 and is entitled "Koné Gold
Project, Côte d'Ivoire Definitive Feasibility Study National
Instrument 43-101 Technical Report". The results of the Definitive
Feasibility Study were previously disclosed in summary form in the
Company's news release dated February 14,
2022, "Montage Announces Koné Gold Project DFS with
After-Tax NPV of $746M and 35%
IRR."
The Technical Report was prepared in accordance with the
Canadian Securities Administrators' National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101")
and is available for review under the Company's profile on SEDAR at
www.sedar.com and on the Company's website at
www.montagegoldcorp.com. There are no material differences between
the mineral reserve and the mineral resource estimates announced in
the February 14, 2022 news release
from those contained in the Report.
ABOUT MONTAGE GOLD CORP.
Montage is a Canadian-based
precious metals exploration and development company focused on
opportunities in Côte d'Ivoire. The Company's flagship property is
the Koné Gold Project, located in northwest Côte d'Ivoire, which
currently hosts a Probable Mineral Reserve of 161.1Mt grading
0.66g/t for 3.42M ounces of gold. The
Company released the results of a definitive feasibility study (the
"DFS") on the Koné Gold Project on February
14, 2022, outlining a 15-year gold project estimated to
produce 3.06M ounces of gold at AISC
(non-GAAP) of $933 per ounce over
life of the mine, with average annual production of 207koz, and
peak production of 320koz. Montage has a management team and Board
with significant experience in discovering and developing gold
deposits in Africa.
TECHNICAL DISCLOSURE
The mineral reserve estimate for
the Project was carried out by Ms. Joeline
McGrath of Carci Mining Consultants Ltd. who is considered
to be independent of Montage. Ms. McGrath is a member in good
standing of the Australian Institute of Mining and Metallurgy and
has sufficient experience which is relevant to the work which she
is undertaking to qualify as a Qualified Person under National
Instrument 43–101. The DFS was prepared by Lycopodium Minerals Pty
Ltd. and incorporates the work of Lycopodium and Specialist
Consultants, under the supervision of Sandy
Hunter, MAusIMM(CP), of Lycopodium, a Qualified Person
pursuant to NI 43-101 who is independent of Montage.
For further details of the data verification undertaken,
exploration undertaken and associated QA/QC programs, and the
interpretation thereof, and the assumptions, parameters and methods
used to develop the mineral reserve estimate for the Project,
please see the NI 43-101 Technical Report entitled "Koné Gold
Project, Côte d'Ivoire Definitive Feasibility Study National
Instrument 43-101 Technical Report" and filed on SEDAR at
www.sedar.com. Readers are encouraged to read the Technical Report
in its entirety, including all qualifications, assumptions and
exclusions that relate to the details summarized in this news
release. The Technical Report is intended to be read as a whole,
and sections should not be read or relied upon out of context.
The technical disclosure contained in this press release have
been approved by Hugh Stuart, BSc,
MSc, a Qualified Person pursuant to NI 43-101. Mr. Stuart is the
Chief Executive Officer of the Company, a Chartered Geologist and a
Fellow of the Geological Society of London. Mr. Stuart is not independent of
Montage as he is an officer, director and shareholder of
Montage.
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.
FORWARD LOOKING STATEMENTS
This press release contains
certain forward-looking information and forward-looking statements
within the meaning of Canadian securities legislation
(collectively, "Forward-looking Statements"). All statements, other
than statements of historical fact, constitute Forward-looking
Statements. Words such as "will", "intends", "proposed" and
"expects" or similar expressions are intended to identify
Forward-looking Statements. Forward looking Statements in this
press release include statements that imply the Company will obtain
sufficient or any project financing to permit the Project to be
developed as expected, and also includes those related to the
Company's mineral reserve and resource estimates; the timing and
amount of future production from the Koné Gold Project;
expectations with respect to the IRR, NPV, payback and costs of the
Koné Gold Project; anticipated mining and processing methods of the
Koné Gold Project; anticipated mine life of the Koné Gold Project;
expected recoveries and grades of the Koné Gold Project; timing for
the DFS; and timing for permits and concessions. Forward-looking
Statements involve various risks and uncertainties and are based on
certain factors and assumptions. There can be no assurance that
such statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company's expectations include
uncertainties inherent in the preparation of mineral reserve and
resource estimates and definitive feasibility studies such as the
mineral reserve and resource estimates and the DFS, including but
not limited to, assumptions underlying the production estimates not
being realized, incorrect cost assumptions, unexpected variations
in quantity of mineralized material, grade or recovery rates,
unexpected changes to geotechnical or hydrogeological
considerations, unexpected failures of plant, equipment or
processes, unexpected changes to availability of power or the power
rates, failure to maintain permits and licenses, higher than
expected interest or tax rates, adverse changes in project
parameters, unanticipated delays and costs of consulting and
accommodating rights of local communities, environmental risks
inherent in the Côte d'Ivoire, title risks, including failure to
renew concessions, unanticipated commodity price and exchange rate
fluctuations, risks relating to COVID-19, delays in or failure to
receive access agreements or amended permits, the impact and
progression of the COVID-19 pandemic and other risk factors set
forth in the Company's annual information form under the heading
"Risk Factors". The Company undertakes no obligation to update or
revise any Forward-looking Statements, whether as a result of new
information, future events or otherwise, except as may be required
by law. New factors emerge from time to time, and it is not
possible for Montage to predict all of them, or assess the impact
of each such factor or the extent to which any factor, or
combination of factors, may cause results to differ materially from
those contained in any Forward-looking Statement. Any
Forward-looking Statements contained in this press release are
expressly qualified in their entirety by this cautionary
statement.
NON-GAAP MEASURES
This news release includes certain
terms or performance measures commonly used in the mining industry
that are not defined under International Financial Reporting
Standards ("IFRS"), including "all-in sustaining costs" or
AISC. Non-GAAP measures do not have any standardized meaning
prescribed under IFRS and, therefore, they may not be comparable to
similar measures employed by other companies. The Company discloses
"all-in sustaining costs" because it understands that certain
investors use this information to determine the Company's ability
to generate earnings and cash flows for use in investing and other
activities. The Company believes that conventional measures of
performance prepared in accordance with IFRS do not fully
illustrate the ability of mines to generate cash flows. The
measures, as determined under IFRS, are not necessarily indicative
of operating profit or cash flows from operating activities. AISC
is considered to be key indicators of a project's ability to
generate operating earnings and cash flows. Non-GAAP
financial measures should not be considered in isolation as a
substitute for measures of performance prepared in accordance with
IFRS and are not necessarily indicative of operating costs,
operating profit or cash flows presented under IFRS. Readers should
also refer to our management's discussion and analysis, available
under our corporate profile at www.sedar.com for a more detailed
discussion of how we calculate such measures.
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SOURCE Montage Gold Corp