Newmont Mining Corporation

Denver, CO, United States

Newmont Mining Corporation

Denver, CO, United States
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TORONTO, ON--(Marketwired - May 18, 2017) - Continental Gold Inc. (TSX: CNL) ( : CGOOF) ("Continental" or the "Company") is pleased to announce that it has closed its previously-announced private placements to Newmont Mining Corporation ("Newmont") and RK Mine Finance Master Fund I Limited ("Red Kite"). Newmont purchased 37.38 million common shares of Continental at a price of C$4.00 per share for a total investment of US$109 million. Concurrent with Newmont's investment in Continental, Red Kite also purchased 8.59 million common shares of Continental at a price of C$4.00 per share for a total investment of US$25 million, as contemplated in Continental's secured project credit facility (the "Credit Facility") with Red Kite. After giving effect to the private equity placements, Newmont and Red Kite own approximately 19.9% and 4.6%, respectively, of the issued and outstanding common shares of Continental on a non-diluted basis. The Company intends to use the proceeds of Newmont's investment to develop the Buriticá project and such proceeds satisfy the funding condition required to draw the second tranche of US$100 million under the Credit Facility. Continental Gold Inc. is an advanced-stage exploration and development company with an extensive portfolio of 100%-owned gold projects in Colombia. Formed in April 2007, the Company -- led by an international management team with a successful track record of discovering and developing large high-grade gold deposits in Latin America -- is focused on advancing its fully-permitted high-grade Buriticá gold project to production with first gold pour on track for early 2020. For information on the Buriticá project, please refer to the technical report, prepared in accordance with NI 43-101, entitled "Buriticá Project NI 43-101 Technical Report Feasibility Study, Antioquia, Colombia" and dated March 29, 2016 with an effective date of February 24, 2016, led by independent consultants JDS Energy & Mining Inc. The technical report is available on SEDAR at www.sedar.com, on the OTCQX at www.otcmarkets.com and on the Company website at www.continentalgold.com. Additional details on Continental Gold's suite of gold exploration properties are also available at www.continentalgold.com. This news release contains or refers to forward-looking information under Canadian securities legislation, including statements regarding the development, construction and working capital requirements of the Buriticá project, the availability of the funds under the project credit facility and the related conditions precedent for the funds in each tranche, including additional equity financing requirements, completion of the permitting process for the Buriticá project, advancing the Buriticá project, the economic effect of the mine, and future plans and objectives of the Company, and is based on current expectations that involve a number of significant business risks and uncertainties. Forward-looking statements are subject to other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, an inability to advance the Buriticá project to the next level, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Specific reference is made to the most recent Annual Information Form on file with Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. All the forward-looking statements made in this news release are qualified by these cautionary statements, and are made as of the date hereof. The Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.


