VANCOUVER, Jan. 9, 2019 /CNW/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX: GOLD; OTCQX: GLDLF) announces the
expiry and delisting of its share purchase warrants ("Warrants"),
which had an exercise price of $0.75
per common share and an expiry date of December 31, 2018, from the Toronto Stock
Exchange and OTCQX.
The Company has 137,376,318 shares issued and outstanding.
Currently, the Company has cash of $9.2
million and no debt.
Amir Adnani, Chairman of
GoldMining, commented: "Our currently budgeted expenditures for
2019 are approximately $5 million.
These will be focused on low-cost project development
activities, particularly at our São Jorge project in Pará State,
Brazil, and Yellowknife project in the Northwest Territories, Canada. Our gold
project portfolio presently stands at global measured and indicated
resources of 9.5 million ounces gold (12.4 million ounces gold
equivalent) and inferred resources of 11.7 million ounces gold
(14.2 million ounces gold equivalent) (see Table below for
details). We remain attentive to the pursuit of further
accretive and quality acquisitions."
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.
GoldMining's Global Measured, Indicated and Inferred Resource
Statement1,2
Deposit
|
Cut-off3
(g/t)
|
Tonnage
(Mt)
|
Grade
|
Contained
Metal
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(%)
|
Gold
Eq
(g/t)
|
Gold
(Moz)
|
Silver
(Moz)
|
Copper
(Mlbs)
|
Gold
Eq
(Moz)
|
Measured
Resources
|
Titiribi4
|
0.3
|
51.60
|
0.49
|
-
|
0.17
|
0.78
|
0.820
|
-
|
195.1
|
1.290
|
Indicated
Resources
|
Titiribi4
|
0.3
|
234.20
|
0.51
|
-
|
0.09
|
0.65
|
3.820
|
-
|
459.3
|
4.930
|
Sao
Jorge5
|
0.3
|
14.42
|
1.54
|
-
|
-
|
1.54
|
0.715
|
-
|
-
|
0.715
|
Cachoeira6
|
0.35
|
17.47
|
1.23
|
-
|
-
|
1.23
|
0.692
|
-
|
-
|
0.692
|
Whistler7
|
0.3
|
110.28
|
0.50
|
1.76
|
0.14
|
0.79
|
1.765
|
6.130
|
343.1
|
2.797
|
La
Mina8
|
0.25
|
28.17
|
0.74
|
1.77
|
0.24
|
1.12
|
0.667
|
1.607
|
150.2
|
1.013
|
Crucero11
|
0.4
|
30.65
|
1.00
|
-
|
-
|
1.00
|
0.993
|
-
|
-
|
0.993
|
|
|
|
|
|
|
|
8.651
|
7.737
|
952.7
|
11.080
|
Measured and
Indicated Resources
|
Total
|
9.471
|
7.737
|
1,147.8
|
12.370
|
Inferred
Resources
|
Titiribi4
|
0.3
|
207.90
|
0.49
|
-
|
0.02
|
0.51
|
3.260
|
-
|
77.9
|
3.440
|
Sao
Jorge5
|
0.3
|
28.19
|
1.14
|
-
|
-
|
1.14
|
1.035
|
-
|
-
|
1.035
|
Cachoeira6
|
0.35
|
15.67
|
1.07
|
-
|
-
|
1.07
|
0.538
|
-
|
-
|
0.538
|
Whistler7
|
0.3/0.6
|
311.26
|
0.47
|
2.26
|
0.11
|
0.68
|
4.626
|
22.617
|
713.5
|
6.731
|
La
Mina8
|
0.25
|
12.39
|
0.65
|
1.75
|
0.27
|
1.07
|
0.260
|
0.697
|
73.3
|
0.427
|
Boa
Vista9
|
0.5
|
8.47
|
1.23
|
-
|
-
|
1.23
|
0.336
|
-
|
-
|
0.336
|
Surubim10
|
0.3
|
19.44
|
0.81
|
-
|
-
|
0.81
|
0.503
|
-
|
-
|
0.503
|
Crucero11
|
0.4
|
35.78
|
1.00
|
-
|
-
|
1.00
|
1.147
|
-
|
-
|
1.147
|
Total
|
11.705
|
23.311
|
794.5
|
14.157
|
Table
Notes:
|
|
|
1.
|
Mineral resources are
not mineral reserves and do not have demonstrated economic
viability. There is no certainty that all or any part of the
mineral resources will be converted into mineral reserves. The
estimate of mineral resources may be materially affected by
environmental permitting, legal, title, taxation, sociopolitical,
marketing or other relevant issues.
|
2.
|
All quantities are
rounded to the appropriate number of significant figures;
consequently, sums may not add up due to rounding.
|
3.
|
Gold cut-off for all
projects except for Whistler, which is gold equivalent
cut-off.
|
4.
|
Notes for
Titiribi:
|
|
|
•
|
Based on technical
report titled "Technical Report on the Titiribi Project Department
of Antioquia, Colombia" prepared by Joseph A. Cantor and Robert E.
Cameron of Behre Dolbear & Company (USA), Inc., with an
effective date of September 14, 2016, which is available at
www.sedar.com under GoldMiningꞌs SEDAR profile.
|
|
|
•
|
Gold equivalent
estimated for the Titiribi deposit assumes metal prices of
US$1,300/oz gold and US$2.90/lb copper and recoveries of 83% for
gold and 90% for copper.
|
5.
|
Notes for Sao
Jorge:
|
|
|
•
|
Based on technical
report titled "Technical Report and Resource Estimate on the São
Jorge Gold Project, Pará State, Brazil" prepared by Porfirio
Rodriguez and Leonardo de Moraes of Coffey Mining Pty Ltd.
