KORE Appoints Scott Trebilcock as President and Chief Executive Officer TSXV – KORE WKN: 875742 ISIN : CA2986551018
KORE Appoints Scott Trebilcock as President and Chief
Executive Officer
TSXV – KORE
WKN: 875742
ISIN : CA2986551018
VANCOUVER
,
July 4, 2019
/CNW/ - KORE Mining Ltd. ("
KORE
" or the "
Company
") is pleased to announce that its Board of
Directors has appointed
Scott Trebilcock
as President & Chief Executive Officer ("CEO") as of
July 3
, 2019. As CEO Mr.
Trebilcock has also been appointed to the Board of Directors.
Chairman of the Board James Hynes, stated,
"On behalf of KORE and our shareholders, I would like to welcome Mr. Trebilcock
as our incoming President and CEO. This marks an important milestone as we build-out KORE as a leading gold developer and
explorer"
Incoming CEO Mr. Trebilcock commented,
"With the advanced
Imperial
development project, a quality exploration portfolio, a
clean capital structure and supportive major shareholders KORE is well-positioned to deliver shareholder value. I look forward
to working with the Board to build-out the strategy, organization, and capital market profile of the Company."
Outgoing CEO, Mr.
Rothwell
remains a Director and major shareholder of the Company. The Board would like to thank Mr.
Rothwell
for his vision as a co-founder of KORE, driving acquisition of the core assets and his leadership taking the Company
public. Mr.
Rothwell
stated "Having the opportunity to bring in a President and CEO of Scott's caliber speaks to the quality of
KORE's assets and corporate strategy. With the completion of our financing with Macquarie Bank Ltd. and Scott at the helm, Kore
is well-positioned for the next phase of growth."
Following Mr. Trebilcock's appointment, Mr. Hynes will become the Executive Chairman of the Company.
Mr. Trebilcock has over 25 years of experience as a process engineer, management consultant, and mining executive. Most
recently he was Chief Development Officer of Nevsun Resources, responsible for strategy, corporate development, investor
relations and exploration. Nevsun sold to Zijin Mining for
$1.9 billion
after a year-long contested defense process led by Mr.
Trebilcock. Mr. Trebilcock also drove M&A at Nevsun, including the 2016 acquisition of Reservoir Minerals, and led Nevsun's
investor relations program for almost a decade. Mr. Trebilcock holds a B.Sc. in Chemical Engineering, an MBA from Queen's
University and is a Chartered Director.
Mr. Trebilcock has received an initial grant of incentive stock options to purchase 2.60 million common shares of Kore exercisable
at a price of
$0.27
. Mr. Trebilcock will also invest
$100,000
in KORE via a private placement at
$0.25
per share. The grant of
options and private placement remains subject to the approval of the TSX Venture Exchange. Common shares issued pursuant to
the private placement will be subject to a four-month hold period, other than transfers permitted under applicable securities laws.
Following the closing of the private placement, Mr. Trebilcock will be the beneficial owner of 1,564,000 common shares of Kore.
About
KORE
KORE is a development stage company that offers exposure to precious metals exploration and development in
North America
,
with a corporate strategy focused on advancing its
California
development and
British Columbia
advanced exploration stage
projects.
KORE owns a 100% interest in the
Imperial
gold development project ("Imperial"), located on Bureau of Land Management (BLM)
administered land in a current mining district of
Imperial County, California
, USA.
Imperial
is approximately 17km SSE of the
operating Mesquite Mine recently acquired by Equinox Gold (TSXV: EQX) for
US$158 million
.
Imperial
boasts excellent access
and infrastructure.
For more information on historical work performed on the Imperial Project please refer to the Company's website at
www.koremining.com
.
Our focus on the Imperial Project is supported by an historic Environmental Impact Study/Report completed in compliance with
then-existing US Federal and
California
environmental regulations. The
Imperial
project inherits the analysis and design of a mine
plan that meets Bureau of Land Management and California Surface Mining And Reclamation Act requirements. KORE is
advancing and updating background permit studies to meet current regulations and considers the project to have excellent
prospects for near-term success as a result of extensive and thorough consultation to date.
KORE has adopted a collaborative, inclusive and mutual-benefit driven approach to engagement to build and strengthen
stakeholder relationships and looks forward to permitting success on this low-impact, high-return project.
