Unigold Announces Advancement of Exploitation Permitting and Provides Corporate Update
Unigold Inc. Press Release: PR2022-10, October 17, 2022
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UNIGOLD INC.
Ste 2704, 401 Bay Street,
P.O. Box 4, Toronto, ON M5H 2Y4
T. (416) 866-8157
www.unigoldinc.com
PR No. 2022-10
Unigold Announces Advancement of Exploitation Permitting and Provides
Corporate Update
Toronto, Ontario, October 1 7, 2022 – Unigold Inc. (“Unigold” or the “Company”)
(TSX-V:UGD, OTCQX:UGDIF, FSE:UGB1) is pleased to announce that the application
for the Nieta Sur Exploitation concession has moved to the next stage of review. The
Dirección General de Minería (“DGM”), a department of the Ministerio de Energía y
Minas (the “Ministry”), has completed their technical review of the application which
included public announcements, perimeter verification, landowner reviews,
technical and economic eva luations of the project design and basic environmental
reviews. The DGM has forwarded the application to the Ministry with a positive
recommendation. This marks a significant step in the permitting process . The
Ministry will complete legal reviews and will draft resolutions that will be forwarded
to the Executive Branch of Government for final approval.
Joe Hamilton, Chairman and CEO of Unigold commented “ The DGM has been diligent
in their review which included site visits, requests for information and discussions on
project design. The technical and legal teams at the DGM have fast -tracked this
application in a little over seven months. This is a remarkable achievement and credit
should be given to both Unigold and Government teams in their ability to work towards a
common goal. We are confident that the application will now move swiftly through the
Ministry and Executive branches of government.”
The first step in achieving commercial production at th e Candelones oxide deposits
is to receive an Exploitation Licence over a portion of the Neita Concession. The
application and supporting documentation were filed with the appropriate
government organizations on February 25, 2022. The granting of an Exploit ation
Licence would give Unigold the sole right to extract metallic minerals from a 9,990
hectare concession area for a 75 -year period. This application has successfully
passed through all review process es at the Dirección General de Mineria. The
Unigold Inc. Press Release: PR2022-10, October 17, 2022
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Company expects to continue to work closely with government authorities to
expedite the issuance of the Exploitation Licence.
Baseline environmental work is substantially complete. Once the Exploitation
Licence has been granted, the Ministerio de Medio Ambiente y Recursos Naturales
(“MEMARENA”) will confirm and forward the Terms of Reference (“ToR”) for the
Environmental and Social Impact Assessment (“ESIA”). The Company will have more
clarity on this part of the permitting process by the end of November.
The Feasibility study for the Oxide portion of the Candelones deposits is awaiting
final pit designs, production schedules and a final cashflow model. The Company will
be able to release the results of feasibility level engineering, including updated capital
and operating cost estimates, when the engineering teams have completed their
work. Although inflation will undoubtedly impact both operating and capital cost
estimates, the PEA utilized Q2/2021 numbers such that the company expects any
impact to minimal. Unigold anticipates that the economic results as released in the
2021 PEA can be achieved in the Feasibility Study. The Company expects to release
the feasibility study including a resource/reserve estimate for the oxide portion of
the deposit in the next four weeks.
About Unigold Inc. – Discovering Gold in the Caribbean
Unigold is a Canadian based mineral exploration company traded on the TSX Venture Exchange under
the symbol UGD, the OTCQX exchange under the symbol UGDIF, and on the Frankfurt Stock Exchange
under the symbol UGB1. The multi -million ounce Candelones gold deposits are within the 100%
owned Neita Fase II exploration concession located in Dajabón province, in the northwest part of the
Dominican Republic. The Company expects to deliver a feasibility study and a baseline environmental
report for the Oxide portion of the Candelones deposit in 2022. The Company applied to convert a
part of the Neita Fase II concession into an Exploitation Concession in late Feb ruary 2022. The
application has moved smoothly through various permitting stages and the Company expects that a
decision will be given on the application by the end of 2022. Unigold has been active in the Dominican
Republic since 2002 and remains the most active exploration Company in the country. The Neita Fase
II exploration concession is the largest single exploration concession covering volcanic rocks of the
Cretaceous Tireo Formation. This island arc terrain is host to Volcanogenic Massive Sulphide deposits,
Intermediate and High Sulphidation Epithermal Systems and copper-gold porphyry systems. Unigold
has identified over 20 areas within the concession area that host surface expressions of gold systems.
Unigold has been concentrating on the Cande lones mineralization and is moving to bring these
deposits into production.
For further information please visit www.unigoldinc.com or contact:
Mr. Joseph Hamilton
Chairman & CEO
Unigold Inc. Press Release: PR2022-10, October 17, 2022
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T. (416) 866-8157
Forward-looking Statements
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future operating results, financial position and cash flows, may constitute forward -looking statements within the meaning of
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