(TheNewswire)
Vancouver, BC – TheNewswire - 5 February 2024 – Newlox Gold VenturesCorp. (“Newlox” or the “Company”)(CSE: LUX ) ( Frankfurt/Stuttgart: NGO ) (OTC : NWLXF ) ispleased to announce that it has successfully completed the plannedelectrical upgrade at its Boston Project (Plant 2) in Costa Rica.Technicians from the state-owned power company operated on-site duringthe last week of January 2024 to make the final connections andinstall the high-voltage electrical meter. With the power nowconnected, Newlox Gold has resumed the testing of Plant 2 inanticipation of starting operations shortly.
Over the holidays, Newlox Gold received and installedequipment to facilitate the start of operations at Plant 2. Ofparticular importance, given the global shortage of thisequipment , was an electrical transformer,which was delivered and installed on site. The installation andconnection of the power equipment represents a significant milestonein the Company’s operations. The Boston Project now benefits fromconnection to the Costa Rican grid, which is a stable and 98% renewable electricity system.
The is slated to become the Company’s second environmentallyand socially responsible precious metals project in Costa Rica. TheProject will process feedstock newly extracted from the Boston Mine bythe Company’s local mining partners. At full scale, Newlox willoperate the new Boston mill to process 150 tonnes per day of materialgrading +- 15 grams per tonne gold with an anticipated gold recoveryof 90%. All feedstock is to be provided by the Company’s miningpartners, with profits to be split evenly between the parties.
“Management is delighted to report that the finalelectrical upgrades necessary to complete testing and begin operationsat Plant 2 are now complete. The Company will be providing updates tothe market as this procedure advances towards the start of commercialoperations,” commented Ryan Jackson, CEO of Newlox Gold VenturesCorporation.
Fo rward- 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 or otherwise. Neither CanadianSecurities Exchange nor its Regulation Services Provider (as that termis defined in the policies of the Canadian Securities Exchange) acceptresponsibility for the adequacy or 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 2560493
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