ELMGF - Element79 Gold Corp Welcomes the Successful IPO of Sun Silver Ltd.
(TheNewswire)
VANCOUVER, BC - TheNewswire - May 15 ,2024 – The Board of Directors and the management team of Element79 Gold Corp. (CSE:ELEM)(OTC:ELMGF) (FSE:7YS0) ("Element79" , the "Company ") extend their congratulations to Sun Silver Ltd. (“Sun Silver”) fortheir successful initial public offering (IPO) today.
The offering was oversubscribed to its maximum limit of AUD$13,000,000 and Sun Silver shares began trading on the AustralianStock Exchange (ASX) under the symbol SSI.
Sun Silver comes to market at a time of growing investor interest inthe silver industry, driven by growing demand for the metal fromindustrial and high-tech applications particularly the solar industry.
Solar energy capacity in the USA alone is forecast to increase by125GW per year to 2030, and the USA has set a target for solar energyto provide 30 per cent of all electricity in the United States by 2030and 45% by 2050. The estimated amount of silver required to achievethis target by 2050 represents as much as 98% of the current knownglobal silver reserves.
As part of the transaction, Element79 now hold a stake representing3,500,000 shares of Sun Silver, pursuant to the terms agreed upon inthe recently completed sale of the Maverick Springs project. SunSilver aims to develop Maverick Springs and undertake early-stagestudies to assess the feasibility of silver paste and solar energyopportunities.
“We are pleased to witness the success of our colleagues at SunSilver,” said James Tworek, CEO of Element79 Gold. “Element79’sstake in Sun Silver share capital solidifies the relationship betweentwo industry players who share a vision of sustainable growthdevelopment and long-term value creation for their shareholders.”
“We are thrilled to have completed our IPO and excited to embark onthis journey where we intend to expand on the existing resource atMaverick Springs,” said Gerard O’Donovan, Executive Director ofSun Silver Ltd. “We look forward to leveraging our position in thesilver industry, capitalizing on the growing demand and we aregrateful for the synergies with the team at Element79 who wereinstrumental in helping us make this significant step forward.”
About Element79 Gold Corp.
Element79 Gold is a mining company focused on gold and silvercommitted to maximizing shareholder value through responsible miningpractices and sustainable development of its projects. Element79Gold's focus is on developing its past-producing, high-grade gold andsilver mine, the Lucero project located in Arequipa, Peru, with theintent to restart production in 2024.
The Company also holds a portfolio of 5 properties along the BattleMountain trend in Nevada, with the Clover and West Whistler projectsbelieved to have significant potential for near-term resourcedevelopment. Three properties in the Battle Mountain Portfolio areunder contract for sale to Valdo Minerals Ltd., with an anticipatedclosing date in the first half of 2024.
The Company has an option to acquire a 100% interest in the DaleProperty, 90 unpatented mining claims located approximately 100 kmsouthwest of Timmins, Ontario, and has recently announced that it hastransferred this project to its wholly owned subsidiary, SynergyMetals Corp, and is advancing through the Plan of Arrangement spin-outprocess.
For more information about the Company, please visit www.element79.gold
Contact Information
For corporatematters, please contact:
James C. Tworek, Chief Executive Officer
E-mail: jt@element79gold.com
For investorrelations inquiries, please contact:
Investor RelationsDepartment
Phone: +1.403.850.8050
E-mail: investors@element79.gold
Cautionary Note RegardingForward-Looking Statements
This press contains "forward?lookinginformation" and "forward-looking statements" underapplicable securities laws (collectively, "forward?lookingstatements"). These statements relate to future events or theCompany's future performance, business prospects or opportunities thatare based on forecasts of future results, estimates of amounts not yetdeterminable and assumptions of management made consideringmanagement's experience and perception of historical trends, currentconditions and expected future developments. Forward-lookingstatements include, but are not limited to, statements with respectto: the Company's business strategy; future planning processes;exploration activities; the timing and result of explorationactivities; capital projects and exploration activities and thepossible results thereof; acquisition opportunities; and the impact ofacquisitions, if any, on the Company. Assumptions may prove to beincorrect and actual results may differ materially from thoseanticipated. Consequently, forward-looking statements cannot beguaranteed. As such, investors are cautioned not to place unduereliance upon forward-looking statements as there can be no assurancethat the plans, assumptions or expectations upon which they are placedwill occur. All statements other than statements of historical factmay be forward?looking statements. Any statements that express orinvolve discussions with respect to predictions, expectations,beliefs, plans, projections, objectives or future events orperformance (often, but not always, using words or phrases such as"seek", "anticipate", "plan","continue", "estimate", "expect","may", "will", "project","predict", "forecast", "potential","target", "intend", "could","might", "should", "believe" and similarexpressions) are not statements of historical fact and may be"forward?looking statements".
Actual results may vary from forward-lookingstatements. Forward-looking statements are subject to known andunknown risks, uncertainties and other factors that may cause actualresults to materially differ from those expressed or implied by suchforward-looking statements, including but not limited to: the durationand effects of the coronavirus and COVID-19; risks related to theintegration of acquisitions; actual results of exploration activities;conclusions of economic evaluations; changes in project parameters asplans continue to be refined; commodity prices; variations in orereserves, grade or recovery rates; actual performance of plant,equipment or processes relative to specifications and expectations;accidents; labour relations; relations with local communities; changesin national or local governments; changes in applicable legislation orapplication thereof; delays in obtaining approvals or financing or inthe completion of development or construction activities; exchangerate fluctuations; requirements for additional capital; governmentregulation; environmental risks; reclamation expenses; outcomes ofpending litigation; limitations on insurance coverage as well as thosefactors discussed in the Company's other public disclosure documents,available on www.sedarplus.ca . Althoughthe Company has attempted to identify important factors that couldcause actual results to differ materially from those contained inforward-looking statements, there may be other factors that causeresults not to be as anticipated, estimated or intended. The Companybelieves that the expectations reflected in these forward?lookingstatements are reasonable, but no assurance can be given that theseexpectations will prove to be correct and such forward?lookingstatements included herein should not be unduly relied upon. Thesestatements speak only as of the date hereof. TheCompany does not intend, and does not assume any obligation, to updatethese forward-looking statements, except as required by applicablelaws.
Neither the Canadian SecuritiesExchange nor the Market Regulator (as that term is defined in thepolicies of the Canadian Securities Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
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