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Goldmining Inc
Symbol GOLD
Shares Issued 145,972,554
Close 2020-06-23 C$ 1.74
Recent Sedar Documents

Goldmining forms Gold Royalty subsidiary

2020-06-24 07:06 ET - News Release

Mr. Garnet Dawson reports

GOLDMINING ANNOUNCES CREATION OF GOLD ROYALTY CORP., A NEW GOLD-FOCUSED ROYALTY COMPANY

Goldmining Inc. has created Gold Royalty Corp. (GRC), a newly incorporated wholly owned subsidiary, that will hold 14 newly created net smelter return (NSR) royalties on its extensive gold-focused asset portfolio in the Americas.

Amir Adnani, chairman, commented: "Following a decade-long effort since forming the company to assemble an extensive portfolio of gold projects in mining-friendly jurisdictions in North and South America, we believe that the timing is right to create this royalty entity, which imparts an additional, and non-dilutive layer of value to existing shareholders. Over the long term, we intend to explore potential value-enhancing transactions for Gold Royalty Corp., including a potential spinoff, initial public offering, sale, merger or other transactions that may increase shareholder value."

Garnet Dawson, chief executive officer, commented: "Goldmining's focus remains on our two-pronged strategy of expanding our property portfolio through accretive transactions of resource-stage gold projects and their advancement towards development. We believe Gold Royalty Corp. will be a complementary platform to Goldmining's future acquisition and development plans."

GRC's royalty portfolio is expected to comprise 0.5-per-cent to 2.0-per-cent NSR royalties on the company's interest in 14 existing projects with the opportunity to expand the royalty portfolio through the company's buyback rights on existing NSR royalties ranging from 0.5 per cent to 2 per cent held by third parties on up to five of the 14 projects.

                                           GRC ROYALTY PORTFOLIO
                                                                                                 Intended GRC
Project       Country    Area   Ownership       Gold equivalent ounces (1)                        royalty (2)
                           Ha                   Measured and
                                                   indicated      inferred
                                                                                                       1% NSR
                                                                                           company has rights
                                                                                         to acquire 0.75% NSR
Whistler          USA  17,159        100%          2,797,000     6,731,000              from 3rd party holder

Almaden           USA   1,724        100%            910,000       160,000                           0.5% NSR

Yellowknife    Canada  12,120        100%          1,059,000       739,000                             1% NSR
 
Titiribi     Colombia   3,919        100%          6,220,000     3,440,000                             2% NSR

La Mina      Colombia   3,200        100%          1,013,000       427,000                             2% NSR

                                                                                                       1% NSR
                                                                                           company has rights
                                                                                            to acquire 1% NSR
Yarumalito   Colombia   1,453        100%                  -     1,502,000              from 3rd party holder

Cachoeira      Brazil   4,742        100%            692,000       538,000                             1% NSR

                                                                                                       1% NSR
                                                                                           company has rights
                                                                                         to acquire 0.75% NSR
                                                                                        over existing deposit
                                                                                         area and 1% NSR over
                                                                                     claim outside such area,
Sao Jorge      Brazil  45,997        100%            715,000     1,035,000        each from 3rd party holders

                                                                                                       1% NSR
                                                                                           company has rights
                                                                                      to acquire NSRs ranging
                                                                                       from 0.5% to 1.5% over
                                                                                     various claim areas from
Surubim        Brazil  14,611        100%                  -       503,000                  3rd party holders

Boa Vista      Brazil  12,888         84%                  -       336,000                             1% NSR

                                                                                                       1% NSR
                                                                                           company has rights
                                                                                            to acquire 2% NSR
Batistao       Brazil   5,108        100%                  -             -             from 3rd party holders

                                                                                                1% NSR on the
Montes Aureos  Brazil   2,000         51%                  -             -                 company's interest

                                                                                                1% NSR on the
Trinta         Brazil   9,568         51%                  -             -                 company's interest

Crucero          Peru   4,600        100%            993,000     1,147,000                             1% NSR

(1) Further details regarding individual resource estimates, including metal 
equivalents, are shown in another table. 
(2) Options to purchase existing third party royalties on individual projects 
are detailed in their respective technical reports.
  

