VANCOUVER, April 6, 2020 /CNW/ - Orca Gold Inc. (TSX.V:ORG) ("Orca" or the "Company") provides a corporate update on recent developments.
In response to the COVID-19 pandemic, Orca has implemented strict protocols at our operations (in The Sudan, UK and Canada). The primary focus of the Company at this point is to protect the safety and security of our personnel and their families. Working with our health and security consultants, an identification and management plan has been put in place to handle potential issues relating to the Coronavirus. As of today, there are no confirmed cases of the virus amongst our employees. In Canada and the UK, our employees are in isolation in accordance with corporate directives and applicable laws and regulations.
The Board of Directors has recently approved a budget for the balance of 2020 designed to maximise our treasury towards ensuring the security of our principal asset, the Block 14 Project in The Sudan. We are all hopeful that the COVID-19 virus will soon be under containment and the world will be on the road to recovery from its impact. However, in the meantime, our Board has taken steps to optimize our fiscal stability during this difficult time. To fully fund this budget the Company will look to secure a minimum financing of CAD$2 Million prior to year end.
On a more positive note, the first Quarter of 2020 saw significant progress for Sudan in its path towards democracy and free elections in 2022 (See Company News Release dated Feb 24, 2020). Of note and importance, US Foreign Affairs Committee Leaders introduced legislation to the US Congress to support Sudan's democratic transition on March 5, 2020. The introduced Sudan Democratic Transition, Accountability and Financial Transparency Act of 2020 (H.R. 6094) would support a civilian led democratic transition, promote accountability for human rights abuses and encourage fiscal transparency in Sudan. Eliot L. Engel, Chairman of the Committee commented on the introduction of this legislation strategy:
"As the people of Sudan move forward on the uncertain path toward greater freedom and democracy, the United States should stand with them and support their aspirations. I am proud to introduce this measure that moves us towards a positive, constructive relationship between the United States and Sudan," said Chairman Engel. "This bipartisan bill is a declaration of Congress's support for the civilian-led transition's reform agenda, advancing what the people of Sudan accomplished during their revolution."
The introduction of this Legislation looks to bring Sudan one step closer to removal from the US list of State Sponsors of Terror and full participation in international trade and commerce.
Commenting on recent developments, Richard Clark, CEO, said: "The world is currently facing an unprecedented challenge to universal health and safety and economic stability. In this uncertain environment our company has taken the necessary steps to secure the health and well being of our people and their families and to secure our assets in Sudan. Our Block 14 gold project is ready to advance towards development when international conditions improve, which we all hope will be soon."
ABOUT ORCA GOLD INC.
Orca Gold Inc. (TSXV: ORG) is a Canadian resource company focused on exploration and development opportunities in Africa. Led by a board of directors made up of industry experts and a management team with a track record of discovering and building significant mines globally, Orca is developing one of the leading gold projects in Africa. The Company is currently focused on its 70% owned Block 14 Gold Project in the Republic of the Sudan on which a Feasibility Study was completed in November 2018.
Cautionary Statement Regarding Forward-Looking Information
Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to." Forward-looking statements contained in this press release may include statements regarding the timing and pricing of the common share issuances which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: regulatory approvals, the ability of the parties to satisfy conditions precedent to the financing, market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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