Newlox Gold Advances Boston Construction
Vancouver, BC, 29 April 2021 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX | Frankfurt/Stuttgart: NGO | PINK: NWLXF) is pleased to announce that the Company has made significant progress in the construction of its Boston Processing Facility (Plant 2). Since announcing the start of construction at Boston last month, Newlox Gold has acquired crushing, milling, and precious metals recovery equipment, much of which is now on the new processing plant site.
Newlox designed this mill with the capability of processing 150 tonnes per day of mineralized material grading approximately 15 grams gold per tonne. At full scale, Boston is expected to be capable of recovering approximately 20,000 ounces of gold per year, as well as a significant quantity of silver.
Construction at Boston is proceeding according to plan with completion anticipated within approximately two months. This phase will be followed by commissioning, testing, and commercialization. Newlox Gold is undertaking an expedited construction and commissioning schedule at Plant 2, which is made possible by its fully-permitted status and its proximity to the artisanal mining operations, as well as the experience of Newlox Gold’s engineering and fabrication team.
Boston is built upon a wealth of historical exploration and mining data. Newlox’s operations team has worked closely with the Company’s local mining partners in both planning and development work, facilitating the expedited start of construction. As part of this process, the local groups are actively reconditioning the Boston Mine adits (tunnels) in anticipation of enhanced mineral processing without the need for mercury. The refurbishing of the Boston Mine is part of a greater effort by local artisanal mining groups to improve productivity through collaboration with Newlox Gold.
This partner mining approach creates a coexistence model for artisanal mining, seeking to uplift local miners by providing access to modern and efficient processing technologies while maintaining cultural and economic traditions. Partner mining will not only improve local economic conditions but will also notably remove the unhealthy legacy of mercury-based processing techniques, which result in both negative human and environmental consequences.
As previously announced Newlox secured a net revenue-sharing agreement with an established artisanal mining syndicate with which management has a multi-year association. Net revenues after all production costs will be split 50/50 between the miners and Newlox. Newlox will have zero mining costs as a result of this arrangement. The Company expects the Boston Project to contribute significantly to Newlox’s near-term growth. By selecting small-scale projects with low capital requirements and expedited development timelines, the Company plans to grow aggressively in Latin America to encompass multiple projects. Boston will become a model for the artisanal mining sector.
A Message from Ryan Jackson, President & CEO:
“We are delighted to report that construction at the Boston Project is proceeding according to plan. The project will provide local mining groups with access to modern mineral processing technology. It will empower local miners to enhance their economic, social, and environmental circumstances while advancing our Company’s growth strategy.
Newlox Gold has raised sufficient capital to fund its 2021 initiatives and remains on a solid footing to achieve its goals. This year will be a monumental one for Newlox Gold. We are completing the ramp-up of operations at the first processing plant as well as establishing our vision for organic growth through the deployment of additional artisanal mining focused facilities.”
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Stewart A. Jackson, Ph.D., P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.
On Behalf of the Board, Newlox Gold Ventures Corp.
Newlox Gold Contact