VANCOUVER, BC, Aug. 5, 2020 /CNW/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX: GOLD) (OTCQX:
GLDLF) is pleased to announce the appointment of David Garofalo as the Chairman, Chief Executive
Officer and a director of its subsidiary, Gold Royalty Corp. ("Gold
Royalty"). Mr. Garofalo has also joined the advisory board of
GoldMining Inc.
Amir Adnani, Chairman of
GoldMining, commented: "With his impressive 30 years of extensive
leadership experience with major gold producers, David will be an
invaluable addition to our team as we advance our newly formed
royalty business and existing project portfolio. As CEO of
Goldcorp, David was able to consummate a merger with Newmont in
2019 that created the world's leading gold producer. His
track record of success, including developing over a dozen projects
into producing mines, and his commitment to establish Gold Royalty
as a new leader in the gold sector is a combination that will be of
immense value to our business. We are delighted to welcome
David to both Gold Royalty and GoldMining and look forward to
working closely with him in achieving both companies' goals and
maximizing shareholder value."
David Garofalo commented: "Amir
and the GoldMining team were truly contrarian in the timing of
multiple acquisitions during the gold bear market of the last eight
years to build a significant gold resource base in the Americas,
which includes over 11 million ounces gold in the measured and
indicated categories and close to 14 million ounces gold in the
inferred category globally across its projects. With the
recent significant improvements in gold markets, I believe market
conditions have created an ideal environment for the launch of this
company and its unique value proposition. The initial
portfolio of 14 gold royalties on GoldMining's projects will serve
as a strong platform to grow the company towards a cash flow
royalty model. I look forward to working with the GoldMining and
Gold Royalty team as we build an exciting new player in the royalty
space."
Mr. Garofalo has worked in various leadership capacities in the
natural resources sector over the last 30 years. He served
most recently as President and Chief Executive Officer of Goldcorp
Inc. until its sale to Newmont Corporation in April 2019. Prior to joining Goldcorp, he served
as President, Chief Executive Officer and a director of Hudbay
Minerals Inc. from 2010 to 2015, where he presided over that
company's emergence as a leading metals producer. Previous to
this, he held various senior executive positions with mining
companies, including Senior Vice President, Finance and Chief
Financial Officer of Agnico-Eagle Limited from 1998 to 2010 and as
treasurer and other various finance roles with Inmet Mining
Corporation from 1990 to 1998.
He was named Mining Person of the Year by The Northern Miner in
2012 and Canada's CFO of the
Year by Financial Executives International Canada in 2009. A
graduate of the University of Toronto (B.Comm.), he is a
Chartered Accountant and a Certified Director of the Institute of
Corporate Directors. He also serves on the board of directors
of the Vancouver Board of Trade
and the Vancouver Symphony Orchestra.
See Table 1 below for further information regarding the
Company's projects, including a breakdown of project resource
estimates. The aggregated global resource is provided for
information purposes only. Investors should refer to the underlying
technical reports referenced herein for project-specific factors
relating to each resource estimate.
About Gold Royalty Corp.
Gold Royalty Corp., a private wholly-owned subsidiary of
GoldMining, is a gold-focused royalty company. Gold Royalty's
royalty portfolio is expected to initially comprise of 0.5% to 2.0%
net smelter return ("NSR") royalties on the Company's interest in
14 existing projects with the opportunity to expand the royalty
portfolio through the Company's buy-back rights on existing NSR
royalties ranging from 0.5% to 2% held by third-parties on up to 5
of the 14 projects.
About GoldMining Inc.
GoldMining Inc. is a public mineral exploration company focused
on the acquisition and development of gold assets in the
Americas. Through its disciplined acquisition strategy,
GoldMining now controls a diversified portfolio of resource-stage
gold and gold-copper projects in Canada, U.S.A., Brazil, Colombia and Peru. Additionally,
GoldMining owns a 75% interest in the Rea Uranium Project, located
in the Western Athabasca Basin of
Alberta, Canada.
Table 1: GoldMining's Aggregated Mineral Resource Statement
across all its Projects1,2,3.
