Gold X Mining Corp. (TSX.V: GLDX, OTCQX: SSPXF) (“Gold X”
or the “Company”) is pleased to announce commencement of
engineering and design for a new road link that will replace use of
the historical road route between the Toroparu Gold Project and
Tidewater, decreasing both capital and operating costs of access
for the project.
The new road link will connect Toroparu to the
Barama – Buckhall Landing Road (the “Barama Road”) which also
serves as the Aurora Mine’s access to Tidewater (see Figure 1:
Toroparu Project – Map showing Northern and Southern Access Road
Network). As shown on the map, the new 58 km (36 mi) link will
connect to the Barama Road approximately 14 km east of the Aurora
mine, creating the Northern Access Route between Toroparu and
Tidewater. When the new link is completed, the Northern Access
Route will replace the Southern Access Route as the primary access
road for construction and operation.
The engineering and design team is being led by
CM Engineering located in Paramaribo, Suriname. CM-Engineering, in
partnership with Haukes Construction NV, are experts in the design,
engineering, and construction of roads, ports and other facilities
in the tropical rainforest environments specific to the Guiana
Shield. Experience with similar projects in Suriname including
construction of 23 km ore haul road construction for IAMGOLD’s Gros
Rosebel Mine, as well as contracts with Newmont, Surgold, Suralco,
Staatsolie, and Ministry of Public Works uniquely qualify the team
to provide site specific designs for the Northern Route project in
an efficient manner. The initial engineered designs based on Gold X
recently completed LIDAR and Photogrammetry survey completed
earlier this year are expected in 60-days allowing for initial road
construction works to commence in Q4 2020.
Figure 1 is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/48a75235-77c9-4537-a1e9-98f7582060be
Paul Matysek, CEO commented, “The participation
of regional engineering and construction companies will allow us to
efficiently design and build out our northern route access
infrastructure while early stage construction activities can begin
in parallel at Toroparu via our southern access route, 120-person
man-camp, airstrip, heavy equipment maintenance and administration
facilities. It also provides a direct and rapid link between the
Guyana Goldfields/Zijin gold operation and processing facility
which will clearly enhance potential collaboration and synergies
between our companies.”
The historical link to Tidewater has been via
the Southern Access Route over the Itaballi-Puruni-Papishou Landing
Road (the “Puruni - Papishou Road”). Gold X subsidiary, ETK Inc.,
extended a road between Itaballi Landing and Puruni Landing in the
early 2000’s to service mining communities from Puruni Landing to
Papishou Landing west of Toroparu. To support the local mining
community, ETK has continued to operate the barge crossing at
Puruni Landing without charging any tolls to the Guyanese small
miners’ community. The final section of the Puruni – Papishou Road
links Toroparu to the Kurupung River Hydroelectric Project over a
58 km distance.
Existing infrastructure at Toroparu includes
administration building, camp with 120-person capacity, heavy
equipment maintenance shed/warehouse and night certified gravel
airstrip (see Figure 2: Photograph of Toroparu Project
Infrastructure).
Figure 2 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1cbb25aa-6556-4437-b93b-43a12954f87a
Convertible Debentures
UpdateFurther to the Company’s announcement on July 16,
2020, the outstanding balance of US$250,000 convertible debentures
have been converted into Gold X common shares at C$3.20 per
share.
This leaves the Company debt free and the 100%
owner of the 7.35 million ounces Measured and Indicated and 3.15
million ounces Inferred gold resources1 at Toroparu Project and
over 538 Km2 of highly prospective and underexplored permits.
On behalf of the Board of Directors of
Gold X Mining Corp.
“Paul Matysek”Director and Chief Executive
Officer
____________________________1 Preliminary
Economic Assessment Report of the Toroparu Gold
Project, Upper Puruni River Area, Guyana, Effective Date: June
11,2019 (SRK Consulting (USA) Inc.) filed on www.sedar.com on July
18, 2019 and is available on SEDAR (www.sedar.com).
About Gold X Mining Corp.Gold X
Mining Corp. is a Canadian junior mining company developing the
Toroparu Gold Project in Guyana, South America. Gold X has spent
more than US$150 million on the Project to date to both classify
7.35 million ounces of Measured and Indicated and 3.15 M-oz of
Inferred Gold Resources1, develop engineering studies for use in a
feasibility study, and define a number of exploration targets
around Toroparu on its 53,844 hectare (538 km2) 100% owned Upper
Puruni Concession.
A Preliminary Economic Assessment study
(Preliminary Economic Assessment Report, Toroparu Gold Project,
Upper Puruni River Area, Guyana, dated July 18, 2019 completed by
SRK Consulting (U.S.), Inc.) (the “Technical Report”) Gold defined
a 5.02 M-oz Potentially Mineable Gold Resource producing 188
thousand ounces of gold per year over a 24-year mine-life. The
Technical Report is available on SEDAR (www.sedar.com) and on the
Company’s website (www.goldxmining.com).
Contact Gold X Mining Corp.
Telephone: +1 (604) 609-6132 Email:
investors@goldxmining.com
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.
Forward-looking StatementsThis
press release includes certain forward-looking statements
concerning future performance and operations of the Company,
including the expected positive results from the Toroparu Project
based on the estimates and findings contained in the PEA, as
summarized herein, as well as management's objectives, strategies,
beliefs and intentions. Forward-looking statements are frequently
identified by such words as "may", "will", "plan", "expect",
"anticipate", "estimate", "intend" and similar words referring to
future events and results. Forward-looking statements are based on
the current opinions and expectations of management at the time
such statements are made. All forward-looking statements and
information are inherently uncertain and subject to a variety of
assumptions, risks and uncertainties, including the speculative
nature of mineral exploration and development, fluctuating
commodity prices, changes in project parameters as plans continue
to be refined, uncertainties of project cost overruns or
unanticipated costs and expenses, uncertainties inherent in
conducting operations in a foreign country, uncertainties related
to the availability and costs of financing needed in the future,
the risk that the conclusion of pre-production studies may not be
accurate, the Company's successful advancement of the Toroparu
Project toward feasibility and obtaining positive results from
ongoing evaluation and testing of multiple gold targets located in
the Company's landholdings in Guyana and Colombia, among other
risks as described in our public filings available at
www.sedar.com. Actual events or results may differ materially from
those projected in the forward-looking statements and we caution
against placing undue reliance thereon. Gold X Mining Resources
Ltd. has an ongoing obligation to disclose material information, as
it becomes available.
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