Omai Gold Appoints Elaine Ellingham Executive Chairman and Derek Macpherson Lead Director
Omai Gold Appoints Elaine
Ellingham Executive Chairman and
Derek Macpherson Lead Director
December 17, 2024 8:01 AM EST | Source: Omai Gold Mines Corp.
(/company/8712/Omai-Gold-Mines-Corp.)
Toronto, Ontario--(Newsfile Corp. - December 17, 2024) - Omai Gold Mines Corp. (TSXV: OMG) (OTCQB:
OMGGF) ("Omai Gold" or the "Company") is pleased to announce the appointment of Elaine Ellingham as
Executive Chairman and Derek Macpherson as Lead Director.
Ms. Ellingham continues in the role of President and CEO of Omai Gold, a position she has held since 2021.
She has been instrumental in building and leading a team that has discovered significant gold resources at
the Company's Omai Gold project in Guyana. Completion of a positive Preliminary Economic Assessment
earlier this year is a solid advancement for the project and a tangible milestone for the Company.
Ms. Ellingham commented, "I am pleased to accept the role of Executive Chairman and I am committed to
a continued focus on creating value for our shareholders. Drilling is wrapping up this week at Omai, with
plans to re-start drilling very early in the new year. We expect that 2025 will be another year of delivering
strong results for our shareholders. "
ABOUT OMAI GOLD
Omai Gold Mines Corp. holds a 100% interest in the Omai Prospecting License that includes the past
producing Omai Gold Mine in Guyana, and a 100% interest in the adjoining Eastern Flats Mining Permits.
The Company announced a Preliminary Economic Assessment ("PEA") on its Wenot Deposit at Omai in
April 2024, showing an open pit operation to produce 1.84 million ounces of gold over a 13-year period,
with an NPV5% of US$556 million at a US$1950/oz gold price. This baseline PEA incorporates only 45% of
the property's MRE and management believes that with additional work the mine plan can be significantly
expanded, the economics enhanced, and the open pit resources further increased. An updated NI 43-101
Mineral Resource Estimate ("MRE") of 2.0 million ounces of gold (Indicated) and 2.3 million ounces
(Inferred) reflects a notable increase as a result of 2023's successful drilling. Once South America's largest
producing gold mine, Omai produced over 3.7 million ounces of gold between 1993 and 2005. Mining
ceased at a time when the average gold price was less than US$400 per ounce. As a brownfields project,
Omai benefits from good road access and a wealth of historical data that provides knowledge of the
geology and gold mineralization on the Property, as well as metallurgy, historical process recoveries and
many other relevant mining parameters.
The NI43-101 Technical Report dated May 21, 2024 "UPDATED MINERAL RESOURCE ESTIMATE AND PRELIMINARY ECONOMIC
ASSESSMENT OF THE OMAI GOLD PROPERTY, POTARO MINING DISTRICT NO.2, GUYANA" prepared by Eugene Puritch, P .Eng., FEC, CET ,
President of P&E Mining Consultants Incis available on www.sedarplus.ca (https://api.newsfilecorp.com/redirect/gO4LZH3wgJ) or on
the Company's website at www.omaigoldmines.com (https://api.newsfilecorp.com/redirect/pE5RzsOrzG).
Qualified Person
Elaine Ellingham is a Qualified Person (QP) under National Instrument 43-101 "Standards of Disclosure for
Mineral Projects" and has approved the technical information contained in this news release. Ms.
Ellingham is not considered to be independent for the purposes of National Instrument 43-101.
For further information, please see our website www.omaigoldmines.com
(https://api.newsfilecorp.com/redirect/YYbD0tk3jB) or contact:
Elaine Ellingham P .Geo.
President & CEO
[email protected] (mailto:[email protected])
Phone: +1 416-473-5351
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 Note Regarding Forward-Looking Statements
This presentation contains "forward-looking statements" within the meaning of applicable Canadian
securities legislation. Forward-looking statements include, but are not limited to, statements with respect
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to the future price of gold, copper and other minerals and metals, the estimation of mineral reserves and
resources, the timing and amount of estimated future production, costs of production, capital
expenditures, costs and timing of the development of new deposits, success of exploration activities,
permitting time lines, currency exchange rate fluctuations, requirements for additional capital,
government regulation of mining operations, environmental risks, unanticipated reclamation expenses,
title disputes or claims and limitations on insurance coverage. Generally, these forward-looking
statements can be identified by the use of forward-looking terminology such as "plans" , "expects" or
"does not expect" , "is expected" , "budget" , "scheduled" , "estimates" , "forecasts" , "intends" , "anticipates"
or "does not anticipate" , or "believes" , or variations of such words and phrases or state that certain
actions, events or results "may" , "could" , "would" , "might" or "will be taken" , "occur" or "be achieved" . .
Further, the Mineral Resource Estimate and Preliminary Economic Assessments and related data set out in
this news release are estimates, and no assurance can be given that the anticipated tonnages and grades
will be achieved or that the indicated level of recovery will be realized. Forward-looking statements are
subject to known and unknown risks, uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Omai Gold Mines Corp. to be materially di!erent from
those expressed or implied by such forward-looking statements, including but not limited to: risks related
to international operations; actual results of current exploration activities; conclusions of economic
evaluations; changes in project parameters as plans continue to be refined; future prices of gold, copper
and other minerals and metals; general market conditions; possible variations in ore reserves, grade or
recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour
disputes and other risks of the mining industry; uncertainty of access to additional capital; delays in
obtaining governmental approvals or in the completion of development or construction activities. There
can be no assurance that forward-looking statements will prove to be accurate, as actual results and
future events could di!er materially 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 new information,
future events or otherwise, except as required by law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/234122 (https://api.newsfilecorp.com/redirect/0V5XRTbXLn)
SOURCE: Omai Gold Mines Corp. (/company/8712/Omai-Gold-Mines-Corp.)
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