Aurelius Minerals Inc. (TSX.V: AUL) (the “Company” or “Aurelius”)
is pleased to announce that it has executed a non-binding letter of
intent (“LOI”) with Sprott Private Resource Lending (Collector) LP,
by its General Partner, Sprott Resource Lending Corp. (“Sprott”),
to acquire a 100% interest in the Dufferin gold properties
including the Dufferin Gold Project, the Tangier Gold Project and
the Forest Hill Gold Project located in Nova Scotia (collectively,
the “Dufferin Gold Properties”) for total consideration of
US$8,000,000 in deferred payments (the “Deferred Payments”),
subject to certain terms as described below (the “Acquisition”).
The Acquisition will be governed by the terms of a definitive
agreement to be entered into between Aurelius and Sprott at closing
of the Acquisition (the “Definitive Agreement”).
Mark N.J. Ashcroft, P.Eng., President and CEO of
Aurelius, commented, “The acquisition of the Dufferin Gold
Properties represents a tremendous growth opportunity for
Aurelius. We have successfully demonstrated our ability to
enhance the previous work at our existing Mikwam and Lipton
Projects, and this is an opportunity to apply this same approach to
the underexplored Dufferin Gold Properties. We intend to
conduct underground diamond drilling at the Dufferin East Gold
Project with the objectives of identifying high-grade saddles at
depth and completing additional drilling to upgrade current
Inferred Mineral Resources. We also intend to extend Dufferin
West along strike and depth and complete an updated Mineral
Resource estimate and engineering review for the Dufferin Gold
Project.”
Ashcroft continues, “We are pleased to be
working with Sprott to advance the Dufferin Gold Properties.
With the support of Sprott and existing shareholders, we intend to
concurrently focus on the Dufferin Gold Properties and our existing
Mikwam and Lipton Projects.”
Subject to the terms of the Definitive
Agreement, the Company would acquire the Dufferin Gold Properties
in consideration for the Deferred Payments, payable as follows:
(a) US$2,500,000 within 90 days after filing a
National Instrument 43-101 – Standard of Disclosure for Mineral
Projects (“NI 43-101”) technical report in respect of the Dufferin
East Gold Project that establishes a minimum of 500,000 contained
equivalent ounces of gold in the Measured and Indicated Mineral
Resource Categories (the “Mineral Resources Estimate Report”);
and
(b) provided that the Deferred Payment in (a)
above has become due and payable, US$5,500,000 on the first
anniversary of the filing of a NI 43-101 feasibility study on the
Dufferin East Gold Project (the “Feasibility Study”).
Aurelius would grant Sprott a first ranking
security obligation on all assets related to the Dufferin Gold
Properties until the balance of the Deferred Payments have been
satisfied. Aurelius would also have the right, for a period of
three years from the closing of the Acquisition, to extinguish the
Deferred Payments for a US$4,000,000 cash payment to Sprott, less
any prior payments made in cash or common shares (“Aurelius
Shares”) of Aurelius.
In the event that the Mineral Resources Estimate
Report and/or the Feasibility Study has not been filed by the fifth
anniversary of the closing of the Acquisition or Aurelius has
otherwise determined in good faith not to proceed with preparing
the Mineral Resources Estimate Report and/or Feasibility Study, and
provided that a Change of Control (as defined below) has not
occurred and is not contemplated, Aurelius would be permitted to
transfer ownership of the Dufferin Gold Properties to Sprott for no
additional consideration and the parties would then have no further
obligations under the Definitive Agreement.
As part of the Acquisition, Sprott or an
affiliate(s) would participate in two private placement financings
of Aurelius for aggregate gross proceeds of C$1,600,000 (the
“Private Placements”). Under the first Private Placement, the
parties anticipate that an aggregate of C$1,000,000 would be
advanced to Aurelius by Sprott on an unsecured basis, evidenced by
a non-interest bearing promissory note (the “Note”). Such
Note would be satisfied by Aurelius in either cash or through the
issuance of Aurelius Shares. Concurrently with the closing of
the Acquisition, Aurelius would satisfy the Note by issuing
Aurelius Shares, resulting in Sprott holding an approximate 13.9%
basic ownership interest in Aurelius. If Aurelius does not
complete the Acquisition, the Note would be payable immediately in
cash. If Sprott does not complete the Acquisition, Aurelius
would be required, at its election, to either immediately repay the
Note in cash or to issue Aurelius Shares, resulting in Sprott
holding an approximate 13.9% basic ownership interest in
Aurelius. If the first Private Placement is not advanced by
way of a Note, Sprott would subscribe for Aurelius Shares for up to
C$1,000,000, which would result in an approximate
13.9% ownership of Aurelius.
