VANCOUVER, BC, Jan. 20, 2022 /CNW/ - Elevation Gold Mining
Corporation (TSXV: ELVT) (OTCQX: EVGDF) (the "Company" or
"Elevation") a U.S. focused gold producer with district scale
exploration projects in the Walker Lane Trend of Nevada and Arizona, is pleased to provide the following
corporate update.
Exploration Update
Drill crews have returned to the Moss Mine site and the 2022
exploration drilling program is now underway. Two reverse
circulation drill rigs are currently turning on the
property.
Michael G. Allen, President of
Elevation Gold stated, "We have many new targets to test, in
addition to continued resource expansion drilling, and are planning
to systematically explore the district scale land package
surrounding the Moss Mine, Arizona's largest pure precious metals
mine."
DTC Eligibility
The Company is pleased to announce that it has received approval
from the Depository Trust Company ("DTC") that its common shares
are now eligible for electronic clearing and settlement through DTC
in the United States.
With DTC eligibility, existing Elevation investors based in
the United States can now benefit
from potentially greater liquidity and faster execution speeds. In
addition, DTC eligibility also allows for new investors to
efficiently trade the Company's common shares, whereas they may
have been restricted in the past, potentially simplifying the
process of trading common shares of the Company in the United States and allowing the Company to
access a larger pool of investors. The Company's trading
symbols will not change as part of this process.
About the Depository Trust Company
DTC was founded in 1973 and is a New
York corporation that performs the function of a Central
Securities Depository as part of the US National Market System. DTC
manages the electronic clearing and settlement of publicly traded
companies. Securities that are eligible to be electronically
cleared and settled through DTC are considered "DTC eligible".
Gold Agreement
The Company has entered into a short-term agreement with Maverix
Metals Inc. pursuant to which the Company has received an upfront
payment of US$6,000,000. In
consideration for the upfront payment the Company has agreed to
sell and deliver a specified amount of refined gold, with
deliveries of such amounts and an additional US$1 million of refined gold to Maverix quarterly
beginning March 28 and until expiry
of the agreement on June 28,
2023.
Michael G. Allen, President of
Elevation stated, "This short-term gold loan provides us financial
flexibility as we continue to unlock value at the Moss Mine."
Qualified Person
Dr. Warwick Board, P.Geo., Vice
President Exploration of Elevation Gold, is the Qualified Person as
defined by NI 43-101 responsible for the Moss Regional Exploration
Project and has reviewed and approved the scientific and technical
information in this news release related thereto.
About Elevation Gold Mining
Elevation Gold Mining offers investors a rare combination of
cash flow, production, top-tier management, and exceptional
exploration potential within two projects on the Walker Lane Gold
Trend of western Nevada and
Arizona. Management is executing a
clear strategy that expands production and resources at the Moss
Mine in Arizona while aggressively
exploring the Hercules Gold Project in Nevada.
ON BEHALF OF THE BOARD OF ELEVATION GOLD MINING
CORPORATION
"Michael G. Allen"
President
Neither the 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.
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained
herein is "forward-looking information" within the meaning of
applicable Canadian securities laws. All statements other than
statements of historical facts included in this document constitute
forward-looking information, including but not limited to
statements regarding the Company's plans, prospects and business
strategies; the Company's guidance on the timing and amount of
future production and its expectations regarding the results of
operations; expected costs; permitting requirements and timelines;
timing and possible outcome of Mineral Resource and Mineral Reserve
estimations, life of mine estimates, and mine plans; anticipated
exploration and development activities at the Company's projects;
net present value; design parameters; economic potential;
processing mineralized material; the potential of robust economic
potential at the Moss Mine Project. Words such as "believe",
"expect", "anticipate", "contemplate", "target", "plan", "goal",
"aim", "intend", "continue", "budget", "estimate", "may", "will",
"can", "could", "should", "schedule" and similar expressions
identify forward-looking statements.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management, including that the Company
can access financing, appropriate equipment and sufficient labour;
assumed and future price of gold, silver and other metals;
anticipated costs; ability to achieve goals; and assumptions
related to the factors set forth below. While these factors and
assumptions are considered reasonable by the Company as at the date
of this document in light of management's experience and perception
of current conditions and expected developments, these statements
are inherently 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 the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: risks inherent in mining,
including, but not limited to risks to the environment, industrial
accidents, catastrophic equipment failures, unusual or unexpected
geological formations or unstable ground conditions, and natural
phenomena such as earthquakes, flooding or unusually severe
weather; uninsurable risks; global financial conditions and
inflation; changes in the Company's share price, and volatility in
the equity markets in general; volatility and fluctuations in metal
and commodity prices; the threat associated with outbreaks of
viruses and infectious diseases, including the COVID-19 virus;
delays or the inability to obtain, retain or comply with permits;
risks related to negative publicity with respect to the Company or
the mining industry in general; health and safety risks;
exploration, development or mining results not being consistent
with the Company's expectations; unavailable or inaccessible
infrastructure and risks related to ageing infrastructure; actual
ore mined and/or metal recoveries varying from Mineral Resource and
Mineral Reserve estimates, estimates of grade, tonnage, dilution,
mine plans and metallurgical and other characteristics; risks
associated with the estimation of Mineral Resources and Mineral
Reserves and the geology, grade and continuity of mineral deposits,
including, but not limited to, models relating thereto; ore
processing efficiency; information technology and cybersecurity
risks; potential for the allegation of fraud and corruption
involving the Company, its customers, suppliers or employees, or
the allegation of improper or discriminatory employment practices;
regulatory investigations, enforcement, sanctions and/or related or
other litigation; estimates of future production andoperations;
estimates of operating cost estimates; the potential for and
effects of labour disputes or other unanticipated difficulties with
or shortages of labour or interruptions in production; risks
related to the environmental regulation and environmental impact of
the Company's operations and products and management thereof;
exchange rate fluctuations; climate change; risks relating to
attracting and retaining of highly skilled employees; compliance
with environmental, health and safety laws; counterparty and credit
risks and customer concentration; litigation; changes in laws,
regulations or policies including, but not limited to, those
related to mining regimes, permitting and approvals, environmental
and tailings management, and labour; internal controls; challenges
or defects in title; funding requirements and availability of
financing; dilution; risks relating to dividends; risks associated
with acquisitions and related integration efforts, including the
ability to achieve anticipated benefits, unanticipated difficulties
or expenditures relating to integration and diversion of management
time on integration; uncertainties relating to interpretation of
drill results and the geology, continuity and grade of mineral
deposits; uncertainty of estimates of capital and operating costs,
production estimates and estimated economic return; uncertainty of
meeting anticipated program milestones; and other risks and
uncertainties including but not limited to those described the
Company's public disclosure documents which are available on SEDAR
at www.sedar.com under the Company's
profile. All of the forward-looking statements made in this
document are qualified by these cautionary statements. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated, forecast or intended
and readers are cautioned that the foregoing list is not exhaustive
of all factors and assumptions which may have been used. Should one
or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking information.
Accordingly, there can be no assurance that forward-looking
information will prove to 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. The Company disclaims any intention or
obligation to update or revise forward–looking information or to
explain any material difference between such and subsequent actual
events, except as required by applicable law.
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SOURCE Elevation Gold Mining Corp.
