TSXV: ARTG
Project Remains Fully Funded, Within Guidance for Initial Capital Expenditure, and on Schedule
At
Earthworks continued in priority infrastructure areas, with approximately 640 hectares logged and cleared. All access roads needed for Phase 1 construction are now operable. Construction of the site water management facilities, including the water management pond, and
Total major works hours worked up to
Process plant construction progressed well on a number of fronts, including the mill building foundation preparation, reagents building foundations, ball mill pedestals, carbon in leach ("CIL") and detox tank erection, advancement of the primary, secondary, and tertiary crushers structures, and the reclaim tunnel civil works. Hydro testing within the CIL tank area commenced.
Construction of the run-of-mine ("ROM") wall and the initial ROM dump slab earthworks have been completed. The focus has now moved to concrete formwork to allow for the installation of the primary crusher ROM slab and crusher vault. Steel structures for the secondary and tertiary crusher and screening station have been advanced and installation of the crushing mechanical packages commenced in Q4. The erection of the mill building and installation of the ball mill also commenced in late Q4.
The construction fleet now includes 60 and 100 tonne rigid frame haul trucks and 150 tonne excavators, providing more material movement capability to key areas. Assembly and commissioning of the owner's mining fleet is well advanced, including two 400 tonne hydraulic backhoe excavators. Five 240 tonne rigid frame haul trucks have been delivered to site, four of which have been substantially assembled. The remainder of the fleet to support operations will arrive predominately across the first half of 2024. Fleet assembly is expected to be completed well before the commencement of pre-stripping, and equipment will be made available to support earthworks if needed.
At the end of
Key mining-related contracts have been executed with detailed mobilization plans for production drilling services well advanced. In addition, equipment supply contracts have been awarded for the oxygen plant and water treatment plant. Q4 also marked the arrival onsite of the first delivery of the 225kV transmission line conductor and poles.
The Company's staffing numbers surpassed 320 employees in Q4 2023, with approximately 20% of the team female and over 30% identifying as Indigenous. Approximately 50% of the development team is from the local region and over 80% are B.C. residents. The total workforce at the
At
- cash and cash equivalents of C$157 million;
- remaining drawdowns from the project loan facility of
C$235 million (including up toC$25 million of capitalized interest), and - a cost overrun facility of C$40 million.
In addition, the Company had 26.2 million warrants outstanding which are exercisable at C$1.08 per warrant before
With Phase 1 fully funded and 59% complete at the end of
Artemis Gold President and COO
Video
Watch here for a Q4 project update video: https://youtu.be/LIKtgXHlOJs
Jeremy Langford, FAUSIMM, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
On behalf of the Board of Directors
Chairman and Chief Executive Officer
+1 604 558 1107
Neither the
This press release contains certain forward-looking statements and forward-looking information as defined under applicable Canadian and
These forward-looking statements represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance, which are based on information currently available to management, management's historical experience, perception of trends and current business conditions, expected future developments and other factors which management considers appropriate. Such forward-looking statements involve numerous risks and uncertainties, and actual results may vary. Important risks and other factors that may cause actual results to vary include, without limitation: risks related to the ability of the Company to accomplish its plans and objectives with respect to the development of the project within the expected timing or at all, the timing and receipt of certain required approvals, changes in commodity prices, changes in interest and currency exchange rates, risks inherent in exploration estimates and results, risks inherent in exploration and development activities, changes in development or mining plans due to changes in logistical, technical or other factors, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailability of materials, equipment or third party contractors, delays in the receipt of government approvals, industrial disturbances, job action, and unanticipated events related to heath, safety and environmental matters), changes in governmental regulation of mining operations, political risk, social unrest, changes in general economic conditions or conditions in the financial markets, and other risks related to the ability of the Company to proceed with its plans for the project and other risks set out in the Company's most recent MD&A, which is available on the Company's website at www.artemisgoldinc.com and on SEDAR+ at www.sedarplus.ca
In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, the assumptions that: (1) market fundamentals will result in sustained mineral demand and prices; (2) any necessary approvals and consents in connection with the development of the project will be obtained; (3) financing for the development, construction and continued operation of the project will continue to be available on terms suitable to the Company; (4) sustained commodity prices will continue to make the project economically viable; and (5) there will not be any unfavourable changes to the economic, political, permitting and legal climate in which the Company operates. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause the actual results or performance by the Company to differ materially from those expressed in or implied by any forward-looking statements. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or the financial condition of the Company. Investors should therefore not place undue reliance on forward-looking statements. The Company is under no obligation and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether because of new information, future events or otherwise, except as may be required under applicable securities laws.
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1 LTIFR or Lost Time Injury Frequency Rate refers to the number of lost time injuries occurring per million man-hours worked, divided by total man-hours worked. |
2 AIFR or All Injury Frequency Rate refers to the total number of recordable incidents occurring per million man-hours worked, divided by total man-hours worked. |
SOURCE
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