News Article | April 27, 2017
Site: www.businesswire.com

LIMA, Peru--(BUSINESS WIRE)--Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the first quarter (1Q17) period ended March 31, 2017. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$). Financial Highlights (in millions of US$, except EPS figures): During 1Q17, net sales were US$272.8 million, a 24% increase compared to the US$220.6 million reported in 1Q16. This result was primarily due to an increase in all metal prices as well as higher volume sales of silver, zinc and lead. Royalty income decreased 18% from US$6.7 million in 1Q16 to US$5.5 million in 1Q17 due to lower revenues at Yanacocha (17% QoQ). In 1Q17, Buenaventura’s gold equity production from direct operations was 62,828; a 4% decrease as compared to 1Q16 (65,376 gold ounces). In 1Q17 Gold production including associated companies was 135,428 ounces; a 14% decrease as compared to the same period 2015. This decline is due to a decrease in production at Yanacocha. Zinc and Lead equity production were higher during 1Q17 compared to 1Q16 mainly as a result increased production at Uchucchacua and El Brocal. Gold production at Orcopampa decreased 4% in 1Q17 year on year, primarily due to lower ore grades (see Appendix 2). Cost Applicable to Sales (CAS) in 1Q17 (777 US$/Oz) increased 13% compared to 1Q16 (688 US$/Oz), mainly due to higher contractor expenses (a non-recurrent closing bonus), an increase in meters drifted and lower ounces sold (4% QoQ). Silver production in 1Q17 was in line with 1Q16. Cost Applicable to Sales (CAS) in 1Q17 (10.92 US$/Oz) increased 5% compared to 1Q16 (10.35 US$/Oz), mainly due to an increase in labor expenses and higher contractor expenses (a non-recurrent closing bonus). Silver production in 1Q17 decreased 22% year on year, primarily due to lower ore grades (see Appendix 2). Cost Applicable to Sales (CAS) in 1Q17 increased by 10% year on year, primarily due to a decrease in ounces sold (9% QoQ). Silver production in 1Q17 was 22% lower compared to 1Q16; primarily due to a decrease in ore treated (15% QoQ) and lower ore grades (10% QoQ). Cost Applicable to Sales (CAS) in 1Q17 (13.36 US$/Oz) was 25% higher than 1Q16 (10.66 US$/Oz), primarily explained by lower production. Management changed the mining method at Julcani after rock fall resulted in a fatal accident in January 2017, temporarily impacting productivity. This effect has been already surpassed. Gold production in 1Q17 decreased by 6% year on year, in line with the mine production plan. Cost Applicable to Sales (CAS) in 1Q17 (723 US$/Oz) increased 34% compared to 1Q16 (538 US$/Oz), primarily due to i) increased reagent consumption (associated with an increase in acid water treated), ii) decrease in ounces sold (3% QoQ) and iii) lower ore grades. Gold production in 1Q17 decreased 10% year on year, in line with the mine production plan. Cost Applicable to Sales (CAS) in 1Q17 (508 US$/Oz) increased 19% compared to 1Q16 (427 US$/Oz) mainly due to a decrease in ounces sold and higher exploration expenses. Copper production in 1Q17 was in line with 1Q16. In 1Q17 zinc production increased 70% compared to 1Q16 mainly due to an increase ore treated and higher ore grades. In 1Q17, zinc Cost Applicable to Sales (CAS) increased 32% year to year, mainly due to higher commercial deductions triggered by higher zinc prices (79% QoQ), which activated the treatment charges escalators. Copper CAS in 1Q17 was in line with the figure reported in 1Q16. Zinc production guidance for 2017 is 60k – 70k MT, while copper production guidance for 2017 is 55k – 65k MT. 1Q17 General and Administrative expenses were US$22.5 million; a 5% increase as compared to the US$21.4 million in 1Q16 mainly due to an increase insurance expenses (29% QoQ). 