Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CNSX:LUX.CN) (Frankfurt/Stuttgart:NGO) (OTC:NWLXF) is pleased to announce that the Company has started construction at the fully permitted and fully funded Boston Project, its second environmentally and socially positive precious metals project.
Newlox has designed this mill with the capability of processing 150 tonnes per day of 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.
The construction timeline is projected at three months to be followed by commissioning, testing, and commercialization. Such an expedited construction and commissioning schedule at Plant 2 is the result of both the fully permitted status, and its proximity to the artisanal mining operations, in addition to Newlox Gold’s unique expansion strategy. The Boston operations team will provide advisory, engineering, and support to the local miners to ensure efficient gold and silver recovery using environmentally positive technology free of mercury.
Earthmoving and construction work is already underway at Project 2 and is progressing satisfactorily. Because of its location, adjacent to the Company’s first processing plant, this project benefits from significant shared infrastructure. Management looks forward to an expedited construction timeline and will regularly update shareholders.
Boston brings with it 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 in anticipation of the commencement of construction.
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. Partner mining will improve local economic conditions while, notably, removing the common legacy of mercury-based processing technologies, which result in negative human and environmental consequences.
Newlox previously announced securing 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. The Company expects the Boston Project to significantly contribute to Newlox’s near-term growth. By targeting small-scale projects with low capital requirements and expedited development timelines, the Company plans to grow rapidly in Latin America to encompass multiple projects. Boston will be a model for the artisanal mining sector.
A Message from Ryan Jackson, President & CEO:
“Precious metals are an integral part of local heritage and traditions and continue to be mined today for both economic and cultural reasons. Now, for the first time since the ancient introduction of the mercury amalgamation process, artisanal gold and silver will be recovered without the use of mercury and its associated environmental damage. We are honoured to have been invited to partner with the local mining groups in the Juntas Gold Camp and are looking forward to strengthening our associations through this new cooperative venture.
Project 2, Boston, will significantly contribute to the local economy’s sustainable development while solving a decades-old environmental and social dilemma for all local stakeholders’ benefit. The project not only supplements production at Newlox’s first processing plant but also constitutes a decisive second step in Newlox’s plan to build a portfolio of environmentally positive gold projects throughout Central and South America.”
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.
Contact Newlox Gold
Newlox Gold Ventures Corp., President
Phone: +1 778 738 0546