VANCOUVER, BC, July 30,
2024 /CNW/ - Elevation Gold Mining Corporation
(TSXV: ELVT) (OTCQB: EVGDF) (the "Company" or "Elevation
Gold") announces that it will today file an application to
the Supreme Court of British
Columbia (the "Canadian Court") for an order (the
"Initial Order") granting it protection from its
creditors under the provisions of the Companies' Creditors
Arrangement Act (the "CCAA"). The hearing at which the
Initial Order will be sought from the Canadian Court is scheduled
for August 1, 2024. Upon receipt of
the Initial Order, in order to extend the protection granted under
that order to the United States,
Elevation Gold intends to file a petition under chapter 15 of the
US Bankruptcy Code with the US Bankruptcy Court for the District of
Arizona.
After careful consideration of Elevation Gold's cash position,
scheduled and outstanding debt payments, forecast revenue and
expenses and all available alternatives to seeking creditor
protection, and following thorough consultation with legal and
financial advisors, the board of directors of the Company, acting
upon the recommendation of a special committee of independent
directors, has determined that it is in the best interests of
Elevation Gold and all of its stakeholders to apply for the Initial
Order under the CCAA.
The Initial Order being sought today includes, among other
things: (i) a stay of creditor claims and proceedings in favor of
Elevation Gold; and (ii) the appointment of KSV Restructuring Inc.
as court-appointed monitor of Elevation Gold (in such capacity, the
"Monitor"). While under creditor protection, Elevation Gold
will consider all available transactional and restructuring options
with a goal of maximizing value for the Company and its
stakeholders, with the objective of continuing the operations of
the business on a going-concern basis.
While under creditor protection, the Company intends to continue
the operation of the beneficiation facilities and proceed with an
interim cessation of active mining from the open pit at the Moss
Mine. Management of Elevation Gold is expected to remain
responsible for the day-to-day operations, under the general
oversight of the Monitor.
ON BEHALF OF THE BOARD OF ELEVATION GOLD MINING
CORPORATION
"Tim J. Swendseid"
Tim J. Swendseid, CEO of
Elevation Gold Mining Corporation
About Elevation Gold Mining Corporation
Elevation Gold is a publicly listed gold and silver producer,
engaged in the acquisition, exploration, development and operation
of mineral properties located in the
United States. Elevation Gold's common shares are listed on
the TSX Venture Exchange ("TSXV") in Canada under the ticker symbol ELVT and on the
OTCQB in the United States under
the ticker symbol EVGDF. The Company's principal operation is its
100% owned Moss Mine in the Mohave
County of Arizona.
Elevation also holds the title to the Hercules exploration
property, located in Lyon County, Nevada.
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. 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 and operations; 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.
