Orca Gold Signs All Remaining Agreements with the Government of Sudan to Advance Block 14 Gold Project Towards Production
VANCOUVER, BC, Oct. 21, 2021 /CNW/ - Orca Gold Inc. (TSXV: ORG) ("Orca" or the "Company") is pleased to announce that the Company and the Government of Sudan signed all the key development agreements to proceed with the formal construction of a large commercial gold operation at the Block 14 Gold Project in northern Sudan. The signing took place at an official ceremony held on October 20, 2021, at the Ministry of Minerals in Khartoum, Sudan – see Figures 1 & 2. Orca's President and CEO, Richard Clark, signed on behalf of the Company and his Excellency, the Honorable Minister of Minerals, Mohamed Bashir Abu Numo, signed on behalf of the Government of the Sudan.
"The signing ceremony in Khartoum was a momentous event to mark the payoff of a decade long push for a commercial gold industry in Sudan. The signing of these key agreements demonstrates the support and commitment of the Sudanese Government to achieving this objective and we are proud and privileged to stand beside the people of Sudan and their Government on this journey. I'd like to extend my sincerest gratitude to the Honourable Minister Abu Numo and his team at the Ministry and to the Sudanese Mineral Resources Company for their support and commitment in showing the world that Sudan is ready to be a serious player in the mining landscape of Africa. We at Orca have demonstrated our dedication to this objective over the past decade and I am extremely proud of our team for their faith, hard work and unfailing belief that Sudan is the next, if not, the final frontier for gold exploration and development on the continent of Africa. With the clear message being sent by the Sudan Government in concluding these material, modern, development agreements, we look forward to welcoming other mining companies in joining us on this exciting journey," commented Richard Clark. "Contrary to media reports of instability in the Sudanese political environment, we can confirm that it has been business as usual for our operations to date. Despite experiencing some delivery delays due to issues at Port Sudan, the political climate in Sudan continues to be extremely positive towards international investment and infrastructure development.
Anticipating the successful conclusion of negotiations with the Government of Sudan and the signing of the material development agreements, the Company has continued in its pre-construction activities at Block 14. The first phase of the development camp construction is well advanced and scheduled for completion before year end. In addition to this construction, the first flight recently landed at Block 14's newly completed airstrip – see Figures 3 & 4. Regular flights will now be scheduled in conjunction with operations and development requirements. This is a key milestone in the early development of the project as access to the strip cuts travel time from Khartoum from 14 hours to 2 hours and significantly increases safety protocols for the operation.
On behalf of the Board of Directors,
"Richard P. Clark"
Richard P. Clark| CEO & Director | Orca Gold Inc. | 604.689.7842
About Orca Gold Inc.
Orca Gold Inc. (TSX-V: ORG) is a Canadian resource company focused on exploration and development opportunities in Africa. Led by a board of directors made up of industry experts and a management team with a track record of discovering and building significant mines globally, Orca is developing one of the leading gold projects in Africa. The Company is currently focused on its 70%-owned Block 14 Gold Project in the Republic of the Sudan on which a Feasibility Study was completed in November 2018 and revised in September 2020.
Cautionary Statement Regarding Forward-Looking Information
Certain information contained in this press release constitutes "forward-looking information", within the meaning of applicable Canadian and U.S. securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements contained in this press release may include statements regarding the use of proceeds, the closing of the Private Placement, the future operating or financial performance of the Company and the financial metrics reported in our feasibility study, which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: the requirement for regulatory approvals; enhanced uncertainty in global financial markets as a result of the current COVID-19 pandemic; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; that the Feasibility Study may not represent a viable development option for Block 14 and that the assumptions set out therein (particularly with respect to the economics of Block 14) may prove to be untrue or inaccurate; that actual Mineral Reserves and Resources at Block 14 and the grades thereof may be less or different in nature than those contained in the Feasibility Study; that the Company may not meet the production estimates set out in the Feasibility Study; that the life of mine at Block 14 may be shorter than anticipated; that the Company may not receive the necessary permits on time, or at all; risks related to cost overruns and the changes of the cost of inputs; that the development and mining of Block 14 may experience delays and may not proceed on the expected timeline, or at all; that the Company may develop Block 14 in a different manner than is set forth in the Feasibility Study and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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.
SOURCE Orca Gold Inc.
Elina Chow, VP, Corporate Strategy, 416.845.8495, [email protected]
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