Vendetta Closes A$3.0M Funding Package to Complete Pegmont Acquisition and Private Placement Update
FOR IMMEDIATE RELEASE May 8th, 2019
(VTT2019 – NR # 7)
Vendetta Closes A$3.0M Funding Package to Complete Pegmont
Acquisition and Private Placement Update
Vancouver, BC – May 8th, 201 9 − Vendetta Mining Corp. (the “Company” or “Vendetta”) (VTT -
TSX:V) is pleased to announce that it has closed the previously announced financing package with
Nebari Holdings LLC. and that, as a result, the Company is now in a position to make its final property
payment to Pegmont Mines Ltd., as vendor, and acquire a 100% interest in the Pegmont Lead-Zinc
project.
The Company would like to thank Pegmont Mines Ltd for assisting Vendetta with the agreements
necessary to close the Nebari financing.
Private Placement Update
The Company has amended the terms of the previously announced private placement (the "Offering").
The Company now plans to issue up to 15 million units at $0.10 cents per unit to raise gross proceeds of
$1.5 million (subject to TSX Venture Approval). Each unit will comprise one common share and one -
half common share purchase warrant , each whole warrant entitling the holder thereof to acquire one
common share of the Company at a price of $0. 15 per share, for a period of two years following the
closing of the Offering.
All shares to be issued pursuant to the Offering will be subject to a four -month hold period under
applicable securities laws in Canada. The Company may also pay one or more finders fees in connection
with the completion of all or a portion of the Offering
The net proceeds of the Offering will be used to advance the development of the Pegmont Lead -Zinc
project and general working capital.
Field Work
Immediately following the closing of the Offering, the Company will commence field work at the
Pegmont Lead-Zinc project. The detailed geological mapping program commenced last year will be
expanded and the Company will commence a drill program consisting of resource development drilling
in Zones 2, 3 and 4, and exploration drilling on newly identified structural targets.
In addition, metallurgical test work will be completed on Zone 1 transition material from six previously
drilled holes in Main Pit 1. Additional metallurgical samples will be collected during this program.
About the Pegmont Lead Zinc Project
The Pegmont Lead Zinc Project is situated in the Mount Isa – McArthur Mineral Province, Australia
which hosts one of the world’s richest endowments of lead-zinc-silver mineralization, including several
significant lead-zinc-silver mines.
The current Mineral Resource Estimate at the Project:
Indicated 5,758 Kt @ 6.5% Pb, 2.6% Zn, 11 g/t Ag
Inferred 8,277 Kt @ 5.1% Pb, 2.8% Zn, 8 g/t Ag
The results of a Preliminary Economic Assessment (“PEA”) on Pegmont were released by the Company
by news release dated January 28, 2019. The PEA outlined a 10 -year mine plan that generates a strong
economic return with a (base case) pre-tax IRR of 32% (after tax 24%) and NPV8% of $201M ($128M
after tax) using long term consensus metal prices of $0.91/lb lead, $1.09/lb zinc and $16.50/oz silver.
The PEA indicated a strong sensitivity to metal prices and US$:A$ exchange rate with a pre-tax IRR of
37% (after tax 27%) and NPV8% of $249M ($158M after tax), using metal prices as of January 22, 2019
of $0.94/lb lead, $1.25/lb zinc and $15.30/oz silver and US$:A$ of $0.71.
The PEA identified f urther project enhancements and Vendetta has identified several high priority
exploration targets.
About Vendetta Mining Corp.
Vendetta Mining Corp. is a Canadian junior exploration company engaged in acquiring, exploring, and
developing mineral properties with an emphasis on lead a nd zinc. It is currently focused on advanc ing
the Pegmont Lead Zinc project in Australia. Additional information on the Company can be found at
www.vendettaminingcorp.com.
Technical Disclosure
Peter Voulgaris, MAIG, MAusIMM, a Director of Vendetta, a "qualified person" as defined by NI 43-
101 – Standards of Disclosure for Mineral Projects . Mr. Voulgaris has reviewed and approved the
technical content of this press release, and consents to the information provided in the form and context
in which it appears.
For details of the Pegmont Project including the effective date of the resource estimate, quality control
measures applied, key assumptions, parameters and methods used to estimate the mineral resources set
forth herein and any known legal, political, environmental or other risks that could materially affect the
potential development of the mineral resource estimate, please refer to the technical report entitled
“Technical Report – Pegmont Mineral Resource Update and PEA” dated effective January 21, 2019 and
available under the Company’s profile at www.sedar.com.
The Preliminary Economic Assessment (PEA) referred to herein, is preliminary in nature and
includes inferred mineral resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the preliminary economic assessment will be realized.
ON BEHALF OF THE BOARD OF DIRECTORS
“Michael Williams”
Michael Williams
President & CEO
604-484-7855
Forward Looking Information
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This release includes certain statements and information that may be deemed to be “forward‐looking statements”
or “forward looking information” within the meaning of the applicable Canadian Securities laws. All statements
in this release, other than statements of historical facts are forward looking statements or information, including
without limitation, statements or information regarding the completion of the Offering , the use of proceeds of the
Offering, estimated project economics, including but not l imited to, mill recoveries, payable metals produced,
production rates, payback time, capital and operating and other costs, IRR and mine plan; expected upside from
additional exploration; expected capital requirements and timing ; and other future events or developments.
Forward-looking statements include statements that are predictive in nature, are reliant on future events or
conditions, Forward‐looking statements are often, but not always, identified by the use of words such as "seek",
"anticipate", "pla n", "continue", "estimate", "expect”, “may", "will", "project", "predict", "potential",
"targeting”, “intend", "could", "might", "should", "believe” and similar expressions.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results
or events to differ materially from those anticipated. Although the Company believes the expectations expressed
in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ materially from those in the forward‐looking
statements.
Factors that could cause actual results to differ materially from those in forward‐looking statements include, but
are not limited to, the failure to complete the Offering on the proposed terms , changes in commodities prices;
changes in expected mineral production performance; unexpected increases in capital costs; exploitation and
exploration results; continued availability of capital and financing; differing results and recommendations in the
PEA; and general economic, market or business conditions.
In addition, forward‐looking statements are subject to various risks, including but not limited to operational risk;
political risk; currency risk; capital cost inflation risk; that data is incomplete or inaccurate; the limitations and
assumptions within d rilling, engineering and socio‐economic studies relied upon in preparing the PEA; and
receipt of regulatory and other approvals and/or consents in respect of the Offering in particular. There can be
no assurance that the Offering will be completed on their terms or at all.
The reader is referred to the Company’s filings with the Canadian securities regulators for disclosure regarding
these and other risk factors, accessible through Vendetta Mining’s profile at www.sedar.com
There is no certainty that any forward‐looking statement will prove to be accurate and investors should not place
undue reliance upon forward‐looking statements. The Company does not undertake to provide updates to any of
the forward‐looking statements in this release, except as required by law.