VANCOUVER, British Columbia, April 21, 2020 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX-V: KNT; OTCQX: KNTNF) announces the creation of the Company’s COVID-19 Assistance Fund to support the Papua New Guinea National Government, the Eastern Highlands and Morobe Provincial Governments and our local communities in PNG respond to the COVID-19 pandemic. An initial sum of 1.5 million Papua New Guinea Kina (~US$440,000) will be allocated to the fund.
The contributions are targeting the following areas:
- Procurement of Personal Protective Equipment (“PPE”)
- Procurement of medical supplies and consumables
- Procurement of medical equipment
- Procurement of COVID-19 testing kits and equipment
- Procurement of essential goods and services for impacted communities
- Shipping and transportation of equipment, supplies, consumables and personnel
- Other needs identified by K92 in collaboration with the appropriate Government agencies
K92 reports that it does not have any confirmed cases of COVID-19 at its operations, and additional controls to ensure the health and safety of all employees, contractors and communities have been implemented.
John Lewins, K92 Chief Executive Officer and Director, stated, “K92 places a strong focus on the prosperity and development of Papua New Guinea and our local communities. We are proud to be supporting efforts to meet the challenge posed by the COVID-19 pandemic. Our initial 1.5 million Papua New Guinea Kina contribution will provide direct support in several key areas such as procuring PPE, medical equipment, test kits, personnel, logistics and other needs as identified. We believe this funding will complement initiatives from Government to help protect the health and safety of our local communities, workforce, Eastern Highlands and Morobe Provinces and elsewhere in Papua New Guinea.
Importantly, the funding also reinforces our existing measures at the Kainantu gold mine to maintain economic activity and employment opportunities without compromising health and safety to the extent possible. And lastly, K92 would like to thank the various levels of Government for their efforts to combat COVID-19 – by all working together we will ultimately defeat COVID-19 and will be stronger than ever before.”
K92 Mining Inc. is engaged in the production of gold, copper and silver from the Kora and Kora North deposits of the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The Company declared commercial production from Kainantu in February 2018 and has commenced an expansion of the mine. An updated Preliminary Economic Assessment on the property was published in January 2019. K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience.
On Behalf of the Company,
John Lewins, Chief Executive Officer and Director
For further information, please contact David Medilek, P.Eng., CFA at +1-604-687-7130.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events, or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding the realization of the preliminary economic analysis for the Kainantu Project, expectations of future cash flows, the planned plant expansion, production results, cost of sales, sales of production, potential expansion of resources and the generation of further drilling results which may or may not occur. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the market price of the Company’s securities, metal prices, exchange rates, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations in PNG, and regulations and other matters.. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.