CMC Acquires a 16.05% Interest in North Bay Resources Inc. and Announces a Change in Directors
CMC Metals (TSX-V:CMB, OTCQB:CMCXF) has acquired a 16.05% interest in North Bay Resources Inc. (NBRI) through 1.12 billion common shares. This acquisition is part of an agreement where NBRI acquired 55.5% of CMC's gold processing mill in Bishop, California. NBRI has made progress in reopening the mill facility and acquired the Mount Vernon Mine in Sierra County as a potential ore source. The mine is permitted and equipped, with NBRI planning to commence a mining test extraction and potentially start production at 100 tons per day.
CMC also announced changes to its Board of Directors, with John Bossio resigning after 14 years of service and being replaced by John Land, who brings 40 years of experience in the Canadian oil and gas industry. The company continues to focus on advancing its portfolio of high-grade silver and gold properties in Yukon and British Columbia.
CMC Metals (TSX-V:CMB, OTCQB:CMCXF) ha acquisito un 16,05% di partecipazione in North Bay Resources Inc. (NBRI) attraverso 1,12 miliardi di azioni comuni. Questa acquisizione fa parte di un accordo in cui NBRI ha acquisito il 55,5% dell'impianto di lavorazione dell'oro di CMC a Bishop, California. NBRI ha fatto progressi nella riapertura dell'impianto e ha acquisito la Mount Vernon Mine nella Contea di Sierra come potenziale fonte di minerale. La miniera è autorizzata e attrezzata, con NBRI che prevede di avviare un'estrazione di prova mineraria e potenzialmente iniziare la produzione a 100 tonnellate al giorno.
CMC ha inoltre annunciato cambiamenti nel suo Consiglio di Amministrazione, con John Bossio che si è dimesso dopo 14 anni di servizio e sostituito da John Land, che porta 40 anni di esperienza nell'industria canadese del petrolio e del gas. L'azienda continua a concentrarsi sull'avanzamento del proprio portafoglio di proprietà ad alta grade di argento e oro nello Yukon e nella Columbia Britannica.
CMC Metals (TSX-V:CMB, OTCQB:CMCXF) ha adquirido un 16.05% de participación en North Bay Resources Inc. (NBRI) a través de 1.12 mil millones de acciones comunes. Esta adquisición es parte de un acuerdo en el que NBRI adquirió el 55.5% del molino de procesamiento de oro de CMC en Bishop, California. NBRI ha avanzado en la reapertura de la instalación del molino y ha adquirido la mina Mount Vernon en el condado de Sierra como una posible fuente de mineral. La mina está autorizada y equipada, con NBRI planeando comenzar una extracción de prueba y potencialmente iniciar la producción a 100 toneladas por día.
CMC también anunció cambios en su Junta Directiva, con John Bossio renunciando después de 14 años de servicio y siendo reemplazado por John Land, quien aporta 40 años de experiencia en la industria canadiense del petróleo y gas. La compañía continúa enfocándose en avanzar su cartera de propiedades de alta ley de plata y oro en Yukon y Columbia Británica.
CMC Metals (TSX-V:CMB, OTCQB:CMCXF)는 1.12억 주의 보통주를 통해 North Bay Resources Inc. (NBRI)의 16.05% 지분을 인수했습니다. 이 인수는 NBRI가 캘리포니아 비숍에 있는 CMC의 금 가공 공장의 55.5%를 인수하는 협약의 일환입니다. NBRI는 공장 시설의 재개장을 위해 진행 중이며, 광상으로 활용할 수 있는 시에라 카운티의 마운트 밴논 광산을 인수했습니다. 이 광산은 허가를 받았고 장비가 갖춰져 있으며, NBRI는 시험 채굴을 시작하고 하루에 100톤의 생산을 시작할 계획입니다.
