VANCOUVER, British Columbia, July 03, 2020 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSXV: KNT; OTCQB: KNTNF) announces that, further to the updated resource estimate for the Kora deposit at the Company’s Kainantu Gold Mine in Papua New Guinea (see May 19, 2020 Press Release: K92 Mining Inc. Reports Significant Resource Increase at High-Grade Kora Deposit), in consideration of the potential delays in obtaining signatories and certificates resulting from the COVID-19 pandemic, the Company will be postponing the filing of the technical report that is required to be filed by July 3, 2020, pursuant to section 4.2(l)(j) (technical report filing) of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”).
On March 18, 2020, the Canadian Securities Administrators (“CSA”) announced that they would provide issuers with a 45-day extension for filings required on or before June 1, 2020, to allow issuers the time needed to focus on the many other business and financial reporting implications of the COVID-19 pandemic. Accordingly, the British Columbia Securities Commission (“BCSC”) has enacted BC Instrument 51-517 - Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020 (“BCI 51-517”).
The Company will be relying on the temporary exemption pursuant to BCI 51-517 with respect to the requirement of section 4.2(l)(j) (technical report filing) and 4.2(5)(iii) (filing deadline) of NI 43-101, to file a technical report within 45 days of the May 19, 2020 disclosure, to support the first-time disclosure of a material change in mineral resources from the most recently filed technical report with respect to the Kora deposit at the Company’s Kainantu Gold Mine in Papua New Guinea.
The Company is continuing to work diligently and expeditiously to complete and file the NI 43-101 technical report and currently expects to have it filed on or before July 31, 2020.
Until the NI 43-101 technical report is filed, management and other insiders of the Company are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
The Company confirms that since the filing of its interim consolidated financial statements for the period ended March 31, 2020, there have been no material business developments other than those that have been publicly disclosed through news releases.
K92 Mining Inc. is engaged in the production of gold, copper and silver from the Kora 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. 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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 Mine, expectations of future cash flows, the planned plant expansion, production results, cost of sales, sales of production, potential expansion of resources, mitigation of the Covid-19 pandemic, 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, international effects of the Covid-19 pandemic, 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.