Empress Royalty Corp. Empress Increases Gold Royalty on Manica Project
17 January 2022 - 11:00PM
RNS Non-Regulatory
TIDMEMPR
Empress Royalty Corp.
17 January 2022
NEWS RELEASE | JANUARY 17, 2022 | VANCOUVER, BC
EMPRESS ROYALTY INCREASES GOLD ROYALTY ON MANICA PROJECT
Empress Royalty Corp. (TSXV:EMPR | OTCQB:EMPYF) ("Empress" or
the "Company") is pleased to announce it has increased its royalty
on the Manica gold project in Mozambique ("Manica" or the
"Project") by providing an additional US$1M in funding, resulting
in a total royalty of 3.375% (the "Royalty").
"The Manica project is a great investment for Empress, we are
excited to have increased the size of the Royalty and look forward
to receiving revenue from Manica in the second quarter of 2022,"
stated Alexandra Woodyer Sherron, CEO and President of Empress
Royalty. "We believe Empress is positioned for rapid growth and
increased shareholder value in the coming year."
THE INVESTMENT & TRANSACTION
On January 17, 2022, Empress increased its royalty from 2.25% to
3.375% by paying an additional US$1M under the previously executed
Royalty Purchase Agreement (see April 21, 2021, news release). The
Royalty is on gold sales from the Manica project operated by Mutapa
Mining & Processing LDA ("MMP"), up to a total of 95,000 oz of
gold. Thereafter, the royalty percentage will be reduced to 1.125%
and shall continue into perpetuity.
THE PROJECT
MMP has advised Empress that the Manica project development
phase is nearing completion and is scheduled for commissioning in
the second quarter of 2022. Manica is located in the
Odzi-Mutare-Manica Greenstone Belt of Mozambique and comprises of
several deposits on Xtract Resources Plc's mining concession
licence 3990C, which includes four deposits, being Fair Bride, Guy
Fawkes, Boa Esperanza, and Dots Luck.
Please see our February 22, 2021 and April 21, 2021 news
releases on Empress' website (www.empressroyalty.com) for further
details on the project and the Royalty.
ABOUT EMPRESS ROYALTY CORP.
Empress is a new royalty and streaming creation company focused
on providing investors with a diversified portfolio of gold and
silver investments. Since listing in December 2020, Empress has
built a portfolio of 17 precious metal investments and is actively
investing in mining companies with development and production stage
projects who require additional non-dilutive capital. The Company
has strategic partnerships with Endeavour Financial and Terra
Capital which allow Empress to not only access global investment
opportunities but also bring unique mining finance expertise, deal
structuring and access to capital markets. Empress is looking
forward to continuously creating value for its shareholders through
the proven royalty and streaming models.
ON BEHALF OF EMPRESS ROYALTY CORP.
Per: Alexandra Woodyer Sherron, CEO and President
For further information, please visit our website at
www.empressroyalty.com or contact Kaitlin Taylor, Investor
Communications, by email at info@empressroyalty.com or by phone at
+1.604.331.2080.
Neither 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 statements about Empress'
expectations regarding the Manica royalty agreement which are
forward-looking in nature and, as a result, are subject to certain
risks and uncertainties. Generally, forward-looking statements can
be identified by the use of forward-looking terminology such as
"expects", "believes", "anticipates", "aims to", "plans to" or
"intends to" or variations of such words and phrases or statements
that certain actions, events or results "will" occur. Although
Empress believes that the expectations reflected in these
forward-looking statements are reasonable, undue reliance should
not be placed on them as actual results may differ materially from
the forward-looking statements. Factors that could cause the actual
results to differ materially from those in forward-looking
statements include the timing and success in MMP completing the
successful commissioning of the plant and bringing the Manica
project into production to result in the receipt of royalty income
to Empress in the second quarter 2022. The forward-looking
statements contained in this news release are made as of the date
hereof, and Empress undertakes no obligation to update publicly or
revise any forward-looking statements or information, except as
required by law. Readers should not place undue reliance on
forward-looking statements or information.
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END
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