Deposit
|
Cut-off4
(g/t)
|
Tonnage
(Mt)
|
Grade
|
Contained
Metal
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(%)
|
Gold
Eq
(g/t)
|
Gold
(Moz)
|
Silver
(Moz)
|
Copper
(Mlbs)
|
Gold
Eq
(Moz)
|
Measured
Resources
|
Titiribi5
|
0.3
|
51.600
|
0.49
|
-
|
0.17
|
0.78
|
0.820
|
-
|
195.1
|
1.290
|
Yellowknife13
|
0.5/1.5
|
1.176
|
2.10
|
-
|
-
|
2.10
|
0.080
|
-
|
-
|
0.080
|
Total
|
|
|
|
|
|
|
0.900
|
-
|
195.1
|
1.370
|
Indicated
Resources
|
Titiribi5
|
0.3
|
234.200
|
0.51
|
-
|
0.09
|
0.65
|
3.820
|
-
|
459.3
|
4.930
|
Sao
Jorge6
|
0.3
|
14.420
|
1.54
|
-
|
-
|
1.54
|
0.715
|
-
|
-
|
0.715
|
Cachoeira7
|
0.35
|
17.470
|
1.23
|
-
|
-
|
1.23
|
0.692
|
-
|
-
|
0.692
|
Whistler8
|
0.3
|
110.280
|
0.50
|
1.76
|
0.14
|
0.79
|
1.765
|
6.130
|
343.1
|
2.797
|
La
Mina9
|
0.25
|
28.170
|
0.74
|
1.77
|
0.24
|
1.12
|
0.667
|
1.607
|
150.2
|
1.013
|
Crucero12
|
0.4
|
30.653
|
1.00
|
-
|
-
|
1.00
|
0.993
|
-
|
-
|
0.993
|
Yellowknife13
|
0.5/1.5
|
12.933
|
2.35
|
-
|
-
|
2.35
|
0.979
|
-
|
-
|
0.979
|
Almaden
|
0.3
|
43.370
|
0.65
|
-
|
-
|
0.65
|
0.910
|
-
|
-
|
0.910
|
Total
|
|
|
|
|
|
|
10.540
|
7.737
|
952.7
|
12.969
|
Measured and
Indicated Resources
|
Total
|
|
|
|
|
|
|
11.440
|
7.737
|
1,147.8
|
14.339
|
Inferred
Resources
|
Titiribi5
|
0.3
|
207.900
|
0.49
|
-
|
0.02
|
0.51
|
3.260
|
-
|
77.9
|
3.440
|
Sao
Jorge6
|
0.3
|
28.190
|
1.14
|
-
|
-
|
1.14
|
1.035
|
-
|
-
|
1.035
|
Cachoeira7
|
0.35
|
15.667
|
1.07
|
-
|
-
|
1.07
|
0.538
|
-
|
-
|
0.538
|
Whistler8
|
0.3/0.6
|
311.260
|
0.47
|
2.26
|
0.11
|
0.68
|
4.626
|
22.617
|
713.5
|
6.731
|
La
Mina9
|
0.25
|
12.394
|
0.65
|
1.75
|
0.27
|
1.07
|
0.260
|
0.697
|
73.3
|
0.427
|
Boa
Vista10
|
0.5
|
8.470
|
1.23
|
-
|
-
|
1.23
|
0.336
|
-
|
-
|
0.336
|
Surubim11
|
0.3
|
19.440
|
0.81
|
-
|
-
|
0.81
|
0.503
|
-
|
-
|
0.503
|
Crucero12
|
0.4
|
35.779
|
1.00
|
-
|
-
|
1.00
|
1.147
|
-
|
-
|
1.147
|
Yellowknife13
|
0.5/1.5
|
9.302
|
2.47
|
-
|
-
|
-
|
0.739
|
-
|
-
|
0.739
|
Yarumalito14
|
0.5
|
66.271
|
0.58
|
-
|
0.09
|
0.70
|
1.230
|
-
|
129.3
|
1.502
|
Almaden15
|
0.3
|
9.150
|
0.56
|
-
|
-
|
0.56
|
0.160
|
-
|
-
|
0.160
|
Total
|
|
|
|
|
|
|
13.840
|
23.311
|
993.9
|
16.558
|
Notes:
- Mineral resources are not mineral reserves and do not have
demonstrated economic viability. There is no certainty that all or
any part of the mineral resources will be converted into mineral
reserves. The estimate of mineral resources may be materially
affected by environmental permitting, legal, title, taxation,
sociopolitical, marketing or other relevant issues.
