Karora will host a call/webcast on November 8, 2021 at 10:00
a.m. (Eastern Time) to discuss the third quarter 2021
results. North American callers please dial: 1-888-664-6392,
international callers please dial: (+1) 416-764-8659. For
the webcast of this event click
[here] (replay access information
below).
TORONTO, Nov. 8, 2021 /CNW/ - Karora Resources Inc. (TSX:
KRR) (OTCQX: KRRGF) ("Karora" or the "Corporation") is pleased
to announce its financial results and review of activities for the
three and nine months ended September 30,
2021. All amounts are expressed in Canadian dollars, unless
otherwise noted. For additional information please refer to
Karora's Management's Discussion & Analysis ("MD&A") and
unaudited condensed interim financial statements for the three and
nine months ended September 30, 2021
and 2020.
Highlights
- Record third quarter 2021 consolidated gold production of
30,365 ounces and production of 84,889 ounces for the first three
quarters of 2021 was ahead of budget, positioning the Corporation
to deliver on full year consolidated 2021 gold production guidance
of 105,000 to 115,000 ounces (assumes no significant interruption
to operations as a result of the COVID-19 virus). Third quarter
gold sales were 28,935 ounces compared to 30,412 ounces sold in the
second quarter of 2021.
- Third quarter 2021 consolidated all-in-sustaining-costs
("AISC")1 of US$967 per
ounce sold was a 7% reduction compared to third quarter 2020 AISC
of US$1,044 per ounce sold (3%
reduction compared to second quarter 2021 AISC of US$996 per ounce sold). For the first three
quarters AISC was US$1,002 per ounce
sold, in line with the full year 2021 guided range of US$985-$1,085 per
ounce.
- Net earnings of $10.3 million, or
$0.07 per share was down $24.6 million from $34.9
million compared to the third quarter of 2020. Net earnings
during the third quarter of 2020 included an impairment reversal of
mineral properties of $36.1
million.
- Adjusted earnings1 of $14.2
million, or $0.10 per share
for the third quarter of 2021, up $0.5
million compared to the third quarter of 2020 and flat
compared to the second quarter of 2021 ($14.3 million or $0.10 per share).
- Adjusted EBITDA1 was $28.5
million or $0.19 per share for
the third quarter of 2021, up $3.9
million from $24.7 million in
the third quarter of 2020 and slightly lower than adjusted EBITDA
of $29.5 million in the second
quarter of 2021, mainly due to lower gold ounces sold.
- Cash flow from operating activities of $27.9 million, is a $6.0
million, or 27%, increase compared to $21.9 million for the third quarter of 2020 and
up $1.5 million, or 6%, compared to
the second quarter of 2021.
- Karora increased its cash position to $86.7 million as at September 30, 2021, after increased capital
deployment to prepare new mining areas at Higginsville, accelerated
exploration programs, and the receipt $10.8
million from the exercise of warrants during the
quarter.
- Karora became one of the world's first carbon neutral gold
producers for 2021 emissions from its own operations (Scope 1
emissions) and purchased electricity consumption (Scope 2
emissions) following the purchase and retirement of 80,000 tonnes
of verified carbon offset credits. The offset projects include
reforestation and conservation initiatives in Australia, among other projects.
- Follow-up drilling at the Beta Hunt 50C nickel discovery has
to-date defined a mineralized zone over a 150 metre strike length
and 80 metre width, which remains open along a potential strike
length of 2.6 kilometres. Significant new intersections include
intercepts of 4.0% Ni over 3.5 metres and 5.3% Ni over 2.2
metres.
- In September at Beta Hunt, Karora announced that infill and
step out drilling has extended the Larkin Gold Zone strike length
to over 1 kilometre and down dip to 150 metres below the
ultramafic/basalt contact zone. The Larkin zone remains open at
strike and depth. Significant results include intercepts of 9.4 g/t
over 11.0 metres, 20.5 g/t over 3.5 metres and 15.2 g/t over 1.6
metres.
- New early stage exploration drilling at Higginsville's Lake
Cowan area returned strong initial results supporting the
delineation of a 5 kilometre mineralized trend between the Monsoon
prospect and the Baloo Mine. Significant drilling intersections
include 21.1 g/t over 3 metres including 54.9 g/t over 1.0 metre
(located 1 kilometre south along strike from previously announced
aircore result of 1.35 g/t over 50 metres) and 9.0 g/t over 0.75
metres.
