Newlox Gold Ventures Corp. Initiates Expansion into Colombia
Vancouver, 18 July 2022 - Newlox Gold Ventures Corp. ("Newlox" or the "Company") (CSE:LUX) (Frankfurt/Stuttgart:NGO), (OTC:NWLXF) is pleased to announce expansion into Antioquia, Columbia with a new environmentally and socially responsible project. Multiple trips to South America in the first half of this year, culminated in the selection of an ideal site to deploy the Company's third environmentally and socially positive precious metals recovery plant. Newlox Gold initiated engineering and environmental impact work at the site and will be providing further updates in the coming months. Colombia is an incredibly resource rich country that has produced approximately 80 million ounces of gold since pre-Colonial times while modern exploration has discovered over 100 million ounces in the last ten years. In addition to the formal gold industry, an estimated 350,000 people work directly in the artisanal and small-scale gold mining field in Colombia accounting for over 85 percent of the country's annual gold production.
During a due diligence mission to the area this spring, Newlox's operations and corporate team were impressed with the scale of artisanal mining in the area as well as large scale processing facilities operated by local and multinational resource companies. With guidance from several members of the Newlox Gold team with experience in the Colombian mining sector, the Company selected an area in Antioquia province where a large population of artisanal miners have little access to modern processing technology and capital.
These miners will benefit from Newlox Gold's partner mining model and have already expressed great interest in partnership with the Company during a market study in the area by Newlox Gold's local engineering consultants. The recently conducted study revealed that up to 60,000 artisanal miners are operating in the area at over 1,664 mining sites. Local demand for toll milling was found to be strong with miners operating at a scale to justify the deployment of a Newlox processing plant.
Following positive results of the market study in early July, Newlox initiated the permitting process for construction of a 250 to 1,000 tonne per day processing facility to process gold bearing material from local artisanal miners. Currently the Company is undertaking hydrological, environmental, geotechnical, and archeological studies in accordance with Colombian regulations. These procedures will be ongoing this year with an estimated permitting time of between nine and twelve months.
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Forward-Looking Information
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
Technical Disclaimer
The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Grab sample results included in any press release are not necessarily indicative of the mineralization in general for the deposit. Stewart A. Jackson, Ph.D., P.Geo., a "Qualified Person" within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.
On Behalf of the Board, Newlox Gold Ventures Corp.
Contact Newlox Gold
Ryan Jackson, President
Newlox Gold Ventures Corp.
Website: www.newloxgold.com
Email: info@newloxgold.com
Phone: + 1 604 256 0493
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