1Q17 Exploration costs in Non-Operating Areas were US$2.3 million compared with US$3.5 million in 1Q16. During the period, Buenaventura’s primarily focused its exploration efforts on the Marcapunta Norte (US$0.38 million) and San Gabriel projects (US$0.19 million). During 1Q17, Buenaventura’s share in associated companies was US$44.9 million, compared to US$28.4 million reported in 1Q16, comprised of: At Yanacocha (43.65% owned by Buenaventura), 1Q17 gold production was 137,621 ounces (60,072 ounces attributable to Buenaventura); a 24% decrease as compared to the 180,348 ounces (78,722 ounces attributable to Buenaventura) produced in 1Q16. Gold production guidance at Yanacocha for 2017 is 530k – 560k ounces. In 1Q17, Yanacocha reported a net income of US$10.4 million, compared to a net income of US$8.5 million reported in 1Q16. CAS in 1Q17 was US$823/oz; a 12% increase as compared to the US$734/oz reported in 1Q16 mainly due to lower volume sold (147,821 gold ounces in 1Q17 vs 180,348 gold ounces in 1Q16). The Quecher Main project engineering (oxide deposit) is being developed, a decision to progress is expected in 2H17. In the case of Yanacocha Sulphides, technical and economic viability has been improving, with an update expected in 2H17. Capital expenditures at Yanacocha were US$12.6 million in 1Q17. At Cerro Verde (19.58% owned by Buenaventura), 1Q17 copper production was 118,744 MT (23,250 MT attributable to Buenaventura), a 4% decrease compared to 1Q16 (123,414 MT and 24,164 MT attributable to Buenaventura). During 1Q17, Cerro Verde reported a net income of US$184.0 million compared to net income of US$96.9 million in 1Q16. This increase was primarily due to: i) an increase in volumes sold and ii) higher realized price (US$2.83/Lb in 1Q17 compared to US$2.23/Lb in 1Q16). Capital expenditures at Cerro Verde were US$24.7 million in 1Q17. Copper production guidance at Cerro Verde for 2017 is 500k MT – 550k MT. At Coimolache (40.10% owned by Buenaventura), 1Q17 attributable contribution to net income was US$4.3 million (US$5.7 million in 1Q16). Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded, precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as well as through its participation in joint exploration projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Mallay*, Julcani*, El Brocal, La Zanja and Coimolache and is developing the Tambomayo project. The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer. For a printed version of the Company’s 2015 Form 20-F, please contact the investor relations contacts on page 1 of this report, or download the PDF format file from the Company’s web site at www.buenaventura.com. EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation. EBITDA (including associated companies) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Yanacocha) (2) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (3) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the associated companies. Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating performance, or as an alternative to cash flows from operating activities, determined in accordance with IFRS, as an indicator of cash flows or as a measure of liquidity. Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts. The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and nine months ended September 30, 2015 and 2016, and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and nine months ended September 30, 2015 and 2016 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.


