West Kirkland Announces Revised Strategic Plan
VANCOUVER, BRITISH COLUMBIA, August 12, 2019 – West Kirkland Mining Inc. (WKM:TSXV) (“West Kirkland” or the “Company”) announces that at a recent meeting of the Board of Directors a revised strategic plan was developed for the Company with the intention to amplify the Company’s strengths while reducing holding costs and dilution risks for shareholders.
Key strengths of the Company include its 75% ownership of, and its 1.1% net smelter return royalty over, the Hasbrouck Gold Project located in Tonopah, Nevada. The Hasbrouck Gold Project, comprised of the planned Three Hills Mine and the nearby planned Hasbrouck Mine, contains Proven & Probable Reserves of 784,000 gold equivalent oz (45,270,000 tons at 0.017 Au oz/ton for 762,000 contained Au oz; 0.233 Ag oz/ton for 10,569,000 contained Ag ounces)1.
Key objectives of the Company’s revised strategic plan include:
- Holding permitted gold reserves in Nevada;
- Minimizing holding and overhead costs;
- Protecting and enhancing shareholder value;
- Developing the Hasbrouck Project if and only if market conditions are compelling and financial risks are low; and
- Returning capital to shareholders.
In 2019, the Fraser Institute stated that “Nevada is the best jurisdiction for investing in mining in the world”. Hasbrouck is located in a safe, historic mining district with a community keen for a new mine. While all key permits for the open pit Three Hills Mine construction and operations were secured in 2016, the Company continues work on permitting the open pit Hasbrouck Mine. The permitting process for the Hasbrouck Mine is on track to obtain federal permits in Q4 2019.
“The Hasbrouck Project is one of only a handful of shovel-ready, high margin gold projects. The Hasbrouck Project is simple construction and the first phase can be commenced when the time is right”, said Sandy McVey, West Kirkland’s Chief Operating Officer. The Hasbrouck and Three Hills deposits are all-oxide with low stripping ratios, minimal pre-strip, and no adverse environmental or cultural factors. The resources and their metallurgy have been well-studied and analyzed. Good infrastructure exists nearby consisting of accommodations, grid electricity, paved highways and multiple water sources.
For more information about the Company, its strategic plan and the Hasbrouck Project, please visit the Company’s website at www.wkmining.com or review the Company's profile on SEDAR at www.sedar.com.
About West Kirkland Mining Inc.
West Kirkland is focused on acquiring and advancing near-construction gold projects in safe jurisdictions, and owns a 75% interest in, and a 1.1% net smelter return royalty over, the Hasbrouck Gold Project in Tonopah, Nevada.
The Company has secured an option on a district scale land position for future exploration. At this time, the Company will focus its efforts on completing full permitting for its gold reserves.
On behalf of West Kirkland Mining Inc.
“R. Michael Jones”
Chief Executive Officer
R. Michael Jones
(604) 685 8311 / [email protected]
Authors and Qualified Persons Statement
Sandy McVey, P.Eng., Chief Operating Officer for West Kirkland, and a non-independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), has reviewed the technical information contained in this news release and has verified the relevant data. Quality Control and Assay information is as previously disclosed in the Company’s technical reports.
Disclaimer for Forward-Looking Information
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. Forward-looking information in this news release includes, without limitation, discussion of permitting status and the timing thereof and other statements that are not historical facts. Information about details contained in the prefeasibility study are also forward-looking statements in that they reflect a prediction of the mineralization that would be encountered, and the results of mining it, if a mineral deposit were developed and mined. Although West Kirkland believes that such information as set out in this press release is reasonable, it can give no assurance that such expectations and estimates will prove to be correct. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, significant increases in any of the machinery, equipment or supplies required to develop and operate a mine, a significant change in the availability or cost of the labor force required to operate a mine, a significant increases in the cost of transportation for the Company’s products, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.
Cautionary Note to U.S. Investors Regarding the Use of Mining Terms
This press release has been prepared in accordance with the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resources and reserve estimates reported by the Company in relation to the 2016 Updated Pre-feasibility Study have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”) Industry Guide 7, and resource or reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, “resources” and “reserves” established under NI 43-101 standards may not qualify as “resources” and “reserves” under U.S. standards. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. In addition, under U.S. standards, a “Final” or “Bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. Accordingly, information concerning mineral deposits set forth in this press release may not be comparable with information made public by companies that report in accordance with U.S. standards.
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.
1 Technical Report and Updated Preliminary Feasibility Study for The Hasbrouck and Three Hills Gold-Silver Project, Esmeralda County, Nevada, USA, Report Date: September 14, 2016 prepared by Thomas L. Dyer, P.E. and Paul Tietz, C.P.G. of Mine Development Associates (MDA). Waterton Precious Metals Fund II Cayman, LP holds a 25% interest in the Hasbrouck Gold Project and is participating in project expenditures.