CMC는 또한 이사회의 변화 소식을 전하며, John Bossio가 14 년의 재임 끝에 사임하고, 캐나다 석유 및 가스 산업에서 40 년의 경험을 가진 John Land가 그 뒤를 이었습니다. 이 회사는 여전히 유콘과 브리티시 컬럼비아에서 고품질 은 및 금 자산을 발전시키는 데 집중하고 있습니다.
CMC Metals (TSX-V:CMB, OTCQB:CMCXF) a acquis une 16,05% de participation dans North Bay Resources Inc. (NBRI) par le biais de 1,12 milliard d'actions ordinaires. Cette acquisition fait partie d'un accord dans lequel NBRI a acquis 55,5 % de l'usine de traitement de l'or de CMC à Bishop, Californie. NBRI a fait des progrès dans la réouverture de l'installation de l'usine et a acquis la mine de Mount Vernon dans le comté de Sierra comme source potentielle de minerai. La mine est autorisée et équipée, NBRI prévoit de commencer un test d'extraction minière et potentiellement débuter une production à 100 tonnes par jour.
CMC a également annoncé des changements dans son conseil d'administration, avec John Bossio démissionnant après 14 ans de service et étant remplacé par John Land, qui apporte 40 ans d'expérience dans l'industrie pétrolière et gazière canadienne. L'entreprise continue de se concentrer sur l'avancement de son portefeuille de propriétés de haute qualité en argent et en or au Yukon et en Colombie-Britannique.
CMC Metals (TSX-V:CMB, OTCQB:CMCXF) hat sich eine 16,05% Beteiligung an North Bay Resources Inc. (NBRI) durch 1,12 Milliarden Stammaktien gesichert. Diese Akquisition ist Teil einer Vereinbarung, in der NBRI 55,5% von CMCs Goldverarbeitungsanlage in Bishop, Kalifornien, übernommen hat. NBRI hat Fortschritte bei der Wiedereröffnung der Anlage gemacht und die Mount Vernon Mine im Sierra County als potenzielle Erzquelle erworben. Die Mine ist genehmigt und ausgestattet, und NBRI plant, einen Testabbau zu beginnen und möglicherweise mit einer Produktion von 100 Tonnen pro Tag zu starten.
CMC gab auch Änderungen im Vorstand bekannt, wobei John Bossio nach 14 Jahren Dienst zurücktritt und durch John Land ersetzt wird, der 40 Jahre Erfahrung in der kanadischen Öl- und Gasindustrie mitbringt. Das Unternehmen konzentriert sich weiterhin auf die Weiterentwicklung seines Portfolios hochwertiger Silber- und Goldressourcen im Yukon und in British Columbia.
- Acquisition of 16.05% interest in North Bay Resources Inc.
- Progress in reopening the Bishop mill facility
- Potential new ore source from Mount Vernon Mine
- Regular payments received from the sale of Bishop mill facility
- Addition of experienced director John Land to the board
- Resignation of long-serving board member John Bossio
- No assurance of economic outcome from NBRI's operations
VANCOUVER, BC / ACCESSWIRE / August 15, 2024 / CMC Metals Ltd. (TSX-V:CMB)(Frankfurt:ZM5P)(OTCQB:CMCXF) ("CMC" or the "Company") CMC Metals Ltd. is pleased to announce that it has acquired 1.12 billion common shares, equivalent to a
CMC is also pleased to note that NBRI has made significant progress in advancing the reopening of the Bishop mill facility. NBRI has been advancing site improvements and working to acquire ore sources. NBRI recently announced that it has acquired a
Mt. Vernon is a largely undeveloped deposit, proximate to some of the richest past producing gold mines in North America. Mt. Vernon is a permitted underground mine with modern portal, tunnel, ventilation. power, and equipment (see Pictures 1 and 2). The Company plans to commence a short mining test extraction immediately to confirm economics and then, provided the proposed mining activity proves viable, commence planned initial production of 100 tons per day shortly, pending minor infrastructure and permitting updates. NBRI intends to ship the ore to the Company's Bishop, California Gold Mill for processing, targeting initial net mine production of 3 truckloads per day, utilizing 30-ton triaxle dump trucks for delivery of feedstock to the mill.
