VANCOUVER, Nov. 14, 2017 /CNW/ - Marlin Gold Mining Ltd. (TSX-V: MLN) ("Marlin" or the "Company") announces that, further to its September 15, 2017 press release, it has filed a current National Instrument 43-101 ("NI 43-101") technical report (the "Technical Report") on the Company's wholly owned Commonwealth silver and gold property in Cochise County, Arizona (the "Commonwealth Project"). The Technical Report provides the following estimates for the Commonwealth Project at various cut-off grades:
Volume cu. M
Tonnage 000 tonnes
Inverse Distance 2.5 Model In Pit Measured Resources
Inverse Distance 2.5 Model In Pit Indicated Resources
In Pit Measured and Indicated Resources
All resources are stated above a 0.2 g/t gold equivalent cut-off. Pit optimization is based on assumed gold and silver prices of US$1,350/oz. and US$22.50/oz., respectively and mining, processing and general administrative costs of US$7.25 per tonne. Metallurgical recoveries for gold and silver were assigned by lithologic unit. Gold Equivalent is stated using a ratio of 60:1 and ounces calculated using the following conversion rate: 1 troy ounce = 31.1035 grams. Metallurgical recoveries are not accounted for in the gold equivalent calculation.
For further information, please refer to the full text of the Technical Report, a copy of which is available under the Company's profile on SEDAR at www.sedar.com. As noted in the Company's September 15, 2017 press release, the Technical Report does not include an economic analysis and is not a preliminary economic assessment within the meaning of NI 43-101. The Technical Report does not include any mineral resource estimate categorized as an inferred mineral resource, and any historical inferred mineral resource estimate on the Commonwealth Project should not be relied upon.
The Technical Report was prepared for the Company by Hard Rock Consulting, LLC, is titled "National Instrument 43-101 Technical Report: Updated Mineral Resource Estimate for the Commonwealth Silver and Gold Project, Cochise County, Arizona, USA," and is dated November 8, 2017. The mineral resource estimate set forth therein and above is based on technical data and information as of August 27, 2016 and the Technical Report has an effective date of November 8, 2017.
The authors of the Technical Report, Zachary J. Black, Jennifer J. Brown, P.G., Jeffery Choquette, P.E. and Deepak Malhotra, PhD, each of whom is a qualified person within the meaning of NI 43-101 and is independent of the Company, and they have reviewed and approved the contents of this news release.
Marlin is a growth-oriented gold and silver mining company focused on the Americas. The company owns three properties located in Mexico and the USA and a portfolio of royalties. Marlin's priority is to profitably operate its La Trinidad Mine, conduct further exploration on its other projects and enhance shareholder value through the growth of its wholly owned subsidiary, Sailfish Royalty Corp. Marlin is backed by a well-funded investor with a successful track record in the resources sector. The La Trinidad Mine in Sinaloa, Mexico declared commercial production on November 1, 2014 and is one of the highest-grade open pit heap leach gold mines in Mexico.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary statement regarding forward‐looking information
This news release contains 'forward-looking statements' within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur, including, without limitation, the intended use of proceeds. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while based on management's expectations and considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: that the Company will complete preliminary economic assessment for the Commonwealth Project on schedule; uncertainties related to raising sufficient financing to fund planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Company's annual management's discussion and analysis filed on SEDAR at www.sedar.com. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this release. Unless required by law, Marlin has no intention to and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Marlin Gold Mining Ltd.
For further information: Akiba Leisman, Executive Chairman and Interim CEO, Marlin Gold Mining Ltd., Telephone: 203-862-7059, E-mail: [email protected]