Qualified persons

Paulo Pereira, president of Goldmining, has reviewed and approved the technical information contained in this news release. Mr. Pereira holds a bachelor's degree in geology from Universidade do Amazonas in Brazil, is a qualified person as defined in National Instrument 43-101 and is a member of the Association of Professional Geoscientists of Ontario.

About Goldmining Inc.

Goldmining is a public mineral exploration company focused on the acquisition and development of gold assets in the Americas. Through its disciplined acquisition strategy, Goldmining now controls a diversified portfolio of resource-stage gold and gold-copper projects and royalties in Canada, the United States, Brazil, Colombia and Peru. Additionally, Goldmining owns a 75-per-cent interest in the Rea uranium project, located in the Western Athabasca basin of Alberta, Canada.

      GOLDMINING'S AGGREGATED MINERAL RESOURCE STATEMENT ACROSS ALL ITS PROJECTS (1) (2) (3)

                                                           Grade                   Contained metal
Deposit     Cut-off (4)  Tonnage    Gold  Silver  Copper    AuEq     Gold   Silver  Copper    AuEq
                  (g/t)     (mt)   (g/t)   (g/t)     (%)   (g/t)    (moz)    (moz)   (mlb)   (moz)
Measured
resources
Titiribi (5)        0.3   51.600    0.49       -    0.17    0.78    0.820        -   195.1   1.290
Yellowknife 
(13)            0.5/1.5    1.176    2.10       -       -    2.10    0.080        -       -   0.080
Total                                                               0.900        -   195.1   1.370
indicated
resources
Titiribi  (5)       0.3  234.200    0.51       -    0.09    0.65    3.820        -   459.3   4.930
Sao Jorge (6)       0.3   14.420    1.54       -       -    1.54    0.715        -       -   0.715
Cachoeira (7)      0.35   17.470    1.23       -       -    1.23    0.692        -       -   0.692
Whistler (8)        0.3  110.280    0.50    1.76    0.14    0.79    1.765    6.130   343.1   2.797
La Mina (9)        0.25   28.170    0.74    1.77    0.24    1.12    0.667    1.607   150.2   1.013
Crucero (12)        0.4   30.653    1.00       -       -    1.00    0.993        -       -   0.993
Yellowknife 
(13)            0.5/1.5   12.933    2.35       -       -    2.35    0.979        -       -   0.979
Almaden             0.3   43.370    0.65       -       -    0.65    0.910        -       -   0.910
Total                                                              10.540    7.737   952.7  12.969
measured and
indicated
resources
Total                                                              11.440    7.737 1,147.8  14.339
inferred
resources
Titiribi (5)        0.3  207.900    0.49       -    0.02    0.51    3.260        -    77.9   3.440
Sao Jorge (6)       0.3   28.190    1.14       -       -    1.14    1.035        -       -   1.035
Cachoeira (7)      0.35   15.667    1.07       -       -    1.07    0.538        -       -   0.538
Whistler (8)    0.3/0.6  311.260    0.47    2.26    0.11    0.68    4.626   22.617   713.5   6.731
La Mina (9)        0.25   12.394    0.65    1.75    0.27    1.07    0.260    0.697    73.3   0.427
Boa Vista (10)      0.5    8.470    1.23       -       -    1.23    0.336        -       -   0.336
Surubim (11)        0.3   19.440    0.81       -       -    0.81    0.503        -       -   0.503
Crucero (12)        0.4   35.779    1.00       -       -    1.00    1.147        -       -   1.147
Yellowknife 
(13)            0.5/1.5    9.302    2.47       -       -       -    0.739        -       -   0.739
Yarumalito 
(14)                0.5   66.271    0.58       -    0.09    0.70    1.230        -   129.3   1.502
Almaden             0.3    9.150    0.56       -       -    0.56    0.160        -       -   0.160
Total                                                              13.840   23.311   993.9  16.558