- The above aggregated resource table is provided for
informational purposes only and is not intended to represent the
viability of any project on a standalone or aggregated basis. The
exploration and development of each project, project geology and
the assumptions and other factors underlying each estimate, are not
uniform and will vary from project to project. Please refer to the
technical report for each respective project, as referenced herein,
for detailed information respecting each individual
project.
- All quantities are rounded to the appropriate number of
significant figures; consequently, sums may not add up due to
rounding.
- Gold cut-off for all projects except for Whistler and
Yarumalito, which is gold equivalent cut-off.
- Notes for Titiribi:
- Based on technical report titled "Technical Report on the
Titiribi Project Department of Antioquia, Colombia" prepared by Joseph A. Cantor and Robert E. Cameron of Behre Dolbear & Company (USA), Inc., with an effective date of
September 14, 2016.
- Gold equivalent estimated for the Titiribi deposit assumes
metal prices of US$1,300/oz gold and
US$2.90/lb copper and recoveries of
83% for gold and 90% for copper.
- Notes for Sao Jorge:
- Based on technical report titled "Technical Report and
Resource Estimate on the São Jorge Gold Project, Pará State,
Brazil" prepared by Porfirio Rodriguez and Leonardo de Moraes of Coffey Mining Pty Ltd.
("Coffey"), with an effective date of November 22, 2013.
- Notes for Cachoeira:
- Based on technical report titled "Technical Report and
Resource Estimate on the Cachoeira Property, Pará State,
Brazil" prepared by Gregory Z. Mosher of Tetratech, Inc. with an
effective date of April 17, 2013 and
amended and re-stated October 2,
2013.
- Notes for Whistler:
- Based on technical report titled "Technical Report on the
Whistler Project" prepared by Gary
Giroux of Giroux Consultants Inc., with an effective date
of March 24, 2016.
- The Whistler Project is comprised of three deposits:
Whistler, Raintree West and Island Mountain.
- Gold equivalent estimated for the Whistler deposit assumes
metal prices of US$990/oz gold,
US$15.40/oz silver and US$2.91/lb copper and recoveries of 75% for gold
and silver and 85% for copper.
- Gold equivalent estimated for the Raintree West deposit
assumes metal prices of US$1,250/oz
gold, US$16.50/oz silver and
US$2.10/lb copper and recoveries of
75% for gold, 85% for copper and 75% for silver.
- Gold equivalent estimated for the Island Mountain deposit
assumes metal prices of US$1,250/oz
gold, US$16.50/oz silver and
US$2.10/lb copper and recoveries of
75% for gold, 85% for copper and 25% for silver (recovered in
copper concentrate).
- A gold equivalent cut-off of 0.3 g/t was highlighted in the
estimate as a possible open pit cut-off (Whistler, Raintree-shallow
and Island Mountain), and a gold equivalent cut-off of 0.6 g/t was
highlighted in the estimate as a possible underground cut-off
(Raintree-deep).
- Notes for La Mina:
- Based on technical report titled "Technical Report on the La
Mina Project" prepared by Scott E. Wilson of Metals
Mining Consultants, Inc. ("MMC") with an effective date of
October 24, 2016.
- Gold equivalent estimated for the La Mina project assumes
metal prices of US$1,275/oz gold,
US$17.75/oz for silver and
US$2.75/lb for copper and recoveries
of 93% for gold and 90% for copper.
- Notes for Boa Vista:
- Based on technical report titled "Technical Report on the
Boa Vista Project and Resource Estimate on the VG1 Prospect,
Tapajos Area, Para State, Northern
Brazil" prepared by Jim Cuttle, Gary
Giroux and Michael Schmulian,
with an effective date of November 22,
2013.
