Mr. Mark Selby reports
FATHER'S DAY VEIN YIELDS 24,000 OUNCES OF GOLD WORTH $38 MILLION
Royal Nickel Corp. has released an updated estimate of gold production from the Father's Day vein discovery at its Beta Hunt mine (see Royal Nickel news releases dated Sept. 9 and Sept. 16, 2018). It is now estimated that 24,000 ounces of high-grade gold has been produced from development on the 15 level at the Beta Hunt mine. The updated estimate includes additional in-process material from the initial discovery area, specimen stones and coarse gold recovered from the expanded development area (see Royal Nickel news release dated Sept. 16, 2018), and an increase in production over original estimates based on final outturns received from the Perth Mint. Estimated production from the Father's Day vein is expected to increase as the remaining material from the expanded development area is processed and development continues to be extended. Final gold ounces from the discovery area will be determined after the remaining coarse gold and specimens are processed and/or sold over the short term. All of the high-grade coarse gold is being processed by the Perth Mint.
"The cash flow from this massive increase in gold production from the Father's Day vein at Beta Hunt will fundamentally improve RNC's balance sheet to a substantial net cash position, which will allow RNC to begin to aggressively explore the largely untested high-grade gold potential at Beta Hunt. With ongoing development activities based on an improved understanding of the sediment structures, we expect to provide timely updates on this important discovery. I greatly appreciate the hard work and perseverance of the entire Beta Hunt team, who made this discovery possible, and their ongoing diligence in moving the operation forward," said Mark Selby, president and chief executive officer of Royal Nickel.
The disclosure of scientific and technical information contained in this news release has been approved by Kevin Small, vice-president, project development, of Royal Nickel, a qualified person under National Instrument 43-101.
About Royal Nickel Corp.
The company is a multiasset mineral resource company with a portfolio of nickel, cobalt and gold production and exploration properties. It has a 28-per-cent interest in a nickel joint venture with Waterton that owns the Dumont nickel-cobalt project located in the Abitibi region of Quebec which contains the second-largest nickel reserve and eighth-largest cobalt reserve (the largest undeveloped nickel reserve and second-largest undeveloped cobalt reserve in the world). The company has a 100-per-cent interest in the producing Beta Hunt gold and nickel mine located in Western Australia and a 35-per-cent interest in Orford Mining Corp., a mineral explorer focused on highly prospective and underexplored areas of Northern Quebec and the Carolina gold belt in the United States. The company also has a 27-per-cent stake in the producing Reed mine in Manitoba.
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