Paul Andre Huet, Chairman &
CEO, commented: "During the third quarter we announced that Karora
became one of the first junior gold producers to achieve carbon
neutrality in 2021 for Scope 1 and 2 at its own operations. This is
an achievement the entire Karora team is extremely proud of and is
the starting point for our goal of developing a pathway to a
long-term carbon emissions reduction strategy. We will include more
information on our strategy in our inaugural ESG report expected in
early 2022.
At our operations, we continued the trend of strong operational
performance in the third quarter, setting a second straight
quarterly gold production record. We produced 30,365 ounces which
is an improvement of 534 ounces compared to the previous record set
last quarter. Production costs improved quarter-over-quarter to a
very impressive US$967 per ounce
sold, US$29 per ounce lower than the
prior quarter and below the lower end of our 2021 guided AISC
range. For the first nine months of 2021 gold production was 84,889
ounces and AISC1 was US$1,002 per ounce sold, placing us on strong
footing to achieve our full year 2021 guidance.
Once again, I am very impressed with the commitment of our
operating team, having demonstrated time and time again an ability
to adapt and deliver on our targets despite the many challenging
situations we have faced over the last two years. During the third
quarter, our operations delivered an outstanding mill throughput of
358,000 tonnes. This improvement over the second quarter was
achieved despite difficult weather conditions during July and into
August which saw record rainfalls in the Kalgoorlie area.
Karora delivered another solid financial performance in the
third quarter of 2021 with Adjusted EBITDA1 of
$28.5 million or $0.19 per share and operating cash flow of
$27.9 million or $0.19 per share. Our Adjusted
earnings1 were $14.2
million or $0.10 per
share.
Karora ended the third quarter with a strong cash balance of
$86.7 million. With a very healthy
balance sheet, we are well positioned to deliver our fully funded
organic growth plan to double production from approximately 100,000
gold ounces in 2020 to approximately 200,000 ounces in 2024 (see
below table 3 for related assumptions). As with the prior two
quarters, we continued to deploy capital into the preparatory work
for an expanded production base during the third quarter with new
equipment deliveries and earthworks across the mining
operations."
1.
|
Non-IFRS: the
definition and reconciliation of these measures are included in the
Non-IFRS Measures section of Karora's MD&A dated November 8,
2021.
|
COVID-19 Protocols
In response to the global COVID-19 pandemic, Karora's protocols
and contingency plans have mitigated impacts of the pandemic.
Karora's operations continued to be consistent with the
Corporation's full year 2021 guidance for the third quarter of
2021. Karora's ongoing response to the COVID-19 pandemic continues
to prioritize the safety of its workforce and host communities
while mitigating potential operational impacts.
Results of Operations
Table 1 - Highlights of operational results for the periods
ended September 30, 2021 and
2020
|
|
|
|
Three months
ended
|
Nine months
ended
|
For the periods ended
September 30,
|
2021
|
2020
|
2021
|
2020
|
Gold Operations
(Consolidated)
|
|
|
|
|
Tonnes milled
(000s)
|
358
|
354
|
1,074
|
994
|
Recoveries
|
94%
|
92%
|
94%
|
92%
|
Gold milled, grade
(g/t Au)
|
2.81
|
2.36
|
2.63
|
2.49
|
Gold produced
(ounces)
|
30,365
|
24,717
|
84,889
|
73,612
|
Gold sold
(ounces)
|
28,935
|
22,912
|
84,894
|
70,723
|
Average realized price
(US $/oz sold)
|
$1,778
|
$1,905
|
$1,788
|
$1,665
|
Cash operating costs
(US $/oz sold)1
|
$887
|
$972
|
$902
|
$957
|
All-in sustaining cost
(AISC) (US $/oz sold)1
|
$967
|
$1,044
|
$1,002
|
$1,071
|
Gold (Beta Hunt
Mine)
|
|
|
|
|
Tonnes milled
(000s)
|
224
|
191
|
678
|
563
|
Gold milled, grade
(g/t Au)
|
3.22
|
2.75
|
3.06
|
2.95
|
Gold
produced(ounces)
|
21,742
|
15,525
|
62,356
|
49,514
|
Gold sold
(ounces)
|
20,692
|
14,502
|
62,438
|
47,603
|
Cash operating cost
(US $/oz sold)1
|
$761
|
$1,035
|
$812
|
$985
|
Gold (HGO
Mine)
|
|
|
|
|
Tonnes milled
(000s)
|
134
|
163
|
396
|
413
|
Gold milled grade (g/t
Au)
|
2.14
|
1.91
|
1.89
|
1.88
|
Gold produced
(ounces)
|
8,623
|
9,192
|
22,533
|
24,098
|
Gold sold
(ounces)
|
8,243
|
8,410
|
22,456
|
23,120
|
Cash operating cost
(US $/oz sold)1
|
$1,202
|
$863
|
$1,151
|
$901
|
1.