Table 1: Combined historical
1
estimates of Kore Imperial resources
2
Size
Grade
Contained Au
Source
Au Cutoff
(tonnes)
(g/t)
(oz)
(g/t)
Indicated
Imperial
45,762,947
0.60
879,000
2012 PEA
0.17
Inferred
3
Imperial
76,334,175
0.53
1,298,000
2012 PEA
0.17
A Qualified Person has not done sufficient work to classify the historical estimates as current resources and KORE is not treating
the historical estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be
required by a Qualified Person before the historical estimates at the Projects can be classified as current resources.
The historical mineral resources in this news release were estimated using the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing
Committee on Reserve Definitions and adopted by CIM Council.
Imperial Mineral Historical Resource Estimation Parameters: a) Grade estimation is based on assay samples composited to 20ft
intervals. Grade capping thresholds were determined following a detailed statistical analysis of the data for the entire mineralized
domains varied from 0.02 to 0.2 ounces per ton (opt) gold (Au). b) Resource model grade blocks were estimated using Gemcom
GEMSTM modeling software based on a traditional wireframe interpretation constructed from a sectional interpretation of drilling
data. c) The database for the
Imperial
model consisted of 349 RC holes totalling 190,134 feet of drilling. A total of 36,361
analyses were considered for use in the resource estimate. d) The modelled gold mineralized zone was subdivided into three
domains displaying different strike or dip directions with a total length of 3,200 ft, width up to 800ft and average thickness of 85ft
in the East area and 1,200ft in length, 1,000ft in width and average thickness of 90ft to 120ft in the West area, dipping from 5 to
35 degrees e) A bulk density value of 0.077 ton per cubic foot was used and derived from 9 core holes consisting of 32 samples
collected in a 1994 and 1995 drilling program.
Mineral resources were reported within an optimized pit shell using a gold price of
US$1,400
/oz with a process recovery of 80%.
g) Process costs used were
US$1.50
/ton and G&A was
US$0.40
/ton. Open pit mining costs were
US$1.20
/ton and sustaining
capex was
US$0.50
/ton with open pit slopes of 45 degrees.
Qualified Person Statement
Technical information with respect to the Projects contained in this news release has been reviewed and approved by
David S. Smith
, CPG, who is KORE's designated independent qualified person for the purposes of NI 43-101.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any KORE common shares in
the United
States
. The KORE common shares to be issued in connection with the Transaction have not been and will not be registered under
the United States
Securities Act of 1933
, as amended (the "
U.S. Securities Act
"), or any state securities laws and may not be
offered or sold within
the United States
or to U.S. persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
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 Regarding Adjacent Properties and Forward-Looking Information
This news release contains forward-looking statements relating to the future operations of the Company and other statements
that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate",
"expects" and similar expressions. All statements other than statements of historical fact, included in this release, including,
without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that
involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to:
uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development;
changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits
encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that
may affect the Company's forward-looking information.
Important factors that could cause actual results to differ materially from
the Company's expectations also include risks detailed from time to time in the filings made by the Company with securities
regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect.
Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and
unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned
not to place undue reliance on any forward-looking information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made as of the date of this news release and the Company will
update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
___________________________________
1
The reader is cautioned that the above referenced "Historical Resource" is considered historical in nature and as such is based on prior data
and reports prepared by previous property owners. The work necessary to verify the classification of this mineral resource estimate has not
been completed and the resource estimate, therefore, cannot be treated as NI 43-101 current resource verified by a Qualified Person. There
can be no assurance that any of the historical resources, in whole or in part, will ever become economically viable
2
Mineral Resources are not mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the
mineral Resource will be converted into mineral Reserves. The estimate of mineral resources may be materially affected by environmental,
permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues
3
The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to
define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading
them to an Indicated or Measured mineral resource category.
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SOURCE
Kore Mining
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%SEDAR: 00005837E
For further information:
on KORE can be found on the Company's website at www.koremining.com and at www.sedar.com, or
by contacting Adrian Rothwell, President and CEO, by email at [email protected] or by telephone at (888) 406 5779.
CO: Kore Mining
CNW 08:54e 04-JUL-19