/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES./
Conclusions and Economic Outlooks of the
Imperial and Long Valley Preliminary Economic Assessments Remain
Unchanged
VANCOUVER, BC, June 11, 2021 /CNW/ - KORE Mining Ltd. (TSXV:
KORE) (OTCQX: KOREF) ("KORE" or the "Company")
is pleased to announce that as part of its C$8 million bought deal financing through a
syndicate of underwriters led by Canaccord Genuity Corp. and
including PI Financial Corp. and Cormark Securities Inc. (the
"Underwriters") announced on May 11,
2021 (the "Financing"), the Company has filed the
final short form prospectus with the securities commissions in each
of the provinces of Canada, other
than Québec, and has filed its independent amended technical
reports for both the Imperial gold project ("Imperial") and
the Long Valley gold project ("Long Valley"). The Company
now expects to close the Financing on June
18, 2021 or such other date as may be agreed to by the
Company and the Underwriters.
The TSX Venture Exchange has conditionally approved the
Financing and the listing of the common shares to be issued and
issuable in connection with the Financing, subject to customary
conditions.
As a result of the review by staff at the British Columbia
Securities Commission in connection with the Financing, certain
form related and other required revisions were made to the
technical report for Imperial originally announced April 6, 2020 and the technical report for
Long Valley originally announced October 27,
2020. There are no changes to the mineral resource estimates
and the revisions have no effect on the mine plan or project
preliminary economic assessments. The Company has filed the amended
technical report for Imperial and the amended technical report for
Long Valley on SEDAR at www.sedar.com and they are also
available at www.koremining.com.
KORE also made certain changes to disclosure on the Company's
website, including in its media presentations / interviews and in
the Company's investor presentation. Investors are cautioned that
only the current version of the Company's materials on its website
www.koremining.com should be relied upon and that any media
presentations / interviews that otherwise appear in the public
domain should not be relied upon.
This press release is not an offer or a solicitation of an
offer of securities for sale in the
United States. The securities have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United
States absent registration or an applicable exemption from
registration.
About KORE Mining
KORE is 100% owner of the Imperial
and Long Valley gold projects in California. Both projects have positive
preliminary economic assessments. KORE is supported by
strategic investor Eric Sprott who
owns 26% of KORE's basic shares. KORE management and Board are
aligned with shareholders, owning an additional 38% of the basic
shares outstanding. KORE is actively advancing its Imperial Gold
project and is aggressively exploring across its portfolio of
assets.
Further information on Imperial and KORE can be found on
the Company's website at www.koremining.com or by contacting
us at info@koremining.com or by telephone at (888)
407-5450.
On behalf of KORE Mining Ltd
"Scott
Trebilcock"
Chief Executive Officer
(888) 407-5450
Technical information with respect to the District and Imperial
and Long Valley gold projects contained in this news release has
been reviewed and approved by Marc Leduc, P.Eng, who is KORE's
COO and is the qualified person under National Instrument 43-101
responsible for the technical matters of this news release.
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.
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking statements relating to
the future operations of the Company and other statements that are
not historical facts. Forward-looking statements are often
identified by terms such as "will", "may", "should", "anticipate",
"expects", "intends", "indicates" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements regarding
the future plans and objectives of the Company are forward-looking
statements. Forward-looking statements in this news release
include, but are not limited to, statements with respect to: the
successful closing and anticipated timing of closing of the
Financing, the receipt of final approval of the TSX Venture
Exchange for the Financing, and the mineral resource estimates and
the status of the mine plan and project preliminary economic
assessments for Imperial and Long Valley. Such forward-looking
statements, and any assumptions upon which they are based, are made
in good faith and reflect our current judgment regarding the
direction of our business. Management believes that these
assumptions are reasonable. Forward looking information involves
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information.
Such factors include, among others: risks related to exploration
and development activities at the Company's projects, and factors
relating to whether or not mineralization extraction will be
commercially viable; risks related to mining operations and the
hazards and risks normally encountered in the exploration,
development and production of minerals, such as unusual and
unexpected geological formations, rock falls, seismic activity,
flooding and other conditions involved in the extraction and
removal of materials; uncertainties regarding regulatory matters,
including obtaining permits and complying with laws and regulations
governing exploration, development, production, taxes, labour
standards, occupational health, waste disposal, toxic substances,
land use, environmental protection, site safety and other matters,
and the potential for existing laws and regulations to be amended
or more stringently implemented by the relevant authorities;
uncertainties regarding estimating mineral resources, which
estimates may require revision (either up or down) based on actual
production experience; risks relating to fluctuating metals prices
and the ability to operate the Company's projects at a profit in
the event of declining metals prices and the need to reassess
feasibility of a particular project; that estimated resources will
be recovered or that they will be recovered at the rates estimated;
risks related to title to the Company's properties, including the
risk that the Company's title may be challenged or impugned by
third parties; the ability of the Company to access necessary
resources, including mining equipment and crews, on a timely basis
and at reasonable cost; competition within the mining industry for
the discovery and acquisition of properties from other mining
companies, many of which have greater financial, technical and
other resources than the Company, for, among other things, the
acquisition of mineral claims, leases and other mineral interests
as well as for the recruitment and retention of qualified employees
and other personnel; access to suitable infrastructure, such as
roads, energy and water supplies in the vicinity of the Company's
properties; and risks related to the stage of the Company's
development, including risks relating to limited financial
resources, limited availability of additional financing and
potential dilution to existing shareholders; reliance on its
management and key personnel; inability to obtain adequate or any
insurance; exposure to litigation or similar claims; currently
unprofitable operations; risks regarding the ability of the Company
and its management to manage growth; and potential conflicts of
interest.
In addition to the above summary, additional risks and
uncertainties are described in the "Risk Factors" section of the
Company's annual information form for the year ended December 31, 2020 available under the Company's
issuer profile on www.sedar.com.
Forward-looking statements contained herein are made as of the
date of this news release and the Company disclaims any obligation
to update any forward-looking statements, whether as a result of
new information, future events or results, except as may be
required by applicable securities laws. There can be no assurance
that forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information.
The preliminary economic assessment in each of the technical
reports is preliminary in nature, it includes inferred mineral
resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them
to be categorized as mineral reserves, and there is no certainty
that such preliminary economic assessment will be realized.
Mineral resources are not mineral reserves and do not have
demonstrated economic viability.
SOURCE Kore Mining
