Brookmount Explorations, Inc. Finalizes Development Plan and Budget for Expansion of Canadian Drill Program and Preparation for Production
Brookmount Explorations (OTC PINK: BMXI) has finalized its development plan to expand drilling at the Moosehorn gold property in Canada's Tintina gold belt. The property boasts a confirmed NI 43-101 resource of 39,000 oz. Au, with plans to increase this to 100,000 oz. Au. The total development cost is estimated at $5.5 million, aimed for initial production of 4,000 oz. Au annually starting in 2022, ramping up to 15,000 oz. Au by 2024. Errin Kimball has been appointed Executive Director for North America, enhancing Brookmount's North American market presence.
- Development plan for Moosehorn gold property finalized, enhancing potential resource from 39,000 oz. Au to 100,000 oz. Au.
- Initial production targeted for 2022 at 4,000 oz. Au per annum, increasing to 15,000 oz. Au by 2024.
- Total estimated cost of development and production set at $5.5 million, indicating significant investment in growth.
- Heavy reliance on funding facility to cover projected $5.5 million costs could pose financial risks if funding is delayed or insufficient.
Los Angeles, California, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Brookmount Explorations, Inc. (OTC PINK: BMXI) ("Brookmount”, The Company”), a Nevada incorporated company is pleased to announce that it has finalized its development plan and budget to expand the drill program for “Moosehorn” its recently acquired gold property in the Canadian area of the Tintina gold belt, and to prepare the property for initial production.
The Moosehorn property, which comprises 4,300 HA of high-quality gold area, has to date, a confirmed NI 43-101 resource of 39,000 oz. Au. and The Company is planning to extend the drill intensity and depth to upgrade the confirmed resource to 100,000 oz. Au. Additionally, a plan has been drawn up to upgrade and complement existing on-site infrastructure and hire additional workforce to prepare Moosehorn for initial production commencing in 2022 at 4,000 oz. Au p/a, increasing to 15,000 oz. Au p/a in 2024. Total cost for both drilling and production roll out has been estimated at
In reflection of The Company’s’ presence in the North American market and its intention to further expand in that region, Errin Kimball, a highly experienced Canadian based geologist and mining engineer has been appointed as Executive Director, North America, with additional responsibilities for The Company’s’ global mining operations.
In announcing completion of the Moosehorn Development Plan, CEO, Nils Ollquist commented: “We are pleased to be launching the Moosehorn project prior to the end of this year, so we can target initial production in 2022. In light of the high latitude of the Tintina gold belt, it is important to take advantage of favorable weather patterns, and we can focus on installing heavy equipment during the 5 months or so before March 2022 and plan to commence production in the summer. The Board is confident that the Moosehorn project will add both to Brookmounts’ balance sheet strength, as the 43-101 resource is increased through the drill program, and our operating results from Indonesia enhanced as revenue from production comes on stream from 2022 onwards.”
Brookmount currently conducts its gold mining and processing operations through its Indonesian subsidiary incorporated in Sulawesi Province, Republic of Indonesia, one of Asia most dynamic and rapidly expanding economies with extensive reserves of natural resources and minerals including timber, coal, gold and hydrocarbons. As part of its strategy to develop as a diversified gold platform, The Company also recently completed the acquisition of a 4,300 HA gold property on the Canadian side of the “Tintina’ gold belt in Yukon, a highly valued mineral prospecting area which covers a large part of Alaska and Northern Canada.
Safe Harbor Statements:
Except for the historical information contained herein, certain of the matters discussed in this communication constitute "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995. Words such as "may," "might," "will," "should," "could," "anticipate," "estimate," "expect," "predict," "project," "future," "potential," "intend," "seek to," "plan," "assume," "believe," "target," "forecast," "goal," "objective," "continue" or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding benefits of the proposed license, expected synergies, anticipated future financial and operating performance and results, including estimates of growth. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. For example, the expected timing and likelihood of completion of the pending transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending transaction that could reduce anticipated benefits or cause the parties to abandon the transaction, the ability to successfully integrate the businesses, the occurrence of any event, change or other circumstance that could give rise to the termination of the negotiations, the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Brookmounts’ common stock. All such factors are difficult to predict and are beyond our control. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this report, except as required by applicable law or regulations.
For more information:
Brookmount Explorations, Inc.
info@brookmountgold.com
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