Table notes:
(1) Mineral resources are not mineral reserves and do not have demonstrated economic viability. 
There is no certainty that all or any part of the mineral resources will be converted into mineral 
reserves. The estimate of mineral resources may be materially affected by environmental 
permitting, legal, title, taxation, socio-political, marketing or other relevant issues.
(2) The aggregated resource table is provided for informational purposes only and is not intended 
to represent the viability of any project on a stand-alone or aggregated basis. The exploration 
and development of each project, project geology, and the assumptions and other factors underlying 
each estimate are not uniform and will vary from project to project. Please refer to the technical 
report for each respective project, as referenced herein, for detailed information respecting each 
individual project.
(3) All quantities are rounded to the appropriate number of significant figures; consequently, 
sums may not add up due to rounding.
(4) Gold cut-off for all projects except for Whistler and Yarumalito, which is gold equivalent 
cut-off.
(5) Notes for Titiribi:
(a) Based on technical report titled "Technical Report on the Titiribi Project Department of 
Antioquia, Colombia," prepared by Joseph A. Cantor and Robert E. Cameron of Behre Dolbear & 
Company (USA) Inc., with an effective date of Sept. 14, 2016.
(b) Gold equivalent estimated for the Titiribi deposit assumes metal prices of $1,300 (U.S.) per
ounce gold and $2.90 (U.S.) per pound copper and recoveries of 83 per cent for gold and 90 per
cent for copper.
(6) Notes for Sao Jorge:
(a) Based on technical report titled "Technical Report and Resource Estimate on the Sao 
Jorge Gold Project, Para State, Brazil," prepared by Porfirio Rodriguez and Leonardo de Moraes 
of Coffey Mining Pty. Ltd., with an effective date of Nov. 22, 2013.
(7) Notes for Cachoeira:
(a) Based on technical report titled "Technical Report and Resource Estimate on the Cachoeira 
Property, Para State, Brazil," prepared by Gregory Z. Mosher of Tetratech Inc. with an 
effective date of April 17, 2013, and amended and restated Oct. 2, 2013.
(8) Notes for Whistler:
(a) Based on technical report titled "Technical Report on the Whistler Project" prepared by 
Gary Giroux of Giroux Consultants Inc., with an effective date of March 24, 2016.
(b) The Whistler project comprises three deposits: Whistler, Raintree West and Island 
Mountain.
(c) Gold equivalent estimated for the Whistler deposit assumes metal prices of $990 (U.S.) per 
ounce gold, $15.40 (U.S.) per ounce silver and $2.91 (U.S.) per pound copper and recoveries 
of 75 per cent for gold and silver and 85 per cent for copper.
(d) Gold equivalent estimated for the Raintree West deposit assumes metal prices of $1,250
(U.S.) per ounce gold, $16.50 (U.S.) per ounce silver and $2.10 (U.S.) per pound copper and 
recoveries of 75 per cent for gold, 85 per cent for copper and 75 per cent for silver.
(e) Gold equivalent estimated for the Island Mountain deposit assumes metal prices of 
$1,250 (U.S.) per ounce gold, $16.50 (U.S.) per ounce silver and $2.10 (U.S.) per pound 
copper and recoveries of 75 per cent for gold, 85 per cent for copper and 25 per cent for 
silver (recovered in copper concentrate).
(f) A gold equivalent cut-off of 0.3 g/t was highlighted in the estimate as a possible open-pit 
cut-off (Whistler, Raintree shallow and Island Mountain), and a gold equivalent cut-off of 
0.6 g/t was highlighted in the estimate as a possible underground cut-off (Raintree deep).
(9) Notes for La Mina:
(a) Based on technical report titled "Technical Report on the La Mina Project" prepared by
Scott E. Wilson of Metals Mining Consultants Inc. (MMC) with an effective date of Oct. 24, 
2016.
(b) Gold equivalent estimated for the La Mina project assumes metal prices of $1,275 (U.S.) per
ounce gold, $17.75 (U.S.) per ounce for silver and $2.75 (U.S.) per pound for copper and 
recoveries of 93 per cent for gold and 90 per cent for copper.
(10) Notes for Boa Vista:
(a) Based on technical report titled "Technical Report on the Boa Vista Project and Resource 
Estimate on the VG1 Prospect, Tapajos Area, Para State, Northern Brazil," prepared by Jim Cuttle, 
Mr.  Giroux and Michael Schmulian, with an effective date of Nov. 22, 2013.
(11) Notes for Surubim:
(a) Based on technical report titled "Technical Report on the Rio Novo Gold Project and Resource 
Estimate on the Jau Prospect, Tapajos Area, Para State, Northern Brazil," prepared by Jim Cuttle 
and Mr. Giroux, with an effective date of Nov. 22, 2013.
(12) Notes for Crucero:
(a) Pit-constrained resource estimate based on $1,500 (U.S.) per ounce gold, mining cost of 
$1.60/t, processing cost of $16 (U.S.)/t and pit slope of 47 degrees.
(b) Based on technical report titled "Technical Report on the Crucero Property, Carabaya Province, 
Peru," prepared by Mr. Mosher with an effective date of Dec. 20, 2017.
(13) Notes for Yellowknife:
(a) Pit-constrained resources with reasonable prospects of eventual economic extraction reported 
above a 0.50 g/t Au cut-off.  
(b) Pit optimization is based on an assumed gold price of $1,500 (U.S.) per ounce, metallurgical 
recovery of 90 per cent, mining cost of $2 (U.S.)/t and processing and G&A cost of $23 (U.S.)/t.
(c) Underground resources with reasonable prospects of eventual economic extraction stated as 
contained within gold grade shapes above a 1.50 g/t Au cut-off.  
(d) Mineral resource tonnage and grade with reasonable prospects of eventual economic extraction 
are reported as undiluted and reflect a bench height of 3.0 m.
(e) Based on a technical report titled "Independent Technical Report for the Yellowknife Gold 
Project, Northwest Territories, Canada," prepared by Ben Parsons (SRK Consulting (U.S.) Inc.) 
and Dominic Chartier (SRK Consulting (Canada) Inc.) and Eric Olin (SRK Consulting (U.S.) Inc.) 
with an effective date of March 1, 2019.
(14) Notes for Yarumalito:
(a) Pit-constrained resource estimate based on $1,500 (U.S.) per ounce gold and $2.70 (U.S.)
per pound copper, mining cost of $2 (U.S.)/t, processing cost of $8 (U.S.)/t and pit slope of 
45 degrees.
(b) Based on technical report titled "Technical Report: Yarumalito Gold-Copper Property, 
Departments of Antioquia and Caldas, Republic of Colombia," prepared by Mr. Mosher with an 
effective date of April 1, 2020.
(15) Notes for Almaden:
(a) Pit-constrained resource estimate based on $1,500 (U.S.) per ounce gold and $2.70 (U.S.) per
pound copper, mining cost of $2.25 (U.S.)/t, processing cost of $10 (U.S.)/t and pit slope of 
45 degrees, 0.3 g/t Au cut-off. 
(b) See news release titled "GoldMining Announces Resource Estimate for Almaden Gold Project, 
Idaho, USA," on June 3, 2020, which is available at SEDAR under Goldmining's SEDAR profile. A 
technical report documenting this work is currently in preparation and will be available at SEDAR
under Goldmining's SEDAR profile in due course.
    

The aggregated resource statement is provided for information purposes only. Investors should refer to the underlying technical reports referenced for project-specific factors relating to each resource estimate.

We seek Safe Harbor.

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