Under the second Private Placement, Sprott would
be expected to subscribe for Aurelius Shares for aggregate gross
proceeds of C$600,000, at an issue price resulting in an
approximate 19.9% aggregate basic ownership of Aurelius to be
funded concurrently with the closing of the first equity financing
completed by Aurelius following closing of the Acquisition.
Upon completion of the Private Placements,
Sprott would be expected to hold a 19.9% basic ownership interest
in Aurelius. To the extent that the number of Aurelius Shares
acquired by Sprott pursuant to the Private Placements represents
less than 19.9% of the outstanding Aurelius Shares, Aurelius would
issue warrants to Sprott exercisable for six years at a price equal
to the market price on the date of issuance, entitling Sprott to
acquire a number of Aurelius Shares that would result in Sprott
holding 19.9% of the outstanding Aurelius Shares on a partially
diluted basis. Under and subject to the terms of the Definitive
Agreement, Sprott would also be granted certain anti-dilution
rights to maintain its pro rata basic ownership interest in
Aurelius up to 19.9% post-completion of the Private Placements.
Aurelius would use the proceeds of the Private
Placements for the exploration and development of the Dufferin Gold
Properties and for general corporate and working capital
purposes.
Following closing of the Acquisition and until
such time as Sprott’s basic ownership interest in Aurelius falls
below 9.9%, Sprott would be entitled to nominate two directors to
the board of Aurelius (the “Board”), one of which would need to be
independent. The Definitive Agreement would also provide that the
total number of directors on the Board would not exceed five
without Sprott’s prior written consent.
The Definitive Agreement would also provide that
upon the sale or other transfer of all or substantially all the
consolidated assets of Aurelius (other than in connection with an
internal reorganization) or the completion of an amalgamation,
arrangement, merger or other consolidation or combination involving
Aurelius such that immediately following such event (a)
shareholders of Aurelius immediately prior to the event would not
beneficially own, or exercise control or direction over, voting
securities carrying the right to cast more than 50% of the votes
attaching to all voting securities of the successor or continuing
corporation or entity, or (b) the directors of Aurelius would not
constitute a majority of the board of directors (or equivalent) of
the successor or continuing corporation or entity (such events
being a “Change of Control”), the balance of the Deferred Payments,
after accounting for certain deductions, as applicable, would
become immediately due and payable.
In the event of a Change of Control where the
Aurelius equity holders receive consideration for their shares, the
Deferred Payments would be satisfied on the same basis, except that
any non-cash component would be limited so that Sprott’s basic
ownership interest of the successor or continuing corporation or
entity would not exceed 19.9% (with any balance remaining payable
in cash).
Upon the occurrence of a Change of Control,
Sprott would be entitled to an immediate cash payment equal to 10%
of the proceeds payable to any equity holders of Aurelius in
addition to the balance of the Deferred Payments (the “Incentive
Payment”). Aurelius would be entitled, for a period of three
(3) years from the closing of the Acquisition, to extinguish the
Incentive Payment for US$1,000,000 payable in cash.
The Definitive Agreement is expected to contain
other representations, warranties, covenants and conditions as are
customary for a transaction of this nature.
The Acquisition is expected to close on or about
December 16, 2019, or such other date as mutually agreed by the
parties and is subject to completion of due diligence, final
documentation and corporate and regulatory approvals, including the
TSX Venture Exchange.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d796a029-b597-49a8-88f3-03ebdcb8ae27
About the Dufferin Gold Project
The high-grade Dufferin Gold Project and mill in
Nova Scotia completed initial gold production from test milling of
a bulk sample in March 2017. The Dufferin Gold Project covers
1,684 hectares in 104 mineral claims. The gold-bearing vein
system at the Dufferin Gold Project has been defined by diamond
drilling over a strike length of 1.4 km and to a depth of 400
meters (m), with 14 different east-west trending “saddle reef”
quartz vein structures recognized each with free-milling gold.
