SRG Mining Provides Project Update on Its Lola Graphite Project
SRG Mining Provides Project Update on Its
Lola Graphite Project
MONTREAL
,
Oct. 24, 2019
/CNW Telbec/ -
SRG Mining Inc.
(TSXV: SRG) ("SRG" or the
"Company") today provides an update on recent activities related to its Lola graphite project (the
"Project").
"We continue to progress on the development of our Project with several work streams currently
ongoing. We are diligently proceeding towards achieving our ultimate goal of building a mine and
concentrator capable of producing 54,000tpa of high-quality graphite flakes, in best possible
timeframe, and in the best interest of all our stakeholders," said
Ugo Landry-Tolszczuk
, President
and COO of SRG Mining.
PROJECT DEVELOPMENT
Following the filing of our Project's
feasibility study
, SRG has diligently worked towards the next
stage of development, detailed engineering and construction preparation. To that end, the Company
is currently in a bidding process with four recognized engineering groups to determine the best
partner to move forward with engineering and then construction using an engineering-procurement-
construction management ("EPCM") model.
On the permitting front the Company has also steadily progressed with Guinean authorities on its
required mining permit. The Company applied for its mining permit in April of 2019 and has worked in
concert with authorities to go through the country's approval process. The Company received its
preliminary approval from the validation committee in July and the ministry of mines has moved our
file to the national mining commission. The review from this commission was completed earlier this
month and was the final step before the mining permit, in the form of a decree, can be given to the
Company. It is the Company's expectation that we will receive the mining permit before the end of
2019.
FINANCING
The Company has begun discussions with institutions interested in financing the construction of the
Project. Targeted institutions are those who are comfortable with mining in
Africa
and have an
appetite for the size and nature of the Project. The objective of management is to find the financial
partners and the structure which will allow the Project to move forward as quickly as possible while
maintaining the interests of all stakeholders.
SALES
After nearly two years of work on sales agreements, the Company signed a three-year binding off-
take agreement for a total of 27,000t over that period. This agreement represents approximately
20% of the Company's anticipated production. Our efforts in continuously producing graphite from
our lab in
Guinea
and producing a bulk sample is in line with these efforts to secure sales. The
Company continues to believe in signing sales agreements for 40-60% of the anticipated production
and having many potential clients test and qualify our material. These efforts will remain ongoing
throughout the life of the Project.
ABOUT SRG MINING
SRG Mining is a Canadian-based mining company focused on developing the Lola graphite deposit
located in the Republic of
Guinea
,
West Africa
. SRG is committed to operating in a socially,
environmentally, and ethically responsible manner.
For additional information, please visit SRG's website at
www.srgmining.com
.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking information" within the meaning of Canadian securities
legislation. All information contained herein that is not clearly historical in nature may constitute
forward-looking information. Generally, such forward-looking information can be identified by the use
of forward-looking terminology such as "will", "continue", "progress", "move forward", "expectation",
"receive", "believe", "anticipated", "potential", "provide", "present", "reasonable", "established", "has",
"demonstrate", "potential", or variations of such words and phrases or state that certain actions,
events or results "may", "could", "would" or "might". Forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially different from those expressed or
implied by such forward-looking information, including but not limited to: (i) volatile stock price; (ii) the
general global markets and economic conditions; (iii) the possibility of write-downs and impairments;
(iv) the risk associated with exploration, development and operations of mineral deposits including
the accuracy of the current mineral reserve and mineral resource estimates of the Company
(including, but not limited to, ore tonnage and ore grade estimates) and mine plans for the
Company's mining operations (including, but not limited to, throughput and recoveries being affected
by metallurgical characteristics); (v) the risk associated with establishing title to mineral properties
and assets including permitting, development, operations and production from the Company's
operations being consistent with expectations and projections; (vi) fluctuations in commodity prices,
finding offtake takers and potential clients and other risks and factors described or referred to in the
section entitled "Risk Factors" in the MD&A of the Company and which is available at
www.sedar.com
, all of which should be reviewed in conjunction with the information found in this
news release.
Although the Company has attempted to identify important factors that could cause actual results to
differ materially from those contained in the forward-looking information, there may be other factors
that cause results not to be as anticipated, estimated or intended. There can be no assurance that
such forward-looking information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such forward-looking information. Such forward-looking
information has been provided for the purpose of assisting investors in understanding the Company's
business, operations and exploration plans and may not be appropriate for other purposes.
Accordingly, readers should not place undue reliance on forward-looking information. Forward-
looking information is given as of the date of this press release, and the Company does not
undertake to update such forward-looking information except in accordance with applicable
securities laws.
SOURCE
SRG Mining Inc.
View original content:
http://www.newswire.ca/en/releases/archive/October2019/24/c0271.html
%SEDAR: 00008697E
For further information:
Ugo Landry-Tolszczuk, Email: [email protected];
Benoit La Salle, FCPA FCA, Email: [email protected]
CO: SRG Mining Inc.
CNW 07:00e 24-OCT-19