TORONTO, April 8,
2022 /CNW/ - Karora Resources Inc. (TSX: KRR) (OTCQX:
KRRGF) ("Karora" or the "Corporation") is pleased to announce that
it has published its inaugural Environmental, Social and Governance
("ESG") report for the 2021 year. The report is available for
download on the Company's website at
https://www.karoraresources.com/download/Karora-ESG-Report-2021.pdf.
Paul Andre Huet, Chairman &
CEO, commented: "The release of Karora's inaugural 2021 ESG report
is an important milestone in the evolution of the Company. In 2021,
we developed a comprehensive ESG Strategy that will serve as a key
foundation of our multi-year growth plan by integrating key ESG
factors into our governance and risk management systems and
introducing key metrics and targets for internal monitoring and
external reporting. Karora's ESG program is overseen by its Board
of Directors with a clear objective of introducing and maintaining
policies and systems that reflect the Company's goal of being a
leader among our peers in the ESG and climate space.
In 2021, Karora completed an ESG materiality assessment, which
forms the foundation of our ESG strategy. The ESG materiality
assessment identified and prioritized the ESG factors with the
greatest potential to materially impact company value and our
ability to achieve our strategic objectives over the short, medium,
and long term. We will review our ESG materiality assessment
annually to ensure that our priorities reflect the ESG factors with
the greatest potential to impact our Company and our stakeholders.
I believe the steps we have taken to formally integrate ESG factors
into everything we do at Karora make us a much stronger Company for
all our stakeholders."
2021 ESG Performance
Highlights
- Continued to maintain zero fatalities and achieved zero near
miss rates for employees and contractors
- Announced ambition towards becoming one of the world's first
net-zero junior gold mining companies.
- Achieved carbon neutrality in 2021 for Scope 1 and Scope 2
greenhouse gas emissions ("GHG") through the purchase and
retirement of an 87,000 tonne portfolio of verified carbon offset
credits, including reforestation and increased biodiversity in
Australia.
- Ongoing development of an emissions reduction strategy –
launched the development of a long-term reduction plan to implement
a pathway to net-zero GHG emissions.
- Completed a full ESG strategy that identified measures for
Karora to enhance ESG integration into governance processes and
risk management systems.
- Established a set of metrics and targets for internal
monitoring and external reporting on ESG.
About Karora
Resources
Karora is focused on increasing gold production to a targeted
range of 185,000-205,000 ounces by 2024 at its integrated Beta Hunt
Gold Mine and Higginsville Gold Operations ("HGO") in Western Australia. The Higginsville treatment
facility is a low-cost 1.6 Mtpa processing plant, expanding to a
planned 2.5 Mtpa by 2024, which is fed at capacity from Karora's
underground Beta Hunt mine and Higginsville mines. At Beta Hunt, a
robust gold Mineral Resource and Reserve is hosted in multiple gold
shears, with gold intersections along a 4 km strike length
remaining open in multiple directions. HGO has a substantial
Mineral gold Resource and Reserve and prospective land package
totaling approximately 1,900 square kilometers. The Company also
owns the high grade Spargos Reward project, which came into
production in 2021. Karora has a strong Board and management team
focused on delivering shareholder value and responsible mining, as
demonstrated by Karora's commitment to reducing emissions across
its operations. Karora's common shares trade on the TSX under the
symbol KRR and also trade on the OTCQX market under the symbol
KRRGF.
Cautionary Statement Concerning
Forward-Looking Statements
This news release contains "forward-looking information"
including without limitation statements relating to the timing for
the completion of technical studies, the new nickel exploration
results at Beta Hunt, the timing of the updated resource estimate
and additional production of nickel, at Beta Hunt, production
guidance and the potential of the Beta Hunt Mine, Higginsville Gold
Operation, the Aquarius Project and the Spargos Gold
Project.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Karora to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: future prices and the
supply of metals; the results of drilling; inability to raise the
money necessary to incur the expenditures required to retain and
advance the properties; environmental liabilities (known and
unknown); general business, economic, competitive, political and
social uncertainties; results of exploration programs; accidents,
labour disputes and other risks of the mining industry; political
instability, terrorism, insurrection or war; or delays in obtaining
governmental approvals, projected cash operating costs, failure to
obtain regulatory or shareholder approvals. For a more detailed
discussion of such risks and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements, refer to Karora 's filings with
Canadian securities regulators, including the most recent Annual
Information Form, available on SEDAR at www.sedar.com.
Although Karora has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date
of this news release and Karora disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
Cautionary Statement Regarding
the Higginsville Mining Operations
A production decision at the Higginsville gold operations was
made by previous operators of the mine, prior to the completion of
the acquisition of the Higginsville gold operations by Karora and
Karora made a decision to continue production subsequent to the
acquisition. This decision by Karora to continue production and, to
the knowledge of Karora, the prior production decision were not
based on a feasibility study of mineral reserves, demonstrating
economic and technical viability, and, as a result, there may be an
increased uncertainty of achieving any particular level of recovery
of minerals or the cost of such recovery, which include increased
risks associated with developing a commercially mineable deposit.
Historically, such projects have a much higher risk of economic and
technical failure. There is no guarantee that anticipated
production costs will be achieved. Failure to achieve the
anticipated production costs would have a material adverse impact
on the Corporation's cash flow and future profitability. Readers
are cautioned that there is increased uncertainty and higher risk
of economic and technical failure associated with such production
decisions.
SOURCE Karora Resources Inc.