|
Non-IFRS: the
definition and reconciliation of these measures are included in the
Non-IFRS Measures section ofKarora's MD&A dated November 8,
2021.
|
Consolidated Operations
For the third quarter of 2021, Karora's gold operations milled
358,000 tonnes of material at an average grade of 2.81 g/t to
produce 30,365 ounces of gold. Tonnes milled were 4% higher than
the second quarter which had been impacted by a planned maintenance
shut down and the impact of above average seasonal rains during the
latter part of the second quarter.
The previously announced Phase I mill expansion of approximately
15%, or 550 tonnes per day, to 1.6 million tonnes per annum from
the prior capacity is on track for completion during the fourth
quarter of 2021. During the third quarter, the mill feed was
made up of approximately 63% material from the Beta Hunt
underground and 37% material from Higginsville Central open pit, in
line with the feed ratios for the first two quarters of the
year.
Beta Hunt
Production for the third quarter of 2021 was 224,000 tonnes
milled at a grade of 3.22 g/t, a 1% increase and 4% decrease,
respectively, compared to the second quarter of 2021.
Beta Hunt continued to focus on equipment reliability and
expanding capacity. Recent upgrades included the midlife rebuild of
a CAT AD60 truck and the addition of a new CAT 2900 Bogger and CAT
AD60 truck under the staged fleet replacement program to support
increased production capacity.
The new stage 1 ventilation upgrade is now in service after
completion of two underground raise bores and associated
development and infrastructure. Increased ventilation capacity is a
critical component for future higher mining rates as part of the
Beta Hunt growth plan.
During the third quarter of 2021 by-product credits from nickel
increased, although nickel production remains limited to remnant
nickel Mineral Resources south of the Alpha Island Fault. In future
nickel production is expected to increase as new nickel areas such
as the 30C and 50C discoveries are developed for mining.
Higginsville ("HGO") Central
HGO material milled during the third quarter of 2021 was 134,000
tonnes at a grade of 2.14 g/t, both 8% increases compared to the
second quarter of 2021. The second quarter saw an increase in mined
tonnes from Hidden Secret as two underground operations were
prepared to come online in the second half of 2021.
At Hidden Secret, 139,573 tonnes were mined compared to 156,700
tonnes for the second quarter. Metallurgical recoveries were
aligned with test work at 92-95%. At the nearby Mousehollow
deposit, grade control work was completed and production is
scheduled to commence in the fourth quarter of 2021
At the Aquarius underground mine, box cut and portal development
work has been completed and decline development will continue
through the fourth quarter. Initial level development material is
expected to be mined in early 2022 with stope production starting
shortly thereafter. The Aquarius deposit remains open along strike
and at depth with follow up drilling to be carried out from lateral
underground development which will provide optimal drill bay
locations.
Mine development at Two Boys underground continued in the third
quarter of 2021 with underground drilling set to commence before
the end of the fourth quarter. Dewatering and rehabilitation of the
lower levels remains a priority to enable access to the higher
grade mineralized zones at depth. Drilling is also underway into
surface mineralization adjacent to Two Boys which could extend into
the upper levels of Two Boys.
Spargos Reward Gold Mine
At Spargos, mine production commenced early in the fourth
quarter of 2021 having completed development works. Site
infrastructure is now largely in place and equipment was
successfully mobilized during the third quarter following awarding
of the mining contract. The next stage of exploration drilling will
focus on extending high grade gold mineralization outside the
margins of the current Mineral Resource (see Karora news release
dated June 28, 2021) and at depth to
define the potential for a high grade underground operation at
Spargos.
Cash Operating Costs and AISC1
For the third quarter, consolidated cash operating
costs1 and AISC1 were US$887 and US$967
per ounce sold, an increase of 1% and decrease of 3%, respectively
compared to the second quarter of 2021. The cost performance for
the first three quarters of 2021, at an AISC1 of
US$1,002 per ounce sold, is in line
with full year 2021 AISC1 guidance range of
US$985-$1,085 per ounce.
