Vancouver, British Columbia, March 20, 2023 /PR Newswire/ – Elevation Gold Mining Corporation (TSXV: ELVT) (OTCQX: EVGDF) (“we” or “Elevation Gold”) is pleased to provide you with the latest information regarding our corporate activities.
Appointment of New Directors and Changes in Management Team
Elevation Gold is pleased to announce the appointment of Mr. David Pete Effective to the Board of Directors of the Company March 20, 2023Mr. Pete was Vice President and Chief Financial Officer of Frontera Copper Corporation, Vice President and Global Controller of Newmont Mining Corporation, and Vice President of Finance and Chief Financial Officer of Homestake Mining Company. He currently serves on the boards of Gatos Silver Inc. and Nickel Creek Platinum Corp. Mr Pete has over 30 years of experience in financial leadership supporting mining companies.
Douglas Hurstour Chairman said, “On behalf of the Elevation Gold Board of Directors, I am very pleased to welcome David Pete to the company. We believe Mr. Pete’s financial experience and perspective will be of great value to Elevation Gold as the company grows. ”
Additionally, the company is pleased to announce the following appointments: James Fowler Appointed General Manager of Mosmine March 27, 2023James is Managing Director of three different CMOC Group Limited operations, Vice President of North American Operations for Kinros Gold Corp, Freeport McMoRan/Phelps Dodge.
The company also announces the retirement of Dr. Warwick Board of Directors, Vice President of Exploration, Effectuation February 1We wish Board all the best in his future endeavours, and thank him for his tremendous contributions to Elevation Gold and Moss Mine over the past two years.
forward sales program
Also part of future production $1,889 and $1,962/ Oz. The company’s Board of Directors has authorized management to expand this position opportunistically up to a total of 9,000 oz for six months through 2023. Tim SwendseidElevation Gold’s CEO commented, “Although we represent less than half of our target production, we were able to close some excellent deals when prices skyrocketed.”
Operation update
Swendseid further commented: With production increasing throughout the year, he expects to achieve production and sales volumes of 36,000 to 38,000 ounces in 2023 as a whole. March 15ththThe Reynolds Pit area, which has already been cleared for mining, is only 1/2 km away from the current working pit and appears to be of a higher grade than currently mining at West Pit. We anticipate a possible extension of Moss Mine’s operational life in that area and in the area between it and the currently active West Pit. Additional drilling is required to determine if additional mining activity is viable in the area. ”
Changes to business lines of credit
We are also pleased to announce that we have increased and expanded our arrangements to provide a revolving credit facility (“Credit Facility”) to Elevation Gold. August 18, 2022The net proceeds will be used for the operating expenses and capital expenditures of the wholly owned gold and silver producing Moss Mine. Arizona and for general working capital purposes.Under the terms of the amended credit facility, the maximum principal amount available to us is US$12 million, accrues interest at 12% per annum on unpaid principal, payable quarterly in physical gold.The period of use of the facility has been extended. February 28, 2025We may, at our option, advance all or part of the Credit Facility at any time and without penalty or surcharge.
Stock option grant
The Company grants stock options to its directors, officers, and employees to acquire up to 600,000 shares of common stock in the aggregate. $0.20 5 years per share.
On behalf of the Board of Directors
“Tim J. Svenside”
Tim J. SvensideCEO of Elevation Gold Mining Corporation
About Elevation Gold Mining Corporation
Elevation Gold is a publicly traded gold and silver producer engaged in the acquisition, exploration, development and operation of mineral assets located in: usaElevation Gold common stock is listed on the TSX Venture Exchange (“TSXV”). Canada with ticker symbols ELVT and OTCQX usa The ticker symbol is EVGDF. The company’s main business is the 100% owned Moss mine. Mojave County of ArizonaElevation also retains ownership of the Hercules Exploration Facility in Lyon County, Nevada.
Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements and information contained herein are “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact contained in this document constitute forward-looking information. our plans, prospects and business strategies; our guidance regarding the timing and volume of future production and our expectations regarding operating performance; anticipated costs; permitting requirements and timelines; Estimates of mineral resources and mineral reserves, mine life estimates, and timing and expected results of mine plans. Exploration and development activities anticipated on our projects. net present value; design parameters; economic feasibility; processing of mineralized material; “believe”, “expect”, “anticipate”, “think”, “goal”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, Words such as “estimate,” “could,” “could,” “could,” “could,” “could,” “intend,” and similar expressions indicates forward-looking statements.
Forward-looking information is necessarily based on various estimates and assumptions, including, but not limited to, management’s expectations and beliefs, including that the Company has access to funding, adequate equipment and a sufficient workforce. I’m here. Assumed and future prices of gold, silver and other metals. anticipated costs; ability to meet objectives; assumptions related to the factors listed below; While these factors and assumptions are believed to be reasonable by the Company as of the date hereof in light of management’s experience and perception of current conditions and expected developments, these statements are not material. Generally, we are subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in forward-looking statements, and you should not place undue reliance on such statements or information. Such factors include, but are not limited to: environmental risks, industrial accidents, catastrophic equipment failures, abnormal or unexpected formations or unstable ground conditions, and earthquakes. risks inherent in the mining industry, including but not limited to natural phenomena such as floods or unusually severe weather; risks not covered by insurance; global financial conditions and inflation; fluctuations in our stock price and general stock market volatility; Volatility and fluctuations in metals and commodity prices. Threats associated with viral and infectious disease outbreaks, including the COVID-19 virus. Delay or inability to obtain, retain, or comply with permits. Risks associated with negative publicity about our company or the mining industry in general. health and safety risks; exploration, development or mining results not meeting company expectations; Unavailable or inaccessible infrastructure and risks associated with aging infrastructure. Actual mined ore and/or metal recoveries that differ from estimates of mineral resources and mineral reserves, grades, tonnage, dilution, mining plans, metallurgy and other properties. Estimates of mineral resources and mineral reserves, and risks associated with the geology, grades and continuity of mineral deposits. This includes, but is not limited to, models associated with it. ore processing efficiency; information technology and cybersecurity risks; potential fraud and corruption allegations or allegations of inappropriate or discriminatory employment practices involving us, our customers, suppliers or employees; regulatory investigations, enforcement, sanctions, and/or related or other litigation; Estimates for future production and operations. Estimated operating cost estimates. Labor disputes or other unforeseen difficulties or shortages of labor or the possibility of production interruptions and their consequences. risks associated with environmental regulations and environmental impacts of our business and products and their management; exchange rate fluctuations; climate change; and the risks associated with hiring and retaining highly skilled employees. Compliance with environmental, health and safety laws. Counterparty and Credit Risk and Customer Concentration. litigation; changes in laws, regulations or policies, including but not limited to those related to mining regimes, permits and approvals, environmental and tailings controls, and labor; title challenges or deficiencies; funding requirements and availability; dilution; risks associated with acquisitions and related integration efforts; This includes the anticipated benefits associated with the integration, the ability to achieve unexpected difficulties or expenses, and the diversion of administrative time with respect to the integration. Uncertainty regarding the interpretation of drilling results, geology, continuity, ore grade. Uncertainties in capital and operating cost estimates, production estimates, and economic profit estimates. Uncertainty in achieving expected program milestones. Other risks and uncertainties include, but are not limited to, those set forth in the company’s public documents available at SEDAR. www.sedar.com Under company profile. All forward-looking statements in this document are qualified by these cautionary statements. We have attempted to identify important factors that could cause our actual results to differ materially from those contained in the forward-looking information, but we may not Readers should note the following, as there may be other contributing factors: The preceding list is not exhaustive of all factors and assumptions that may have been used. If one or more of these risks and uncertainties materializes or the underlying assumptions prove incorrect, actual results may differ materially from those set forth in the forward-looking information. may differ. Therefore, there can be no assurance that forward-looking information will be accurate, and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. We disclaim any intention or obligation to update or revise any forward-looking information or to account for material differences between such events and subsequent actual events, except as required by applicable law. deny the
Source Elevation Gold Mining Corp.
