MONTREAL, Oct. 24, 2019 /CNW Telbec/ - SRG Mining
Inc. (TSXV: SRG) ("SRG" or the "Company") today provides
an update on recent activities related to its Lola graphite project
(the "Project").
"We continue to progress on the development of our Project with
several work streams currently ongoing. We are diligently
proceeding towards achieving our ultimate goal of building a mine
and concentrator capable of producing 54,000tpa of high-quality
graphite flakes, in best possible timeframe, and in the best
interest of all our stakeholders," said Ugo
Landry-Tolszczuk, President and COO of SRG Mining.
PROJECT DEVELOPMENT
Following the filing of our Project's feasibility study, SRG has
diligently worked towards the next stage of development, detailed
engineering and construction preparation. To that end, the Company
is currently in a bidding process with four recognized engineering
groups to determine the best partner to move forward with
engineering and then construction using an
engineering-procurement-construction management ("EPCM") model.
On the permitting front the Company has also steadily progressed
with Guinean authorities on its required mining permit. The Company
applied for its mining permit in April of 2019 and has worked in
concert with authorities to go through the country's approval
process. The Company received its preliminary approval from the
validation committee in July and the ministry of mines has moved
our file to the national mining commission. The review from this
commission was completed earlier this month and was the final step
before the mining permit, in the form of a decree, can be given to
the Company. It is the Company's expectation that we will receive
the mining permit before the end of 2019.
FINANCING
The Company has begun discussions with institutions interested
in financing the construction of the Project. Targeted institutions
are those who are comfortable with mining in Africa and have an appetite for the size and
nature of the Project. The objective of management is to find the
financial partners and the structure which will allow the Project
to move forward as quickly as possible while maintaining the
interests of all stakeholders.
SALES
After nearly two years of work on sales agreements, the Company
signed a three-year binding off-take agreement for a total of
27,000t over that period. This agreement represents approximately
20% of the Company's anticipated production. Our efforts in
continuously producing graphite from our lab in Guinea and producing a bulk sample is in line
with these efforts to secure sales. The Company continues to
believe in signing sales agreements for 40-60% of the anticipated
production and having many potential clients test and qualify our
material. These efforts will remain ongoing throughout the life of
the Project.
ABOUT SRG MINING
SRG Mining is a Canadian-based mining company focused on
developing the Lola graphite deposit located in the Republic of
Guinea, West Africa. SRG is committed to operating in
a socially, environmentally, and ethically responsible manner.
For additional information, please visit SRG's website at
www.srgmining.com.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking information" within
the meaning of Canadian securities legislation. All information
contained herein that is not clearly historical in nature may
constitute forward-looking information. Generally, such
forward-looking information can be identified by the use of
forward-looking terminology such as "will", "continue", "progress",
"move forward", "expectation", "receive", "believe", "anticipated",
"potential", "provide", "present", "reasonable", "established",
"has", "demonstrate", "potential", or variations of such words and
phrases or state that certain actions, events or results "may",
"could", "would" or "might". Forward-looking information is subject
to known and unknown risks, uncertainties and other factors that
may cause the actual results, level of activity, performance or
achievements of the Company to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to: (i) volatile stock price; (ii) the general
global markets and economic conditions; (iii) the possibility of
write-downs and impairments; (iv) the risk associated with
exploration, development and operations of mineral deposits
including the accuracy of the current mineral reserve and mineral
resource estimates of the Company (including, but not limited to,
ore tonnage and ore grade estimates) and mine plans for the
Company's mining operations (including, but not limited to,
throughput and recoveries being affected by metallurgical
characteristics); (v) the risk associated with establishing title
to mineral properties and assets including permitting, development,
operations and production from the Company's operations being
consistent with expectations and projections; (vi) fluctuations in
commodity prices, finding offtake takers and potential clients and
other risks and factors described or referred to in the section
entitled "Risk Factors" in the MD&A of the Company and which is
available at www.sedar.com, all of which should be reviewed in
conjunction with the information found in this news release.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in the forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
forward-looking information. Such forward-looking information has
been provided for the purpose of assisting investors in
understanding the Company's business, operations and exploration
plans and may not be appropriate for other purposes. Accordingly,
readers should not place undue reliance on forward-looking
information. Forward-looking information is given as of the date of
this press release, and the Company does not undertake to update
such forward-looking information except in accordance with
applicable securities laws.
SOURCE SRG Mining Inc.