Outlook
Karora is maintaining its previously announced full year
consolidated 2021 production guidance of between 105,000 - 115,000
ounces of gold at an AISC1 range of US$985 to US$1,085
per ounce.
On June 28, 2021, the Corporation
announced three-year consolidated production guidance as part of a
multi-year growth plan that is expected to see gold production
double from 99,249 ounces in 2020 to a range of 185,000 – 205,000
ounces in 2024, at an AISC1 of US$885 to US$985
per ounce sold. Table 3 below outlines production, cost and capital
investment guidance for 2021-2024.
Table 3 – Consolidated Multi-Year Guidance to 2024
Production &
Costs
|
|
2021
|
2022
|
2023
|
2024
|
Gold
Production
|
Koz
|
105 - 115
|
120 – 140
|
150 – 170
|
185 - 205
|
All-in sustaining
costs
|
US$/oz
|
985 -
1,085
|
900 – 990
|
890 – 990
|
885 - 985
|
Capital
Investments
|
Sustaining
Capital
|
A$ (M)
|
5 - 6
|
8 – 13
|
11 – 16
|
18 - 23
|
Growth
Capital
|
A$ (M)
|
40 - 46
|
45 – 55
|
47 – 57
|
30 - 40
|
Exploration &
Resource Development
|
A$ (M)
|
20 - 23
|
21 – 24
|
22 –
25
|
20 – 23
|
(1)
|
2021 Guidance, which
was announced in January 2021 (see Karora news release dated
January 19, 2021), is unchanged. This production guidance
through 2024 is based on the 2020 year-end Mineral Reserves and
Mineral Resources announced on December 16, 2020.
|
(2)
|
The Capital
Investment amounts listed above, which the Corporation expects to
fund with cash on hand and cashflow from operations, includes the
capital required during the applicable periods to expand the
capacity of the Higginsville mill to 2.5 Mtpa. See below for
further detail regarding this expansion.
|
(3)
|
The material
assumptions associated with the expansion of Beta Hunt mining
production rate to 2.0 Mtpa in 2024 include the addition of a
second ramp decline system driven parallel to the ore body,
ventilation and other infrastructure that is required to support
these areas, and an expanded trucking fleet. The Capital Investment
amounts listed above, which the Corporation expects to fund with
cash on hand and cashflow from operations, include the capital
required during the applicable periods to fund this production
expansion. See below for further detail regarding this
expansion.
|
(4)
|
The Corporation's
guidance assumes targeted mining rates and costs, availability of
personnel, contractors, equipment and supplies, the receipt on a
timely basis of required permits and licenses, cash availability
for capital investments from cash balances, cash flow from
operations, or from a third-party debt financing source on terms
acceptable to the Corporation, no significant events which impact
operations, such as COVID-19, nickel price of US$16,000 per tonne,
as well as an A$ to US$ exchange rate of 0.78 and A$ to C$ exchange
rate of 0.91. Assumptions used for the purposes of guidance may
prove to be incorrect and actual results may differ from those
anticipated. See below "Cautionary Statement Concerning
Forward-Looking Statements".
|
(5)
|
Exploration
expenditures include capital expenditures related to infill
drilling for Mineral Resource conversion, capital expenditures for
extension drilling outside of existing Mineral Resources and
expensed exploration. Exploration expenditures also includes
capital expenditures for the development of exploration
drifts.
|
(6)
|
Capital expenditures
exclude capitalized depreciation.
|
(7)
|
AISC guidance
includes general and administrative costs and excludes share-based
payment expense.
|
(8)
|
See "Non-IFRS
Measures" set out at the end of Karora's MD&A dated for the
period ended September 30, 2021.
|
The growth plan will be driven by an expansion of Beta Hunt
underground mine production to 2.0 Mtpa by 2024, from 0.8 Mtpa
recorded in 2020. Increased production from Beta Hunt will be
complemented by ore from HGO Central and Spargos. The increased
tonnage will be processed by the Higginsville mill, which will be
expanded to a capacity of 2.5 Mtpa by 2024 (Phase II). This Phase
II expansion will follow the current Phase I expansion to 1.6 Mtpa
from 1.4 Mtpa. Advanced internal study work and detailed
engineering is progressing ahead of a formal construction decision
by the Board of Directors.