The stacked gold reefs are open at depth and extend along
trend for over 3.2 kilometers (km) within the Dufferin East and
West Dufferin projects, with additional strike length up to a total
of 11 km of strike length. Underground development completed
to date has extended to approximately 600 m in length and to a
depth of only 150 m. The development is on care and maintenance and
is accessible for future work, such as underground exploration
drilling.
The historical Indicated and Inferred Mineral
Resource estimates set out below for the Dufferin Gold Project were
included in the revised technical report filed on SEDAR by Resource
Capital Gold Corp (“RCGC”), the previous owner of the Dufferin Gold
Project, entitled “Revised Preliminary Economic Assessment of the
Dufferin Gold Deposit”, dated as of April 3, 2017 from the original
dated December 30, 2016 (the “2017 Dufferin Gold Technical
Report”). With the extraction of material for test
milling and exploration since the effective date of the 2017
Dufferin Gold Technical Report, the Mineral Resource estimates set
out below are historical estimates only, and while they may be
relevant, the Mineral Resource estimates are no longer considered
reliable and are included for information purposes only. The
information required to permit these Mineral Resource estimates to
be accurately adjusted to reflect the extraction of material since
the date of the 2017 Dufferin Gold Technical Report is not
available. Additional testing including drilling and sampling
will be required to update or verify the historical Mineral
Resource estimates. Aurelius plans to carry out the required
work to prepare an updated Mineral Resource estimate and technical
report.
Historical Indicated and Inferred Mineral
Resource Estimates for the Dufferin Gold Project
|
Volume (m3) |
Tonnes (t) |
Ounces |
Average Grade (g/t) |
East Dufferin |
|
|
|
|
Indicated |
57,200 |
151,500 |
58,000 |
11.9 |
Inferred |
163,800 |
434,100 |
96,800 |
6.9 |
|
|
|
|
|
West Dufferin |
|
|
|
|
Inferred |
101,800 |
269,800 |
53,200 |
6.1 |
|
|
|
|
|
Combined |
|
|
|
|
Indicated |
57,200 |
151,500 |
|
|
Inferred |
265,600 |
703,900 |
|
|
1) A qualified person has not done sufficient
work to classify this historical estimate as current Mineral
Resources;2) Aurelius is not treating the historical estimate as
current mineral resources;3) Planned dilution, at a 0.5 m minimum
mining width, was included. Neither unplanned dilution nor
mining losses were incorporated;4) Block cut‐off = 2 g/t; SG =
2.65;5) Gold price = $US 1250 per ounce; and6) West Dufferin
top‐cut: 100 g/t; East Dufferin top-cut: 200 g/t.7) Mineral
Resources are not Mineral Reserves and do not have demonstrated
economic viability. There is no certainty that all or any
part of mineral resources will be converted to mineral reserves.
Inferred Mineral Resources are based on limited drilling which
suggests the greatest uncertainty for a resource estimate and that
geological continuity is only implied.
Additional information with respect to the
Dufferin Gold Project is available in the 2017 Dufferin Gold
Technical Report by Patrick Hannon, M.A.Sc., P.Eng., MineTech
International Limited Wm. Douglas Roy, M.A.Sc., P.Eng., MineTech
International Limited and Greg Mosher, M.Sc., P.Geo., Global
Mineral Resource Services.
About the Tangier Gold Project
The Tangier gold deposit is situated along the
east-west trending Tangier anticline, a structure that has been
traced for 7.3 km. Within this anticline, two sections totaling 1.4
km have been explored with drilling and historical mining, which
demonstrate good continuity of gold-bearing quartz veins to depths
of 300 m. Gold-bearing quartz veins have been identified over
a total strike length of 3.4 km on the property. This work has
identified 70 or more gold-bearing quartz veins, demonstrating an
extensive mineralized system.
The Tangier Gold Project was the site of the
first gold discovery in Nova Scotia in 1860. Total historic gold
production up to 1919 is estimated at 29,000 ounces at a recovered
grade of 17.5 g/t gold (Au). The property saw several phases of
bulk sampling during the 1980s and 1990s, the best of which was
2,578 tonnes with a recovered grade of approximately 16 g/t
Au. A total of 211 surface and underground drill holes have
been completed on the property. Historical mining activities have
developed 3,300 m of underground workings. The Tangier Gold Project
is comprised of 119 exploration claims on 1,904 hectares.