News Article | April 28, 2017
Site: www.businesswire.com

LEADVILLE, Colo.--(BUSINESS WIRE)--2017 National Mining Hall of Fame Inductees – The National Mining Hall of Fame and Museum (NMHFM) today announced the 2017 National Mining Hall of Fame inductees. This year’s inductees, selected by the National Mining Hall of Fame’s Board of Governors, represent exploration and extraction of new frontiers, environmental stewardship, leadership in formulating U.S. mineral policy, education, and research and development, including the use of computers in planning, designing, and managing mineral industry operations. The contributions of these individuals have undoubtedly had a significant and lasting impact on the mineral and mining industry; these individuals were selected for being visionary leaders, innovators, authors, pioneers in corporate social responsibility, and long-standing advocates for the U.S. mining industry. Dr. Thomas V. Falkie, Leonard Harris, Dr. Vincent E. McKelvey, and Gordon R. Parker will join 236 other mining industry luminaries when formally inducted into the National Mining Hall of Fame on Sept. 23, 2017. The 30th Annual Induction Banquet and Ceremony will be held at the Pinnacle Club, Grand Hyatt in Denver, CO. Dr. Thomas V. Falkie – In a career spanning six decades, Tom Falkie’s accomplishments in industry, academia, government, and professional societies demonstrate a pattern of integrity and sustained excellence. His gravitas and management style left highly favorable impressions in every position he held. He was the Chairman and President of Berwind Natural Resources Corporation; President of the Society of Mining, Metallurgy and Exploration (SME); President of the American Institute of Mining, Metallurgy and Petroleum Engineers (AIME); Director of the United States Bureau of Mines (USBM) and Head of the Department of Mineral Engineering at the Pennsylvania State University. He played major leadership roles in the American Mining Congress, National Coal Association, Mining and Metallurgical Society of America, and the National Mining Association. He served on the Board of Directors of Foote Minerals and Cyprus-Amax, and was very active in the National Academy of Engineering, the SME Foundation, and the National Mining Hall of Fame and Museum. Leonard Harris – A highly-regarded metallurgist and business executive, Leonard (Len) Harris may be most remembered for the heart he has for the people whose lives were touched by his career. For more than six decades Len has been a true pioneer in corporate social responsibility, leading companies to understand that doing the right thing for the local people is also the best path to business success. After an early career in Australia and Ghana, Len moved to Peru in 1955 to join Cerro de Pasco Corporation, owner of several mines with one of the most complex metallurgical operations in the world. Len was quickly promoted through multiple positions and was ultimately named Director of Metallurgy. Len was later named President and General Manager Newmont Peru and Vice President and General Manager Newmont Latin America. Since his retirement in 1995, he has served on dozens of mining company boards, held leadership positions in many mining societies, and received numerous prestigious awards including the Herbert Hoover Gold Medal Award. Dr. Vincent E. McKelvey – Dr. Vincent McKelvey was among the preeminent authorities on deep-sea mineral deposits. His diverse accomplishments range from conceptual to the practical, including the development of a new framework for the assessment of mineral resources and an improved understanding of the mineral potential of the ocean floor. His leadership and vision as the Director of the United States Geological Survey (USGS) provided the scientific basis for advancing the exploration capacity of the mining industry on a global scale. Vince McKelvey was visionary in the USGS’s efforts to make scientific information more practical and accessible. McKelvey broadened USGS efforts into environmental issues, land-use planning, water quality/hydrologic characterization, geohazard assessment, mineral resource discovery, and improved scientific tools and techniques for exploration and assessment. Gordon R. Parker – As the Chairman and CEO of Newmont Mining Corporation, Gordon R. Parker maneuvered through multiple hostile takeover events in the 1980’s and played the pivotal leadership role in preserving Newmont’s independence. He was devoted to the protection of corporate assets and preserving shareholders’ interests. Through his formidable leadership, Parker led the restructuring of the company from a diversified mining house to a major gold producer. Parker played a leading role in the creation of the World Gold Council and served as Founding Chairman. His concern for an equitable resolution of Federal laws governing mineral exploration and mining extraction and their impact on the wellbeing of the U.S. mining industry led to the creation of the Mineral Alliance, of which he became Chairman. As Vice Chairman, Parker was instrumental in revitalizing the American Mining Congress, now known as the National Mining Association. Parker was Chairman of the Western Regional Council and the Nevada Mining Association and he was a Founder of the National Mining Hall of Fame. Commenting on this year’s inductees, NMHFM Board of Directors Chairman Frank McAllister said, “ We are delighted to honor those selected for induction this year into the National Mining Hall of Fame. Their contributions to the mining industry are immense, their legacies wide-ranging and their profiles exhibit the diversity of talents necessary in our great industry.” McAllister further reports The Board of Directors of the NMHFM recently approved changes to eligibility requirements and the submission deadline for inductee candidates. Inductees must have had a personal impact on the mining industry for 30 years or more and must be at least 55 years of age. The deadline for nominations is December 31 each year. Complete nomination procedures, as well as full-length biographies and photographs of all prior inductees, are available at www.mininghalloffame.org/page/hall-fame.


