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November 9, 2017: NGEx Resources Inc. (TSX: NGQ) (OMX: NGQ) (“NGEx” or the
“Company”) is pleased to announce its results for the three and nine months
ended September 30, 2017. HIGHLIGHTS --

The Company continues to take advantage of opportunities to add value to
Project Constellation (the “Project”) by evaluating lower cost development
options, testing the potential to recover gold from the oxide cap at
Josemaría by heap leaching, and continuing baseline environmental studies.


In addition to the Project, the Company is actively working on building its
project portfolio with a focus on copper-gold projects in Chile and
Argentina and evaluating a number of other exploration projects in
Argentina for potential acquisition.

Wojtek Wodzicki, President and CEO remarked, “After several years of focus
on our advanced projects and the successful spinout of Filo del Sol we are
ready to build on our track record as one of the most successful explorers
in South America. We are using the recent downturn in exploration and our
more than 20 years of experience in Argentina to begin to acquire land
packages with district scale exploration potential. We are seeing some
interesting opportunities and we look forward to updating our investors as
those opportunities progress.” OUTLOOK During the remainder of 2017, the
Company will assess future development options and continue to optimize and
de-risk the Project and explore options to advance the Project toward
eventual development, including more active engagement with potential
development partners or acquirers. In addition, work is planned to explore
the varied development options that the Project provides. Specifically, the
Company will seek opportunities to add value, at modest costs, by: --

Continuing to look for opportunities to optimize the engineering studies;


Continuing ongoing environmental baseline data collection surveys; and


Exploring potential regional synergies and cooperative development plans
with other regional operators to use spare capacity of processing plants
and infrastructure, including port facilities. Innovative development
concepts, such as those used at Teck & Goldcorp's NuevaUnión Project, open
up the potential for sharing infrastructure on a regional scale by
connecting deposits via long distance materials handling systems.

