AEX Gold Inc Corporate Update (7641S)
March 19 2021 - 2:00AM
UK Regulatory
TIDMAEXG
RNS Number : 7641S
AEX Gold Inc
19 March 2021
("AEX" or the "Company")
Corporate Update
TORONTO, ONTARIO - March 19, 2021 - AEX Gold Inc. ("AEX" or the
"Company") (AIM: AEXG; TSXV: AEX), provides a further update to
shareholders following the update of 10 February 2021.
The COVID-19 pandemic has presented a unique set of challenges
for the mining industry as a whole, and many specific challenges
for AEX. As previously disclosed, in January 2021, the government
of Greenland implemented a temporary travel ban, initially
effective until at least the end of February 2021, but subsequently
extended to the end of April 2021.It was the anticipation of this
subsequent extension that led the Board to take the difficult but
ultimately prudent decision to defer development and gold
production from Nalunaq until such time as the current pandemic
subsides.
Also as announced on 10 February 2021, management commenced both
a review of the development plan and a short period of consultation
with shareholders.
The Company has consulted with the holders of the vast majority
of its shares and has been greatly encouraged by the high level of
support expressed. The Company believes that there is widespread
acceptance among its shareholders that the Board's decision to
defer the development plan and avoid committing the bulk of the
Company's available liquidity during a period of such high
uncertainty, was the correct one.
With respect to the review of the Nalunaq development plan, the
Company has engaged the global mining consulting firm Ausenco to
conduct a thorough, independent, review of all technical aspects of
the mine development. This third-party review will assist the
Company in determining what, if any, amendments are needed to the
plan and schedule, and allow the Board to present a revised plan to
shareholders that reflects such amendments as we consider
appropriate. This revised plan will clearly also address costs and
any potential further capital requirements, with an assessment of
how the Company intends to meet them. The review is currently
ongoing, and the Company will report its revised plan to
shareholders as soon as reasonably practicable.
In addition to recommencing the development plan for Nalunaq,
the Company is also focused on the continued exploration of its
extensive, high-grade licence area. Continued geophysical work and
geological mapping over the wider exploration portfolio is
currently being undertaken to ensure drill-readiness, and the
Company looks forward to further updating shareholders on this
exciting set of prospects in due course.
Furthermore, and in line with the above update, the 2020 Full
Year Results, which were due to be announced on 25 March, will now
be deferred until 29 April 2021. The Board expects the results for
the year ended 31 December 2020, to be in line with management
expectations.
Eldur Olafsson, CEO of AEX, commented:
"I am very conscious that our shareholders are keen for an
update on our Nalunaq development plan, and especially our capital
position, in light of our last announcement on 10 February. I am
pleased to be able to report that significant progress is underway,
with multiple workstreams involving the Board, the executive team,
third party providers and our external advisors. We continue to
focus all our efforts on the very tangible and valuable prize of
our wider portfolio in Greenland and of Nalunaq in particular. I am
extremely grateful for the support shown recently by so many of our
significant shareholders, and on behalf of the Board would like to
strongly reiterate our determination to realise the maximum
possible value from our significant portfolio of assets."
Enquiries:
AEX Gold Inc.
Eldur Olafsson, CEO +354 665 2003
eo@aexgold.com
Edward Wyvill, Investor Relations +44 7713 126727
ew@aexgold.com
Stifel Nicolaus Europe Limited
(Nominated Adviser and Broker) +44 (0) 20 7710 7600
Callum Stewart
Simon Mensley
Ashton Clanfield
Camarco (Financial PR) +44 (0) 20 3757 4980
Gordon Poole
Nick Hennis
This announcement does not contain inside
information.
Further Information:
About AEX
AEX's principal business objectives are the identification,
acquisition, exploration and development of gold properties in
Greenland. The Corporation's principal asset is a 100% interest in
the Nalunaq Project, an advanced exploration stage property with an
exploitation license including the previously operating Nalunaq
gold mine. The Corporation has a portfolio of gold assets covering
3870 km(2) , the largest portfolio of gold assets in Southern
Greenland covering the two known gold belts in the region. AEX is
incorporated under the Canada Business Corporations Act and wholly
owns Nalunaq A/S, incorporated under the Greenland Public Companies
Act.
Forward-Looking Information
This press release contains forward-looking information within
the meaning of applicable securities legislation, which reflects
the Corporation's current expectations regarding future events and
the future growth of the Corporation's business. In this press
release there is forward-looking information based on a number of
assumptions and subject to a number of risks and uncertainties,
many of which are beyond the Corporation's control, that could
cause actual results and events to differ materially from those
that are disclosed in or implied by such forward-looking
information. Such risks and uncertainties include, but are not
limited to the factors discussed under "Risk Factors" in the Final
Prospectus available under the Corporation's profile on SEDAR at
www.sedar.com. Any forward-looking information included in this
press release is based only on information currently available to
the Corporation and speaks only as of the date on which it is made.
Except as required by applicable securities laws, the Corporation
assumes no obligation to update or revise any forward-looking
information to reflect new circumstances or events. No securities
regulatory authority has either approved or disapproved of the
contents of this press release. Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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