London, United Kingdom – June 29, 2020 – NQ Minerals Plc (AQSE:NQMI, OTCQB:NQMLF, OTCQB:NQMIY) (“NQ” or the “Company”) announces that the Company has now signed all necessary agreements and made the necessary payments to purchase and take immediate possession of the high-grade and historic Beaconsfield Gold Mine in Tasmania, Australia.
The Beaconsfield Gold Mine has historic recorded production of c.1.8 million ounces of gold averaging c.15 grams per tonne (c.½ ounce per tonne) and was closed in 2012 due to the low gold price at that time. The gold price has since increased by over 100% and the Company plans to re-open the mine as soon as practicably possible.
NQ plans to recommission the gold processing plant, which is currently under care and maintenance, and re-open the mine by developing a new modern mine decline access into the Beaconsfield Mine from surface to reconnect into the existing mine workings at the lower section of the orebody, which comprises all of the current stated gold resources. This new decline will be capable of running large modern mining equipment and men/materials/rock from surface to anywhere in the mine underground workings and will allow for the most efficient low-cost operations possible.
NQ is currently increasing production at its flagship Hellyer Gold Mine in Tasmania, Australia. On May 7, 2020, NQ also announced a new JORC (2012) compliant Mineral Resource Estimate of the lower section of the Beaconsfield Gold Mine of 1.454 million tonnes grading 10.3 grams per tonne (g/t) for 483,000 ounces of gold. Significant additional gold potential is still to be assessed in the upper section of the old Beaconsfield Mine workings, plus the orebody remains open at depth.
The Beaconsfield Gold Mine gathered the attention of the world in 2006, when a minor earthquake triggered an underground rock fall trapping three miners.
David Lenigas, NQ’s Chairman, said: “Beaconsfield is an exceptional high-grade gold asset and will provide a solid platform to bring the Company’s second mine in Australia into production. The Company is now focused on bringing the Beaconsfield gold processing plant back into operational status as soon as practicable. The mine has a long and rich history in Northern Tasmania, and we understand the importance of this heritage. We are looking forward to bringing jobs and economic activity back to Beaconsfield.”
Competent Person’s Statement (NQ Minerals Plc)
The information in this report that relates to the Beaconsfield Gold Mine is based on information compiled by Roger Jackson, an Executive Director of the Company, who is a 25+ year Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and a Member of Australian Institute of Company Directors. Mr. Jackson has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves”. Mr. Jackson consents to the inclusion of the data contained in relevant resource reports used for this announcement as well as the matters, form and context in which the relevant data appears.
About NQ Minerals
NQ Minerals Plc is listed on London’s Aquis Stock Exchange (AQSE) under the ticker NQMI and has it’s 1:100 ADR traded on the US OTC QB under ticker NQMIY and its ordinary shares are dual traded on the US OTC QB under the ticker NQMLF.
NQ Minerals operations are in Australia. NQ commenced base metal and precious metal production in 2018 at its 100% owned flagship Hellyer Gold Mine in Tasmania. Hellyer has a published JORC compliant Mineral Resource estimated at 9.25 Mt which is host to Gold at 2.57 g/t Au for 764,300 oz Au, Silver at 92 g/t Ag for 27,360,300 oz Ag, Lead at 2.99% Pb for 276,600 tonnes and Zinc at 2.57% Zn for 217,400 tonnes. In addition to these resources, the Hellyer assets include a large mill facility and full supporting infrastructure, including a direct rail line to port. The Company is also planning to re-open the historic high-grade Beaconsfield Gold Mine in Tasmania, which has a JORC (2012) compliant Mineral Resource Estimate of 1.454 Mt at 10.3 g/t Au for 483,000 ounces of gold. Regular updates on the progress of the Hellyer Gold Mine and Beaconsfield can be viewed on NQ’s website at www.nqminerals.com.
For more information, please contact:
NQ Minerals plc
David Lenigas, Chairman
Colin Sutherland, Chief Financial Officer
Tel: +1 416 452 2166 (North America)
IFC Advisory Limited
Graham Herring / Tim Metcalfe
Tel: +44 (0) 203 934 6630 (United Kingdom)
First Sentinel Corporate Finance Limited
Brian Stockbridge / Liza Vasilyeva
Tel: +44 (0) 207 183 7407 (United Kingdom)
VSA Capital Limited
Andrew Monk/Maciek Szymanski
+ 44 (0) 203 005 5000 (United Kingdom)
The Following section relates to NQ Minerals Plc’s news releases distributed in the United States:
Cautionary Note to US Investors
The United States Securities and Exchange Commission (“SEC”) permits US Mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Any estimates of mineral resources shown in this press release or on NQ Minerals PLC’s website have been prepared in accordance with definition standards of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves produced by the Australasian Joint Ore Reserves Committee, which may differ from definition standards of the United States Securities and Exchange Commission (“SEC”) Industry Guide 7. We may use certain terms which the SEC guidelines strictly prohibit US registered companies from including in their filings with the SEC.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements based on current expectations, estimates, forecasts, and projections, including those related to our growth strategy, mineral estimates and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; risks relating to exploration, development and/or extraction; our ability to obtain, perform under, and maintain financing and strategic agreements and relationships; our ability to attract, integrate, and retain key personnel; global demand for mineral resources; our need for substantial additional funds; government regulation; as well as other risks. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.