Mineralization at the Tangier Gold Project
consists of coarse flake gold and nuggets in generally stratabound
quartz veins up to 1.5 m thick containing calcite and up to 5%
sulfide minerals, including pyrite, pyrrhotite, arsenopyrite,
sphalerite, and galena. The characteristics of the mineralization
indicate that the deposit is an orogenic gold deposit, similar to
the Dufferin Gold Project and others in Nova Scotia’s Meguma
Terrane.
A Mineral Resource has been estimated for the
Blueberry Hill Zone at the Tangier Gold Project on the basis of
historical surface and underground drilling. No Mineral Resource
has been estimated for the Strawberry Hill Zone but it is
considered to be a prospective exploration target. The estimate is
based on assays contained in 18 modelled quartz veins. Assays were
capped at 40 g/t gold and samples were composited to one meter
lengths. A fixed density of 2.67 g/cm³ was used. Because of the
small number of samples in any given vein, variography was not
attempted and instead the estimate was obtained by inverse distance
squared weighting (ID²) and a search ellipse that imitated the
strike and dip of the veins. Blocks measured 10 m along strike, one
meter across strike, and two meters down-dip.
The following Inferred Mineral Resources have
been estimated on the basis of a preliminary economic assessment of
the geologically similar Dufferin Gold Project, a grade of 2 g/t
gold was taken as the base case:
Tangier Gold Project Mineral Resource
Estimate @ Cutoff of 2 g/t Gold
Capped @ 40 g/t Au |
Uncapped |
Tonnes |
Au g/t |
Ounces |
Tonnes |
Au g/t |
Ounces |
493,000 |
5.9 |
93,000 |
511,000 |
9.9 |
163,000 |
1) Mineral Resources are not Mineral Reserves
and do not have demonstrated economic viability. There is no
certainty that all or any part of Mineral Resources will be
converted to Mineral Reserves. Inferred Mineral Resources are based
on limited drilling which suggests the greatest uncertainty for a
Mineral Resource estimate and that geological continuity is only
implied. Additional drilling will be required to verify geological
and mineralization continuity and it is reasonably inferred that
the majority of the Inferred Mineral Resources could be upgraded to
Indicated Mineral Resources. Quantity and grades are estimates and
are rounded to reflect the fact that the resource estimate is an
approximation.
The Tangier Gold Project possesses potential for
expansion of resources beyond the Blueberry Hill Zone. The
gold-bearing veins on the property have been traced by surface
outcrops, drilling, and underground workings over a total strike
length of approximately 3.4 km. The bulk of the drilling and the
current Mineral Resource estimate on the project are limited to
approximately 500 m along strike in the Blueberry Hill area of the
project. Thus, the remaining 2.9 km of identified gold-bearing
quartz veins on the project hold additional exploration potential.
In particular, the Strawberry Hill Zone is considered to warrant
additional exploration work.
Additional information with respect to the
Tangier Gold Project is available in the technical report filed by
RCGC, the previous owner of the Tangier Gold Project on SEDAR
entitled “Tangier Gold Property Technical Report”, by Greg Mosher,
M.Sc., P.Geo., Global Mineral Resource Services with an effective
date of April 7, 2017.
About the Forest Hill Gold Project
The Forest Hill Gold Project is located in
Guysborough County, Nova Scotia, approximately 160 km northeast of
Halifax and is comprised of 115 contiguous mineral exploration
claims in four exploration licenses. The claims have an aggregate
area of 1,840 hectares.
The Forest Hill Gold Project contains auriferous
quartz veins; most are bedding parallel but cross cutting veins
have also been reported. Vein thicknesses range from several
centimeters to decimeters. Gold most commonly occurs in
native form as flakes and grains within quartz veins and on the
margins of veins immediately adjacent to wallrock. Gold
occurs within “shoots” from seven to 30 m in height and several
hundred meters in strike length within a given vein. These zones
commonly have the same plunge as the axis of the anticline and are
auxiliary or parasitic folds developed on the flanks of the
principal anticline. These secondary folds typically occur in
en-echelon fashion within a given vein, as well as in adjacent
veins.
Auriferous quartz veins of economic interest are
all located on the steeply north dipping, overturned, south limb of
an east-trending anticline within 250 m of the anticlinal axis.
Within that 250 m interval, a central 50 to 60 m wide interval of
interbedded metawacke and schist termed the Schoolhouse sequence
contains the Schoolhouse 1 through 6 stratibound veins or vein
packages which were historically the most productive and were the
primary subject of more recent bulk sampling programs. Veins are
boudinaged, are generally from five to 15 cm thick and some are
persistent along strike and down-dip for hundreds of meters.
