TORONTO, March 19, 2020 /CNW/ - 1911 Gold Corporation ("1911 Gold" or the "Company") (TSX-V: AUMB) advises that it has implemented plans to minimize, to the extent possible, the risks to it's employees, the business and the communities within which it operates from the coronavirus disease (COVID-19) outbreak. To date, there have been no known or suspected cases of COVID-19 reported at the Company's True North operations in Bissett, Manitoba. However, as most of the company's employees travel to the True North site from areas with confirmed cases of COVID-19, there is a foreseeable risk for such cases to occur.
In response to this rapidly evolving risk, the Company has implemented a number of initiatives in order to ensure the health and safety of all local stakeholders.
As of March 13:
As of March 18:
Planned for March 23:
The Company believes these steps will be adequate to minimize foreseeable risks from COVID-19, but is closely monitoring the situation with local health authorities and intends to remain in compliance with Federal and Provincial guidelines, recommendations and restrictions relating to COVID-19.
Ron Clayton, 1911 Gold President and CEO, commented, "We are fully committed to minimizing the health risk to our employees, contractors, and the communities we work in. We will continue to work proactively to stay ahead of any changes in the risk to our stakeholders as we navigate the current situation. Fortunately, we have a strong balance sheet, enabling us to adapt to the volatile market created by COVID-19 and will be in a great position to recommence normal operations once this challenge is overcome."
Operational Update
The Company anticipates commencing tailings reprocessing operations late in the month of April; however, it will continue to review the COVID-19 situation and may defer start-up should further risk mitigation be required.
The Company will complete the winter 2019–2020 exploration drilling program by the end of the permitted period (March 31, 2020) as originally planned, having tested seven of nine permitted targets. Two targets could not be accessed during the 2019–2020 program due to unusually mild winter conditions and poor freeze-up, but are planned to be tested in future drilling programs. Due to potential disruptions in core logging and processing, sample shipping and assaying, the Company anticipates that the release of final results will be delayed. However the Company continues to be pleased with the drill results to date and will release the remainder of the results as soon as safely possible.
About 1911 Gold Corporation
1911 Gold is a junior gold producer and explorer that owns the True North mine and mill complex, and is reprocessing historic tailings on a seasonal basis. In addition to operating True North at Bissett, Manitoba, 1911 Gold holds approximately 54,000 hectares of highly prospective land within and adjacent to the Rice Lake greenstone belt. 1911 Gold believes its land package is a prime exploration opportunity, with potential to develop a mining district centred on its True North facility. The Company also owns the Tully project near Timmins, Ontario, and intends to focus on both organic growth opportunities and accretive acquisition opportunities in North America.
1911 Gold's True North complex and exploration land package are located within the traditional territory of the Hollow Water First Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks forward to maintaining open, co-operative and respectful communication with the Hollow Water First Nation in order to build mutually beneficial working relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Ron Clayton
President and CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about exploration plans and the timing and results thereof, and the proposed claim purchase, are forward-looking statements. Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
All forward-looking statements contained in this news release are given as of the date hereof. 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 in accordance with applicable securities laws.
Neither 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 1911 Gold Corporation
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1911 Gold Corporation
400 Burrard Street, Suite 1050
Vancouver, BC V6C 3A6 Canada
ir@1911gold.com