News Article | April 19, 2017
Site: www.businesswire.com

DENVER--(BUSINESS WIRE)--Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) announced its Board of Directors declared a quarterly dividend of $0.05 per share of common stock, payable on June 22, 2017, to holders of record at the close of business on June 8, 2017. This dividend is payable under the Company’s enhanced gold price-linked dividend policy which was approved in the fourth quarter of 2016 and came into effect in the first quarter of 2017. The dividend of $0.05 per share is double the dividend paid in the prior year quarter. Newmont's gold price-linked dividend policy includes a quarterly payable dividend based on the average LBMA P.M. Gold Price for the preceding quarter. The policy includes a minimum $0.10 per share ($0.025 per quarter) payout at gold prices below $1,150 per ounce. The dividend increases to $0.15 per share ($0.0375 per quarter) at gold prices of $1,150 per ounce. At $1,200, the dividend increases to $0.20 per share ($0.05 per quarter). For each $50 increase above $1,200 per ounce the dividend increases by a further $0.10 per share ($0.025 per quarter). At $1,400, $1,500 and $1,600 per ounce, the dividend increases to $0.60, $0.85 and $1.10 per share ($0.15, $0.2125 and $0.275 per quarter), respectively. The declaration and payment of dividends remains at the discretion of the Board of Directors and will depend on the Company's financial results, cash requirements, future prospects and other factors deemed relevant by the Board. This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements may include, without limitation, statements relating to future dividend payments, future gold prices, future ability to generate free cash flow at reduced prices, and future shareholder value and returns. Investors are cautioned that the gold price linked dividend policy is non-binding. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont’s financial results, balance sheet strength, cash and liquidity requirements, future prospects and other factors deemed relevant by the Board. The Board of Directors reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on the common stock of the Company, the Board of Directors may revise or terminate such policy at any time without prior notice. As a result, investors should not place undue reliance on such policy or guidelines.


News Article | April 24, 2017
Site: www.businesswire.com

DENVER--(BUSINESS WIRE)--Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) announced first quarter 2017 results that demonstrated improved operational and financial performance. Net income: Delivered GAAP net income attributable to stockholders from continuing operations of $69 million or $0.13 per diluted share, and adjusted net income1 of $133 million or $0.25 per diluted share EBITDA: Generated $566 million in adjusted EBITDA2, up 20 percent from the prior year quarter Cash flo