The following Indicated and Inferred Mineral
Resources for the Forest Hill Gold Project have been estimated
using a 2 g/t Au cutoff based on historical surface and underground
drilling:
Class |
Tonnes |
Au g/t Capped 110 g/t |
Capped Oz Au |
Uncapped Au g/t |
Oz Uncapped Au |
Indicated |
322,000 |
7.1 |
73,000 |
11.0 |
114,000 |
Inferred |
905,000 |
7.1 |
208,000 |
10.6 |
308,000 |
1) Mineral Resources are not Mineral Reserves
and do not have demonstrated economic viability. There is no
certainty that all or any part of Mineral Resources will be
converted to Mineral Reserves. Inferred Mineral Resources are
based on limited drilling which suggests the greatest uncertainty
for a Mineral Resource estimate and that geological continuity is
only implied. Additional drilling will be required to verify
geological and mineralization continuity and it is reasonably
inferred that the majority of the Inferred Mineral Resources could
be upgraded to indicated resources. Quantity and grades are
estimates and are rounded to reflect the fact that the resource
estimate is an approximation.
Bulk sampling carried out in the 1980’s showed
potential gold recovery of 94.9% (74.2% by gravity). Veins
have extensive strike and depth continuity. There is
expansion potential along strike to the east, west and at
depth. The property was drilled along approximately 300 m and
is open at depth.
Additional information with respect to the
Forest Hill Gold Project is available in the technical report filed
by RCGC, the previous owner of the Forest Hill Gold Project on
SEDAR, entitled “Technical Report, Forest Hill Gold Property,
Forest Hill, Nova Scotia, Canada” by G. Z. Mosher, M.Sc. P.Geo
Global Mineral Resource Services.
Qualified Person
The scientific and technical data contained in
this news release was reviewed and approved by Jeremy Niemi P.Geo.
and Vice President, Exploration of Aurelius, who is a Qualified
Person as defined by NI 43-101.
This new release does not constitute an offer to
sell or a solicitation of an offer to buy any of the securities in
the United States. The securities have not been and will be not be
registered under the United States Securities Act of 1933 as
amended (the “1933 Act”), or any state securities laws and may not
be offered or sold within the United States or to, or for the
account or benefit of U.S. persons (as defined in Regulation S
under the 1933 Act).
About Aurelius
Aurelius is a well-positioned gold exploration
company focused on advancing two district-scale gold projects in
the Abitibi Greenstone Belt in Ontario, Canada, one of the world’s
most prolific mining districts; the 968-hectare Mikwam Property, in
the Burntbush area on the Casa Berardi trend and the 12,425-hectare
Lipton Property, on the Lower Detour Trend. In 2018, Ontario
converted its manual system of ground and paper staking and
maintaining unpatented mining claims to an online system. All
active, unpatented claims were converted from their legally defined
location to a cell-based provincial grid. The Mikwam Property
is comprised of 9 legacy claims consisting of 69 Cell Claims
including 29 Single Cell Mining Claims (“SCMC’s”) and 40 Boundary
Cell Mining Claims (“BCMC’s”). The Lipton Property is now
comprised of 57 legacy claims consisting of 721 Cell Claims, 563
SCMC’s, 143 BCMC’s, and 30 “internal” and overlapping (i.e., two
occupying the same space) BCMC’s. The Company has a sound
management team with experience in all facets of the mineral
exploration and mining industry who will be considering additional
acquisitions of advanced staged opportunities in the Abitibi and
other proven mining districts.
On Behalf of the BoardAURELIUS MINERALS
INC.
For further information please contact:
Aurelius Minerals Inc.Mark N.J. Ashcroft,
P.Eng., President & CEOinfo@aureliusminerals.comTel.: (416)
304-9095www.aureliusminerals.com
Neither 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.