Further details on the growth plan can be found in Karora's news
release dated June 28, 2021, and the
third quarter MD&A.
Exploration and Resource Definition Drilling
At Beta Hunt, 9,183 metres of drilling was completed during the
third quarter. Drilling continued to focus on 1) upgrading and
extending the existing Western Flanks and A Zone Mineral Resources;
2) defining a new Mineral Resource at the Larkin Zone gold
discovery; and 3) defining a new nickel Mineral Resource at
the 30C discovery and following up on the high grade 50C Gamma Zone
nickel discovery.
At Higginsville, resource definition drilling during the third
quarter was focused on supporting life of mine objectives for the
three active mining operations. Drilling targeted extensions and
upgrades to the Two Boys and Aquarius deposits, and tested
extensions to the Hidden Secret open pit and Mousehollow Mineral
Resource, with results expected before the end of the fourth
quarter.
Exploration activities at Higginsville in the third quarter
included significant new drill results and the completion of the
CSA Global targeting study, focused on the Sleuth Trend, which
extends over 25 kilometres and includes the Baloo open pit mine,
Monsoon and Nanook prospects. The new drill results (see Karora
release dated September 14, 2021)
include RC drillhole KPBR0104 which intersected 21.2 g/t over 3
metres and diamond drillhole KPBD0364 which intersected primary
mineralization of 9.0 g/t over 0.75 metres.
Financial Highlights
Table 4 - Highlights of Third Quarter
(in thousands of
dollars except per share amounts)
|
Three months
ended
|
Nine months
ended
|
For the periods ended
September 30,
|
2021
|
2020
|
2021
|
2020
|
Revenue
|
$68,360
|
$59,405
|
$197,214
|
$169,787
|
Production and
processing costs
|
30,508
|
28,032
|
89,379
|
81,093
|
Earnings before
income taxes1
|
16,005
|
50,208
|
36,541
|
68,334
|
Net
earnings
|
10,340
|
34,867
|
21,355
|
45,224
|
Net earnings per
share - basic
|
0.07
|
0.24
|
0.15
|
0.33
|
Net earnings per
share - diluted
|
0.07
|
0.24
|
0.14
|
0.32
|
Adjusted
EBITDA1,2
|
28,541
|
24,653
|
79,232
|
64,386
|
Adjusted EBITDA per
share - basic1,2
|
0.19
|
0.17
|
0.54
|
0.47
|
Adjusted
earnings1
|
14,240
|
13,783
|
36,597
|
33,175
|
Adjusted earnings per
share – basic1
|
0.10
|
0.10
|
0.25
|
0.24
|
Cash flow provided by
operating activities
|
27,873
|
23,794
|
79,013
|
56,043
|
Cash investment in
property, plant and equipment and mineral property
interests
|
(31,050)
|
(8,095)
|
(66,225)
|
(26,320)
|
1.
|
Non-IFRS: the
definition and reconciliation of these measures are included in the
Non-IFRS Measures section of Karora's MD&A dated November 8,
2021.
|
2.
|
Earnings before
interest, taxes, depreciation, and amortization
("EBITDA").
|
Revenue for the third quarter of 2021 was $68.4 million, a 15% increase over the comparable
period in 2020. The increase in revenue in 2021 was the result of a
higher gold ounces sold (26% increase), partially offset by lower
realized prices which decreased by 7%.
Net earnings for the third quarter of 2021 were $10.3 million, or $0.07 per share compared to net earnings of
$34.9 million, or $0.24 per share, for the comparable period in
2020. The year-over-year decrease is primarily due to the
impairment reversal of property, plant and equipment of
$36.1 million in 2020. Third quarter
2021 net earnings were negatively impacted by an unrealized
non-cash foreign exchange loss of $2.4
million, or $0.02 per share,
and a non-cash derivatives loss of $1.2
million, or $0.01 per share,
primarily related to intercompany loans and derivatives,
respectively, which are subject to valuation changes due to quarter
over quarter currency fluctuations.
Adjusted net earnings1 for the third quarter were
$14.2 million, or $0.10 per share, a $0.5
million improvement over the same period in 2020.
Adjusted EBITDA1 for the third quarter of 2021
was $28.5 million, or $0.19 per share, compared to $24.7 million, or $0.17 per share, in the third quarter of
2020.
