FOR THE DEVELOPMENT OF ITS KONÉ PROJECT
HIGHLIGHTS:
- Montage receives Ministerial Order from the Ministry of
Environment, Sustainable Development and Ecological Transition of
Côte d'Ivoire granting the environmental permit for the development
of its Koné project
- The mining permit application for the Koné project has been
submitted and all approvals are expected in H2-2024
- President Alassane Ouattara
of the Republic of Côte d'Ivoire expressed his strong
support for the development of the Koné project in a press
conference held on May 2,
2024
ABIDJAN, Côte d'Ivoire, May 9, 2024
/CNW/ - Montage Gold Corp. ("Montage" or the "Company")
(TSXV: MAU) (OTCQX: MAUTF) is pleased to announce that it has
received a signed Ministerial Order from the Ministry of the
Environment, Sustainable Development and Ecological Transition of
Côte d'Ivoire (the "MoE") granting the environmental approvals
necessary for the development of its Koné project (the
"Environmental Permit"). In addition, Montage has submitted the
mining permit applications for the Koné project and anticipates
receiving all necessary approvals during H2-2024.
Prior to receiving the Environmental Permit, Montage team
members were received by President Alassane
Ouattara of the Republic of Côte d'Ivoire at a ceremony in
Abidjan, during which the
President reiterated the country's support for the mining sector
and the advancement of the Koné project given the positive benefits
it can generate for all stakeholders.
Martino De Ciccio, CEO of
Montage, commented: "We are very pleased with the significant
progress being made to advance our Koné project towards a
construction launch, with significant support received from local
stakeholders, lenders, and shareholders. The receipt of the
environmental permit marks a significant milestone in our
permitting process and reflects the strong support received from
numerous government agencies and local communities.
Furthermore, we were honored to recently be received by
President Alassane Ouattara of the
Republic of Côte d'Ivoire at a ceremony in Abidjan, during which the President reiterated
the country's support for the mining sector and the advancement of
the Koné project given the positive benefits it can generate for
all stakeholders. It was an opportunity to reiterate our goal of
becoming the partner of choice for stakeholders by leveraging our
win-win approach focused on local content.
We look forward to continuing to build on the momentum created
across our business to progress our strategy of creating a premier
African gold producer, beginning in Côte d'Ivoire given the
country's highly favourable investment climate, significant
geological potential, and our extensive experience in the
region."
ESIA Validation and Mining Permit Applications
Montage prepared the ESIA for the Koné project during 2023,
based upon the project design as outlined in the updated
Feasibility Study published on January 16,
2024 (the "UFS"). Montage worked closely in conjunction with
the Cabinet d'Etudes Conseils d'Assistance et de Formation de Côte
d'Ivoire ("CECAF"), an independent environmental consultancy firm
which led the preparation the ESIA to ensure compliance with all
applicable environmental standards prior to its submission. The
completed ESIA was submitted to the Agence Nationale de
l'Environnement of Côte d'Ivoire ("ANDE") in December 2023. ANDE is the environmental division
of the MoE and is responsible for monitoring the compliance of
projects and activities with environmental standards.
On March 13, 2024, the validation
hearing was held, during which the ESIA was approved by a
commission comprised of numerous government agencies,
including:
- the Ministry of Mines, Petroleum and Energy;
- the Ministry of Environment, Sustainable Development and
Ecological Transition (including the Ivorian Anti-Pollution
Centre);
- the Ministry of Water and Forest;
- the Ministry of Health and Public Hygiene;
- the Ministry of Interior and Security (including the National
Office for Civilian Projection);
- the Ministry of Equipment and Road Maintenance;
- the Ministry of Agriculture;
- the Ministry of Transport; and
- the Ministry of Economy and Finance
In addition, various government representatives from the Prefets
and sous-Prefets, and nearby village representatives were present.
During the hearing the ESIA was approved, subject to only minor
variations all of which have been addressed by Montage in
conjunction with CECAF. On April 8,
2024, CECAF submitted the revised ESIA report to ANDE, which
has been approved by the MoE in a signed Ministerial Order dated
May 7, 2023.
The Ministerial Order for the Environmental Permit includes
approval for in-pit tailings disposal, a best practice in the
mining industry, making Koné the first mine to receive this
approval in Côte d'Ivoire.
With the Environmental Permit received, Montage has lodged its
mining permit applications ("MPA") with the Direction
Générale des Mines et de la Géologie ("DGMG") and expects to
receive all necessary permits and approvals for the construction of
the Koné project during H2-2024.
The MPA submissions cover a total area of 357.5 sq.km (Figure 2,
103.4 sq.km at Koné and 254.1 sq.km at Gbongogo) and encompasses
the Koné deposit, the Gbongogo Main deposit, a 35km haulage
corridor, along with sufficient land area for all plant and related
surface infrastructure for development of the mine.
