VANCOUVER, British Columbia, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Trek Mining Inc. (TSX-V:TREK) (“Trek Mining” or “the Company”) is pleased to announce that its Financial Statements for the third quarter ended September 30, 2017 and the accompanying Management’s Discussion and Analysis are available for download on the Company’s website at www.trekmining.com and at www.sedar.com .
Quarterly highlights and recent developments
- Announced the signing of a definitive agreement with NewCastle Gold Ltd. and Anfield Gold Corp. to combine the three businesses to form a new multi-asset mining company named Equinox Gold Corp., to be led by Ross Beaty as Chairman
- Announced that Sprott Private Resource Lending (Collector), L.P. has received investment committee approval to provide Trek Mining with a US$85 million senior secured credit facility to be used for construction of the Aurizona Gold Mine (“Aurizona”) in Brazil
- Completed a feasibility study for Aurizona, supporting the viability of constructing an open-pit gold mine with a net present value of US$197 million and an internal rate of return of 34% based on a gold price of US$1,250 per ounce, and low initial capital costs of US$131 million
- Awarded the Aurizona project EPCM work to Ausenco Engineering Canada Inc.
- Confirmed with exploration drilling that gold mineralization at Aurizona’s principal ore deposit extends at least 350 metres to the west along strike and also at depth below the existing reserve pit. A second phase 12,000-metre exploration drill campaign is underway
- Continued ramp-up of the Koricancha Mill in Peru with Q3-2017 sales of 3,195 ounces of gold
At September 30, 2017, the Company had C$76.3 million (US$61.0 million) in cash and marketable securities and no cash debt.
About Trek Mining Inc.
Trek Mining is a Canadian mining company with a portfolio of production, near-production and exploration-stage projects in North and South America. Early works construction is underway at the Company’s Aurizona project in Brazil, with the objective of pouring gold by year-end 2018. On October 25, 2017, Trek Mining announced the signing of a definitive agreement to combine its business with NewCastle Gold Ltd. (TSX:NCA) and Anfield Gold Corp. (TSX-V:ANF). The combined entity intends to operate under the name Equinox Gold Corp. (“Equinox Gold”) and expects to trade on the TSX Venture Exchange under the ticker symbol “EQX”. Led by Ross Beaty as Chairman, Equinox Gold will be a well-financed, multi-asset mining company with a near-term gold production and strong growth platform of copper and gold assets.
All technical information related to Aurizona is based on the “Feasibility Study on the Aurizona Gold Mine Project” prepared by Lycopodium Minerals Canada Ltd. with an effective date of July 10, 2017, which is available for download on SEDAR at www.sedar.com. Scott Heffernan, M.Sc., P.Geo., the Company’s EVP Exploration, is a Qualified Person under National Instrument 43-101 and has approved the technical and scientific disclosure throughout this news release.
