Vendetta Obtains Due Diligence Clearance for A$3.0M Funding Package to Complete Pegmont Acquisition
FOR IMMEDIATE RELEASE April 25th, 2019
(VTT2019 – NR # 6)
Vendetta Obtains Due Diligence Clearance for A$3.0M Funding
Package to Complete Pegmont Acquisition
Vancouver, BC – April 25th, 2019 − Vendetta Mining Corp. (the “Company” or “Vendetta”) (VTT -
TSX:V) is pleased to announce that it has been advised by Nebari that technical due diligence has been
completed to their satisfaction. The material terms for the funding package described by the Company
on April 12th, are now being finalised in a definitive agreement. The funding facility remains on track
to Close and provide funds by May 6th.
The proceeds of the proposed financing will be used to pay the final Pegmont Lead -Zinc property
payment of A$3,000,000 and in doing so complete the Company’s acquisition of a 100% interest in the
Pegmont Lead-Zinc project.
About Nebari
Nebari Holdings, LLC is an investment firm based in New York City focused on natural resources and
special situations . The organisation is headed by an experienced team of mining professionals with
experience working at organizations such as Glencore/Xstrata and Rio Tinto as well as finance
professionals with experience from JPMorgan, Perry Capital and McKinley Capital.
About the Pegmont Lead Zinc Project
Pegmont is situated in the Mount Isa – McArthur Mineral Province, which hosts one of the world’s
richest endowments of lead -zinc-silver mineralization, in cluding several world -class lead -zinc-silver
mines.
The current Mineral Resource at Pegmont:
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
on January 28, 2019 (see Ven detta news release dated January 28, 2019). The PEA outlined a 10 -year
mine plan that generates a strong economic return with a pre-tax IRR of 32% (after tax 24%) and NPV8%
of $201M ($128M after tax) for the base case long term consensus metal prices assumed ($0.91/lb lead,
$1.09/lb zinc and $16.50/oz silver).
The spot price and exchange rate case demonstrates the strong sensitivity to metal prices 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 and zinc. It is currently focused on advanced
stage exploration projects in Australia, the first of which is the Pegmont Lead Zinc project. Additional
information on the Company can be found at www.vendettaminingcorp.com.
Technical Disclosure
Peter Voulgaris, MAIG, MAusIMM, a Director of Vendetta, is a non -independent Qualified Person as
defined by NI 43 -101. 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 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 proposed financing with Nebari
Holdings LLC described herein (the “Nebari Financing”) and the previously announced private placement (the
“Concurrent Placement” and, together with the Nebari Financing, the “ Financings”), the use of proceeds of
the proposed F inancings, estimated project economics, including but not limited 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", "plan", "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 o r 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 either or bot h of the proposed F inancings 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 financ ing; 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 drilling, engineering and socio‐economic studies relied upon in preparing the PEA; market
risks and specific risks related to negotiation and execution of the definitive agreements for the Financings, failure
to satisfy the c onditions to completion of the F inancings, including satisfactory due diligence and receipt of
regulatory and other approvals and/or consents in respect of the Nebari Financing in particular. There can be
no assurance that either or both the Financings 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.