TORONTO, Aug. 25, 2020 /CNW/ - Nubian Resources Ltd.
("Nubian" or the "Company") (TSXV: NBR) announces that further
to the Company's press release of May 28th
regarding the acquisition of the Yandoit Gold Project, situated in
the historic Daylesford gold corridor of central Victoria, Australia (the "Project"), the
Company and the vendor, B.S.B. Mining Pty Ltd. ("BSB Mining") have
entered into an extension of 30 days for completion of the
definitive documents. Closing of the acquisition is now
expected to occur on or before September 19,
2020 and is subject to, among other things, the receipt of
all necessary approvals and all conditions having been satisfied or
waived with respect to the terms of the LOI including the approval
of the TSX Venture Exchange.
"The due diligence process and preparation of definitive
documents will be finalized in the near term," stated Martin Walter, President & CEO of Nubian,
who added, "The extension was agreed between the parties as the
transaction has required additional steps to undertake the
formation Nubian's new Australian corporate structure."
Located about 39 km northeast of the city of Ballarat and 100 km
northwest of Melbourne, the
advanced-stage Yandoit Gold Project is in a region that has seen
punctuated periods of hard rock and alluvial gold mining over the
past 160 years. Local geological environments are very
similar to that seen in the higher activity Bendigo (e.g.,
Fosterville Mine, 70 km to the northeast), Castlemaine, and
Malmsbury gold corridors located to the north and northeast.
Sustained higher gold prices and recent success in
understanding the gold depositional geology by Kirkland Lake Gold at its Fosterville Gold Mine
has caused a modern day gold rush in the region.
Technical information in this news release has been reviewed and
approved by Dr. Scott Jobin-Bevans
(P.Geo.), a Director of Nubian, who is a Qualified Person under the
definitions established by the National Instrument 43-101.
About Nubian Resources
Nubian Resources Ltd. is a public traded precious and base
metals exploration company listed on the TSX Venture Exchange. The
Company is managed by a team of experienced mining and geological
professionals. In May 2020, Nubian
entered into an agreement to acquire and develop the Yandoit Gold
Project in central Victoria,
Australia and in July 2020,
Nubian entered into an agreement to acquire Stavely Mineral
Limited's Fosterville East project and its Lefroy and Matthina projects in Tasmania. Nubian's main asset is the
Esquilache Silver Project located within the Tintaya porphyry
copper belt of southern Peru.
Neither 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.
Caution Regarding Forward Looking Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on Nubian's current belief or assumptions
as to the outcome and timing of such future events. Actual future
results may differ materially. In particular, this release contains
forward looking information relating to, among other things,
statements with respect to the potential completion of the
acquisition. Various assumptions or factors are typically applied
in drawing conclusions or making the forecasts or projections set
out in forward-looking information. Those assumptions and factors
are based on information currently available to Nubian.
Although such statements are based on reasonable assumptions of
Nubian's management, there can be no assurance that any conclusions
or forecasts will prove to be accurate.
Forward-looking information contained in this news release is
based on certain factors and assumptions regarding, among other
things, the Project, the Acquisition and the Private Placement, and
other similar matters. While Nubian considers these assumptions to
be reasonable based on information currently available to them,
they may prove to be incorrect. Forward looking
information involves known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information. Such factors include risks inherent in
the exploration and development of mineral deposits, including
risks relating to changes in project parameters as plans continue
to be redefined, risks relating to variations in grade or recovery
rates, risks relating to changes in mineral prices and the
worldwide demand for and supply of minerals, risks related to the
COVID-19 pandemic and current global financial conditions,
increased competition, access and supply risks, reliance on key
personnel, operational risks regulatory risks, including risks
relating to the acquisition of the necessary licenses and permits,
financing, capitalization and liquidity risks, title and
environmental risks and risks relating to delay or failure to
satisfy the closing conditions to the Acquisition and the Private
Placement.
The forward-looking information contained in this release is
made as of the date hereof, and Nubian is not obligated to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.
SOURCE Nubian Resources Ltd.