VANCOUVER, Nov. 27, 2019 /CNW/ - KORE Mining Ltd. (TSX-V: KORE | OTCQB: KOREF) ("KORE" or the "Company") is pleased to announce Newmont Goldcorp Corporation ("Newmont Goldcorp") has agreed to accept common shares of KORE in settlement of a future US$1 million payment to Newmont Goldcorp on announcement of an economic assessment for the Imperial gold project. The agreement is an amendment ("Amendment") to the March 2017 Imperial purchase agreement ("Purchase Agreement") with Goldcorp USA Inc., a wholly owned subsidiary of Newmont Goldcorp.
"This agreement provides KORE with significantly more flexibility going into 2020," commented Scott Trebilcock, CEO of KORE. "KORE is now free to complete a preliminary economic assessment of the Imperial gold project. Engineering at Imperial is ramping up quickly with KORE's new COO Marc Leduc on the team and we look forward to the restart of permitting in early 2020."
Pursuant to this Amendment, Newmont Goldcorp has elected, under an existing clause in the Purchase Agreement, to accept common shares of the Company for the US$1 million payment due on announcement of an economic study of the Imperial gold project. This election by Newmont will expire twelve months after the date of this Amendment and gives KORE the opportunity to complete an economic assessment without the burden of a cash liability. The Amendment does not obligate KORE to complete an economic assessment within the next twelve months. All other provisions of the Purchase Agreement will remain in full force.
The common shares would be issued pursuant to the approval/regulations of the TSX Venture Exchange. The common shares, if issued, would be priced on a 30-day trailing average of TSX Venture Exchange also per the Purchase Agreement.
KORE is 100% owner of a portfolio of advanced gold exploration and development assets in California and British Columbia. KORE is supported by strategic investors Eric Sprott and Macquarie Bank who, together with the management and Board own 66% of KORE. The Company is well positioned to advance and unlock the value of its multi-million ounces of gold resources.
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.
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to KORE within the meaning of applicable securities laws. KORE provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to exploration findings, results and recommendations, as well as those risks and uncertainties identified and reported in public filings under KORE's SEDAR profile at www.sedar.com. Although KORE has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. KORE disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
SOURCE Kore Mining
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