VANCOUVER, BC, Aug. 30,
2022 /CNW/ - Montage Gold
Corp. ("Montage" or the "Company") (TSXV: MAU) (OTCPK:
MAUTF) is pleased to announce the appointment of Richard P. Clark as Chief Executive Officer of
Montage, with Hugh Stuart continuing
in the role of President. The changes are effective as of
August 29, 2022, and both Mr. Clark
and Mr. Stuart will remain on the Board of Directors of the
Company.
Richard P. Clark, Montage CEO,
commented, "I am excited and honored to be taking on the
role of CEO of Montage at this time. Hugh
Stuart and his team have done an impressive job of
discovering and advancing the Koné Gold Project ("KGP") to this
point.
"Montage has successfully executed on everything it set out
to do since its IPO in October 2020,
transforming a modest Inferred Resource into a 3.42Moz Mineral
Reserve. With the acquisition of the Mankono-Sissédougou Joint
Venture from Barrick Gold and
Endeavour Mining, Montage can materially enhance the KGP through
exploration and definition of high-grade satellite feed from the
expanded project area. We are confident of closing the transaction
with Barrick and Endeavour in the
near term and we will immediately initiate an aggressive
exploration program.
"My decision to take on a more active and strategic role with
Montage supports the Company's business plan allowing Hugh and his
team to focus on adding resources in and around Koné to maximise
the resource potential of this prolific gold region of Côte
d'Ivoire. Following a period of exploration, we intend to complete
a revised feasibility study from which we will commence serious
discussions on development and financing options.
"We are very fortunate in this challenging market environment
to have the strong support of our shareholders. This support is
based upon a business and execution plan which has delivered value
to shareholders in our Group for many years over many projects.
Coming off the recent successful Orca Gold/Perseus Mining
transaction, I look forward to achieving a similar result for
Montage shareholders and continuing our impressive success
story."
Hugh Stuart, Montage
President, commented, "Rick and I have worked together for
18 years, from the early days of Red Back Mining and then Orca Gold
Inc. in Sudan. Our management
collaboration, supported by the financial and strategic support of
the Lundin Group, has led to impressive value for our shareholders
and we very much look to continue this success for Montage
shareholders. The acquisition of the Mankono-Sissédougou joint
venture from Barrick and Endeavour
is a game changer for Montage which we fully intend to maximise to
its full value. We look forward over the coming months to reporting
on our progress in proving the potential of our Koné Gold Project
combined with Mankono-Sissédougou, as being one of the next great
mining districts in West
Africa."
ABOUT MONTAGE GOLD CORP.
Montage is a Canadian-based precious metals exploration and
development company focused on opportunities in Côte d'Ivoire. The
Company's flagship property is the Koné Gold Project, located in
northwest Côte d'Ivoire, which currently hosts a Probable Mineral
Reserve of 161.1Mt grading 0.66g/t for 3.42M ounces of gold. The Company released the
results of a definitive feasibility study (the "DFS") on the Koné
Gold Project on February 14, 2022,
outlining a 15-year gold project producing 3.06M ounces of gold with average annual
production of 207koz, and peak production of 320koz. Montage has a
management team and Board with significant experience in
discovering and developing gold deposits in Africa.
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.
TECHNICAL DISCLOSURE
The mineral reserve estimate for the Koné Gold Project was
carried out by Ms. Joeline McGrath
of Carci Mining Consultants Ltd. who is considered to be
independent of Montage. Ms. McGrath is a member in good standing of
the Australian Institute of Mining and Metallurgy and has
sufficient experience which is relevant to the work which she is
undertaking to qualify as a Qualified Person under National
Instrument 43–101 ("NI 43-101"). The DFS was prepared by Lycopodium
Minerals Pty Ltd. and incorporates the work of Lycopodium and
Specialist Consultants, under the supervision of Sandy Hunter, MAusIMM(CP), of Lycopodium, a
Qualified Person pursuant to NI 43-101 who is independent of
Montage.
For further details of the data verification undertaken,
exploration undertaken and associated QA/QC programs, and the
interpretation thereof, and the assumptions, parameters and methods
used to develop the mineral reserve estimate for the Koné Gold
Project, please see the DFS, entitled "Koné Gold Project, Côte
d'Ivoire Definitive Feasibility Study National Instrument 43-101
Technical Report" and filed on SEDAR at www.sedar.com. Readers are
encouraged to read the DFS in its entirety, including all
qualifications, assumptions and exclusions that relate to the
details summarized in this news release. The DFS is intended to be
read as a whole, and sections should not be read or relied upon out
of context.
The technical contents of this press release have been approved
by Hugh Stuart, BSc, MSc, a
Qualified Person pursuant to NI 43-101. Mr. Stuart is the
Chief Executive Officer of the Company, a Chartered Geologist and a
Fellow of the Geological Society of London. Mr. Stuart is not independent of
Montage as he is an officer, director and shareholder of
Montage.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking information
and forward-looking statements within the meaning of Canadian
securities legislation (collectively, "Forward-looking
Statements"). All statements, other than statements of historical
fact, constitute Forward-looking Statements. Words such as "will",
"intends", "proposed" and "expects" or similar expressions are
intended to identify Forward-looking Statements. Forward looking
Statements in this press release include statements related to the
timing of closing of the Transaction, the terms and conditions of
the Financing, the Company's resource properties and resource
estimates, and the Company's plans, focus and objectives.
Forward-looking Statements involve various risks and uncertainties
and are based on certain factors and assumptions, including those
set out in the DFS. There can be no assurance that such statements
will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations include uncertainties
related to fluctuations in gold and other commodity prices,
uncertainties inherent in the exploration of mineral properties,
the impact and progression of the COVID-19 pandemic and other risk
factors set forth in the Company's continuous disclosure documents
filed from time to time on SEDAR. The Company undertakes no
obligation to update or revise any Forward-looking Statements,
whether as a result of new information, future events or otherwise,
except as may be required by law. New factors emerge from time to
time, and it is not possible for Montage to predict all of them, or
assess the impact of each such factor or the extent to which any
factor, or combination of factors, may cause results to differ
materially from those contained in any Forward-looking Statement.
Any Forward-looking Statements contained in this press release are
expressly qualified in their entirety by this cautionary
statement.
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SOURCE Montage Gold Corp