NBRI are taking a pragmatic risk managed approach to their overall plan and strategy in California, as there are significant tasks and hurdles involved in their multi-faceted operation and there is no assurance of an economic outcome (refer to NBRI press releases dated April 23, July 18, and August 5, 2024).
Kevin Brewer, President and CEO noted "We are very pleased with the significant advancements NBRI have made with regards to advancing the mill commissioning and to secure high-grade ore sources. Our company is working closely with NBRI with the aim to advance production at the mill that will be highly beneficial for NBRI and CMC shareholders. We also continue to receive regular payments related to the sale of the Bishop mill facility that are helping CMC to support our own operations."
CMC is also announcing changes to the Board of Directors. After 14 years of dedicated service on the Board, with the last 4 years as the role of Chairman, Mr. John Bossio has decided to resign from the Board to pursue personal activities. Mr. Bossio will remain as an Advisor to the Board. Mr. Bossio has been replaced by Mr. John Land as a Director of the Company.
Mr. Land holds a Bachelor of Environmental Science from the University of Brandon and graduated in 1982. Mr. Land has forty years of Canadian oil and gas experience, beginning in large multinationals, then management in mid-tier producers, then executive positions in small explorers /producers. Mr. Land has considerable experience in establishing corporate and governance policies, managing administrative, financial, operational and regulatory functions as well as exploration, and producing operations in Western Canada. His family also operate Flamingo Drilling Ltd. who completed the drilling for CMC at the Silverknife Property in 2023.
Kevin Brewer, President and CEO noted "I am very sad to see John Bossio leave. He has been a cornerstone of CMC and in the past four years John and I have practically been on daily calls. We have worked closely to establish the foundation for significant growth and shareholder value for CMC in the foreseeable future. Together we have worked to deal with challenges and develop a strategic plan for growth. This work also included a succession plan for the Board with the goal to establish a team with considerable experience in the mineral exploration sector. That work is near completion and we thank John for his considerable efforts in helping us navigate through the challenges and to secure deals that will set the cornerstone for growth. The Board are very pleased to welcome Mr. Land as a Director. His significant deal making abilities and industry contacts are a welcome addition as we continue to advance our portfolio of high-grade silver and gold properties in Yukon and British Columbia and our desire to also seek new opportunities for growth as expected market improvements will evolve in the precious metals sector."
About CMC Metals Ltd.
CMC Metals Ltd. is a growth stage exploration company focused on opportunities for high grade polymetallic deposits in British Columbia, Yukon and Newfoundland. Our flagship project is the Silverknife Property in the emerging Rancheria Silver District. Other projects in this District include the Amy project (British Columbia) and the Silver Hart Deposit/Blue Heaven claims (Yukon). Our polymetallic projects with potential for copper-silver-gold and other metals include Bridal Veil (Newfoundland) and Logjam (Yukon), both of which are available for option.
On behalf of the Board:
"Kevin Brewer"
Kevin Brewer
President, CEO and Director
CMC Metals Ltd.
For Further Information and Investor Inquiries:
Kevin Brewer, P. Geo., MBA, B.Sc.(Hons), Dip. Mine Eng.
President, CEO and Director
Cellular : (709) 327 8013
Email: kbrewer80@hotmail.com
Suite 1000-409 Granville St. Vancouver, BC, V6C 1T2
To be added to CMC's news distribution list, please send an email to info@cmcmetals.ca or contact Mr. Kevin Brewer directly.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
"This news release may contain certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosures regarding the use of proceeds from the Private Placement comprise forward looking statements. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects, to carry out the work and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, the impact of the constantly evolving COVID-19 pandemic crisis and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation."
Picture 1. Mt. Vernon Main Portal
Picture 2. Gold Mineralization at the Bedrock Contact
SOURCE: CMC Metals Ltd.
View the original press release on accesswire.com
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