VANCOUVER, BC, Nov. 28,
2023 /CNW/ - Montage Gold
Corp. ("Montage" or the "Company") (TSXV: MAU) (OTCQX:
MAUTF) is pleased to provide an update on exploration and
development activities at the Koné Gold Project ("KGP"), along with
a corporate update regarding executive transition in the Chief
Financial Officer role.
Montage is nearing completion of the Environmental & Social
Impact Assessment ("ESIA") for the KGP, which is expected to be
formally submitted in December 2023,
initiating the environmental validation process for the KGP.
Montage expects to complete this process and receive environmental
approvals in Q1 2024. Montage is also in the late stages of the
updated definitive feasibility study ("DFS") for the KGP and
expects to release results of the study in January 2024.
Initial discussions in respect of financing for the development
of the KGP are ongoing and Management is very encouraged with the
early interest Montage is receiving. Upon the release of the DFS in
January a formal project financing process will be initiated.
Exploration at the KGP is ongoing and currently focussed on
high-priority targets, including at Yeré North and Diouma North,
both of which areas are showing potential to be the next satellite
deposits within the KGP. The Company looks forward to providing
further updates and drill results in the New Year.
The Company also discloses that Mr. Glenn Kondo, CFO of Montage, has been appointed
to the role CFO of Lucara Diamond Corp. ("Lucara"), as part of a
series of management changes at Lucara. Mr. Kondo will also
continue to serve as CFO of Montage until the end of Q1 2024 as
part of an agreement with Lucara to ensure an orderly transition
within the Lundin Group and to allow Montage sufficient time to
appoint a new CFO. Mr. Kondo previously served as CFO of Lucara
from 2011 to 2018, during which time Lucara successfully entered
production at its Karowe diamond mine in Botswana.
Rick Clark, Montage CEO
commented, "We are very pleased with the continued progress
at the KGP. The near-term submission of the ESIA is a key milestone
for the project and positions Montage to make a development
decision in early 2024. We are also very excited with our ongoing
drilling campaign to identify further high-grade deposits to add to
the KGP mine plan. We look forward to updating shareholders on this
progress in early 2024.
"Finally, I would like to thank Mr. Glenn Kondo for his contributions to Montage
over the past four years since its creation as a junior private
company in 2019 and its transition to a public West African gold
exploration and development company poised to develop the exciting
KGP. Mr. Kondo has worked within the Lundin Group of Companies for
13 years, many of which were at Lucara and we wish him well in his
return to Lucara and thank him for his continued support of
Montage."
ABOUT MONTAGE GOLD CORP.
Montage is a Canadian-based precious metals exploration and
development company focused on opportunities in Côte d'Ivoire. The
Company's flagship property is the Koné Gold Project ("KGP"),
located in northwest Côte d'Ivoire, covering a total area of 2,258
sq. km and which now hosts an Indicated Mineral Resource of
4.83M ounces of gold, plus an
Inferred Mineral Resource of 0.32M
ounces. The Company released the results of a Definitive
Feasibility Study on the KGP on February 14,
2022, which included a Probable Mineral Reserve of 161.1Mt
grading 0.66g/t for 3.42M ounces of
gold, supporting a 15-year gold project producing an estimated
3.06M ounces of gold over life of
mine, with average annual production of 207koz, and estimated peak
production of 320koz. The Company is looking to deliver an Updated
Definitive Feasibility Study in January
2024 which will incorporate the new Indicated Mineral
Resource from Gbongogo Main.
In addition to the growing resource and reserve base at the KGP,
the Company has an extensive exploration target pipeline all
sitting within trucking distance of the planned central milling
facility that positions the KGP for significant long-term
upside.
Montage is progressing the KGP towards a development decision in
early 2024 with permitting and project financing activities
commencing in Q4 2023. Montage has a management team and Board with
significant experience in discovering and developing gold deposits
in Africa, including the
successful sale of Red Back Mining Inc. and Orca Gold Inc.
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 STATEMENTS
This press release contains certain forward-looking information
and forward-looking statements within the meaning of Canadian
securities legislation (collectively, "Forward-looking
Statements"). All statements, other than statements of historical
fact, constitute Forward-looking Statements. Words such as "will",
"intends", "proposed" and "expects" or similar expressions are
intended to identify Forward-looking Statements. Forward-looking
Statements in this press release include statements related to the
Company's resource properties and resource estimates, and the
Company's plans, focus and objectives, including its exploration
objectives and future exploration programs at the KGP, expectations
that the Gbongogo Main deposit Inferred Mineral Resource will
become an Indicated Mineral Resource, expectations that the KGP
will be improved and that additional higher grade resources will be
added, the details regarding the conceptual exploration targets for
the KGP, and timing for an updated technical report.
Forward-looking Statements involve various risks and uncertainties
and are based on certain factors and assumptions, including, with
respect to mineral resource estimates, those set out in the DFS and
those set out under the heading "Mineral Resource Modeling and
Estimation Assumptions – Gbongogo" in the press release titled
"Montage Gold Corp. Announces Government Approval of Mankono
Exploration Permits and Provides Corporate Updates" dated
September 8, 2022 and filed on the
Company's SEDAR profile at www.sedar.com. There can be no assurance
that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company's expectations include
uncertainties related to gold and other commodity prices, including
lower than expected future gold prices which could reduce the
economic returns on, or the viability of, a deposit, uncertainties
inherent in the exploration of mineral properties such as incorrect
resource estimates due to incorrect modelling or unforeseen
geological conditions, the impact and progression of the COVID-19
pandemic and other risk factors set forth in the Company's annual
information form under the heading "Risk Factors". The Company
undertakes no obligation to update or revise any Forward-looking
Statements, whether as a result of new information, future events
or otherwise, except as may be required by law. New factors emerge
from time to time, and it is not possible for Montage to predict
all of them, or assess the impact of each such factor or the extent
to which any factor, or combination of factors, may cause results
to differ materially from those contained in any Forward-looking
Statement. Any Forward-looking Statements contained in this press
release are expressly qualified in their entirety by this
cautionary statement.
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SOURCE Montage Gold Corp