Vancouver, British Columbia--(Newsfile Corp. - May 20, 2020) - Altamira Gold Corp.'s (TSXV: ALTA) (FSE: T6UP) (OTC PINK: EQTRF), ("Altamira" or the "Company") is pleased to announce that it has received the second environmental permit required for the trial mining licenses with respect to claim 866.070/2004 for its advanced Cajueiro gold project in northern Mato Grosso state in western Brazil. Highlights are as follows:
Michael Bennett, Altamira Gold's President and CEO commented, "The publication of the second Environmental License on our flagship Cajueiro project is yet another important milestone for the Company as we advance towards trial mining and gold production during late 2021 and demonstrates that Brazil has in the last twelve months accelerated it's mining and environmental permitting system. The second bulk sampling license will enable Altamira to produce 100,000 tonnes of ore during the initial year of mining and will help to reach the goal of achieving short term cash flow."
On 27th April 2020, Altamira announced a US$6M gold forward purchase agreement deal with Metalstream Inc. to fund the construction of a 1,000 tonne-per-day processing plant and commence mining of the oxide resources at the Cajueiro project. Prior to this recent announcement, the Company has made a number of important advances in the project permitting process and announced receipt of an environmental permit for the first (claim 866.160/2007) of a total of four licenses on 16th October 2019. Granting of the environmental permit is an important requisite step for the granting of a Trial Mining License and on 16th January 2020 a Trial Mining License was issued for license 866.160/2007.
To view an enhanced version of Figure 1, please visit:
The new environmental permit (claim 866.070/2004) covers the northern part of the Crente deposit (Indicated resources of 2.6Mt @ 1.31 g/t gold representing 58% of the total Indicated resource at Cajueiro, and Inferred resources of 3.4Mt @ 1.28 g/t gold representing 27% of the total Inferred resource) and paves the way for the issuance of the second Trial Mining License which is anticipated later this year (see Figure 1).
Two additional environmental permit applications are currently pending, which cover the Baldo and Matrincha resource areas and will pave the way for the granting of two additional Trial Mining Licences. The granting of two additional Trial Mining Licenses at Cajueiro will allow Altamira to increase production to a maximum of 200,000 tonnes of mineralized material per year.
Altamira's most recent NI 43-101 Mineral Resource Estimate was completed in October 2019 by Global Resource Engineering Ltd. ("GRE"), and totals 5,661,000t @ 1.02 g/t gold for a total of 185,000 oz of gold (Indicated) and 12,665,000t @ 1.26 g/t gold for a total of 515,000oz of gold (Inferred). The resources are confined to an area of approximately 285 ha whilst the total area comprising the Cajueiro concession area amounts to 28,559 ha and hosts numerous untested targets.
A production decision at Cajueiro is not based on a feasibility study of mineral reserves demonstrating economic and technical viability, and as a result there is increased uncertainty and there are multiple technical and economic risks of failure which are associated with this production decision. These risks, among others, include areas that are analyzed in more detail in a feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts. In accordance with NI 43-101 and the companion policy to that instrument, Altamira cannot provide any guidance either in terms of anticipated gold production or net cash flows.
Chief Financial Officer
The Company is pleased to welcome the appointment of Ms. Soraia Morais as Chief Financial Officer ("CFO"), effective immediately. Ms. Morais replaces Michael O'Brien. The Board would like to thank Mr. O'Brien for his efforts on behalf of the Company.
Ms. Morais is a Chartered Professional Accountant, CMA with over 15 years of experience in accounting and financial management. She started working in the resource sector in 2009. Prior to that, she accumulated an extensive business background including managing her own business and spending 5 years at PricewaterhouseCoopers Brazil. She is a dual citizen of Canada and Brazil and fluent in English and Portuguese, with working knowledge of Spanish. She has a Diploma in Accounting from the University of British Columbia and a Bachelor of Accounting Sciences from Brazil.
Guillermo Hughes, P. Geo., a consultant to the Company as well as a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
Neither the TSX Venture Exchange nor it's 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.
About Altamira Gold Corp.
The Company is focused on the exploration and development of gold projects within western central Brazil. The Company holds 11 projects comprising approximately 290,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold. The Company's advanced Cajueiro project has NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000oz in the Inferred Resource category.
On Behalf of the Board of Directors,
ALTAMIRA GOLD CORP.
President & CEO
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Except as required by law, we do not undertake to update these forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56191