LUNDIN GOLD RECEIVES FINAL PERMITS FOR FRUTA DEL NORTE AND ANNOUNCES FIRST GOLD PRODUCTION
AWALE RESOURCES RELEASES INITIAL RESULTS FROM MAIDEN DRILL PROGRAM AT ODIENNE
Highlights from the first two drill holes include:
OEDD0001: 18.2 metres of 4.9 g/t gold from 40 metres, including 10.4 metres of 7.9 g/t gold and OEDD002: 27.0 metres of 3.1 g/t gold from 43.2 metres, including 9.0 metres of 5.3 g/t gold.
LUNDIN MINING EVALUATING MINE & PLANT EXPANSION, INCREASING EXPLORATION EFFORTS AT CHAPADA WITH 50,000 METRE DRILL PROGRAM
Since acquiring the Chapada mine from
In addition to the mine and plant expansion studies,
Sandstorm has a copper stream agreement to purchase 4.2% of the copper produced at Chapada up to a maximum of 3.9 million pounds annually. When 39 million pounds of copper has been delivered to Sandstorm, the copper stream will reduce to 3.0%. Once 50 million pounds of copper have been delivered to Sandstorm on a cumulative basis, the stream will reduce to 1.5% of the copper produced for the life of the mine. Sandstorm will make ongoing payments for each pound of copper purchased equal to 30% of the spot price of copper.
EQUINOX GOLD COMMENCES EXPLORATION AT TATAJUBA TARGET
During the third quarter of 2019, the Aurizona mine produced more than 29,000 ounces of gold and realized average recoveries of 91.3%. Production is expected to increase in the fourth quarter as
Sandstorm has a 3.0% - 5.0% sliding scale net smelter returns ('NSR') royalty on the Aurizona project. At gold prices less than or equal to
Sandstorm has a precious metal stream agreement with
SHARE BUYBACK PROGRAM
During the fourth quarter of 2018, Sandstorm announced a share buyback program to purchase up to 18.3 million of the Company's common shares. Since the announcement, Sandstorm has purchased approximately 10.9 million shares of the Company.
The actual number of common shares that may be purchased and the timing of such purchases will be determined by the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. Any securities acquired under the NCIB will be cancelled.
SANDSTORM FILES EARLY WARNING REPORT
Pursuant to National Instrument 62-103 - The Early Warning System and Related Take Over Bid and Insider Reporting Issues, Sandstorm is announcing the purchase of an aggregate of 3,495,000 common shares (the 'Entree Purchased Shares') of
Prior to the purchase of the Entree Purchased Shares, Sandstorm held 32,141,880 Entree Shares as well as warrants to purchase an additional 457,317 Entree Shares ('Entree Warrants'), representing approximately 18.4% of the outstanding Entree Shares on a non-diluted basis. Assuming the exercise of all 457,317 Entree Warrants held by the Company, Sandstorm would have previously held an aggregate of 32,599,197 Entree Shares, representing approximately 18.6% of the outstanding Entree Shares (on a partially diluted basis). Upon completion of the purchase of the Entree Purchased Shares, an aggregate 35,636,880 Entree Shares are now owned directly by Sandstorm, representing approximately 20.4% of the outstanding Entree Shares. Assuming the exercise of the Company's 457,317 Entree Warrants, the Company would then hold 36,094,197 Entree Shares, representing approximately 20.6% of the outstanding Entree Shares (on a partially diluted basis).
The Entree Purchased Shares were acquired by Sandstorm on the open market over the facilities of the
The early warning report, as required under National Instrument 62-103, contains additional information with respect to the foregoing matters and will be filed by the Company on Entree's SEDAR profile at www.sedar.com. To obtain a copy of the report, contact
The purchase of the Entree Shares was made in reliance on the normal course purchase exemption from the formal take-over bid requirements in section 4.1 of National Instrument 62-104, Takeover Bids and Issuer Bids ('NI 62-104'). The Entree Shares acquired, together with all of the other Entree Shares acquired during the 12-month period preceding this purchase, did not exceed 5% of the number of Entree Shares outstanding at the beginning of such 12-month period, and the consideration paid for any of the Entree Shares did not exceed the market price at the date of the purchase as determined in accordance with NI 62-104.
Contact:
Tel: 604 628 1164
ABOUT SANDSTORM GOLD ROYALTIES
Sandstorm is a gold royalty company that provides upfront financing to gold mining companies that are looking for capital and in return, receives the right to a percentage of the gold produced from a mine, for the life of the mine. Sandstorm has acquired a portfolio of 190 royalties, of which 23 of the underlying mines are producing. Sandstorm plans to grow and diversify its low cost production profile through the acquisition of additional gold royalties.
CAUTIONARY STATEMENTS TO
The financial information included or incorporated by reference in this press release or the documents referenced herein has been prepared in accordance with International Financial Reporting Standards as issued by the
Information contained or referenced in this press release or in the documents referenced herein concerning the properties, technical information and operations of Sandstorm has been prepared in accordance with requirements and standards under securities laws, which differ from the requirements of US securities laws. The terms 'mineral resource', 'measured mineral resource', 'indicated mineral resource' and 'inferred mineral resource' used in this or in the documents incorporated by reference herein are mining terms as defined in accordance with NI 43-101 under guidelines set out in the Definition Standards for Mineral Resources and Mineral Reserves adopted by the
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release contains 'forward-looking statements', within the meaning of the
Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Sandstorm to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Sandstorm will operate in the future, including the price of gold and anticipated costs. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, changes in business plans and strategies, market conditions, share price, best use of available cash, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold Sandstorm will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Sandstorm to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which Sandstorm will purchase gold, other commodities or receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the section entitled 'Risks to Sandstorm' in Sandstorm's annual report for the financial year ended
(C) 2019 Electronic News Publishing, source