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Komet Resources Inc
Symbol KMT
Shares Issued 43,272,510
Close 2015-05-21 C$ 0.38
Market Cap C$ 16,443,554
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Komet VAT pilot tests show 66% average recovery

2015-05-25 08:07 ET - News Release

Mr. Andre Gagne reports

KOMET RESOURCES INC.: FIRST RESULTS OF THE VAT LEACHING PILOT TESTS

Komet Resources Inc. has released the first results from the VAT leaching pilot tests.

Started back in January, pilot testing was undertaken as part of a complete and meticulous assessment of on-site ore processing equipment. The leaching process was completely upgraded and modified to use a percolation (upflow) system instead of a flooding (downflow) system. These pilot tests will carry on through the next couple of months and will seek to optimize this new process by systematically varying parameters such as debit, granulometry, gold grade of treated material and elution performance.

Testing was conducted using the waste material available on site (see Jan. 29, 2015, press release). So far, treated material graded an average of 1.75 grams per tonne gold and recovery rates obtained from leaching averaged 66 per cent with a cash cost of $340 per ounce. Three gold elution were made resulting in 1.9 kilograms of gold (weighted average of 20.07 carats or 84 per cent) and generating a revenue of $75,809. President and chief executive officer Andre Gagne declares: "With those surprising and encouraging results and the the gravimetry circuit pilot tests beginning next July, our slogan 'Produce to discover...' takes on its full meaning." All the results are based on the analysis from the laboratory of SGS at Ouagadougou using fire assay followed by atomic absorption spectrometry.

                  VAT LEACHING OPERATING COSTS -- PILOT TESTS

                              Unit price  Unit price                        
                    Quantity       (XOF)      (CAD)   Total (XOF) Total (CAD)
Chemical                                                                    
reactives

Cyanide (kg)          15.625       4,550      $9.52        71,094    $148.73

Caustic soda
(kg)                   9.375         490      $1.03         4,594      $9.61

Carbon (kg)            3.611       1,500      $3.14         5,417     $11.33

Assay

Ore                        2       7,500     $15.69        15,000     $31.38

Carbon (kg)             0.75      15,000     $31.38        11,250     $23.54

Diesel
322 excavator
($/day)                  0.5      11,700     $24.48         5,850     $12.24

Loader ($/day)           0.5       8,450     $17.68         4,225      $8.84
322 emptying
($/day)                    1      11,700     $24.48        11,700     $24.48

Dump truck
($/day)                    1       2,600      $5.44         2,600      $5.44

Labour (hour)

Security                3.50         563      $1.18         1,969      $4.12

Excavator
operator                   3         563      $1.18         1,688      $3.53

Loader operator            1         563      $1.18           563      $1.18

Truck operator             2         563      $1.18         1,125      $2.35

Laborer loading           14         563      $1.18         7,875     $16.47

Laborer emptying          14         563      $1.18         7,875     $16.47

Water and
electricity

Water ($/litres)      46.375          30      $0.06         1,391      $2.91

Electricity
($/kwh)                  960          80      $0.17        76,800    $160.67

Total cash
cost/VAT                                                  231,014    $483.29
                                                            


Tons per VAT                           39

Waste processed
grade (g/t)                          1.75

Gold per VAT (g)                    68.25

Recovery grade                        66%

Recovered gold per
VAT (g)                            45.045                 CAD

Gold price (XOF/g)                 22,814              $47.73

1 VAT value (XOF)               1,027,659           $2,149.91

Operating cost (XOF)              231,014             $483.29

Gold price (XOF/g)                 22,814              $47.73

Gold (g) equivalent                 10.13

Recovery grade                        66%

Gold needed                         15.34

Tons for 1 VAT                         39

Minimum grade (g/t)                  0.39

Cost/oz (XOF)                     159,515

Cost/oz (CAD)                     $340.12

Gold price
(CAD/oz)(i)                     $1,513.00

Grams for 1 oz                    31.1035

Exchange CAD to
XOF(i)                                469

Gold price (XOF/oz)               709,597
               
Notes:
(i) Exchange rate is the average for the first quarter of 2015 according to 
Oanda and gold price is the average price for the first quarter of 2015 
according to London Metal Exchange.
XOF: West African CFA franc

Jacques Marchand, PEng, Geo, is the qualified person who has reviewed this news release and is responsible for the geological information presented there.

We seek Safe Harbor.

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