goldisking3000
14 years ago
ATW Gold Corp. Provides Update On Strategic Alternatives
January 8, 2010
ATW Gold Corp (TSX-V: ATW) (the “Company”) (“ATW”) wishes to provide an update on the strategic process currently being conducted. Further to the press release issued on November 24, 2009, the Company announces the following update on its review of strategic alternatives to enhance shareholder value. As previously announced, the company hired Haywood Securities Inc. to advise on, and facilitate, the process.
Update of Strategic Alternative Review
Haywood has completed its financial, operational and strategic review of the Company and its assets and has provided advice in connection potential transactions that may arise or result from their review. To that effect, Haywood has commenced soliciting expressions of interest from qualified parties interested in completing a transaction. To date, the Company has entered into confidentiality agreements with several parties and expects that others will be added in due course. ATW and its advisers expect to complete the first phase of the process by the end of January.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
To find out more about ATW Gold Corp. please contact investor relations at 604-662-8184 or email investor@atwgold.com. You may also visit our website at www.atwgold.com.
Interested parties are urged to contact Haywood Securities Inc. at 416-507-2300
ATW Gold Corp.
“Brent Butler”
Brent Butler
President & CEO
goldisking3000
14 years ago
Red Kite Agrees to Transfer Debt to Gullewa as ATW puts Burnakura Back on Care and Maintenance
October 7, 2009
ATW Gold Corp (ATW: TSX-V), (“ATW” or “the Company”), has determined that given its options regarding Gullewa and Burnakura, the Company will focus its resources toward placing the Gullewa gold-copper project into production. The Gullewa scoping study is well under way and ATW is excited about the upside in the current drill program commencing October 11, 2009. The Burnakura Gold Mine is being put on care and maintenance.
ATW has reached an agreement in principle with Red Kite Explorer Fund Ltd., part of the Red Kite family of funds, pursuant to which Red Kite will transfer the remaining debt from its previously announced Gold Loan at Burnakura (the “Burnakura Gold Loan”) into a 2 year term note (the "Note") secured by the Gullewa Project. At this time, the parties have not agreed as to the final terms of the Note. However, Red Kite has agreed that the loan to Gullewa will not include a gold loan or similar payment-in-kind feature. The Company will announce the final terms of the Note when they have been negotiated.
Gullewa is located 450 kilometers north of Perth, in the Yalgoo mineral fields of Western Australia. Gullewa is a 550 sq kilometer property that hosts several gold deposits of various size and grade, the most significant being the Deflector gold-copper deposit which contains a measured and indicated resource of 369,000 ounces at 6.75 grams per tonne (g/t) gold equivalent (“AuEq”) of and an inferred resource of 400,000 ounces at 7.71 g/t AuEq (gold equivalent ounces, AuEq, are calculated using the ratio: 1% copper = 2.5 g/t gold and a cut-off grade of 1.0 g/t AuEq). Mining infrastructure assets at Gullewa include a 800 tonne per day CIL plant, a licensed tailings disposal facility, a 50-person camp, offices, and workshops.
The ATW Board is disappointed to make the decision to place Burnakura back on temporary care and maintenance status but feels that shareholders interests are best served focusing on Gullewa. ATW will be looking at all avenues to restart production at Burnakura. These include, but are not limited to, investigation of the oxide heap leach potential, continued extensive regional exploration, and/or toll milling.
The General Manager and his Technical team have completed an operational review at Burnakura and have submitted their findings on Oct 2, 2009. The Board convened on October 6, 2009 to review the recommendations. In summary, the new block model developed from recent structural mapping and core drill data is materially different from the block model created during December 2008. The December 2008 model interpreted a single, continuous vein set rather than a series of erratic vein sets with structural offsets. As a result, the new model dramatically changed the mine plan indicating a major increase in higher cost air leg mining and an overall reduction in the mineral inventory. These changes impact heavily on cash flow, to the point where the mine is unprofitable, and the current mine life is limited.
Brent Butler, Chief Executive Officer and President, commented, “We are disappointed at the outcome of the new block model and mine plan. As a result of the operational overview submitted by our technical team, we have decided to place Burnakura on temporary care and maintenance while we focus on getting Gullewa, our flagship project, into production. We are appreciative of the support offered by Red Kite and their commitment to restructure the current gold loan.”
Brent Butler, President and CEO of ATW Gold Corp. is the qualified person under National Instrument 43-101 and has reviewed the contents of this news release.
goldisking3000
14 years ago
June 25, 2009
Burnakura Surpasses 5,000 Ounces Gold Production – Commercial Production Achieved
Vancouver, BC – ATW Gold Corp. (ATW: TSX-V) (“ATW” or the “Company”), is pleased to report that it has completed the commissioning phase and achieved commercial production at its wholly owned Burnakura Gold Mine in Western Australia. Since mining and processing operations began on March 3rd, 2009, output has reached the point where this week’s pour results in total recovered gold ounces surpassing the 5,000 ounce mark. Accordingly, effective June 1, 2009, the Company will begin reporting quarterly financial results of operations from the Burnakura Mine.
As a result of Burnakura reaching the first targeted commercial level of 36,000 ounces annually, the planned expansion targeting 50,000 ounces of annual gold production is underway. Simulus Consultants of Perth, Australia, was contracted to complete plant optimization, which began on June 10, 2009.
Simulus is a specialist process engineering consultancy with particular expertise in mine process simulation. The company offers full, multidisciplinary engineering capabilities related to process design and optimization through to project management and construction. With a portfolio of some 70 clients in 21 countries, Simulus is listed as a Fast100 Business in the 2007 Australia’s top 100 growing businesses list and was awarded Australian Best Small Business of the Year in 2006.
Brent Butler, President and CEO, stated: “We are very encouraged with the speed at which the ramp-up to commercial production at Burnakura was achieved. Efforts to maximize recoveries, output and throughput, will continue as our engineering teams work diligently to achieve the increased rate of 50,000 gold ounces per annum this year.”
goldisking3000
14 years ago
October 29, 2009
ATW Gold Corp (TSX-V: ATW) (the “Company”) (“ATW”) wishes to announce that it has entered into a settlement (the "Settlement") of its lawsuit (the "Lawsuit") with Kinbauri Gold Corp. ("Kinbauri"). Kinbauri was acquired by Orvana Minerals Corp. ("Orvana") as a wholly owned subsidiary and on September 25, 2009, Kinbauri was delisted from the TSX.
The terms of the Settlement called for Orvana to pay to the Company the sum of $525,000.
The $525,000 was released to the Company yesterday.
The terms of the Settlement also called for the parties to execute documents (the "Releases") releasing each other from any further obligations. The Releases have been signed.
The Company first announced the Lawsuit on September 22, 2009. In the Lawsuit, the Company claimed that Orvana, or in the alternative Kinbauri Gold Corp. ("Kinbauri"), was obligated to pay ATW a break up fee when the Company's proposed merger with Kinbauri did not proceed.
Graham Harris, Chairman commented, "We are pleased with the terms of the settlement. The execution of mutual releases represents an end to this matter and allows both Orvana and us to move forward with our future plans. We wish Orvana well in developing Kinbauri's promising Spanish assets as we focus on our Gullewa Project in Australia."
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