Borealis Annouces Timing to Gold Production and Appoints Robert Buchan as Non-Executive Chairman
Borealis Annouces Timing to Gold Production
and Appoints Robert Buchan as Non-Executive
Chairman
Toronto, Ontario--(Newsfile Corp. - April 22, 2025) - Borealis Mining Company Limited (TSXV: BOGO)
(FSE: L4B0) (the "
Company
" or "
Borealis
") is pleased to announce timing and plans for upcoming
gold production at its fully permitted and built Borealis Gold Project in the Walker Lane trend of Nevada,
with crushing and stacking of its mineralized stockpile to begin on June 9
th
, 2025. Borealis is also very
pleased to announce management and personnel changes, including the appointment of Mr. Robert
Buchan to the role of Non-Executive Chairman.
Kelly Malcolm, President and Chief Executive Officer of Borealis, states "This is a pivotal moment for
Borealis as we advance toward very near-term gold production and welcome Robert Buchan to the role
of Chairman. His track record of building world-class mining companies aligns perfectly with our
ambition to unlock the full potential of the Borealis Mine and the broader Nevada portfolio. With a fully
permitted and built operation, a robust gold-laden stockpile ready for processing, and a skilled
operations team in place, we are positioned to begin generating regular cash flow this summer. This is
the beginning of an exciting new chapter for Borealis, and it coincides amazingly with all-time high gold
prices. We look forward to providing shareholder updates regularly on our progress."
Borealis is preparing for near-term resumption of gold production at the Borealis Mine. The Company
has a large stockpile of oxide and transition material, totalling ~327,000 short tons. Borealis recently
completed a 10 ton bulk sample of this stockpile, for the purposes of grade and metallurgical validation,
and submitted it to McClelland Labratories Inc. of Sparks, NV. The results of the testwork were largely in
line with expectations, indicating an average grade of 0.016 oz/st Au (or 0.55 g/mt Au) with an expected
recovery of ~70% through conventional heap leaching. Expected cyanide consumption is in line with
industry standards with a target of 1.0 lbNaCn/ton. Borealis will liberally apply lime to the ore, targeting 8-
10 lb/ton, to ensure stable pH in the event of the presence of transition or minor sulfide material. One of
the more interesting findings of the study was that crushing to 2" minus resulted in very similar recoveries
compared to the historical 5/8" minus crushing size, which should result in meaningful savings and
operational efficiencies, utilizing a two-stage versus a three-stage crushing plant.
The crushing and stacking program will be completed by a contractor, Bolinder Resources LLC of
Tooele, Utah, who specializes in contract crushing and mining. Crushing and stacking of the stockpiled
mineralization will begin June 9
th
, 2025, with first pour expected towards the end of July and continuing
regularly until at least Q2 of 2026. The Company will provide guidance on timing of resumption of
genuine blasting and mining from its permitted open pits in due course, but is tentatively targeting Q4 of
2025 which should coincide well with the end of the stockpile crushing program and should result in a
continued revenue stream going forward.
Borealis is pleased to announce the appointment of Mr. Robert M. Buchan to the role of Non-Executive
Chairman. Mr. Buchan is a highly accomplished mining executive and company builder. Mr. Buchan
graduated from Heriot-Watt University in Scotland in 1969 with a degree in mining engineering and from
Queens University in 1971 with a masters in mineral economics. In 1986, Mr. Buchan helped Ned
Goodman start Dundee Capital, where he served as Vice Chair until his departure 1993 to found
Kinross Gold where he served as Chief Executive Officer until he retired in 2004. Mr. Buchan
subsequently participated in the formation of Katanga Copper, where he served as Chair until 2007. Mr.
Buchan has served on numerous boards including being the Chair of Polius Gold, Russia's largest gold
mining company. Mr. Buchan recently completed a seven-year appointment as chancellor of Herriot-Watt
University. He succeeds Mr. Anthony Makuch, who will not be standing for re-election at the upcoming
annual general and special meeting of shareholders of the Company to be held on May 21, 2025, and
Borealis wishes him well in his future endeavors. In addition, and in preparation for the upcoming gold
production, Borealis has hired a new Operations Superintendent, Mr. William Del Carlo, who will
oversee the crushing, heap leaching, and ADR operations, and promoted Mr. Nathan Jeffrey to Health
and Safety Supervisor, who will work to ensure worker safety and security.
Qualified Person and QA&QC
The scientific and technical content of this news release was reviewed, verified, and approved by Kelly
Malcolm, P.Geo., Chief Executive Officer of the Company, and a Qualified Person as defined by
Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
Borealis Mine
The Borealis mine property, located close to the town of Hawthorne, NV, is fully permitted and equipped
for present mine operations and future expansion, with existing open pits, heap leach pads, modern
infrastructure, and a functional ADR facility which produces doré bars. The project has historically
produced over 600,000 ounces of gold from an open pit heap leach operation. It is an under-explored
property and has not been drilled since 2011, aside from Borealis' efforts in 2024 and 2025. The
property possesses high grade expansion potential with excellent historical drilling results, along with a
number of untested regional targets.
The Borealis Project holds existing federal and state permits for mining and processing operations.
However, certain permit modifications may be required for expanded production, and the timeline for
such approvals is subject to regulatory review. The Company cannot guarantee the timing or success of
any permit modifications that may be required for future expansions.
About Borealis
Borealis is a gold mining and exploration company focused on exploration and resumption of production
of the Borealis Mine in Nevada and the advancement of its Sandman project also in Nevada. The
Borealis Mine is a fully permitted mine site, equipped with active heap leach pads, an ADR facility, and
all necessary infrastructure to support a heap leach gold mining operation. In addition to the mine, the
property, comprised of 815 unpatented mining claims of approximately 20 acres each totaling
approximately 16,300 acres and one unpatented mill site claim of about five acres located in western
Nevada, is highly prospective for additional high-sulfidation gold mineralization. The Sandman project,
recently acquired through the acquisition of Gold Bull Resources Inc., is an advanced exploration project
with a recently completed (2021) NI 43-101 compliant resource and a recent (2023) Preliminary
Economic Assessment which indicates compelling economics, particularly in light of the increase in
commodity prices since publication of the study. Borealis is led by a strong board and management
team, many of whom have founded, managed, and sold highly successful mining and exploration
companies.
For further information, please contact:
Kelly Malcolm
President and Chief Executive Officer
Office: (289) 371-3371
This news release may contain certain "forward-looking information" within the meaning of applicable
securities law. Forward looking information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential",
"proposed" and other similar words, or statements that certain events or conditions "may" or "will"
occur. These statements are only predictions. Forward-looking information is based on the opinions
and estimates of management at the date the information is provided, and is subject to a variety of
risks and uncertainties and other factors that could cause actual events or results to differ materially
from those projected in the forward-looking information. For a description of the risks and uncertainties
facing the Company and its business and affairs, readers should refer to the Company's
Management's Discussion and Analysis. The Company undertakes no obligation to update forward-
looking information if circumstances or management's estimates or opinions should change, unless
required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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