General Legal Disclaimer

Cautionary Statement

Forward-looking Statements

Certain of the statements and information on this website constitute "forward-looking statements" or "forward-looking information". Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from those reflected in the forward-looking statements or information, including, without limitation, risks relating to results from infill and exploration drilling, geotechnical studies, metallurgical studies, planning of tailings facilities, access to power supply, fluctuations in the spot and forward price of gold or certain other commodities, timing of receipt of permits and regulatory approvals, the sufficiency of the Company's capital to finance the Company's operations, geological interpretations and potential mineral recovery processes, changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, business opportunities that may be presented to, or pursued by, the Company, operating or technical difficulties in connection with mining activities. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Readers should carefully review the Risk Factors section of the continuous disclosure documents of the Company and the Company's technical reports available under its profile on the website www.sedar.com for more information on such risks.

 

Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of posting on the website, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information

 

Non-IFRS Performance Measures

International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, are recognized standards for financial reporting in Canada and most jurisdictions. The Company provided certain non-IFRS performance figures for the Project based on guidance issued by the World Gold Council.  These non-IFRS measures are intended to provide additional information to evaluate the underlying performance of the Project and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable with other issuers.

  • Cash cost per ounce

Cash costs include indirect production costs incurred to operate the proposed mining operation.  They include such input costs as mining, processing, refining, royalty payments and site administration, less gross revenue generated from silver sales, divided by gold ounces sold to arrive at total cash cost per gold ounce sold.  Cash cost per ounce is stated in USD, based on the general practice by the gold sector, to facilitate comparison across mines located around the globe.

  • All-in-sustainable cost (AISC) per ounce

All-in-sustainable costs includes the total cash cost plus the sustainable capital required to support the ongoing production of gold over the life of mine.  The Company calculates the Project’s all-in sustaining cost per ounce as the sum of total cash costs (as described above), reclamation and sustaining capital for operating the proposed mine, divided by the gold ounces sold.  The Company excludes corporate administrative expenses, financing costs, corporate taxation and other non-cash expenditures in the calculation as it intends to present the Project as a standalone operation.  AISC per ounce is stated in USD, based on the general practice by the gold sector, to facilitate comparison across mines located around the globe.

 

Mineral Reserve/ Resource

Readers should refer to the Company's current technical reports and other continuous disclosure documents filed by the Company, available on SEDAR at www.sedar.com for further information the mineral resource estimates of the Company's projects, which are subject to the qualifications and notes set forth therein, as well as for additional information relating to the Company more generally.

Neither the Company, nor readers, should assume that all or any part of an inferred mineral resource will be upgraded to indicated or measured mineral resources. Most projects at the inferred mineral resource stage do not ever form the basis of feasibility or other economic studies, or achieve successful commercial production. Each stage of a project is contingent on the positive results of the previous stage and that there is a significant risk that the results may not support or justify moving to the next stage.

 

Qualified Person

Judy Stoeterau, P.Geo., an Officer and Vice-President of Geology of the Company, is a qualified person as defined under National Instrument 43-101.  Except as otherwise indicated, Ms. Stoeterau has approved the scientific and technical information contained on this website.

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