Newlox Operations Benefit from 98% Renewable Electricity in Upgraded Power Service
Vancouver, BC, 4 November 2021 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX | Frankfurt/Stuttgart: NGO | PINK: NWLXF) is pleased to announce that the Company’s processing plants have been approved for a major electrical upgrade by the Costa Rican national power company. Both Plant 1 and the upcoming Boston Project will benefit from connection to Costa Rica’s high-tension three-phase electrical system. Significantly more efficient operations and cost savings are anticipated.
Newlox Gold has always benefited from Costa Rica’s robust infrastructure. The upgraded electrical service offered to the Company’s processing plants will assist our goal of delivering low operational costs.
In addition to the economic benefits of the new service, Newlox is pleased to report that Costa Rica has, for the seventh consecutive year, achieved 98% renewable energy in its electrical grid.
Recent analysis indicates that Costa Rica generates 73.39% of its energy from hydropower, 13.84% from geothermal sources, 12.12% from wind and 0.63% from biomass and solar panels. Minister of the Environment and Energy Carlos Manuel Rodríguez adds that Costa Rica intends to continue to advance renewable energy development through modernization of the country’s infrastructure, including the transportation, waste, cattle, agriculture, construction and cargo industries.
A Message from Ryan Jackson, President & CEO:
“We are delighted to report that our projects in Costa Rica will soon be linked to the country’s hightension three-phase electrical system designed for industrial operations. Connection to this system will increase efficiency and reduce power consumption at Newlox’s facilities, supporting the Company’s ESG goals.
What’s more, because the Costa Rican power grid is supplied with 98% renewable energy, Newlox’s processing plants are also run on 98% renewable electricity. Costa Rica’s green power grid, a major benefit of operating in the country, substantially enhances Newlox Gold’s ESG focus.
We can not only operate more efficiently because of the upgraded electrical infrastructure but the vast majority of the electricity we use will be generated from renewable sources.”
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. Grab sample results included in this press release are not necessarily indicative of the mineralization in general for the deposit. 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