LOS ANGELES, Aug. 06, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Brookmount Explorations, Inc. (“Brookmount”), a Nevada incorporated company (OTC “BMXI”) announced that The Company has entered into negotiations with a major mining and industrial group in the Philippines for acquisition of a controlling interest in an existing gold mining complex situated north east of the national capital Manila. The facility includes a reserve of approximately100 HA of medium to high grade ore with grades of between 6-15 g/tonne. The mine facilities are centered around a principal shaft of approximately 300 metres depth served by a cage lift together with a network of over 5,000 metres of horizontal corridors excavated to 9 levels along ore seams, with capacity of 12,000oz pa of gold concentrates. The complex includes a complete processing facility with a capacity of 300 tonnes per day. A comprehensive resource survey undertaken by a Philippine accredited geologist has estimated resource of 3.5 million tonnes at an average ore grade of 11.3g/tonne. Should the acquisition take place as envisaged, BMXI management will retain a JORC accredited confirmation of resource levels.
Contemporaneously with the acquisition negotiations, The Company is in discussions with a Middle East based sovereign fund investment group to arrange a secured line of credit for up to $10 million, proceeds of which will be used to settle the cash component of the acquisition and provide working capital to gear up production activities and cover drilling costs arising from upgrading resource estimates to JORC compliant standards.
The Company anticipates finalizing preliminary agreements on both the acquisition and financing during August and will provide further updates to shareholders accordingly.
Brookmount conducts its gold mining and processing operations through its Indonesian subsidiary incorporated in Sulawesi Province, Republic of Indonesia, one of Asia's most dynamic and rapidly expanding economies with extensive reserves of natural resources and minerals including timber, coal, gold and hydrocarbons.
Safe Harbor Statements:
Except for the historical information contained herein, certain of the matters discussed in this communication constitute “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995. Words such as “may,” “might,” “will,” “should,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “seek to,” “plan,” “assume,” “believe,” “target,” “forecast,” “goal,” “objective,” “continue” or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding benefits of the proposed license, expected synergies, anticipated future financial and operating performance and results, including estimates of growth. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. For example, the expected timing and likelihood of completion of the pending transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending transaction that could reduce anticipated benefits or cause the parties to abandon the transaction, the ability to successfully integrate the businesses, the occurrence of any event, change or other circumstance that could give rise to the termination of the negotiations, the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Brookmount’s common stock. All such factors are difficult to predict and are beyond our control. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this report, except as required by applicable law or regulations.
For more information: Brookmount Explorations, Inc. Tel: 213.266.7661 bmxicorporate@gmail.com