Neither TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
ABOUT MONTAGE GOLD CORP.
Montage Gold Corp. (TSXV: MAU) is a Canadian-listed company
focused on becoming a premier multi-asset African gold producer,
with its flagship Koné project, located in Côte d'Ivoire, at the
forefront. Based on the Feasibility Study published in 2024, the
Koné project ranks as one of the highest quality gold projects in
Africa with a long 16-year mine
life, low AISC of $998/oz over its
life of mine, and sizeable annual production of +300koz of gold
over the first 8 years. Over the course of 2024, the Montage
management team will be leveraging their extensive track record in
developing projects in Africa to
progress the Koné project towards an investment decision, thereby
unlocking significant value for all its stakeholders.
TECHNICAL DISCLOSURE
The Koné and Gbongogo Main Mineral Resource Estimates were
carried out by Mr. Jonathon Abbott
of Matrix Resource Consultants of Perth, Western
Australia, who is considered to be independent of Montage
Gold. Mr. Abbott is a member in good standing of the Australian
Institute of Geoscientists and has sufficient experience which is
relevant to the commodity, style of mineralization under
consideration and activity which he is undertaking to qualify as a
Qualified Person under NI 43–101.
The Mineral Reserve Estimate was carried out by Ms. Joeline McGrath of Carci Mining Consultants
Ltd., who is considered to be independent of Montage Gold. 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 NI 43–101.
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 UFS, entitled "Koné Gold Project, Côte
d'Ivoire Updated Feasibility Study National Instrument 43-101
Technical Report" and filed on SEDAR+ at www.sedarplus.ca. Readers
are encouraged to read the UFS in its entirety, including all
qualifications, assumptions and exclusions that relate to the
details summarized in this news release. The UFS is intended to be
read as a whole, and sections should not be read or relied upon out
of context.
QUALIFIED PERSONS STATEMENT
The scientific and 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
President and a Director of the Company, a Chartered Geologist and
a Fellow of the Geological Society of London.
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
use of proceeds from the Offering; the final acceptance of the TSX
Venture Exchange; the Company's mineral reserve and mineral
resource estimates; the timing and amount of future production from
the Koné Gold Project; expectations with respect AISC of the Koné
Gold Project; anticipated mine life of the Koné Gold Project; and
expected recoveries and grades of the Koné Gold Project.
Forward-looking Statements involve various risks and uncertainties
and are based on certain factors and assumptions. 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 inherent in the preparation of mineral
reserve and resource estimates and definitive feasibility studies
such as the Mineral Reserve Estimate and the UFS, including but not
limited to, assumptions underlying the production estimates not
being realized, incorrect cost assumptions, unexpected variations
in quantity of mineralized material, grade or recovery rates,
unexpected changes to geotechnical or hydrogeological
considerations, unexpected failures of plant, equipment or
processes, unexpected changes to availability of power or the power
rates, failure to maintain permits and licenses, higher than
expected interest or tax rates, adverse changes in project
parameters, unanticipated delays and costs of consulting and
accommodating rights of local communities, environmental risks
inherent in the Côte d'Ivoire, title risks, including failure to
renew concessions, unanticipated commodity price and exchange rate
fluctuations, risks relating to COVID-19, delays in or failure to
receive access agreements or amended permits, and other risk
factors set forth in the Company's 2022 AIF under the heading "Risk
Factors". 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.
NON-GAAP MEASURES
This press release includes certain terms or performance
measures commonly used in the mining industry that are not defined
under International Financial Reporting Standards ("IFRS"),
including cash costs and AISC (or "all-in sustaining costs") per
payable ounce of gold sold and per tonne processed and mining,
processing and operating costs reported on a unit basis. Non-GAAP
measures do not have any standardized meaning prescribed under IFRS
and, therefore, they may not be comparable to similar measures
employed by other companies. The Company discloses "cash costs" and
"all-in sustaining costs" and other unit costs because it
understands that certain investors use this information to
determine the Company's ability to generate earnings and cash flows
for use in investing and other activities. The Company believes
that conventional measures of performance prepared in accordance
with IFRS, do not fully illustrate the ability of mines to generate
cash flows. The measures, as determined under IFRS, are not
necessarily indicative of operating profit or cash flows from
operating activities. The measures cash costs and all-in sustaining
costs and unit costs are considered to be key indicators of a
project's ability to generate operating earnings and cash flows.
Non-GAAP financial measures should not be considered in isolation
as a substitute for measures of performance prepared in accordance
with IFRS and are not necessarily indicative of operating costs,
operating profit or cash flows presented under IFRS. Readers should
also refer to our management's discussion and analysis, available
under our corporate profile at www.sedarplus.ca for a more detailed
discussion of how we calculate such measures.
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SOURCE Montage Gold Corp