The Company continues to pursue these de-risking opportunities and will
seek to engage with potential partners to lay the groundwork for either the
eventual development by the Company and its partners or through a sale to a
third party. Efforts will be focused on exploring all potential development
scenarios for Los Helados and Josemaria. The Company will also begin field
work to develop targets for future drilling on our recently acquired
exploration properties. The Company will continue to pursue opportunities
to add high quality new copper-gold exploration projects to its existing
portfolio in South America. SELECTED FINANCIAL INFORMATION (in thousands)
September 30, 2017 December 31, 2016
------------------------------------------------------------ Cash 5,048
11,185 Working capital 4,542 10,746 Mineral properties 6,268 6,322 Total
assets 12,631 18,968 Long-term liabilities 751 815
------------------------------------------------------------ FINANCIAL
RESULTS (in thousands, except per share amounts) Three months ended Nine
months ended September 30, September 30,
2017 2016 2017 2016
Exploration expenses 868 1,879 3,669 5,207 General and administration
(“G&A”) 424 927 2,401 2,671 Gain on spin-off transaction - (30,032) -
(30,032) Net loss / (income) 1,446 (27,812) 6,409 (22,328) Basic and
diluted loss/(income) per share 0.01 (0.14) 0.03 (0.11)
The Company’s net loss for the three and nine months ended September 30,
2017 totaled $1.4 million and $6.4 million, respectively. The $30 million
gain on the spin-off transaction in 2016 resulted in a net income of $27.8
million and $22.3 million for the three and nine months ended September 30,
2016. The reduction in exploration expenditures and net loss for the three
and nine-month period in 2017, relative to 2016, reflect the exclusion of
Filo del Sol costs from the Company’s 2017 results subsequent to the
completion of the spin out of Filo del Sol. Reduction in G&A costs for the
three and nine-month period in 2017 relative to 2016 were primarily due to
additional professional and corporate costs incurred in 2016 to execute and
complete the spinout, as well as recognizing a larger share-based
compensation charge in 2016 as a result of the spinout. During 2017, the
Company is benefiting from cost savings realized from sharing certain G&A
corporate costs with Filo Mining Corp. during the year. A new Argentine
legislation exempting the Company from making net worth tax payments over a
two-year period starting in 2017 brings $0.3 million in annual cost savings
for the Company. The increase in foreign exchange loss during the third
quarter of 2017 mainly reflects the unrealized loss associated with holding
excess cash in the US dollar, which weakened relative to the Canadian
dollar as at September 30, 2017. LIQUIDITY AND CAPITAL RESOURCES At
September 30, 2017, the Company had cash and working capital of $5.0
million and $4.5 million, respectively, compared to cash and working
capital of $11.2 million and $10.7 million, respectively, at December 31,
2016. The decrease in cash and working capital was attributable to ongoing
exploration activities and corporate working capital expenditures during
the first nine months of 2017. CREDIT FACILITY Effective as of November 9,
2017, the Company has secured a US$1,000,000 credit facility (the
"Facility") evidenced by a debenture (the "Debenture") to provide
additional financial flexibility to fund general corporate purposes. The
Debenture is unsecured and has a term of nine months from the issue date of
the Debenture (the "Maturity Date"). No interest is payable during the term
of the Debenture, however, any amount of the Facility remaining unpaid and
outstanding on or after the Maturity Date shall bear interest at a rate of
5.00% per annum until repaid in full. The Facility has been issued by an
insider of the Company (the "Lender"). The terms of the Facility include
the Company issuing to the Lender, subject to approval of the Toronto Stock
Exchange, an aggregate of 14,000 Common Shares and an additional 700 Common
Shares per month for each US$50,000 of the Facility outstanding from time
to time up to the Maturity Date. All securities issued in conjunction with
the Facility will be subject to a four-month hold period under applicable
securities law. The Common Shares to be issued pursuant to the terms of the
Debenture will be issued at a price of $1.04 per share, being the closing
price of the Corporation’s Common Shares on the Toronto Stock Exchange on
November 9, 2017. The issuance of Common Shares to an insider and the
Debenture each constitute a "related party transaction", as defined under
Multilateral Instrument 61-101 ("MI 61-101"). The transactions will be
exempt from the formal valuation and minority shareholder approval
requirements of MI 61-101 as neither the fair market value of any shares
issued to or the consideration paid for the Debenture will exceed 25% of
the Company's market capitalization. Qualified Persons Technical disclosure
for the Company’s projects included in this press release, with the
exception of the technical disclosure related to ongoing engineering
studies, has been reviewed and approved by Bob Carmichael, P. Eng. (BC).
Mr. Carmichael is NGEx’s Vice-President of Exploration and a Qualified
Person (“QP”) under National Instrument 43-101 Standards of Disclosure for
Mineral Projects (NI 43-101). Technical disclosure related to the
engineering studies has been reviewed and approved by James Beck, P. Eng.
(ON). Mr. Beck is the Company’s Vice-President of Corporate Development and
Projects and a QP under National Instrument 43-101 Standards of Disclosure
for Mineral Projects (NI 43-101). About NGEx NGEx is a Canadian mineral
exploration company with exploration projects in Chile and Argentina. The
Company's shares are listed on the TSX and on Nasdaq Stockholm under the
symbol "NGQ". The Company's focus is on advancing its Project Constellation
which contemplates the integrated development of two large copper-gold
deposits, Los Helados and Josemaria, located in Chile's Region III and
adjacent San Juan Province, Argentina. Both Los Helados and Josemaría are
subject to separate Joint Exploration Agreements with joint exploration
partners. The Company is the majority partner and operator for both
projects. The Company is also actively seeking new copper-gold projects in
Argentina. Additional Information For further details with regards to the
Project Constellation, please refer to the technical report with an
effective date of February 12, 2016 and titled "Project Constellation
incorporating the Los Helados Deposit, Chile and the Josemaria Deposit,
Argentina NI 43-101 Technical Report on Preliminary Economic Assessment",
prepared by Amec Foster Wheeler International Ingeniería y Construcción
Limitada ("AMEC"). The Technical Report is available for review under the
Company's profile on SEDAR ( and on the Company's website
( This information is information that NGEx
Resources Inc. is obliged to make public pursuant to the Swedish Securities
Markets Act and/or the Swedish Financial Instruments Trading Act. The
information was submitted for publication, through the agency of the
contact person set out below, on November 9, 2017 at 4:45 p.m. Pacific
Time. On behalf of the board Wojtek Wodzicki President and CEO For further
information, please contact: Sophia Shane, Corporate Development (604)
689-7842. This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein in the
U.S., or in any jurisdiction in which such an offer or sale would be
unlawful. The securities described herein have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, or any U.S.
state securities laws and may not be offered or sold in the U.S. or to the
account or benefit of a U.S. person or a person in the U.S. absent
registration or an applicable exemption from the registration requirements.
Cautionary Note Regarding Forward-Looking Statements Certain statements
made and information contained herein in the press release constitutes
“forward-looking information” and forward-looking sta...

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