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Figure 1. One of Six Newly Upgraded Local Mines to Supply the Planned Newlox Gold Toll Mill
Vancouver, BC – TheNewswire - 26 March 2024 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX | Frankfurt/Stuttgart: NGO | PINK: NWLXF) a trailblazer in environmentally conscious mining practices, is pleased to announce a strategic investment of US$100,000 in its Antioquia Community Coexistence Gold Project (the “Coexistence Project”). Engineering and permitting work are currently underway at the project, with the Company’s efforts being directed at obtaining all necessary permits for the project to facilitate the start of construction in 2024.
Newlox Gold’s Coexistence Project in San Roque, Department of Antioquia, Colombia, is a planned 1,000 tonne per day toll milling gold operation that will provide local small miners access to modern mineral processing options. The Company will benefit from an exclusive processing mandate for all ore mined by local Colombian miners from the high-grade zones surrounding the Gramalote project, a notable feasibility-level open pit gold project with resources of over 4.2 million ounces of gold.
As part of the Coexistence Project, the Government of Antioquia has announced the formalization of 60 artisanal mining areas into legal mining concessions, which will exclusively supply feedstock to the Coexistence Project’s processing plant. As part of the formalization process, the local miners are required to join a community mining organization which provides access to expertise and capital to facilitate the upgrade of their operations. 6 of the 60 mines have now been upgraded from traditional artisanal workings to modern and efficient mining operations, and the remaining 54 are expected to follow.
In addition to being a significant economic opportunity for Newlox and its shareholders, the Coexistence Project is designed to be a harmonious collaboration between the Company and the local community. Management’s vision extends beyond extracting precious metals; it encompasses sustainability, social responsibility, and economic empowerment. Because of the robust environmental and social development goals of this endeavour, the Coexistence Project benefits from strong government support, and management is pleased to report that significant public investment in infrastructure surrounding Newlox Gold’s project is currently underway, including roads, power, and direct investment in the new local mining projects which will feed Newlox Gold’s processing plant.
Meanwhile, the Company has been conducting commissioning work at its Boston Project (Plant 2) in Costa Rica over the past month. The Newlox Gold operations team reports that the commissioning work is advancing according to plan, and they expect to begin processing mineralized material shortly as part of the final metallurgical testing step before the start of commercial operations. The Company has also been processing tailings material at Plant 1 since the completion of power system upgrades earlier in the year and expects to return to steady production growth over the coming quarters at Plant 1.
Forward-Looking Information
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward- looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
Technical Disclaimer
The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Grab sample results included in any press release are not necessarily indicative of the mineralization in general for the deposit. James Turner, P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.
On Behalf of the Board, Newlox Gold Ventures Corp.
Contact Newlox Gold
Newlox Gold Ventures Corp.
Website: www.newloxgold.com
Email: info@newloxgold.com
Phone: + 1 604 256 0493
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