Mr. Rob Buchanan reports
RNC MINERALS PRODUCES 13,497 OZ OF GOLD IN OCTOBER 2018
RNC Minerals Corp. has provided production from the Beta Hunt mine of 13,497 mined gold ounces for the month of October, 2018, at an average grade of 9.06 grams per tonne. Year to date Oct. 31, 2018, mined gold ounces were 71,957, an increase of 60 per cent versus the prior year period, including 25,355 ounces thus far from the Father's Day vein and a total of 30,145 ounces of high-grade coarse gold from all areas. The attached production table breaks out production of high-grade coarse gold and total gold production. Mining of high-grade coarse gold has resumed in the Father's Day vein discovery area.
Mark Selby, president and chief executive officer of RNC, commented: "October was another excellent production month for the company as we recovered an additional 8,506 ounces of high-grade coarse gold. RNC is in a solid cash position with a cash and cash equivalents balance (including specimens held for sale valued at gold content) as of Nov. 9, 2018, of $18.8-million -- sufficient to fund the company's planned upcoming activities. Drilling along strike from the Father's Day vein discovery area in the A zone is under way and a second drill has arrived at site to begin resource definition drilling and target the sediment layer in the much larger Western Flanks structure. We expect our exploration program to add additional gold ounces going forward as we define and explore sediment structures throughout the Beta Hunt mine."
BETA HUNT MINE YEAR TO DATE OCT. 31, 2018, PRODUCTION RESULTS
Beta Hunt gold operation (1) Q1 2018 Q2 2018 Q3 2018 Oct 2018 YTD 2018
Gold tonnes mined (000s) 169 132 146 46 493
Gold mined grade (g/t Au) (3) (4) 2.54 3.14 6.67 9.06 4.54
Gold mined -- coarse gold/specimens (ounces) 381 1,841 19,417 8,506 30,145
Gold mined (ounces) 13,399 11,479 11,943 4,991 41,812
Total gold mined (ounces) (2) (3) (4) 13,780 13,320 31,360 13,497 71,957
Gold tonnes milled (000s) 110 112 199 33 454
Gold mill grade (g/t Au) 2.36 3.28 3.93 14.74 4.17
Gold recovery (%) 90% 91% 95% 95% 93%
Gold milled (ounces) 8,372 11,844 25,1285 15,497 60,841
Gold sales (ounces) (1) 7,978 11,511 23,805 15,233 58,527
Note that October, 2018, sales and production numbers are preliminary estimates. Final grades and
ounces can only be determined once mined material has been processed.
(1) Numbers may not add due to rounding.
(2) The difference in gold sales ounces and gold mined ounces is due to timing differences in
receipt of gold sales depending on completion date of tolling campaigns.
(3) Final grades are determined once mined material has been processed.
(4) As of Oct. 31, 2018, 84,100 tonnes of gold mineralization remained on the ROM pad for tolling,
as compared with 70,500 t of gold mineralization as of Sept. 30, 2018.
(5) Milled ounces are corrected from previously reported number of 33,725 ounces.
The disclosure of scientific and technical information contained in this news release has been approved by Kevin Small, chief operating officer, Salt Lake Mining, and vice-president, project development of RNC, a qualified person under National Instrument 43-101.
Third quarter 2108 conference call/webcast
RNC will be hosting a conference call and webcast tomorrow (Nov. 13) beginning at 10 a.m. Eastern Time.
Live conference call and webcast access information
North American callers please dial: 1-888-231-8191
Local and international callers please dial: 647-427-7450
A live webcast of the call will be available through Cision's website.
A recording of the conference call will be available for replay for a one-week period beginning at approximately 1 p.m. Eastern Time on Nov. 13, 2018, and can be accessed as follows:
North American callers please dial: 1-855-859-2056; pass code: 7283426
Local and international callers please dial: 416-849-0833; pass code: 7283426
About Royal Nickel Corp.
RNC has a 100-per-cent interest in the producing Beta Hunt gold mine located in Western Australia where a significant high-grade gold discovery -- Father's Day vein -- was recently made. Beta Hunt gold resource potential is underpinned by multiple gold shears with gold intersections across a four-kilometre strike length which remain open in multiple directions adjacent to an existing five km ramp network. RNC also has a 28-per-cent interest in a nickel joint venture 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 in the world. RNC owns a 35-per-cent interest in Orford Mining Corp., a mineral explorer focused on highly prospective and underexplored areas of Northern Quebec and the U.S. Carolina gold belt.
We seek Safe Harbor.
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