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Goldmining issues letter to shareholders and reports on company plans for 2018
2018 will be very buys - Entrance into Canada and Peru successful!
First, I want to thank you for your ongoing support of our efforts over the last 12-months, which led to a significant expansion of our project portfolio. With three acquisitions of gold and gold-copper resource stage projects in 2017 – the La Mina Gold-Copper Project ("La Mina") in Colombia, the Yellowknife Gold Project ("YGP") in Canada and the Crucero Gold Project ("Crucero") in Peru – it was a very busy and exciting year for our Company.
Since our first acquisition in 2012, our efforts to consolidate assets have now placed us in the top tier of junior mining companies with respect to the amount of global gold resources. GoldMining's global resources have grown to 9.5 million ounces gold (12.4 million ounces gold equivalent) in the measured and indicated categories and 11.7 million ounces gold (14.2 million ounces gold equivalent) in the inferred category. The table at the end of this letter provides additional details on our resources, including grades, gold-equivalents and tonnages for each of our projects.
With no debt, strong treasury and disciplined cost structure, we are ideally positioned for value realization, with the flexibility to aggressively advance our existing projects with resource expansion and development activities in the event the price of gold makes a clear breakout in 2018.
For now, despite the gold price showing signs of improvement – from US$1,158/ounce at the start of 2017 to over US$1,300 today – we continue to identify and actively assess numerous opportunities for accretive acquisitions.
In 2018, we plan to continue creating value for shareholders and believe we have the means, assets and opportunities to do so.
Building a large and diversified resource base in the Americas Expansion in Colombia
With the acquisition of the La Mina and Titiribi Gold-Copper Project ("Titiribi") in Colombia, we have consolidated a significant land package with gold-copper resources and multiple drill-targets for future exploration. La Mina and Titiribi are only 6 kilometres apart, are situated within the Mid Cauca Belt, one of the most prospective and under-explored gold belts in the world. In addition to the already defined gold and copper resource at La Mina, the project hosts several under-explored porphyry targets that we believe offer excellent opportunities for new discoveries in a region with excellent infrastructure.
Targets such as La Garrucha, that saw some of the longest and highest-grade gold and copper intersections before drilling was suspended in 2013 due to lack of funding by the previous owner, will be evaluated to determine the amount of additional drilling required to complete a maiden resource estimate. Several other geophysical and geochemical anomalies are untested by drilling, but clearly there is good potential to identify additional areas of gold-copper mineralization on the property.
Entry into Canada and Peru
Canadaꞌs Northwest Territories is an exciting and under-explored region of Canada with geopolitical stability. With two acquisitions in this region, we've consolidated over 11,000 hectares that comprise the Yellowknife Gold Project ("YGP"). The YGP is an advanced-stage gold project covering over 30 kilometres of the Yellowknife Greenstone Belt, which historically produced more than 15 million ounces of gold from the Con, Giant and Discovery Mines. The Discovery Mine, located on the YGP land package, historically produced over 1 million ounces of gold from high-grade ore from 1950 to 1969. Historic production is not necessarily indicative of potential future results and is referenced for information purposes only.
The YGP has been the focus of extensive historical work including drilling (231,609 metres in 1,061 holes), underground development at two deposits (2,400 metres), bulk sampling, and metallurgical test work. The potential to expand the existing resource base and identify new areas of gold mineralization is considered high by our technical team.
Our focus in 2018 will be to compile and review the existing extensive database to gain a better understanding of the potential of the Yellowknife Greenstone Belt covered by our project. An independent engineering group will be engaged to complete a technical report, including the completion of resource estimates, for several of the deposits that have been identified on the project.
We started 2018 by announcing our latest resource estimate on the Crucero Gold Project ("Crucero") in southeastern Peru, which we acquired in late 2017. Crucero is situated in a favourable mining jurisdiction with a pit-constrained resource and several nearby exploration targets. Our geologists are excited about the potential to expand the existing near surface gold mineralization at the A1 deposit and test several of the nearby targets.
Technical Team to Support Growing Portfolio
GoldMining's technical team was strengthened with appointments of Dr. Ross Sherlock, Dr. Paul Zweng and Mr. Curtis Clark to its Technical Advisory Board. Collectively, they bring decades of exploration, development, production and financial experience to provide insight and guidance towards GoldMining's portfolio of resource-stage projects and to help identify new opportunities for potential acquisition.
With an expanding portfolio in new jurisdictions, we will continue to consider additional key personnel to provide necessary in-country expertise to manage the technical, stakeholder, environmental, and permitting programs in order to keep our properties in good standing with local communities and government agencies.
GoldMining is covered by several mining analysts, including Rodman & Renshaw (a unit of H.C. Wainwright & Co.), Roth Capital Partners and Cantor Fitzgerald. It is our intention to attend a number of investor conferences in 2018 and look forward to meeting current shareholders during these opportunities.
Thank you again for your ongoing support. We welcome your additional participation in the Company. Please call us at 1-855-630-1001, or email firstname.lastname@example.org with any comments. Visit www.goldmining.com or follow us on Twitter @GoldMiningInc to learn more about the Company and to register for upcoming news. We look forward to sharing further developments with shareholders through another exciting year in 2018.
About GoldMining Inc.
GoldMining is a public mineral exploration company focused on the acquisition and development of gold assets in the Americas. Through its disciplined acquisition strategy, GoldMining now controls a diversified portfolio of resource-stage gold and gold-copper projects in Canada, U.S.A., Brazil, Colombia and Peru. Additionally, GoldMining owns a 75% interest in the Rea Uranium Project, located in the Western Athabasca Basin of Alberta, Canada.
Paulo Pereira, President of GoldMining Inc. has reviewed and approved the technical information contained in this news release. Mr. Pereira holds a Bachelors degree in Geology from Universidade do Amazonas in Brazil, is a Qualified Person as defined in National Instrument 43-101 and is a member of the Association of Professional Geoscientists of Ontario.
For additional information, please contact:
Amir Adnani, Chairman
Garnet Dawson, CEO
Telephone: (855) 630-1001
This document contains certain forward-looking statements that reflect the current views and/or expectations of GoldMining with respect to its business and future events, including expectations and future plans respecting the Company, future work programs and the exploration potential of its projects. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which GoldMining operates, including that GoldMining will confirm historical exploration results and historical resource estimates. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with GoldMiningꞌs expectations, accidents, equipment breakdowns, title and permitting matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Project, and that GoldMining may not be able to confirm historical exploration results for its projects. These risks, as well as others, including those set forth in GoldMiningꞌs filings with Canadian securities regulators, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. GoldMining does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither the TSX Venture Exchange nor their Regulation Services Providers (as that term is defined in the policies of the TSX Venture Exchange accepts responsibility for the adequacy or accuracy of this news release.
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