Montage Provides Project and Corporate Updates
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Montage Provides Project and Corporate Updates
Vancouver, British Columbia — November 28, 2023 — Montage Gold Corp. (“Montage” or the
“Company”) (TSXV: MAU) (OTCQX: MAUTF) is pleased to provide an update on exploration and
development activities at the Koné Gold Project (“KGP”), along with a corporate update regarding
executive transition in the Chief Financial Officer role.
Montage is nearing completion of the Environmental & Social Impact Assessment (“ESIA”) for the
KGP, which is expected to be formally submitted in December 2023, initiating the environmental
validation process for the KGP. Montage expects to complete this process and receive environmental
approvals in Q1 2024. Montage is also in the late stages of the updated definitive feasibility study
(“DFS”) for the KGP and expects to release results of the study in January 2024.
Initial discussions in respect of financing for the development of the KGP are ongoing and
Management is very encouraged with the early interest Montage is receiving. Upon the release of
the DFS in January a formal project financing process will be initiated.
Exploration at the KGP is ongoing and currently focussed on high-priority targets, including at Yeré
North and Diouma North, both of which areas are showing potential to be the next satellite deposits
within the KGP. The Company looks forward to providing further updates and drill results in the New
Year.
The Company also discloses that Mr. Glenn Kondo, CFO of Montage, has been appointed to the role
CFO of Lucara Diamond Corp. (“Lucara”), as part of a series of management changes at Lucara. Mr.
Kondo will also continue to serve as CFO of Montage until the end of Q1 2024 as part of an agreement
with Lucara to ensure an orderly transition within the Lundin Group and to allow Montage sufficient
time to appoint a new CFO. Mr. Kondo previously served as CFO of Lucara from 2011 to 2018, during
which time Lucara successfully entered production at its Karowe diamond mine in Botswana.
Rick Clark, Montage CEO commented, “We are very pleased with the continued progress at the KGP.
The near-term submission of the ESIA is a key milestone for the project and positions Montage to make
a development decision in early 2024. We are also very excited with our ongoing drilling campaign to
identify further high-grade deposits to add to the KGP mine plan. We look forward to updating
shareholders on this progress in early 2024.
“Finally, I would like to thank Mr. Glenn Kondo for his contributions to Montage over the past four
years since its creation as a junior private company in 2019 and its transition to a public West African
gold exploration and development company poised to develop the exciting KGP. Mr. Kondo has worked
within the Lundin Group of Companies for 13 years, many of which were at Lucara and we wish him
well in his return to Lucara and thank him for his continued support of Montage.”
700 - 1255 Bay Street
Toronto, Ontario, M5R 2A9
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ABOUT MONTAGE GOLD CORP.
Montage is a Canadian-based precious metals exploration and development company focused on
opportunities in Côte d’Ivoire. The Company’s flagship property is the Koné Gold Project (“KGP”),
located in northwest Côte d’Ivoire, covering a total area of 2,258 sq. km and which now hosts an
Indicated Mineral Resource of 4.83M ounces of gold, plus an Inferred Mineral Resource of 0.32M
ounces. The Company released the results of a Definitive Feasibility Study on the KGP on February 14,
2022, which included a Probable Mineral Reserve of 161.1Mt grading 0.66g/t for 3.42M ounces of
gold, supporting a 15-year gold project producing an estimated 3.06M ounces of gold over life of mine,
with average annual production of 207koz, and estimated peak production of 320koz. The Company
is looking to deliver an Updated Definitive Feasibility Study in January 2024 which will incorporate the
new Indicated Mineral Resource from Gbongogo Main.
In addition to the growing resource and reserve base at the KGP, the Company has a n extensive
exploration target pipeline all sitting within trucking distance of the planned central milling facility that
positions the KGP for significant long-term upside.
Montage is progressing the KGP towards a development decision in early 2024 with permitting and
project financing activities commencing in Q4 2023. Montage has a management team and Board with
significant experience in discovering and developing gold deposits in Africa, including the successful
sale of Red Back Mining Inc. and Orca Gold Inc.
CONTACT INFORMATION
Hugh Stuart
President
Adam Spencer
Executive Vice President, Corporate
Development
mobile: +1 (416) 804-9032
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.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking information and forward-looking statements
within the meaning of Canadian securities legislation (collectively, “Forward-looking Statements”). All
statements, other than statements of historical fact, constitute Forward-looking Statements. Words
such as “will”, “intends”, “proposed” and “expects” or similar expressions are intended to identify
Forward-looking Statements. Forward-looking Statements in this press release include statements
related to the Company’s resource properties and resource estimates, and the Company’s plans, focus
and objectives, including its exploration objectives and future exploration programs at the KGP,
expectations that the Gbongogo Main deposit Inferred Mineral Resource will become an Indicated
Mineral Resource, expectations that the KGP will be improved and that additional higher grade
resources will be added, the details regarding the conceptual exploration targets for the KGP, and
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timing for an updated technical report . Forward-looking Statements involve various risks and
uncertainties and are based on certain factors and assumptions, including, with respect to mineral
resource estimates, those set out in the DFS and those set out under the heading “Mineral Resource
Modeling and Estimation Assumptions – Gbongogo” in the press release titled “Montage Gold Corp.
Announces Government Approval of Mankono Exploration Permits and Provides Corporate Updates”
dated September 8, 2022 and filed on the Company’s SEDAR profile at www.sedar.com. 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. Important factors that could cause actual
results to differ materially from the Company's expectations include uncertainties related to gold and
other commodity prices, including lower than expected future gold prices which could reduce the
economic returns on, or the viability of, a deposit, uncertainties inherent in the exploration of mineral
properties such as incorrect resource estimates due to incorrect modelling or unforeseen geological
conditions, the impact and progression of the COVID-19 pandemic and other risk factors set forth in
the Company’s annual information form under the heading “Risk Factors”. The Company undertakes
no obligation to update or revise any Forward -looking Statements, whether as a result of new
information, future events or otherwise, except as may be required by law. New factors emerge from
time to time, and it is not possible for Montage to predict all of them, or assess the impact of each
such factor or the extent to which any factor, or combination of factors, may cause results to differ
materially from those contained in any Forward-looking Statement. Any Forward-looking Statements
contained in this press release are expressly qualified in their entirety by this cautionary statement.