K92 Mining Pays US$12.5 Million to Eliminate Contingent Payment to Barrick GOLD Corporation
Suite 488 – 1090 West Georgia Street
Vancouver, British Columbia
Canada V6E 3V7
Telephone: +1 (604) 687-7130
Facsimile: +1 (604) 608-9110
NEWS RELEASE
K92 MINING PAYS US$12.5 MILLION TO ELIMINATE CONTINGENT PAYMENT
TO BARRICK GOLD CORPORATION
Vancouver, BC, August 27, 2019 - K92 Mining Inc. (“K92” or the “Company”) (TSX-V: KNT;
OTCQX: KNTNF) is pleased to announce that K92 has now paid US$12.5 million to Barrick
Gold Corporation ( “Barrick”) under the Amendment Agreement previously announced on July
17, 2019. Under the terms of the Amendment Agreement, K92 was to provide Barrick with a cash
payment of US$12 .5 million within 60 days from the date of the Amendment Agreement to
eliminate the contingent payment arrangement under the terms of the share sale agreement dated
June 11, 2014 (“Original Agreement”) which would have been effective until March 6, 2025
(refer to K92’s consolidated inte rim financial statements for the three months ended March 31 ,
2019, filed on SEDAR and the Company’s website for information on the contingent payments
under the Original Agreement).
John Lewins, K92 Chief Executive Officer and Director, state d, “K92 is very pleased to have
finalized this payment and eliminated the contingent payment arrangement. This allows K92 to
aggressively implement its exploration and development plans for the Kainantu Gold Mine, which
has seen the number of drills operating at Kainantu increase from two last year to six currently ,
with plans for more activity going forward.
As previously noted, the amendment agreement reflects the commitment that both companies have
to Papua New Guinea and the growth of its mining industry, which will benefit from our
exploration activities and the expansion of the Kainantu Mine.”
ON BEHALF OF THE COMPANY,
John Lewins, Chief Executive Officer and Director
For further information, please contact Investor Relations at +1-604-687-7130.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward -looking statements” under applicable Canadian
securities legislation. Forward -looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause the actual results and future events to differ
materially from those expressed or implied by such forward -looking statements. All statements
that address future plans, activities, ev ents, or developments that the Company believes, expects
or anticipates will or may occur are forward-looking information, including statements regarding
the realization of the preliminary economic analysis for the Kainantu Gold Mine, expectations of
future cash flows, the proposed plant expansion, continued drilling, potential expansion of
resources and the generation of further drilling results which may or may not occur. Forward -
looking statements and information contained herein are based on certain factors and assumptions
regarding, among other things, the market price of the Company’s securities, metal prices,
exchange rates, taxation, the estimation, timing and amount of future exploration and
development, capital and operating costs, the availability of financing, the receipt of regulatory
approvals, environmental risks, title disputes, failure of plant, equipment or processes to operate
as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other
risks of the min ing industry, changes in national and local government regulation of mining
operations, and regulations and other matters. There can be no assurance that such statements
will prove to be accurate, as actual results and future events could differ materiall y from those
anticipated in such statements. Accordingly, readers should not place undue reliance on forward-
looking statements. The Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of ne w information, future events or otherwise,
except as required by law.