VANCOUVER, BC, Dec. 15, 2020 /CNW/ - Orca Gold Inc.
(TSXV: ORG) ("Orca" or the "Company") is pleased to confirm
that Sudan's designation as a
State Sponsor of Terrorism is rescinded. The Company extends its
congratulations to the people and government of Sudan in achieving this historical result,
which recognizes the significant effort, determination, and
sacrifice by the people of Sudan
towards political, religious, social and economic change in their
country.
The effects on Sudan's
designation for the past 27 years have been extensive. The
designation has severely limited options of international economic
assistance and effectively blocked financing or debt relief from
the International Monetary Fund and the World Bank, even though
trade sanctions against Sudan had
substantially been lifted by the end of 2017.
For Orca, the lifting of the terror designation from
Sudan increases financing and
development options for the Company's Block 14 Project in northern
Sudan. With this strategic
achievement realized, Orca management will now accelerate
discussions with the Sudanese government towards a timeline for the
construction of Block 14. Concurrently, Orca's physical presence
and activity in Sudan will
significantly increase in early 2021. Block 14 is ready to advance
to development and we look forward to working with the Sudanese
people to demonstrate and realize the exciting potential of this
project.
Commenting upon today's announcement by the United States, Richard Clark, CEO and Director of Orca Gold,
said: "Today is a very special day for Sudan. After decades of being designated as a
pariah state by much of the international community, the country is
now being recognized and rewarded for their progressive efforts. I
and my colleagues at Orca extend our sincere congratulations to the
people of Sudan. We look forward
to working with them to bring more foreign investors into the
country to build what we are confident will be a thriving
commercial mining industry."
On behalf of the Board of Directors,
"Richard P. Clark"
Richard P. Clark | CEO &
Director | Orca Gold Inc. | 604.689.7842
About Orca Gold Inc.
Orca Gold Inc. (TSX-V: ORG) is a Canadian resource
company focused on exploration and development opportunities in
Africa. Led by a board of
directors made up of industry experts and a management team with a
track record of discovering and building significant mines
globally, Orca is developing one of the leading gold projects in
Africa. The Company is currently
focused on its 70%-owned Block 14 Gold Project in the Republic of
the Sudan on which a Feasibility
Study was completed in November 2018
and a revised Study filed in September
2020.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains forward-looking information
and forward-looking statements within the meaning of applicable
Canadian securities laws, including statements regarding Orca's
(the "Company", the "Corporation", "we" or "our") plans and
expectations relating to the Block 14 project ("Block 14") in
northern Sudan and the Revised
Feasibility Study ("RFS") currently being conducted by the
Corporation. These statements relate to analyses and other
information that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of
management. Statements concerning mineral resource estimates may
also be deemed to constitute "forward-looking statements" to the
extent that they involve estimates of the mineralization that will
be encountered if the property is developed. The assumptions, risk
and uncertainties outlined below are non-exhaustive. Should one or
more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results, performance
or achievements of the Corporation, or industry results, may vary
materially from those described in this presentation.
Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, identified by words or phrases such as "expects",
"anticipates", "believes", "plans", "projects", "estimates",
"assumes", "intends", "strategy", "goals", "objectives",
"potential", "possible" or variations thereof or stating that
certain actions, events, conditions or results "may", "could",
"would", "should", "might" or "will" be taken, occur or be
achieved, or the negative of any of these terms and similar
expressions) are not statements of historical fact and may be
forward-looking statements.
Forward-looking statements and forward-looking information
are not guarantees of future performance and are based upon a
number of estimates and assumptions of management at the date the
statements are made including without limitation, assumptions about
the following (the "Forward-Looking Factors"): future prices of
gold and other metals; successful exploration, development, and
production of Block 14; the timing and completion of the FS;
performance of contractual obligations by counterparties; operating
conditions; political stability; obtaining governmental approvals
and financing on time; financial projections and budgets; obtaining
licenses and permits; government regulation of the Corporation's
mining activities; environmental risks and expenses; market
conditions; the securities market; price volatility of the
Corporation's securities; currency exchange rates; foreign mining
tax regimes; insurance and uninsured risks; financial projections
and results; competition; availability of sufficient capital,
infrastructure, equipment and labour; dependence on key personnel;
dependence on outside parties; conflicts of interest; litigation;
land title issues; local community issues; estimation of mineral
resources; realization of mineral resources; timing and amount of
estimated future production; the life of Block 14; reclamation
obligations; changes in project parameters as plans continue to be
evaluated; and anticipated costs and expenditures and our ability
to achieve the Corporation's goals. While we consider these
assumptions to be reasonable, the assumptions are inherently
subject to significant business, social, economic, political,
regulatory, competitive and other risks and uncertainties,
contingencies, many of which are based on factors and events that
are not within the control of the Corporation and there is no
assurance they will prove to be correct.
Forward-looking statements are subject to a variety of known
and unknown risks, uncertainties and other factors that could cause
actual events or results to differ from those reflected in the
forward-looking statements, including, without limitation known and
unknown risks, uncertainties and other factors relating to the
Forward-Looking Factors above, and those factors disclosed under
the heading "Risk Factors" in the Corporation's documents filed
from time to time with the securities regulators in the provinces
of Canada.
In addition, a number of other factors could cause the actual
results, performance or achievements of the Corporation to differ
materially from any future results, performance or achievements
expressed or implied by the forward-looking information, and there
is no assurance that the actual results, performance or
achievements of the Corporation will be consistent with them. For
further details, reference is made to the risk factors discussed or
referred to in the Corporation's annual and interim management's
discussion and analyses on file with the Canadian securities
regulatory authorities and available electronically on the SEDAR
website at www.sedar.com. Although the Corporation has attempted to
identify important factors that could cause actual actions, events,
results, performance or achievements to differ materially from
those described in forward-looking statements and forward-looking
information, there may be other factors that cause actions, events,
results, performance or achievements not to be as anticipated,
estimated or intended.There can be no assurance that
forward-looking statements or information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements.Such
forward-looking statements and information are made or given as at
the date of this presentation and the Corporation disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required under applicable securities
law.The reader is cautioned not to place undue reliance on
forward-looking statements or forward-looking information.
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.
SOURCE Orca Gold Inc.
