Vancouver - Montage Gold Corp. ('Montage' or the 'Company') (TSXV: MAU) (OTCPK: MAUTF) is pleased to announce the results of the Definitive Feasibility Study for the Kone Gold Project ('Kone Gold Project', 'Project', or 'KGP') in Cote d'Ivoire.
The DFS was prepared by Lycopodium Minerals Pty Ltd. in accordance with Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101').
Hugh Stuart, Montage CEO commented, 'The completion of the DFS for the Kone Gold Project is a tremendous milestone for Montage and is demonstrative of the hard work, dedication and expertise of our team. In the 15 months since our IPO, we have transformed Montage from an exploration company with a 1.5Moz Inferred Mineral Resource, into a development company with Probable Reserves of over 3.4Moz with anticipated average gold production of 257koz/year in the first 9 years, peaking at 320koz.
'We are clearly extremely pleased at how well the DFS compares to the May 2021 Preliminary Economic Assessment ('PEA'), with nearly all metrics improving, under the same base case gold price of $1,600/oz. Critical to these improvements are the numerous optimizations that were undertaken as part of the feasibility process, the most significant of which is the change in tailings management which has reduced our sustaining capital requirements by $146 million. We have also optimized the front-end of the mill through the use of High-Pressure Grinding Rolls instead of a SAG Mill, driving a 19% reduction in unit power requirements, a direct benefit to the operating cost profile. In addition, we have revised the mine plan to avoid diverting the newly asphalted road without any material impact to the production profile of the project.
'We will continue to move forward advancing the KGP to add value. We plan to engage project finance advisors in the near-term to solicit the market for capital for construction finance. Discussions thus far show strong support for the project from numerous potential funding partners, and we are excited to start that process. Permitting efforts continue and we are on pace to submit the ESIA at the end of this month to begin the government review process.
'Our balance sheet remains strong, with available liquidity of approximately C$10 million, which will provide us ample budget for regional exploration and the permitting process.'
Contact:
Hugh Stuart
Email: hstuart@montagegoldcorp.com
ABOUT MONTAGE GOLD CORP.
Montage is a Canadian-based precious metals exploration and development company focused on opportunities in Cote d'Ivoire. The Company's flagship property is the Kone Gold Project, located in northwest Cote d'Ivoire, which currently hosts a Probable Mineral Reserve of 161.1Mt grading 0.66g/t for 3.42M ounces of gold. The Company released the results of a DFS on the Kone Gold Project on February 14, 2022, outlining a 15-year gold project producing 3.06M ounces of gold at AISC of $933 per ounce over life of mine, with average annual production of 207koz, and peak production of 320koz. Montage has a management team and Board with significant experience in discovering and developing gold deposits in Africa.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities legislation (collectively, 'Forward-looking Statements'). All statements, other than statements of historical fact, constitute Forward-looking Statements. Words such as 'will', 'intends', 'proposed' and 'expects' or similar expressions are intended to identify Forward-looking Statements. Forward looking Statements in this press release include statements related to the Company's mineral reserve and resource estimates; the timing and amount of future production from the Kone Gold Project; expectations with respect to the IRR, NPV, payback and costs of the Kone Gold Project; anticipated mining and processing methods of the Kone Gold Project; anticipated mine life of the Kone Gold Project; expected recoveries and grades of the Kone Gold Project; timing for the DFS and timing for permits and concessions. Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties inherent in the preparation of mineral reserve and resource estimates and definitive feasibility studies such as the mineral reserve and resource estimates and the DFS, including but not limited to, assumptions underlying the production estimates not being realized, incorrect cost assumptions, unexpected variations in quantity of mineralized material, grade or recovery rates, unexpected changes to geotechnical or hydrogeological considerations, unexpected failures of plant, equipment or processes, unexpected changes to availability of power or the power rates, failure to maintain permits and licenses, higher than expected interest or tax rates, adverse changes in project parameters, unanticipated delays and costs of consulting and accommodating rights of local communities, environmental risks inherent in the Cote d'Ivoire, title risks, including failure to renew concessions, unanticipated commodity price and exchange rate fluctuations, risks relating to COVID-19, delays in or failure to receive access agreements or amended permits, the impact and progression of the COVID-19 pandemic and other risk factors set forth in the Company's final prospectus under the heading 'Risk Factors'. The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Montage to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
MONTAGE GOLD CORP. 