("Coffey"), with an effective date of November 22, 2013, which is
available at www.sedar.com under GoldMiningꞌs SEDAR
profile.
|
6.
|
Notes for
Cachoeira:
|
|
|
•
|
Based on technical
report titled "Technical Report and Resource Estimate on the
Cachoeira Property, Pará State, Brazil" prepared by Gregory Z.
Mosher, P.Geo. of Tetratech, Inc. with an effective date of April
17, 2013 and amended and re-stated October 2, 2013, which is
available at www.sedar.com under GoldMiningꞌs SEDAR
profile.
|
7.
|
Notes for
Whistler:
|
|
|
•
|
Based on technical
report titled "Technical Report on the Whistler Project" prepared
by Gary Giroux of Giroux Consultants Inc., with an effective date
of March 24, 2016, which is available at www.sedar.com under
GoldMiningꞌs SEDAR profile.
|
|
|
•
|
The Whistler Project
is comprised of three deposits: Whistler, Raintree West and Island
Mountain.
|
|
|
•
|
Gold equivalent
estimated for the Whistler deposit assumes metal prices of
US$990/oz gold, US$15.40/oz silver and US$2.91/lb copper and
recoveries of 75% for gold and silver and 85% for
copper.
|
|
|
•
|
Gold equivalent
estimated for the Raintree West deposit assumes metal prices of
US$1,250/oz gold, US$16.50/oz silver and US$2.10/lb copper and
recoveries of 75% for gold, 85% for copper and 75% for
silver.
|
|
|
•
|
Gold equivalent
estimated for the Island Mountain deposit assumes metal prices of
US$1,250/oz gold, US$16.50/oz silver and US$2.10/lb copper and
recoveries of 75% for gold, 85% for copper and 25% for silver
(recovered in copper concentrate).
|
|
|
•
|
A gold equivalent
cut-off of 0.3 g/t was highlighted in the estimate as a possible
open pit cut-off (Whistler, Raintree-shallow and Island Mountain),
and a gold equivalent cut-off of 0.6 g/t was highlighted in the
estimate as a possible underground cut-off
(Raintree-deep).
|
8.
|
Notes for La
Mina:
|
|
|
•
|
Based on technical
report titled "Technical Report on the La Mina Project" prepared
by Scott E. Wilson, C.P.G. of Metals Mining Consultants, Inc.
("MMC") with an effective date of October 24, 2016, which is
available at www.sedar.com under GoldMiningꞌs SEDAR
profile.
|
|
|
•
|
Gold equivalent
estimated for the La Mina project assumes metal prices of
US$1,275/oz gold, US$17.75/oz for silver and US$2.75/lb for copper
and recoveries of 93% for gold and 90% for copper.
|
9.
|
Notes for Boa
Vista:
|
|
|
•
|
Based on technical
report titled "Technical Report on the Boa Vista Project and
Resource Estimate on the VG1 Prospect, Tapajos Area, Para State,
Northern Brazil" prepared by Jim Cuttle, Gary Giroux and Michael
Schmulian, with an effective date of November 22, 2013, which is
available at www.sedar.com under GoldMiningꞌs SEDAR
profile.
|
10.
|
Notes for
Surubim:
|
|
|
•
|
Based on technical
report titled "Technical Report on the Rio Novo Gold Project and
Resource Estimate on the Jau Prospect, Tapajos Area, Para State,
Northern Brazil" ("Surubim Project") prepared by Jim Cuttle and
Gary Giroux, with an effective date of November 22, 2013, which is
available at www.sedar.com under GoldMiningꞌs SEDAR
profile.
|
11.
|
Notes for
Crucero:
|
|
|
•
|
Pit constrained
resource estimate based on US$1,500/oz gold, mining cost of
US$1.60/t, processing cost of US$16.00/t and pit slope of 47
degrees.
|
|
|
•
|
A technical report
documenting the Crucero resource estimate, amongst other items,
will be filed in due course and will be available at
www.sedar.com under GoldMining's SEDAR profile.
|
The above global estimated resource statement is provided for
information purposes only. Investors should refer to
the underlying technical reports referenced above for
project-specific factors relating to each resource estimate.
Technical Disclosure
Investors are cautioned not to assume that any part or all of
the mineral deposits in the "measured", "indicated" and "inferred"
categories will ever be converted into mineral reserves with
demonstrated economic viability or that inferred mineral resources
will be converted to the measured and/or indicated categories
through further drilling. In addition, the estimation of
inferred resources involves far greater uncertainty as to their
existence and economic viability than the estimation of other
categories of resources. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of
pre-feasibility or feasibility studies.
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.
Forward-looking Statements
This document contains certain forward-looking statements
that reflect the current views and/or expectations of the Company
with respect to its business and future events, including
expectations respecting budgeted expenditures and its acquisition
strategy. Forward-looking statements are based on the
then-current expectations, beliefs, assumptions, estimates and
forecasts about the business and the markets in which it
operates. 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 potential for delays in exploration or development
activities, accidents and equipment breakdowns, title and
permitting matters, labour and other legal disputes, fluctuating
metal prices, unanticipated costs and expenses and uncertainties
relating to the availability and costs of financing needed in the
future. These risks, as well as others, including those set
forth in the Company's annual information form for the year ended
November 30, 2017 and other filings
with Canadian securities regulators, which are available under the
Company's profile at www.sedar.com, 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. The
Company does not undertake any obligations to release publicly any
revisions for updating any voluntary forward-looking statements,
except as required by applicable securities law.
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SOURCE GoldMining Inc.