News Article | April 24, 2017
Site: www.businesswire.com

DENVER--(BUSINESS WIRE)--Newmont Mining Corporation (NYSE : NEM) (Newmont ou la Société) a annoncé des plans pour étendre la production rentable de ses activités à la mine Ahafo, en construisant une nouvelle mine souterraine et en augmentant la capacité de l'usine de plus de 50 pour cent. La mine Subika Underground devrait produire 1.8 million d'onces d'or pendant une durée de 11 ans de vie de la mine et présenter des notes de minerai de 4.7 grammes par tonne. L'expansion de l'usine devrait amé


News Article | May 23, 2017
Site: www.businesswire.com

LIMA, Peru--(BUSINESS WIRE)--Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE:BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced the its Annual Report on Form 20-F for the fiscal year ended December 31, 2016 was filed with the U.S. Securities and Exchange Commission (“the SEC”) on April 28, 2017 and is available on Buenaventura’s web site: www.buenaventura.pe/ir or at http://www.sec.gov . Investors can receive a printed copy of this report, including the Company's complete audited financial statements, free of charge upon request by contacting Rodrigo Echecopar at rodrigo.echecopar@buenaventura.pe or by calling The Bank of New York Mellon at 1-212-815-2838. Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious metals Company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines, as well as through its participation in joint exploration projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Mallay*, Julcani*, Tambomayo*, El Brocal, La Zanja and Coimolache) and is developing the San Gabriel Project. The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer and 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer. For a printed version of the Company’s 2016 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company’s web site.


TORONTO, ON--(Marketwired - May 11, 2017) - Continental Gold Inc. (TSX: CNL) ( : CGOOF) ("Continental" or the "Company") is pleased to announce that Newmont Mining Corporation ("Newmont") has agreed to purchase 37.38 million common shares of the Company at a price of C$4.00 per share for a total investment of US$109 million in a non-brokered private placement (the "Newmont Private Placement"). Concurrently with Newmont's investment in Continental, RK Mine Finance Master Fund I Limited ("Red Kite") has also agreed to purchase 8.59 million common shares of the Company on a private placement basis at a price of C$4.00 per share for a total investment of US$25 million, as contemplated in Continental's secured project credit facility (the "Credit Facility") with Red Kite. After giving effect to the private equity placements, Newmont and Red Kite will own approximately 19.9% and 4.6%, respectively, of the issued and outstanding common shares of Continental on a non-diluted basis. The private placements will not close before May 18, 2017 post receipt of regulatory approvals, including by the Toronto Stock Exchange. Ari Sussman, CEO of Continental, commented: "After completing a formal process in which a number of alternatives (including multiple equity financing offers) were evaluated, we are pleased to be welcoming Newmont and Red Kite as investors in Continental. Newmont is our first choice for a cornerstone investor with its best-in-class balance sheet, excellent operating team and recent track record of delivering projects on schedule and under budget. We look forward to capitalizing on Newmont's experience to successfully kick-off formal construction at the Buriticá project later this year. With Newmont as a partner and the completion of this financing, Continental will be well-positioned to build Buriticá and create significant value for our shareholders with first gold pour on track for early 2020." In connection with the Newmont Private Placement, Newmont and Continental have entered into a binding Investment Agreement, the provisions of which include: Newmont and Continental will also form a strategic alliance to evaluate opportunities to partner on exploration of Continental's other properties in Colombia. The CAPEX of US$389 million, outlined in the 2016 feasibility study for the Buriticá project, will be fully-funded with US$403 million of available cash and debt allocated. The Company intends to use the proceeds of Newmont's investment to develop the Buriticá project and such proceeds satisfy the funding condition required to draw the second tranche of US$100 million under the Credit Facility. Additional financing, if required, may be fulfilled through equipment lease financing, exercise of outstanding warrants and other non-dilutive alternatives (Table 1). RBC Capital Markets is acting as financial advisor to the Continental Board of Directors in connection with the Newmont Private Placement. Continental Gold Inc. is an advanced-stage exploration and development company with an extensive portfolio of 100%-owned gold projects in Colombia. Formed in April 2007, the Company -- led by an international management team with a successful track record of discovering and developing large high-grade gold deposits in Latin America -- is focused on advancing its fully-permitted high-grade Buriticá gold project to production with first gold pour on track for early 2020. For information on the Buriticá project, please refer to the technical report, prepared in accordance with NI 43-101, entitled "Buriticá Project NI 43-101 Technical Report Feasibility Study, Antioquia, Colombia" and dated March 29, 2016 with an effective date of February 24, 2016, led by independent consultants JDS Energy & Mining Inc. The technical report is available on SEDAR at www.sedar.com, on the OTCQX at www.otcmarkets.com and on the Company website at www.continentalgold.com. Additional details on Continental Gold's suite of gold exploration properties are also available at www.continentalgold.com. This news release contains or refers to forward-looking information under Canadian securities legislation, including statements regarding the development, construction and working capital requirements of the Buriticá project, completion of the Newmont and Red Kite private equity financings, the availability of the funds under the project credit facility and the related conditions precedent for the funds in each tranche, including additional equity financing requirements, completion of the permitting process for the Buriticá project, advancing the Buriticá project, the economic effect of the mine, and future plans and objectives of the Company, and is based on current expectations that involve a number of significant business risks and uncertainties. Forward-looking statements are subject to other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, an inability to advance the Buriticá project to the next level, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Specific reference is made to the most recent Annual Information Form on file with Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. All of the forward-looking statements made in this news release are qualified by these cautionary statements, and are made as of the date hereof. The Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.


