Minnova Corporate Update on PL Gold Mine Restart Project and Year End Audit
Rhea-AI Summary
Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) has provided a corporate update on its 100% owned PL Gold Mine restart project. The company plans to initiate work programs to derisk the project and advance its restart, capitalizing on the significant increase in gold prices since their 2017 Feasibility Study. Planned programs include diamond drilling, updating the mineral resource estimate, extracting a bulk sample from a small open pit, updating the mine plan to include open mining methods, and conducting an updated Feasibility Study.
Minnova is also considering the development of an onsite refinery to produce bullion gold (99.999% purity), potentially offering a physical gold-backed digital investment option. The company confirms that its audit process is ongoing, with Annual Financial Statements and MD&A expected to be filed by August 31, 2023.
Positive
- Significant increase in gold price from US$1,250 to over US$2,400 per ounce since 2017 Feasibility Study
- Plans to update mineral resource estimate and Feasibility Study
- Consideration of onsite refinery development for high-purity gold production
- Potential to offer gold-backed digital investment option
Negative
- Delay in filing Annual Financial Statements and MD&A
- Need for updated Feasibility Study suggests potential changes in project economics
Toronto, Ontario--(Newsfile Corp. - August 8, 2024) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) "Minnova" or the "Company"), is pleased to provide the following corporate update related the PL Gold Mine.
We are pleased to provide and update on the
Planned PL Gold Mine programs, include;
- Diamond drilling - infill and expansion drilling with a focus on PL North zone
- Update mineral resource estimate - Current mineral resource estimate only includes drill results to June 2017
- Small open pit to extract a bulk sample - update metallurgy
- Updated mine plan to include open mining methods from start of mining operations
- Updated Feasibility Study - the existing Feasibility Study was completed in 2017
Finally, as part of the feasibility study the Company will also evaluate the onsite production of a bullion gold product (
We would also like to confirm that the audit process in on going and the Company anticipates that it will in a position to prepare and file the Annual Financial Statements and MD&A on or prior to August 31, 2023.
About Minnova Corp.
Minnova Corp. is an evolving technology, energy and metals company building a worldwide pipeline of green energy projects. Our subsidiary, Minnova Renewable Energy, is focused on innovative carbon use and carbon reduction technologies. Separately the company is participating in large scale green hydrogen production via electrolysis at the Flin Flon Clean Energy Hub initiative.
Our mining strategy is focused on the restart of its PL Gold Mine, which included completion of a Positive Feasibility Study in 2017. The study concluded the restart of the PL Mine, at an average annual production rate of 46,493 ounces over a minimum 5-year mine life was economically robust. Importantly the global resource remains open to expansion, as does the reserve. The PL Gold Mine benefits from a short pre-production timeline forecast at 15 months, a valid underground mining permit (Environment Act 1207E), an existing 1,000 tpd processing plant, over 7,000 meters of developed underground ramp to -135 metres depth. The project is fully road accessible and close to existing mining infrastructure.
For more information please contact:
Minnova Corp.
Gorden Glenn
President & Chief Executive Officer
For further information, please contact Investor Relations at 647-985-2785 or info@minnovacorp.ca
Visit our website at www.minnovacorp.ca
Forward Looking Statements
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.
This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219252
FAQ
What are Minnova Corp's (AGRDF) plans for the PL Gold Mine restart project?
How has the gold price changed since Minnova's (AGRDF) 2017 Feasibility Study?
Is Minnova Corp (AGRDF) considering onsite gold refining at the PL Gold Mine?
When does Minnova Corp (AGRDF) expect to file its Annual Financial Statements and MD&A?