Table 5 - Highlights of Karora's Financial Position
(in thousands of dollars):
|
|
|
For the period
ended
|
September 30,
2021
|
December 31,
2020
|
Cash and cash
equivalents
|
86,719
|
79,695
|
Working
capital1
|
72,785
|
56,835
|
PP&E &
MPI
|
274,292
|
239,044
|
Total
assets
|
397,962
|
350,099
|
Total
liabilities
|
157,333
|
142,895
|
Shareholders'
equity
|
240,629
|
207,204
|
1
|
Working capital is a
measure of current assets (including cash and cash equivalents)
less current liabilities.
|
Karora's cash position increased to $86.7
million as at September 30,
2021, an increase $7.0 million
compared to December 31, 2020. Karora
had a working capital surplus of $72.8
million as of September 30,
2021.
For a complete discussion of financial results, refer to
Karora's MD&A and unaudited condensed interim financial
statements for the three and six months ended September 30, 2021 and 2020.
Conference Call / Webcast
Karora will be hosting a conference call and webcast today
beginning at 10:00 a.m. (Eastern
time). A copy of the accompanying presentation can be found
on Karora's website at www.karoraresources.com.
Live Conference Call and Webcast Access Information:
North American callers please dial: 1-888-664-6392
Local and international callers please dial: 647-764-8659
A live webcast of the call will be available through Cision's
website at:
Webcast Link
(https://produceredition.webcasts.com/starthere.jsp?ei=1507453&tp_key=2fab18e1fd)
A recording of the conference call will be available for replay
through the webcast link, or for a one-week period beginning at
approximately 1:00 p.m. (Eastern
Time) on November 8, 2021,
through the following dial in numbers:
North American callers please dial: 1-888-390-0541; Pass Code:
940826 #
Local and international callers please dial: 416-764-8677; Pass
Code: 940826 #
Compliance Statement (JORC 2012 and NI 43-101)
The disclosure of scientific and technical information contained
in this news release has been reviewed and approved by Stephen
Devlin, FAusIMM, Group Geologist, Karora Resources Inc., a
Qualified Person for the purposes of NI 43-101.
About Karora Resources
Karora is focused on doubling gold production to 200,000 ounces
by 2024 compared to 2020 and reducing costs at its integrated Beta
Hunt Gold Mine and Higginsville Gold Operations ("HGO") in
Western Australia. The
Higginsville treatment facility is a low-cost 1.6 Mtpa processing
plant, expanding to a planned 2.5 Mtpa by 2024, which is fed at
capacity from Karora's underground Beta Hunt mine and Higginsville
mines. At Beta Hunt, a robust gold Mineral Resource and Reserve is
hosted in multiple gold shears, with gold intersections along a 4
km strike length remaining open in multiple directions. HGO has a
substantial gold Mineral Resource and Reserve and prospective land
package totaling approximately 1,900 square kilometers. The Company
also owns the high grade Spargos Reward project which is
anticipated to begin mining in 2021. Karora has a strong Board and
management team focused on delivering shareholder value and
responsible mining, as demonstrated by Karora's commitment to
reducing emissions across its operations. Karora's common shares
trade on the TSX under the symbol KRR and also trade on the OTCQX
market under the symbol KRRGF.
Cautionary Statement Concerning Forward-Looking
Statements
This news release contains "forward-looking information"
including without limitation statements relating to the liquidity
and capital resources of Karora, production guidance and the
potential of the Beta Hunt Mine, Higginsville Gold Operation, the
Aquarius Project and the Spargos Gold Project, the commencement of
mining at the Spargos Gold Project and the completion of the
resource estimate.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Karora to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: future prices and the
supply of metals; the results of drilling; inability to raise the
money necessary to incur the expenditures required to retain and
advance the properties; environmental liabilities (known and
unknown); general business, economic, competitive, political and
social uncertainties; results of exploration programs; accidents,
labour disputes and other risks of the mining industry; political
instability, terrorism, insurrection or war; or delays in obtaining
governmental approvals, projected cash operating costs, failure to
obtain regulatory or shareholder approvals. For a more detailed
discussion of such risks and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements, refer to Karora 's filings with
Canadian securities regulators, including the most recent Annual
Information Form, available on SEDAR at www.sedar.com.
Although Karora 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 to
differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date
of this news release and Karora disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
SOURCE Karora Resources Inc.