(TheNewswire)
Vancouver, BC – TheNewswire - 20 November 2023 – Newlox Gold VenturesCorp. (“Newlox” or the “Company”)(CSE: LUX ) ( Frankfurt/Stuttgart: NGO ) (OTC : NWLXF ) ispleased to announce it has signed an agreement to acquire 100% of the AntioquiaCommunity Coexistence Project (the“Coexistence Project”) in San Roque, Department of Antioquia,Colombia for a total of US$1.5 million to be paid in upcominginstallments. The Coexistence Project will follow the coexistence model for relations withartisanal mining , which was spearheaded by Dr. Marcello Veiga and embraced by the Colombian Government and localstakeholders. The Project will provide local small miners access tomodern mineral processing options through a partnership with NewloxGold.
As part of the agreement, Newlox Gold’s CoexistenceProject will be the exclusive processing facility for all feedstockmined from the Gramalote artisanal mines over an initial term of 21years, with an automatic renewal of the agreement occurring when theunderlying mineral concessions are renewed. The Company intends toinitially construct a 500 to 1,000-tonne-per-day processing plant toservice the needs of local miners and anticipates that future demandmay grow well beyond this level.
This groundbreaking initiative involves establishingand operating a processing plant dedicated to refining ore frominitially up to 80 mining concessions within the immediate area, whichare being granted by the Gramalote project, a gold development endeavour approximately 120 km northeastof Medellin, Antioquia. To date, the Government of Antioquia hasannounced the formalization of 60 artisanal mining areas into legalmining concessions , which will exclusivelysupply feedstock to the Coexistence Project’s processing plant.Newlox’s processing plant will provide modern and environmentallyfriendly processing facilities to the local miners, which are expectedto significantly improve the economic, social, and environmentaloutcomes of artisanal mining.
Newlox has secured the exclusive rights to process allgold-bearing ore produced by the artisanal mining concessionairesgranted in the area. In return, the company has pledged acomprehensive social responsibility program, reinvesting 20% of thenet, after-tax profit from the plant into a Colombia-focused communitydevelopment fund. Management at Newlox Gold believes that reinvestmentin Colombian mining communities through the development fund willassist in realizing social, environmental, and economicdiversification goals while fostering a strong relationship betweenthe Company and local stakeholders.
Newlox Gold will pay US$1,500,000 in upcoming scheduledincrements to acquire 100% of the Coexistence Project, including therights and permits necessary for the processing plant's operation.Once the processing plant is in operation, Newlox Gold will extend acredit facility of up to $500,000 to the local mining cooperatives toassist with the further development of their mines and help to scaletheir operations safely and sustainably. The Company also plans toestablish an analytical laboratory to assist local mining groups withgrade control and operational management.
“In discussions with the community regarding theCoexistence Project, miners have enthusiastically shared theirsatisfaction with the project's positive impact on social,environmental, and overall quality of life in the province. With theconclusion of this process that began in 2004,the community is looking forward to the sustained benefits andimprovements brought about by the project,” commented Freddy OsvaldoRodriguez, who served as the mayor of the town from 2016 to 2019. MrRodriguez was pivotal in spearheading the formalization process incollaboration with the Gramalote Project, the Antioquia Government,and the Colombian Mines Department.
“We are excited about the Coexistence Project, as italigns with our strategic goals and reflects our commitment tosustainable and socially responsible business practices. This projectis a testament to the positive impact that collaboration andresponsible mining can have on communities; our company is working toreplicate this model in key sectors of Colombia,” said JeffreyBenavides, CFO of Newlox Gold Ventures Corporation.
Newlox looks forward to a successful and impactfulcollaboration, bringing positive change to the community, fosteringsustainable development, and setting new benchmarks in responsiblebusiness practices.
Forward-LookingInformation
The information in this news releaseincludes certain information and statements about management’s viewof future events, expectations, plans and prospects that constituteforward-looking information. Forward-looking information includes, butis not limited to, the completion of the work programs currentlyunderway and the results of these programs. These statements are basedupon assumptions that are subject to significant risks anduncertainties. Because of these risks and uncertainties and as aresult of a variety of factors, the actual results, achievements, orperformance may vary materially from those anticipated and indicatedby these forward-looking statements. The material risk factors thatcould cause actual results to differ include the risk that workundertaken by the Company may have unintended effects, the risk ofdelays in completing work, and the risk that the Company may not beable to raise sufficient funds and Force Majeure. Although the Companybelieves that the expectations reflected in the forward-lookinginformation are reasonable, it can give no assurances that theexpectations of any forward-looking information will prove to becorrect. Except as required by law, the Company disclaims anyintention and assumes no obligation to update or revise anyforward-looking information to reflect actual results, whether as aresult of new information, future events, changes in assumptions,changes in factors affecting such forward-looking statements orotherwise. Neither Canadian Securities Exchange nor its RegulationServices Provider (as that term is defined in the policies of theCanadian Securities Exchange) accept responsibility for the adequacyor accuracy of this release).
TechnicalDisclaimer
The Company advises it is not basingany decision to produce on a feasibility study of reservesdemonstrating the economic and technical viability of the project andalso advises there is increased uncertainty and specific economic andtechnical risks of failure associated with any production decision.Grab sample results included in any press release are not necessarilyindicative of the mineralization in general for the deposit. JamesTurner, P.Geo., a “Qualified Person” within the meaning ofNational Instrument 43-101, has prepared, supervised the preparationof, and approved the contents of this News Release.
On Behalf of the Board, Newlox Gold VenturesCorp.
Contact Newlox Gold
Newlox Gold Ventures Corp.
Website: www.newloxgold.com
Email: info@newloxgold.com
Phone: + 1 604 256 0493
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