KORE Mining Closes the Second Tranche of the $7.5 Million Strategic Investment
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TSXV - KORE OTCQB - KOREF
KORE MINING CLOSES THE SECOND TRANCHE OF THE
$7.5 MILLION STRATEGIC INVESTMENT
Vancouver, BC July 28, 2020 - KORE Mining Ltd. (TSXV: KORE | OTCQB: KOREF) (“KORE” or the “Company”) is pleased
to announce the closing of the second tranche of the previously announced $ 7,500,000 non -brokered private
placement consisting of 6,000,000 units at a price of $1.00 per unit (“ Non-FT Units”) and 1,000,000 units of flow
through units at $1.50 (“FT Units”) (collectively, the “Private Placement”). The first tranche of Non-FT Units closed
July 22, 2020 and the second tranche of Non-FT Units closed today. All securities to be issued pursuant to the Private
Placement are subject to a four month hold period and for the securities issued under this second tranche, will expire
on November 29, 2020.
Details of the Private Placement were previously announced on June 29, 2020 and of the first tranche closed on July
22, 2020.
Settling of Imperial Gold Project Milestone Payment
KORE also announces it has settled the US $1 million milestone payment to Newmont Corporation (“Newmont”)
triggered by the Imperial project Preliminary Economic Assessment announced April 6, 2020 . The payment was
settled in cash and not by shares as initially elected by Newmont on November 27, 2020. The payment was part of
the March 27, 2017 Imperial purchase agreement where KORE purchased the Imperial project from then, Goldcorp.
The next milestone payment of US$1 million is on first gold pour at th e Imperial project.
About KORE
KORE is 100% owner of a portfolio of advanced gold exploration and development assets in California and British
Columbia. KORE , supported by strategic investors Eric Sprott and Macquarie Bank; and insiders, including
management and Board, own 64% of the basic shares outstanding. Further information on KORE and its assets can
be found on the Company’s website at www.koremining.com and at ww w.sedar.com, or by contacting us as
[email protected] or by telephone at (888) 407-5450.
On behalf of KORE Mining Ltd
”Scott Trebilcock”
Chief Executive Officer
(888) 407-5450
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. Such
forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current
judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward looking
information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any future results, performance or achievements e xpressed or
implied by the forward-looking information. For further information on the Company’s Imperial Project, please see the Company’s
NI 43-101 Technical Report titled “Preliminary Economic Assessment - Technical Report Imperial Gold Project” effective as of April
6, 2020 and issued on May 19, 2020, filed on the Company’s website and also available under the Company’s issuer profile on
www.sedar.com.
Such factors include, among others: risks related to exploration and development activities at the Company’s projects, and factors
relating to whether or not mineralization extraction will be commercially viable; risks related to mining operations and the hazards
and risks normally encountered in the exploration, development and production of minerals, uncertainties regarding estimating
mineral resources, which estimates may require revision (either up or down) based on actual production experience; risks relating
to fluctuating metals prices and the ability to operate the Company’s projects at a profit in the event of declining metals prices
and the need to reassess feasibility of a particular project that estimated resources will be recovered or that they will be recovered
at the rates estimated; risks related to title to the Company’s properties, the ability of the Company to access necessary resources,
access to suitable infrastructure, such as roads, energy and water supplies in the vicinity of the Company’s properties; and risks
related to the stage of the Company’s development, risks regarding the ability of the Company and its management to manage
growth; and potential conflicts of interest.
In addition to the above summary, additional risks and unce rtainties are described in the “Risks” section of the Company’s
management discussion and analysis for the year ended December 31, 2019 prepared as of April 27, 2020 available under the
Company’s issuer profile on www.sedar.com.
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any
obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as
may be required by applicable secur ities laws. There can be no assurance that forward- looking information will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking information.
There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. It is uncertain if further
exploration will allow improving the classification of the Indicated or Inferred mineral resource. Mineral resources are not mineral
reserves and do not have demonstrated economic viability.