VANCOUVER, BC, Oct. 26, 2021 /CNW/ - Orca Gold Inc.
(TSXV: ORG) ("Orca" or the "Company") CEO comments on the
political situation in Sudan.
"The current political unrest in Sudan resulted in a lot of panic selling in
the market yesterday," commented Rick
Clark, President and CEO of Orca Gold Inc. "Above all, we
are happy to report that all of our in-country employees are safe
and our offices and project site have not been impacted by the
civilian protests or actions of the military. While we cannot say
that things are business as usual at this moment, we remain
confident that Block 14 will achieve production as scheduled. All
agreements to advance our project have been signed and our decision
to build this gold mine has not changed. This is supported by
yesterday's statement by General Abdel
Fattah Abdelrahman al-Burhan that all commercial agreements
will continue to be honored by the Government. Block 14 is one of
the leading gold development projects in Africa, with a net present value of over
USD$1 billion at today's gold price.
We are fully-permitted and construction has commenced. The Project
will be the largest commercial mining operation in the country and
will ensure significate benefits to Sudan and its people. We are monitoring the
current political situation closely and will report back as more
information becomes available."
On behalf of the Board of Directors,
"Richard P. Clark"
Richard P. Clark | CEO &
Director | Orca Gold Inc. | 604.689.7842
About Orca Gold Inc.
Orca Gold Inc. (TSXV: ORG) is a Canadian
resource company focused on exploration and development
opportunities in Africa. Led by a
board of directors made up of industry experts and a management
team with a track record of discovering and building significant
mines globally, Orca is developing one of the leading gold projects
in Africa. The Company is
currently focused on its 70%-owned Block 14 Gold Project in the
Republic of the Sudan on which a
Feasibility Study was completed in November
2018 and revised in September
2020.
Cautionary Statement Regarding Forward-Looking
Information
Certain information contained in this
press release constitutes "forward-looking information",
within the meaning of applicable Canadian and U.S. securities laws.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur", "be
achieved" or "has the potential to". The forward-looking
information contained herein is provided for the purpose
of assisting readers in understanding
management's current expectations and plans relating to the future.
Readers are cautioned that such information may
not be appropriate for other purposes.
Forward-looking statements contained in this press release
may include statements regarding the use of proceeds, the closing
of the Private Placement, the future operating or financial
performance of the Company and the financial metrics reported in
our feasibility study, which involve known and unknown risks and
uncertainties which may not prove to be accurate. Actual results
and outcomes may differ materially from what is expressed or
forecasted in these forward-looking statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations. Among those factors which could
cause actual results to differ materially are the following:
the requirement for regulatory approvals; enhanced uncertainty
in global financial markets as a result of the current COVID-19
pandemic; unquantifiable risks related to
government actions and interventions; stock
market volatility; regulatory restrictions; that the Feasibility
Study may not represent a viable development option for Block 14
and that the assumptions set out therein (particularly with respect
to the economics of Block 14) may prove to be untrue or inaccurate;
that actual Mineral Reserves and Resources at Block 14 and the
grades thereof may be less or different in nature than those
contained in the Feasibility Study; that the Company may not meet
the production estimates set out in the Feasibility Study; that the
life of mine at Block 14 may be shorter than anticipated; that the
Company may not receive the necessary permits on time, or at all;
risks related to cost overruns and the changes of the cost of
inputs; that the development and mining of Block 14 may experience
delays and may not proceed on the expected timeline, or at all;
that the Company may develop Block 14 in a different manner than is
set forth in the Feasibility Study and
other risk factors listed from time to time in our reports filed
with Canadian securities regulators on SEDAR at
www.sedar.com. The forward-looking statements included in
this press release are made as of the date of this press release
and the Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable securities legislation.
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.
SOURCE Orca Gold Inc.