- Notes for Surubim:
- Based on technical report titled "Technical Report on the
Rio Novo Gold Project and Resource Estimate on the Jau Prospect,
Tapajos Area, Para State, Northern
Brazil" ("Surubim Project") prepared by Jim Cuttle and
Gary Giroux, with an effective date
of November 22, 2013.
- Notes for Crucero:
- Pit constrained resource estimate based on US$1,500/oz gold, mining cost of US$1.60/t, processing cost of US$16.00/t and pit slope of 47 degrees.
- Based on technical report titled "Technical Report on the
Crucero Property, Carabaya Province, Peru" prepared by Greg
Z. Mosher with an effective date of December 20, 2017.
- Notes for Yellowknife:
- Pit constrained resources with reasonable prospects of
eventual economic extraction reported above a 0.50 g/t Au
cut-off.
- Pit optimization is based on an assumed gold price of
US$1,500/oz, metallurgical recovery
of 90%, mining cost of US$2.00/t and
processing and G&A cost of US$23.00/t.
- Underground resources with reasonable prospects of eventual
economic extraction stated as contained within gold grade shapes
above a 1.50 g/t Au cut-off.
- Mineral resource tonnage and grade with reasonable prospects
of eventual economic extraction are reported as undiluted and
reflect a bench height of 3.0 m.
- Based on a technical report titled "Independent Technical
Report for the Yellowknife Gold Project, Northwest Territories, Canada" prepared by
Ben Parsons (SRK Consulting (U.S.)
Inc.) and Dominic Chartier
(SRK Consulting (Canada) Inc. and
Eric Olin (SRK Consulting (U.S.)
Inc.) with an effective date of March 1,
2019.
- Notes for Yarumalito
- Pit constrained resource estimate based on US$1,500/oz gold and US$2.70/lb copper, mining cost of US$2.00/t, processing cost of US$8.00/t and pit slope of 45 degrees.
- Based on technical report titled "Technical Report:
Yarumalito Gold-Copper Property, Departments of Antioquia and
Caldas, Republic of Colombia" prepared by
Greg Z. Mosher with an effective
date of April 1, 2020.
- Notes for Almaden
- Pit constrained resources with reasonable prospects of
eventual economic extraction reported above a 0.30 g/t Au
cut-off.
- Pit constrained resource estimate based on US$1,500/oz gold and US$2.70/lb copper, mining cost of US$2.25/t, processing cost of US$10.00/t and pit slope of 45 degrees.
- Based on a technical report titled "Technical Report:
Almaden Gold Property, Washington County,
Idaho, USA" prepared by Greg Z.
Mosher (Global Mineral Resource Services) with an effective
date of April 1, 2020, which is
available at www.sedar.com under GoldMining's SEDAR
profile.
Qualified Person
Paulo Pereira, President of
GoldMining Inc. has reviewed and approved the technical information
contained in this news release. Mr. Pereira holds a Bachelors
degree in Geology from Universidade do Amazonas in Brazil, is a Qualified Person as defined in NI
43-101 and is a member of the Association of Professional
Geoscientists of Ontario.
Forward-looking Statements
This document contains certain forward-looking statements
that reflect the current views and/or expectations of GoldMining
with respect to its business and future events, including
expectations and future plans respecting each of GoldMining's and
Gold Royalty's, business plans and strategies.
Forward-looking statements are based on the then-current
expectations, beliefs, assumptions, estimates and forecasts about
the business and the markets in which GoldMining and Gold Royalty,
operate. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, including: the inherent
risks involved in the exploration and development of mineral
properties, fluctuating metal prices, unanticipated costs and
expenses and uncertainties relating to the availability and costs
of financing needed in the future. These risks, as well as
others, including those set forth in GoldMiningꞌs Annual
Information Form for the year ended November
30, 2019, management's discussion and analysis for the three
months ended February 29, 2020 and
other filings with Canadian securities regulators, could cause
actual results and events to vary significantly. Accordingly,
readers should not place undue reliance on forward-looking
statements and information. There can be no assurance that
forward-looking information, or the material factors or assumptions
used to develop such forward looking information, will prove to be
accurate. The Company does not undertake any obligations to
release publicly any revisions for updating any voluntary
forward-looking statements, except as required by applicable
securities law.
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SOURCE GoldMining Inc.