VANCOUVER, Feb. 24, 2020 /CNW/ - Orca Gold Inc.
(TSX-V: ORG) ("Orca" or the "Company") is pleased to provide an
update on developments in the Republic of the Sudan.
SUDAN DEVELOPMENTS:
- December 4, 2019: U.S.
announces plan to exchange ambassadors with Sudan after 23-year gap
- December 14, 2019: The
Sudanese Criminal Court sentences former President Omar al-Bashir to two years in prison for
corruption
- December 20, 2019:
The United States removes
Sudan from the list of Countries
of Particular Concern (CPC) on Religious Freedom, 20 years after
the designation
- January 12, 2020:
Canada and Sudan agree to upgrade diplomatic relations to
ambassadorial level and boost bilateral cooperation
- January 14, 2020: The
United Arab Emirates (UAE)
reiterates support for democratic transition in Sudan
- January 23, 2020:
Saudi Arabia reiterates call to
remove Sudan from the US list of
State Sponsors of Terrorism (SST)
- January 26, 2020:
Sudan removes all restrictions on
international aid organizations
- February 2, 2020: U.S.
Secretary of State, Mike
Pompeo, invites Head of Sudanese Sovereign Council,
General Abdel Fattah
al-Burhan, to Washington for discuss development of
bilateral relations between the two countries
- February 3, 2020: General
Abdel Fattah al-Burhan meets
with Prime Minister Netanyahu of Israel Agreement reached to
normalize relations between Sudan
and Israel
- February 7, 2020:
Sudan reaches settlement with
families of victims in the USS Cole attack (2000)
- February 9, 2020: UN
Secretary-General, Antonio
Guterres, urges US to remove Sudan from SST list
- February 11, 2020:
Sudan indicates willingness to
extradite former President Omar
al-Bashir to the International Criminal Court (ICC) in
The Hague
- February 16, 2020:
Expelled NGOs welcomed back to Sudan
Following its formation on August 21,
2019, the Sovereign Council of The Sudan has moved quickly to appoint a
predominantly civilian government. The Sovereign Council and
Sudan's new Prime Minister, Mr.
Abdullah Hamdok, and his Government,
have embarked upon an aggressive plan of economic reform and
domestic and international political normalization. These efforts
are supported and encouraged by the international community, with
the overall objective to bring Sudan back into the international marketplace
and achieve national economic recovery and democracy.
The political change in Sudan
is enhancing the prospects of the Company's Block 14 gold project.
Evolving economic policies and political stability are increasing
funding options to bring Block 14 into production. Discussions with
the new government of Sudan and
potential investors towards this goal are ongoing.
Block 14 is one of the best development-ready projects in
Africa and demonstrates the
potential of Sudan to develop into
one of the largest commercial gold producers in Africa.
Block 14 Feasibility Study Summary (See Company news
release on November 7, 2018 for
details):
|
|
Probable
Reserves
|
79.94Mt @ 1.11g/t
for 2.85 Moz
|
Average Annual
production:
|
|
First 7
Years
|
5.8Mtpa @ 1.49g/t
averaging 228,000oz Au/year
|
Life of Mine
("LOM")
|
167,000oz
Au/year
|
Mine
Life
|
13.6
years
|
Production
Costs:
|
Yrs 1 -
7
|
LOM
|
Cash
Costs
|
$689/oz
|
$707/oz
|
All-in Sustaining
Costs ("AISC")
|
$789/oz
|
$783/oz
|
After-Tax Net
Present Value ("NPV")
Discount rate:
5%; Gold Price: $1,250/oz
|
$403
million
|
After-Tax Internal
Rate of Return ("IRR")
|
24.2%
|
Payback
Period
|
3.9
years
|
Pre-Production
Capital
|
$328
million
|
Sustaining
Capital
|
$181
million
|
FINAL
PERMITTING
|
In
Progress
|
On behalf of the Board of Directors,
"Rick Clark"
Rick Clark| CEO & Director |
Orca Gold Inc. | 604.689.7842
About Orca Gold Inc.
Orca Gold Inc. (TSX-V: ORG) is a Canadian resource
company focused on exploration and development opportunities in
Africa. Led by a board of
directors made up of industry experts and a management team with a
track record of discovering and building significant mines
globally, Orca is developing one of the leading gold projects in
Africa. The Company is currently
focused on its 70%-owned Block 14 Gold Project in the Republic of
the Sudan on which a Feasibility
Study was completed in November
2018.
Cautionary Statement Regarding Forward-Looking
Information
Certain information contained in this
press release constitutes "forward-looking information",
within the meaning of Canadian legislation. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur", "be achieved" or "has
the potential to." Forward-looking statements contained in this
press release may include statements regarding the timing of the
completion of the second tranche of the private placement, the use
of proceeds and the future operating or financial performance of
the Company which involve known and unknown risks and uncertainties
which may not prove to be accurate. Actual results and outcomes may
differ materially from what is expressed or forecasted in these
forward-looking statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Among those factors which could cause actual results
to differ materially are the following: regulatory approvals, the
ability of the parties to satisfy conditions precedent to the
financing, market conditions and other risk factors listed from
time to time in our reports filed with Canadian securities
regulators on SEDAR at www.sedar.com. The
forward-looking statements included in this press release are made
as of the date of this press release 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.
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
SOURCE Orca Gold Inc.