(TheNewswire)
Figure 1 . One of Six Newly UpgradedLocal Mines to Supply the Planned Newlox Gold Toll Mill
Vancouver, BC – TheNewswire - 26 March 2024 – Newlox Gold VenturesCorp. (“Newlox” or the “Company”) (CSE: LUX |Frankfurt/Stuttgart: NGO | PINK: NWLXF ) a trailblazer in environmentally conscious miningpractices, is pleased to announce a strategic investment of US$100,000in its Antioquia Community Coexistence Gold Project (the“Coexistence Project”). Engineering and permitting work arecurrently underway at the project, with the Company’s efforts beingdirected at obtaining all necessary permits for the project tofacilitate the start of construction in 2024.
Newlox Gold’s Coexistence Project in San Roque,Department of Antioquia, Colombia, is a planned 1,000 tonne per daytoll milling gold operation that will provide local small minersaccess to modern mineral processing options. The Company will benefitfrom an exclusive processing mandate for all ore mined by localColombian miners from the high-grade zones surrounding the Gramaloteproject, a notable feasibility-level openpit gold project with resources of over 4.2 million ounces of gold.
As part of the Coexistence Project, 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. Aspart of the formalization process, the local miners are required tojoin a community mining organization which provides access toexpertise and capital to facilitate the upgrade of their operations. 6 of the 60 mines have now been upgraded from traditional artisanalworkings to modern and efficient mining operations, and the remaining54 are expected to follow.
In addition to being a significant economic opportunityfor Newlox and its shareholders, the Coexistence Project is designedto be a harmonious collaboration between the Company and the localcommunity. Management’s vision extends beyond extracting preciousmetals; it encompasses sustainability, social responsibility, andeconomic empowerment. Because of the robust environmental and socialdevelopment goals of this endeavour, the Coexistence Project benefitsfrom strong government support, and management is pleased to reportthat significant public investment in infrastructure surroundingNewlox Gold’s project is currently underway,including roads, power, and direct investment in the new local miningprojects which will feed Newlox Gold’s processing plant.
Meanwhile, the Company has been conductingcommissioning work at its Boston Project (Plant 2) in Costa Rica overthe past month. The Newlox Gold operations team reports that thecommissioning work is advancing according to plan, and they expect tobegin processing mineralized material shortly as part of the finalmetallurgical testing step before the start of commercial operations.The Company has also been processing tailings material at Plant 1since the completion of power system upgrades earlier in the year andexpects to return to steady production growth over the coming quartersat Plant 1.
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,but is 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 theCompany believes that the expectations reflected in theforward-looking information are reasonable, it can give no assurancesthat the expectations of any forward-looking information will prove tobe correct. 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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