Cautionary Note Regarding
Forward-Looking Information
This news release contains “forward-looking
information” under the provisions of applicable Canadian securities
legislation, concerning the business, operations and financial
performance and condition of Aurelius. All statements in this press
release, other than statements of historical fact, are
"forward-looking information" with respect to Aurelius within the
meaning of applicable securities laws, including statements with
respect to the Company’s planned drilling and exploration
activities, the anticipated benefits of the Acquisition and the
Private Placements, the number of Aurelius Shares to be issued,
timing and anticipated receipt of regulatory and corporate
approvals for the Acquisition and the Private Placements, the
negotiation and execution of a Definitive Agreement, if any, the
ability of the parties to satisfy conditions of and to complete the
Acquisition and the Private Placements within the times specified,
if at all, the development of the Dufferin Gold Properties, the
future price of gold, the estimation of Mineral Resources, the
realization of Mineral Resource estimates, the timing and amount of
estimated future production, costs of production, targeted cost
reductions, capital expenditures, free cash flow, costs and timing
of the development of new deposits, success of exploration
activities, permitting time lines, currency exchange rate
fluctuations, requirements for additional capital, government
regulation of mining operations, environmental risks, unanticipated
reclamation expenses, title disputes or claims and limitations on
insurance coverage. Generally, this forward-looking information can
be identified by the use of forward-looking terminology such as
"plans", "expects" , "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" , "believes", or
variations or comparable language of such words and phrases or
statements that certain actions, events or results "may", "could",
"would", "should", "might" or "will be taken", "occur" or "be
achieved" or the negative connotation thereof.
Forward-looking information is necessarily based upon a number of
factors and assumptions that, if untrue, could cause the actual
results, performances or achievements of Aurelius to be materially
different from future results, performances or achievements
expressed or implied by such statements. Such statements and
information are based on numerous assumptions regarding present and
future business strategies and the environment in which Aurelius
will operate in the future, including the price of gold,
anticipated costs and ability to achieve goals. In respect of the
forward-looking statements concerning the anticipated completion of
the proposed Acquisition, including the Private Placements, and the
anticipated timing for completion of the Acquisition, Aurelius has
provided them in reliance on certain assumptions that they believe
are reasonable at this time, including assumptions as to the time
required to negotiate a Definitive Agreement and complete matters
relating to the Private Placement; the ability of the parties to
receive, in a timely manner, the necessary regulatory, corporate
and other third party approvals; and the ability of the parties to
satisfy, in a timely manner, the other conditions to the closing of
the Acquisition.
Certain important factors that could cause
actual results, performances or achievements to differ materially
from those in the forward-looking information include, among
others, gold price volatility, mining operational and development
risks, litigation risks, regulatory restrictions (including
environmental regulatory restrictions and liability), changes in
national and local government legislation, taxation, controls or
regulations and/or change in the administration of laws, policies
and practices, expropriation or nationalization of property and
political or economic developments in Canada, delays, suspension
and technical challenges associated with projects, higher prices
for fuel, steel, power, labour and other consumables, currency
fluctuations, the speculative nature of gold exploration, the
global economic climate, dilution, share price volatility,
competition, loss of key employees, additional funding requirements
and defective title to mineral claims or property. Although
Aurelius believes its expectations are based upon reasonable
assumptions and has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking information, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or
intended.
The Company provides forward-looking information for the purpose of
conveying information about current expectations and plans relating
to the future and readers are cautioned that such statements may
not be appropriate for other purposes. By its nature, this
information is subject to known and unknown risks, uncertainties
and other important factors that may cause the actual results,
level of activity, performance or achievements of Aurelius to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited to: the risk
that the Acquisition and/or the Private Placements may not close
when planned or at all or on the terms and conditions set forth in
the LOI or any Definitive Agreement; the failure to obtain the
necessary regulatory and any other third party approvals required
in order to proceed with the transaction; the benefits expected
from the Acquisition not being realized; risks related to the
integration of acquisitions; risks related to current global
financial conditions; actual results of current exploration
activities; environmental risks; changes in project parameters as
plans continue to be refined; future price of gold; failure of
plant, equipment or processes to operate as anticipated; mine
development and operating risks; accidents, labour disputes and
other risks of the mining industry; delays in obtaining approvals
or financing; risks related to indebtedness and the service of such
indebtedness, as well as those factors, risks and uncertainties
identified and reported in Aurelius’ public filings under Aurelius’
SEDAR profile at www.sedar.com. Although Aurelius has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking statements. There can be no assurance that such
information will prove to be accurate as actual results and future
events could differ materially from those anticipated in such
statements. Forward-looking statements are made as of the date
hereof and, accordingly, are subject to change after such date.
Aurelius disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise unless required by law.
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