VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 1, 2017) – West Kirkland Mining Inc. (TSX VENTURE:WKM)(OTCQB:WKLDF) (“West Kirkland” or the “Company”) announced today that its common stock is now trading on the OTC Market Group’s OTCQB® Venture Market under the ticker symbol “WKLDF” effective February 28, 2017.
The OTCQB® Venture Market, operated by OTC Markets Group Inc., requires companies to remain current and compliant in their reporting, and undergo an annual verification and management certification process. These standards provide improved investor confidence through verified information, as well as greater information availability, and transparent prices for investors.
West Kirkland is an emerging gold mine developer with advanced staged assets in Nevada. The Company owns a 75% interest in the Hasbrouck Gold Project in Tonopah, Nevada. A Pre-Feasibility Study and Environmental Assessment with construction-level drawings and all federal and state permits for the phase-one Three Hills Mine provides an advanced project for potential expansion with drilling underway. West Kirkland also holds a 60% interest in the open pit heap-leach TUG Gold Project in Utah in Joint Venture with Newmont Mining Corporation.
The Hasbrouck Project consists of the Hasbrouck Mine, Three Hills Mine, and surrounding land package, all located near Tonopah, Nevada. All dollar values presented in this news release are U.S. dollars and are presented on a 100% project basis. Highlights include:
- Low initial capital cost of $47 million with a 12-month construction period
- Open pit mining with minimal pre-stripping and an overall stripping ratio of 1.1:1
- 594,000 recoverable gold equivalent ounces*
- 74,000 gold equivalent ounces* produced annually for eight years
- $717 All-in Sustaining Cost per Au ounce
- Robust 2016 pre-feasibility study indicating after-tax NPV (5%) of $120 million and a 43% IRR
- $1,275/oz Au and $18.21/oz Ag metal price assumptions
- Good exploration potential proximal to the Three Hills permitted pit
*Gold equivalent ounces produced are calculated by multiplying the silver ounces by 18.21 over 1,275 and then adding to the gold ounces
Proven and Probable Reserves total 45.3 million tons containing 762,000 ounces gold and 10.6 million ounces silver as detailed below:
| Hasbrouck Project Reserves, June 3, 2015, Mine Development Associates (1, 2) | ||||||
| Three Hills Mine Reserves | K tons Ore |
Grade (oz Au/ton) |
K oz Au | Grade (oz Ag/ton) |
K oz Ag | |
| 0.005 opt Au cutoff |
Proven | – | – | – | – | – |
| Probable | 9,653 | 0.018 | 175 | – | – | |
| P&P | 9,653 | 0.018 | 175 | – | – | |
| Hasbrouck Mine Reserves | ||||||
| Variable cutoff grade(3) |
Proven | 6,242 | 0.020 | 127 | 0.410 | 2,562 |
| Probable | 29,374 | 0.016 | 461 | 0.273 | 8,007 | |
| P&P | 35,617 | 0.017 | 588 | 0.297 | 10,569 | |
| Total Hasbrouck Project Reserves | ||||||
| Variable cutoff grade(3) |
Proven | 6,242 | 0.020 | 127 | 0.410 | 2,562 |
| Probable | 39,028 | 0.016 | 635 | 0.205 | 8,007 | |
| P&P | 45,270 | 0.017 | 762 | 0.233 | 10,569 | |
| Notes: |
| (1) The estimation and classification of Proven and Probable Mineral Reserves have been prepared by Thomas L. Dyer, P.E., of Mine Development Associates following CIM standards |
| (2) Mineral Reserves are estimated based on $1,225/oz gold and $17.50/oz silver |
| (3) Cutoff grades used for Mineral Reserves are: Three Hills 0.005 oz Au/ton, Hasbrouck Upper Siebert 0.008 oz Au/ton, and Hasbrouck Lower Siebert 0.007 oz Au/ton |
Authors and Qualified Persons Statement
The referenced Mineral Reserve Estimate was prepared in conformance with NI 43-101 by Thomas L. Dyer, P.E. of MDA and was filed on SEDAR on September 2016. Mr. Dyer is a “Qualified Person” under NI 43-101 and has reviewed and approved the information in this news release. MDA has reviewed and verified that the data disclosed in this news release conforms to CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and to NI 43-101.
Sandy McVey, P.Eng., Chief Operating Officer of West Kirkland, and a non-independent Qualified Person as defined by NI 43-101, has reviewed the information contained in this news release and has verified the data.
Sample Preparation, Analyses, and Security
It is MDA’s opinion that the sampling, assaying, and security procedures used at Three Hills and Hasbrouck deposits follow industry standard procedures, and are adequate for the estimation of the current Mineral Resources and Mineral Reserves.
Data Verification
MDA completed audits of the database, performed a site visit, reviewed QAQC data and confirmed historic assays. After performing their review, they consider the assay data to be adequate for the estimation of the current Mineral Resources and Mineral Reserves.
About West Kirkland Mining Inc.
West Kirkland owns a 75% interest in the Hasbrouck Gold Project in Tonopah, Nevada. A Pre-Feasibility Study and Environmental Assessment with construction-level drawings and all federal and state permits for the phase-one Three Hills Mine provides an advanced project for potential expansion with drilling underway. West Kirkland also holds a 60% interest in the open pit heap-leach TUG Gold Project in Utah in Joint Venture with Newmont.
On behalf of West Kirkland Mining Inc.
“R. Michael Jones“
Chief Executive Officer
For further information, please see the Company’s website at www.wkmining.com or contact us by email at [email protected].
Disclaimer for Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding proposed exploration activities. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company’s Filing Statement dated March 31, 2016 for a more complete discussion of such risk factors and their potential effects, a copy of which may be accessed through the Company’s page on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
