TIDMAEXG
RNS Number : 9346L
AEX Gold Inc
18 January 2021
("AEX" or the "Corporation")
AEX Provides an Update on the Procurement Plan for Nalunaq
TORONTO, ONTARIO - January 18, 2021 - AEX Gold Inc. ("the
Corporation") (AIM: AEXG; TSXV: AEX), an independent gold company
with a portfolio of gold licences in Greenland, announces an
operational update on the development of the Nalunaq property in
South Greenland.
The Corporation remains on target and continues to make
significant progress on the development of the Nalunaq Project,
with the award of key procurement packages.
Highlights
-- AEX has selected its contractor for the underground
development as part of the exploration program at Nalunaq. AEX and
the contractor will form an integrated project team and are
currently finalizing the contractual terms which will lead to their
mobilization at Nalunaq in H2 2021.
-- Major equipment to support the underground development
program has been procured, notably including jumbos, an underground
haul truck, Load Haul Dump loaders, and other underground service
mobile equipment. Mine underground services, such as for
ventilation, dewatering, compressed air and power distribution are
in the tendering process and will be procured during H1 2021.
-- Long lead process equipment packages, including the crushing,
grinding, gravity and tailings thickening circuits, were awarded in
December and early January, and the balance of equipment will be
procured during H1 2021, including the gold room equipment, power
generators and pumping systems. Equipment performance and
specifications will be key in finalizing the project's assessments
and permits.
-- All surface support equipment required to support the
exploration program, such as the 100 tonnes rough-terrain crane,
fuel and water trucks, tractors and trailers, and others have been
procured.
-- With procurement activities progressing according to plan,
AEX will continue de-risking project execution and expects
development of the asset to commence in line with previously
announced timelines.
The Corporation will, in the next few weeks, be providing
further project development updates at Nalunaq, further exploration
results from the 2020 exploration season, as well as the upcoming
exploration plan for 2021 in South Greenland.
Eldur Olafsson, CEO of AEX, commented:
"AEX continues to progress the Nalunaq project according to
plan, with development remaining on target. Many of the project's
long lead items have been awarded and the procurement plan is being
followed as anticipated. By locking down the key long lead items,
supported by our engineering efforts, we have been able to continue
de-risking the project's schedule. We remain committed to, and
confident about, the development of Nalunaq and appreciate the
strong support we are receiving from the project's various
stakeholders, especially those in Greenland."
AEX cautions that this production decision has been taken before
the estimation of Mineral Reserves and is not based on a
feasibility study of these Mineral Reserves demonstrating economic
and technical viability resulting in significantly higher risk of
economic and technical failure.
Qualified Person and QA/QC
The technical information presented in this press release has
been approved by James Gilbertson CGeol, who is a full-time
employee and Managing Director of SRK Exploration Services Limited
and a Chartered Geologist with the Geological Society of London,
and as such a Qualified Person as defined by NI 43-101.
Enquiries:
AEX Gold Inc.
Eddie Wyvill, Investors Relations +44 7713 126727
ew@aexgold.com
Eldur Olafsson, Director and CEO +354 665 2003
eo@aexgold.com
Stifel Nicolaus Europe Limited (Nominated +44 (0) 20 7710
Adviser and Broker) 7600
Callum Stewart
Simon Mensley
Ashton Clanfield
+44 (0) 20 3757
Camarco (Financial PR) 4980
Gordon Poole
Nick Hennis
Emily Hall
Further Information:
About AEX
AEX's principal business objectives are the identification,
acquisition, exploration and development of gold properties in
Greenland. The Corporation's principal asset is a 100% interest in
the Nalunaq Project, an advanced exploration stage property with an
exploitation license including the previously operating Nalunaq
gold mine. The Corporation has a portfolio of gold assets covering
3870 km(2) , the largest portfolio of gold assets in Southern
Greenland covering the two known gold belts in the region. AEX is
incorporated under the Canada Business Corporations Act and wholly
owns Nalunaq A/S, incorporated under the Greenland Public Companies
Act.
Forward-Looking Information
This press release contains forward-looking information within
the meaning of applicable securities legislation, which reflects
the Corporation's current expectations regarding future events and
the future growth of the Corporation's business. In this press
release there is forward-looking information based on a number of
assumptions and subject to a number of risks and uncertainties,
many of which are beyond the Corporation's control, that could
cause actual results and events to differ materially from those
that are disclosed in or implied by such forward-looking
information. Such risks and uncertainties include, but are not
limited to the factors discussed under "Risk Factors" in the Final
Prospectus available under the Corporation's profile on SEDAR at
www.sedar.com. Any forward-looking information included in this
press release is based only on information currently available to
the Corporation and speaks only as of the date on which it is made.
Except as required by applicable securities laws, the Corporation
assumes no obligation to update or revise any forward-looking
information to reflect new circumstances or events. No securities
regulatory authority has either approved or disapproved of the
contents of this press release. Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
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