TORONTO, March 18, 2020 /CNW/ - RNC Minerals (TSX:
RNX) ("RNC" or the "Company") announces it has implemented strict
control measures at its operations in response to the COVID-19
pandemic. A task force at our Australian operations, led by
Graeme Sloan, Managing Director,
Australian Operations, has been established to ensure our operating
sites remain as prepared and responsive to this evolving situation
as possible.
Paul Andre Huet, Chairman &
CEO, commented: "RNC's number one priority is the health and safety
of our employees and stakeholders. We are carefully monitoring the
advice of local health authorities. We have informed our site
personnel of the precautions that need to be taken with respect to
travel to and from site, along with isolation periods should anyone
exhibit symptoms consistent with COVID-19. We have also proactively
employed a full-time nurse specifically to monitor the status of
people entering and leaving our operations. Additionally, we have
also sealed off our operations from any outside visitors not
critical to business operations.
In order to minimize potential disruptions to our supply chains,
we are building additional critical supplies beyond normal levels.
During the Australian bushfires in December and January, our ROM
stockpiles proved critical in ensuring milling rates were
maintained. Accordingly, we are building stockpiles once again. Our
ROM stockpiles are now growing steadily from three sources: Baloo,
Beta Hunt and our new open pit Fairplay North.
With respect to operations, our 2020 production guidance of
90-95 koz and AISC1 guidance of US$1,050-US$1,200/oz remains unchanged. As highlighted in
a prior release, we are targeting AISC1 of ~US$1,000/oz by the end of the year (see RNC news
release dated January 23, 2020)."
1
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Non-IFRS Measure:
the definition of these measures are included in the Non-IFRS
Measures section of RNC's MD&A dated November 5,
2019
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Fourth Quarter 2019 Conference Call / Webcast to be held on
March 26, 2020
RNC is also pleased to announce senior management will host a
conference call / webcast on March 26,
2020 at 10:00 a.m. (Eastern
Time) to discuss the corporation's fourth quarter 2019
results. The access information is provided below.
Date: March, 26 2020
Time: 10:00 a.m. (Eastern
time).
North American callers please dial: 1-888-231-8191
Local and international callers please dial: 647-427-7450
Webcast
Link (https://event.on24.com/wcc/r/2229149/63F8F15E36E6ED35A33635AC1190BC73)
RNC plans to issue a news release containing fourth quarter 2019
results before markets open on Thursday,
March 26, 2020.
A recording of the conference call will be available for replay
through the webcast link, or for a one-week period beginning at
approximately 1:00 p.m. (Eastern
Time) on March 26, 2020,
through the following dial in numbers:
North American callers please dial: 1-855-859-2056; Pass Code:
7561119
Local and international callers please dial: 416-849-0833; Pass
Code: 7561119
About RNC Minerals
RNC is focused on growing gold production and reducing costs at
its integrated Beta Hunt Gold Mine and Higginsville Gold Operations
("HGO") in Western Australia. The
Higginsville treatment facility is a low-cost 1.4 Mtpa processing
plant which is fed at capacity from RNC's underground Beta Hunt
mine and open pit Higginsville mine. 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 is a highly prospective land package
totaling approximately 1,800 square kilometers. In addition, RNC
has a 28% interest in a nickel joint venture that owns the Dumont
Nickel-Cobalt Project located in the Abitibi region of Quebec. Dumont contains the second largest
nickel reserve and ninth largest cobalt reserve in the world. RNC
has a strong Board and management team focused on delivering
shareholder value. RNC's common shares trade on the TSX under the
symbol RNX. RNC shares also trade on the OTCQX market under the
symbol RNKLF.
Cautionary Statement Concerning Forward-Looking
Statements
This news release contains "forward-looking information"
including without limitation statements relating to the liquidity
and capital resources of RNC, production guidance and the potential
of the Beta Hunt Mine, Higginsville Gold Operation and Dumont
Nickel Project.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of RNC 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 RNC's filings with
Canadian securities regulators, including the most recent Annual
Information Form, available on SEDAR at www.sedar.com.
Although RNC 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 RNC 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 RNC and RNC made a decision to continue production subsequent to
the acquisition. This decision by RNC to continue production and,
to the knowledge of RNC, 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 RNC Minerals