News Article | May 11, 2017
Site: www.businesswire.com

DENVER--(BUSINESS WIRE)--Newmont Mining Corporation (NYSE: NEM) (Newmont) announced an agreement to invest approximately US$109 million for 19.9 percent ownership of Continental Gold Inc. (TSX: CNL) (Continental), supporting near-term development of the high grade Buriticá gold project in Colombia. The investment also covers three other exploration assets in this prospective gold district. The Buriticá deposit consists of two major vein systems that remain open along strike and at depth. Continental has declared proven and probable reserves of 3.7 million ounces of gold averaging more than eight grams per tonne.1 The project is permitted and construction of the underground mine and process plant is expected to begin in the second half of 2017 with commercial production targeted for early 2020. “We’re investing in a world class asset and exploration prospects, in alignment with our goal to create long-term value for shareholders,” said Gary Goldberg, President and Chief Executive Officer. “We’re impressed with the quality of the deposit, the caliber of the management team, the community’s support for the project, and the prospects for future growth. Our team is looking forward to joining forces with Continental to make the most of these opportunities.” Newmont has agreed to purchase 37.38 million common shares of Continental in a non-brokered private placement at a price of C$4.00 per share. Closing of this purchase remains subject to receipt of approval by the Toronto Stock Exchange, which is expected by May 18. Terms of the investment agreement include Newmont’s right to participate in future equity issuance to maintain its ownership stake; the two companies establishing joint technical and sustainability committees and a strategic exploration alliance; and Newmont holding a seat on Continental’s Board of Directors. Newmont invests in profitable growth through projects, exploration and transactions that improve its margins, reserves and resources. Newmont recently built two new mines – Merian in Suriname and Long Canyon in Nevada – in two new gold districts on or ahead of schedule and more than 20 percent below budget, and is advancing profitable expansions at Carlin in North America, Tanami in Australia, and Ahafo in Ghana. Newmont has added 123 million ounces to its reserve base by the drill bit over the last 15 years, and recently invested in an option to explore a highly prospective gold district in Canada’s Yukon Territory. Newmont is a leading gold and copper producer. The Company’s operations are primarily in the United States, Australia, Ghana, Peru and Suriname. Newmont is the only gold producer listed in the S&P 500 Index and was named the mining industry leader by the Dow Jones Sustainability World Index in 2015 and 2016. The Company is an industry leader in value creation, supported by its leading technical, environmental, social and safety performance. Newmont was founded in 1921 and has been publicly traded since 1925. Upon completion of the investment, Newmont will have acquired ownership of 37.38 million common shares of Continental at a subscription price of C$4.00 per common share for a total purchase price of approximately US$109M. The common shares to be acquired by Newmont represent 19.9 percent of the issued and outstanding common shares of Continental. Prior to this acquisition, Newmont did not own any securities of Continental Gold. Newmont acquired the common shares for investment purposes. Newmont will evaluate its investment in Continental from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease shareholdings as circumstances require, subject to the terms of the investment agreement. The exemption relied on for the acquisition of the common shares is Section 2.10 of National Instrument 45-106 – Prospectus and Registration Exemptions. A copy of the early warning report filed by Newmont in connection with the acquisition will be available on Continental’s SEDAR profile. In order to obtain a copy of the early warning report, please contact Meredith H. Bandy, Vice President, Investor Relations at Newmont, at telephone number: 303-837-5143. Newmont’s head office is located at 6363 South Fiddler’s Green Circle, Suite 800, Greenwood Village, CO 80111. This release contains "forward-looking statements" within the meaning of applicable securities laws that are intended to be covered by the safe harbors created by Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and other securities legislation, including statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "potential" or other variations thereof or comparable terminology. Such forward-looking statements may include, without limitation, statements regarding the anticipated closing of the private placement, receipt of TSX approval, development, construction and first commercial production of the Buriticá project, future investments in Continental and participation in equity issuances, and future value creation, plans and objectives, and are based on current expectations that involve a number of risks and uncertainties. Forward-looking statements are subject to other factors that could cause actual results to differ materially from expected results. Investors should not place undue reliance on forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, an inability to advance the Buriticá project to the next level, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from expectations, the preliminary nature of metallurgical test results and estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, changes in exchange rates, fluctuations in commodity prices, delays in the development and the other risks involved in the mining and mineral exploration and development industry. For a discussion of such risks relating to Newmont’s business and other factors, see the Company’s Form 10-K, filed on or about February 21, 2017, with the Securities and Exchange Commission under the headings “Risk Factors” and “Forward-Looking Statements.” Newmont does not undertake any obligation to release publicly revisions to any forward-looking statement to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at investors' own risk. 1 Sourced from Continental’s technical report entitled “Buriticá Project NI 43-101 Technical Report Feasibility Study Antioquia, Colombia” dated March 29, 2016 with an effective date of February 24, 2016. A copy of the technical report can be accessed under Continental’s SEDAR profile at www.sedar.com. Continental reported mineral reserves for the combined Yaraguá and Veta Sur vein systems totaling 3.7 million ounces of gold (13.7 million tonnes grading 8.4 g/t gold), based upon proven mineral reserves of 0.5 million ounces (0.7 million tonnes, grading 21.1 g/t gold) and probable mineral reserves of 3.2 million ounces (13 million tonnes grading 7.8 g/t gold). Newmont was not involved with the preparation of Continental’s technical report. Accordingly, Newmont assumes no responsibility for such report or reserve estimates, or to update such reserve estimates in the future, except as may be required under applicable securities laws.


VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 9, 2017) - West Kirkland Mining Inc. (TSX VENTURE:WKM)(OTCQB:WKLDF) ("West Kirkland" or the "Company") announces the execution of an exchange agreement (the "EA") with Newmont Mining Corporation ("Newmont") whereby the Company has exchanged all of its rights, title and interests in, and its obligations associated with the TUG Property, located within the Long Canyon Trend of northern Nevada/Utah, for an approximate 1.1% net smelter returns ("NSR") royalty forming part of Newmont's 2.4% NSR royalty on the Hasbrouck Gold Project, located near Tonopah, Nevada, plus the right to US$1.194 million in payments due upon commercial production at Hasbrouck or Three Hills and extinguishment of land fees. The Hasbrouck Gold Project is held by a dedicated limited liability corporation ("LLC") of which the Company holds a 75% interest and of which Clover Nevada LLC, a Nevada LLC wholly-owned by Waterton Precious Metals Fund II Cayman, L.P., holds a 25% interest. The Company now owns for its own account approximately a 1.1% NSR royalty, or 31.4% of the existing 3.5% NSR royalties on the Hasbrouck Gold Project. The existing NSR royalties are over claims hosting the proven and probable reserves and have not been altered by way of this transaction. A September 2016 Updated Pre-Feasibility Study (the "PFS Update") was prepared for the Hasbrouck Gold Project (see "Technical Report and Updated Preliminary Feasibility Study: Hasbrouck and Three Hills Gold-Silver Project, Esmeralda County, Nevada," dated September 14, 2016 and prepared by Thomas L. Dyer, P.E., Paul Tietz, C.P.G., Ryan T. Baker, Herbert C. Osborne and Carl E. Defilippi). Using the PFS Update financial model, the attributable Hasbrouck cash flow acquired by the Company pursuant to the EA is US$9.5 million over the eleven-year project life. At a 5% discount rate, this attributable cash flow amounts to approximately US$7.8 million. At the holding LLC level (75% owned by West Kirkland), the PFS Update estimated a US$120 million NPV (5%) and a 43% IRR, after-tax, with a 3.1 year pay-back at US$1,275/oz Au and US$18.21/oz Ag metal price assumptions. The 1.1% NSR royalty acquired by the Company would add to the Company's share of this modelled value. West Kirkland's CEO, R. Michael Jones, stated, "We are very pleased to complete this transaction with Newmont. Although we believe the TUG Property to be highly prospective, at current gold prices the known deposit is not economic. By comparison, the acquisition of a 1.1% NSR royalty on the Hasbrouck Gold Project plus US$1.194 million in payments and eliminated land fees is very accretive to West Kirkland at today's gold prices. We also see good exploration potential at Hasbrouck and the transaction is attractive across all of the large land position where recent drilling has been successful." The PFS Update estimated open pit proven and probable reserves for 100% of the Hasbrouck Gold Project (based on 100% of the project) totalling 45.3 million tons at a grade of 0.017 oz/ton gold and 0.233 oz/ton silver, containing 762,000 oz gold and 10.6 million oz silver. These reserves were used in the PFS Update and the royalty value model. West Kirkland completed an initial Resource estimate on the TUG deposit in June 2012. The TUG deposit is located within the Long Canyon Trend, which is part of the old Tecoma Mining District. The TUG deposit is a sediment hosted, Carlin style gold deposit that was extensively drilled by the Company and previous operators. An updated NI 43-101 Resource Estimate and Preliminary Economic Assessment ("PEA") by Roscoe Postle Associates USA Ltd. was announced on August 1, 2013 and filed on SEDAR September 13, 2013. Based on a 100% project interest for TUG, the PEA predicted a 26% after-tax IRR and US$9 million NPV (8%) at US$1,525 gold/ US$28 silver. Initial capital cost was projected to be US$24 million. To date the Company has spent approximately US$4.85 million on the TUG Property. After an impairment in a prior period, at year end December 31, 2016 the Company recorded a US$3.37 million carrying value (CAD$4.53 million) for its rights and interests in the TUG Property. The Hasbrouck Gold Project consists of two all-oxide gold-silver deposits eight kilometers apart. Both deposits will be mined in open pits having low stripping ratios and minimal pre-stripping should the project proceed to production. West Kirkland's independent consultants, MDA, produced an updated Pre-feasibility Study in September 2016 which is available on SEDAR and at www.wkmining.com. All necessary permits to construct and operate the Three Hills Mine are in hand, and work to obtain permits for the Hasbrouck Mine is ongoing, with submission of a Plan of Operation to the Bureau of Land Management (BLM) targeted for Q4, 2017. R. Michael Jones P.Eng, CEO for West Kirkland Mining, is a non-independent Qualified Person as defined by NI 43-101. He has reviewed the information contained in this news release and has verified the data by hiring qualified geologists and engineers and has completed a review of the detailed technical information. Mineral Reserve information in this news release relating to the Hasbrouck Gold Project has been developed and approved by Thomas L. Dyer, P.E., of MDA following CIM standards. Mineral Resource information in this news release relating to the TUG Property has been developed and approved by Stuart Collins, P.E., and Luke Evans, P.Eng, of Roscoe Postle Associates USA Ltd (RPA), following CIM standards. West Kirkland Mining utilizes a well-documented system of inserting blanks and standards into the assay stream and has a strict chain of custody. Assays are completed at independent laboratories which have internal quality assurance and quality control systems and procedures. Assays were performed by ALS Chemex Labs Ltd., by fire assay and ICP methods. West Kirkland owns a 75% interest in the Hasbrouck Gold Project in Tonopah, Nevada. The remaining 25% is owned by Clover Nevada LLC, a Nevada limited LLC and 100% subsidiary of Waterton Precious Metals Fund II Cayman, LP. A Pre-feasibility Study with construction-level drawings and all federal and state permits for the phase-one Three Hills Mine provides a ready-to-construct project. Exploration for potential expansion is underway. On behalf of West Kirkland Mining Inc., For further information, please see the Company's website at www.wkmining.com or contact us by email at info@wkmining.com. This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. Forward-looking information in this news release includes, without limitation, the completion of the Prefeasibility Study, the project approach of the Prefeasibility Study and exploration and all information under the heading "Prefeasibility Study Detail", including the Prefeasibility Study budget. Although West Kirkland believes that such timing and expenses as set out in this press release are reasonable, it can give no assurance that such expectations and estimates will prove to be correct. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com. 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.

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