WEST Vault Mining Reaffirms Its Commitment to a Low-Risk, High-Return GOLD Strategy
SUITE 838 – 1100 MELVILLE STREET, VANCOUVER, B.C. CANADA V6E 4A6 TEL: 604-685-8311 FAX: 604-484-4710 WWW.WESTVAULTMINING.COM
News Release No. 146-2022
October 5, 2022
WEST VAULT MINING REAFFIRMS ITS COMMITMENT
TO A LOW-RISK, HIGH-RETURN GOLD STRATEGY
VANCOUVER, BRITISH COLUMBIA, October 5 , 2022 – West Vault Mining Inc. (TSXV:WVM,
OTCQX:WVMDF) (“West Vault” or the “Company”) reports that it has purchased 254,500 shares at an
average price of C$0.999 under an approved Normal Course Issuer Bid (“NCIB”) share buy -back
program. The Company plans to continue the execution of this NCIB program up to a maximum of
5% of the issued stock in accordance with the terms and guidelines announced on April 5, 2022.
The Company has a strong balance sheet and holds its treasury of approximately US$5M in US$-
denominated interest-bearing deposits. The interest income provides revenue as a partial offset to
ongoing corporate expenditures, which are forecast to be below US$1M annually, eliminating the need
for additional financing for several years.
Sandy McVey, CEO of West Vault, commented, “We believe that buying our shares back is a good
use of funds, given that the shares are trading at a discount to the net present value of the Hasbrouck
project, based on the published 2016 pre-feasibility study. Further, our strong balance sheet means
we have sufficient cash to cover our expenses for the next four to five years. We also continue to work
on ways to turn the current market turmoil to our advantage, evaluating accretive opportunities that
would benefit our shareholders.”
Qualified Person
Sandy McVey P.Eng., Chief Executive Officer and Chief Operating Officer for the Company, as a non-
independent Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for
Mineral Projects (“NI 43-101”), has reviewed and approved the technical information disclosed in this
news release.
About West Vault Mining Inc.
The Company owns the Hasbrouck Gold Project, a heap -leach project in Nevada. The Hasbrouck
Gold Project has all major permits in place, and there are no known technical, environmental,
economic, or social obstacles to advancing the project to construction and production.
It is a simple project with robust economics (2016 PFS* Base-case):
• 43% after-tax IRR, at US$1,275/oz gold;
• US$120M after-tax Net Present Value (at a 5% discount rate), at $1,275 gold;
• US$47M initial capital expenditure;
• 74,000 gold equivalent ounces produced per year for 8 years;
• US$709 all-in sustaining cost per gold ounce (AISC**).
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SUITE 838 – 1100 MELVILLE STREET, VANCOUVER, B.C. CANADA V6E 4A6 TEL: 604-685-8311 FAX: 604-484-4710 WWW.WESTVAULTMINING.COM
On behalf of the Board of West Vault Mining Inc.
Sandy McVey
CEO & COO
For further information please see the Company’s website at www.westvaultmining.com or contact us
by email at [email protected].
Investor enquiries:
Sandy McVey, CEO
(604) 685 8311 / [email protected]
Compliance with NI 43-101 and Cautionary Statement on Mineral Resources and Reserves
* This information has been summarized from the Technical Report and Updated Preliminary
Feasibility Study: Hasbrouck and Three Hills Gold-Silver Project, Esmeralda County, Nevada – MDA,
September 14, 2016 – www.sedar.com – (the “Technical Report”) which was prepared by Tom Dyer,
P.E. and Paul Tietz, C.P.G. of RESPEC Company LLC, formerly Mine Development Associates
(“MDA”), and with contributions from Herb Osborne, SME, Metallurgical Eng., of H.C. Osborne &
Associates, Ryan Baker, P.E. of NewFields Mining Design and Technical Services LLC, (civil and heap
leach) and Carl Defilippi, SME of Kappes Cassiday & Associates (metallurgy and process design).
Each aforementioned person is a "Qualified Person" under National Instrument 43-101 - Standards of
Disclosure for Mineral Projects (“NI 43-101”), is independent of WVM and has reviewed and approved
the information in this presentation, as of the time that the Technical Report was produced and as
relevant to the portion of the Technical Report for which they are responsible. RESPEC has reviewed
and verified the data disclosed in this news release to be in conformity with generally accepted CIM
“Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines as of the time of the
Technical Report and to be in accordance with NI 43 -101. For readers to fully understand the
information in this news release, they should read the Technical Report (available on
www.SEDAR.com or at www.westvaultmining.com) in its entirety, including all qualifications,
assumptions, and exclusions that relate to the information set out in this presentation that qualify the
technical information contained in the Technical Report. The Technical Report is intended to be read
as a whole, and sections should not be read or relied upon when taken out of the context of the full
Technical Report. The technical information in this presentation is subject to the assumptions,
qualifications, and exclusions contained in the Technical Report.
** “All-in Sustaining Costs” are not Performance Me asures reported in accordance with International
Financial Reporting Standards (“IFRS”). These performance measures are included because these
statistics are key performance measures that management uses to monitor performance.
Management uses these statis tics to assess how the Project ranks against its peer projects and to
assess the overall effectiveness and efficiency of the contemplated mining operations. These
performance measures do not have a meaning within IFRS and, therefore, amounts presented may
not be comparable to similar data presented by other mining companies. These performance
measures should not be considered in isolation as a substitute for measures of performance in
accordance with IFRS.
SUITE 838 – 1100 MELVILLE STREET, VANCOUVER, B.C. CANADA V6E 4A6 TEL: 604-685-8311 FAX: 604-484-4710 WWW.WESTVAULTMINING.COM
Disclaimer for Forward-Looking Information
This press release may contain forward-looking information or forward-looking statements (collectively
"forward-looking information") within the meaning of applicable securities laws. Forward -looking
information is typically identified by words such as: “forecast”, “believe”, “eliminating”, “means”, “would
benefit”, and similar expressions, and those, which, by their nature, refer to future events. All
statements that are not statements of historical fact are forward-looking statements. Forward looking
statements in this news release includes, without limitation , statements regarding the Company's
NCIB, the potential purchases of common shares for cancellation under the NCIB program , and the
anticipated timing and the extent of such purchases under the NCIB program, the projected cost and
economic performance of the Project based on the 2016 PFS, the Company’s ability to obtain any
additional permits required to commence and complete construction and perform operations, the
Company’s ability to obtain required funding on reasonable terms, and the potential identification ,
execution and realization of accre tive opp ortunities. Although West Vault believes that such
information as set out in this press release is reasonable, it can give no assurance that such
expectations and estimates will prove correct. The Company cautions investors that any forward -
looking information provided by the Company is not a guarantee of future results or performance, and
that actual results may differ materially from forward-looking information as a result of various factors.
The reader is referred to the Company's public filings for a more complete discussion of such r isk
factors and their potential effects which may be accessed through the Company's profile on SEDAR
at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this
release.