TORONTO, March 22, 2022 /CNW/ - Karora Resources Inc.
(TSX: KRR) (OTCQX: KRRGF) ("Karora" or the "Corporation") is
pleased to announce that the Corporation has been included in the
NYSE Arca Gold Miners Index (GDMNTR), which is tracked by the
VanEck Vectors Gold Miners ETF (GDX®).
Paul Andre Huet, Chairman &
CEO, commented: "We are very pleased to have met the market
capitalization and liquidity requirements for inclusion in the NYSE
Arca Gold Miners Index, which represents further validation of our
success in building a strong foundation for Karora as a growing
gold miner. Inclusion on this major gold index has the potential to
attract additional institutional investment into the company and
increase liquidity, as the GDX is an important benchmark
requirement for many large investment funds.
Following our record 2021 gold production of 112,814 ounces, we
remain focused on our goal to reach production of approximately
200,000 ounces annually by 2024."
The NYSE Arca Gold Miners Index (GDMNTR) is a rules-based index
designed to measure the performance of highly capitalized companies
in the Gold Mining industry. Index composition and corporate
actions, including rebalance information, can be accessed from NYSE
Market Data at www.nyse.com/market-data/indices.
The VanEck Gold Miners ETF (GDX®) seeks to replicate
as closely as possible, before fees and expenses, the price and
yield performance of the NYSE Arca Gold Miners Index (GDMNTR),
which is intended to track the overall performance of companies
involved in the gold mining industry.
About Karora Resources
Karora is focused on doubling gold production to 200,000 ounces
by 2024 compared to 2020 and reducing costs at its integrated Beta
Hunt Gold Mine and Higginsville Gold Operations ("HGO") in
Western Australia. The
Higginsville treatment facility is a low-cost 1.6 Mtpa processing
plant, expanding to a planned 2.5 Mtpa by 2024, which is fed at
capacity from Karora's underground Beta Hunt mine and Higginsville
mines. At Beta Hunt, a robust gold Mineral Resource and Reserve is
hosted in multiple gold shears, with gold intersections along a 4
km strike length remaining open in multiple directions. HGO has a
substantial Mineral gold Resource and Reserve and prospective land
package totaling approximately 1,800 square kilometers. The Company
also owns the high grade Spargos Reward project, which came into
production in 2021. Karora has a strong Board and management team
focused on delivering shareholder value and responsible mining, as
demonstrated by Karora's commitment to reducing emissions across
its operations. Karora's common shares trade on the TSX under the
symbol KRR and also trade on the OTCQX market under the symbol
KRRGF.
Cautionary Statement Concerning Forward-Looking
Statements
This news release contains "forward-looking information"
including without limitation statements relating to the timing for
the completion of technical studies, , the new nickel exploration
results at Beta Hunt, the timing of the updated resource estimate
and additional production of nickel, at Beta Hunt, production
guidance and the potential of the Beta Hunt Mine, Higginsville Gold
Operation, the Aquarius Project and the Spargos Gold
Project.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Karora to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: future prices and the
supply of metals; the results of drilling; inability to raise the
money necessary to incur the expenditures required to retain and
advance the properties; environmental liabilities (known and
unknown); general business, economic, competitive, political and
social uncertainties; results of exploration programs; accidents,
labour disputes and other risks of the mining industry; political
instability, terrorism, insurrection or war; or delays in obtaining
governmental approvals, projected cash operating costs, failure to
obtain regulatory or shareholder approvals. For a more detailed
discussion of such risks and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements, refer to Karora 's filings with
Canadian securities regulators, including the most recent Annual
Information Form, available on SEDAR at www.sedar.com.
Although Karora has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date
of this news release and Karora disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
Cautionary Statement Regarding the Higginsville Mining
Operations
A production decision at the Higginsville
gold operations was made by previous operators of the mine, prior
to the completion of the acquisition of the Higginsville gold
operations by Karora and Karora made a decision to continue
production subsequent to the acquisition. This decision by Karora
to continue production and, to the knowledge of Karora, the prior
production decision were not based on a feasibility study of
mineral reserves, demonstrating economic and technical viability,
and, as a result, there may be an increased uncertainty of
achieving any particular level of recovery of minerals or the cost
of such recovery, which include increased risks associated with
developing a commercially mineable deposit. Historically, such
projects have a much higher risk of economic and technical failure.
There is no guarantee that anticipated production costs will be
achieved. Failure to achieve the anticipated production costs would
have a material adverse impact on the Corporation's cash flow and
future profitability. Readers are cautioned that there is increased
uncertainty and higher risk of economic and technical failure
associated with such production decisions.
www.karoraresources.com
SOURCE Karora Resources Inc.