VANCOUVER, BC, June 17,
2022 /CNW/ - KORE Mining Ltd. (TSXV: KORE) (OTCQX:
KOREF) ("KORE" or the "Company") announces a plan to
conserve capital and focus on high impact drilling activities at
both of KORE's main assets, the Imperial gold project ("Imperial") and the Long Valley gold
project ("Long Valley"). James
Hynes, the current Executive Chairman and founder of KORE,
will assume the President and CEO role effective July 1, 2022. Additional cost reductions at
the corporate and project levels are designed to preserve cash and
focus work on high impact drilling activities.
KORE's Executive Chairman James
Hynes commented: "Given the challenging conditions for
equity financings in the precious metals space, KORE's Board has
made the decision to restructure management to reduce costs.
With the reductions, KORE preserves optionality to pursue our
permitted drill program at Long Valley while continuing to fund key
permitting activities at Imperial."
Scott Trebilcock, commented:
"Executive Chairman James Hynes is
well positioned to advance key exploration activities having
directed them throughout KORE's history. Ensuring spending
goes into the ground and not to corporate overhead has to be the
focus. I remain a Director and consultant to KORE and will
support the Company from those roles."
Key Imperial Activity Continues
The Company has recently submitted a second drilling Plan of
Operations ("PO") – a drill permit application - to the
Bureau of Land Management ("BLM") for the existing
Imperial gold deposit
("Imperial Zone").
The drilling ("Imperial Zone Drilling") is designed to
provide technical information to support a feasibility study and
mine permitting. This PO is expected to trigger a Mineral
Validity Examination ("MVE") of Imperial Zone lode
claims. The Company will work closely with the BLM to
complete the Mineral Validity Examination expediently and to start
processing the Imperial Zone Drilling permits.
KORE is also permitting regional exploration drilling at
Mesquite East and Ogilvy, part of the Mesquite-Imperial-Picacho
District ("District") via a second Plan of Operations
("ePO"). Mesquite East and Ogilvy are two of the ten
highly prospective drill targets identified in the
Imperial-Mesquite District to date – see KORE news releases
May 17, 2022 and April 26, 2022. The Mesquite
East and Ogilvy ePO is being advanced as per our news release of
May 12, 2022. The
cultural resource survey work has been paused due to the heat from
desert summer with a plan to complete in the fall as temperatures
decline.
KORE also continues to fund stakeholder engagement in
Imperial County with the objective
to build support for the ACES initiative ("A Clean Environment for
the Salton Sea"). The Company plans to build social license
to operate by utilizing excess clean materials from the mine to
remediate toxic dust / air pollution impacting communities local to
the Imperial project.
Cost Reduction Details
Scott Trebilcock will remain a
Director and consultant to KORE after stepping down as President
and CEO effective as of July 1,
2022. In the first half of 2022, the Company outsourced
various accounting and back-office functions at lower cost and has
re-negotiated several key contracts to reduce costs. The
Company also eliminated a variety of other general and
administrative costs and recently reduced staffing at the
Imperial County office.
About KORE Mining
KORE Mining is focused on
responsibly creating value from its portfolio of gold assets in
California, USA. The Company is
advancing the Imperial project
towards development while continuing to explore across both
district-scale gold assets.
Further information on Imperial
and KORE can be found on the Company's website at
www.koremining.com or by contacting us as
info@koremining.com or by telephone at (888) 407-5450.
On behalf of KORE Mining Ltd.
"James Hynes"
Executive Chairman
(888) 407-5450
Neither the TSX Venture Exchange nor its 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.
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking statements relating
to the future operations of the Company and other statements that
are not historical facts. Forward-looking statements are
often identified by terms such as "will", "may", "should",
"anticipate", "expects", "intends", "indicates" and similar
expressions. All statements other than statements of
historical fact, included in this release, including, without
limitation, statements regarding the future plans and objectives of
the Company are forward-looking statements.
Forward‐looking statements in this news release include, but are
not limited to, statements with respect to: the strategy and
ultimate success of restructuring management and reduction of
costs, the results of the Imperial Zone Drilling, the advancement
of the ePO, the timing and implementation of the cultural resource
survey work, competitive advantages, timing and implementation the
ACES initiative, the actual results advantages, the ability to
build social license and stakeholder support and impact of the ACES
initiative; the ability to advance exploration activities at the
Imperial gold deposit; potential
actions, behavior or position of the BLM; and the
underexplored and prospective nature of the Imperial Regional
Exploration Drilling area; Such forward‐looking
statements, and any assumptions upon which they are based, are made
in good faith and reflect our current judgment regarding the
direction of our business. In connection with the
forward‐looking information contained in this presentation, the
Company has made numerous assumptions, including, among others:
there being no significant change to current geotechnical,
metallurgical, hydrological and other physical conditions at the
Imperial Project; exploration, permitting, and development of the
Imperial Project being consistent with current expectations and
planning; the geological, permitting and economic advice that the
Company has received is reliable and is based upon practices and
methodologies which are consistent with industry standards; and
other planning assumptions. While the Company considers these
assumptions to be reasonable, these assumptions are inherently
subject to significant uncertainties and contingencies.
Forward looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward‐looking information.
Known risk factors include, among others: the outcome of BLM's
review processes for permitting, including the final outcome(s) of
BLM's mineral claim validity examination(s) and administrative
review process(es) with respect to the Imperial Zone, including a
change to the findings from the mineral claim validity examination
conducted in 2002 for the mill sites at the Imperial Zone,
resulting in the Company having to move its future Imperial Zone
project support facilities to areas that are not within the Indian
Pass mineral withdrawal area; the possibility that BLM may require
and/or conduct further mineral claim validity examinations with
respect to the Imperial project,
and the outcome and final determination of such examination could,
among other things, invalidate one or more mining claims; the
possibility that BLM or other governmental authority review of the
Regional Exploration Drilling program, delays or changes the
Company's plan for Regional Exploration Drilling permitting, which
could result, among other things, in delays, additional project
requirements, additional costs and uncertainty of meeting
anticipated program milestones; the exploration drill program may
not be completed as planned; the need to obtain additional
financing; uncertainty as to the availability and terms of future
financing; the possibility of delay in exploration or development
programs and uncertainty of meeting anticipated program milestones;
uncertainty as to timely availability of permits and other
government approvals.
Additional risks and uncertainties are described in the "Risks"
sections of (i) the Company's Annual Information Form for the year
ended December 31, 2021 prepared as
of April 29, 2022, and (ii) the
Company's Management's Discussion and Analysis for the year ended
December 31, 2021, both available
under the Company's issuer profile on www.sedar.com.
Forward-looking statements contained herein are made as of the
date of this news release and the Company disclaims any obligation
to update any forward-looking statements, whether as a result of
new information, future events or results, except as may be
required by applicable securities laws. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information.
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SOURCE Kore Mining
