Mr. Bruce Downing reports
NEW CAROLIN GOLD ENGAGES TORONTO-BASED ROSMIR CAPITAL FOR FINANCING AND BUSINESS DEVELOPMENT SUPPORT
New Carolin Gold Corp. has entered into a consulting agreement with Toronto-based Rosmir Capital and its principal George Goldsmith to assist the company with financing and business development initiatives.
Mr. Goldsmith received a B.Sc. from the University of Toronto in 1970, an MBA from York University in 1977 and obtained his CA designation in 1977. He has over 35 years experience in strategic and business planning and financing in both public and private markets in Canada and the United States.
Mr Goldsmith founded Rosmir Capital in 1985, a company that secures debt and equity financings, provides corporate valuations and spearheads corporate restructurings, purchases and divestitures for a wide variety of clients, ranging from start ups to large public multinationals. The initial focus for Rosmir will be to secure funding for a gold reprocessing facility at the Company's tailings storage facility at the former operating Carolin Mine near Hope in southwestern British Columbia. Subject to near-term completion of a (non-dilutive) funding facility, the Company intends to begin gold production as early as the third quarter of 2013. A recent NI 43-101 report confirmed an indicated resource of approximately 23,700 ounces of gold and an inferred resource of 5,000 ounces gold, each at an average grade of 1.8 g/t in the tailings impoundment (see press release dated October 20, 2011). This resource is based on drilling of approximately 60% of the tailings storage facility. The Company received a Preliminary Economic Assessment (PEA) of gold recovery from reprocessing of the tailings and expects to receive the completed PEA in the fourth quarter of 2012. Based on the preliminary findings, the Company believes that there is potential to reprocess the tailings economically assuming a positive feasibility study is obtained given a favourable gold price.
Rosmir is taking the lead in developing a business plan and financial model in this regard and will champion the funding initiative for the Company. Mr. Goldsmith stated, "In May of 2012, the Company filed an NI 43-101 report (see press release dated May 17, 2012) containing an estimate of 686,540 ounces of gold, at a cutoff grade of 0.5 g/t gold, in the inferred resource category at the Ladner Gold Property. After being introduced to the Company and delving into the history of the area, given the existing gold resource and the fact the Company has a valid mine permit, I agreed to align with the Company and use my expertise and contacts in support of the Company's business objectives. My initial focus, once we have confirmed the economic recoverability of the resource, is to obtain funding for a portable gold processing facility with the objective of generating cash flow as soon as practicable from the existing tailings".
The Company's CEO, Bruce Downing, stated, "Having Rosmir Capital on side to represent our value proposition to a wider financing audience is another important development for New Carolin. Having someone of George's background and business acumen is a welcomed affiliation and we look forward to having a financial executive of his stature supporting the Company's short and long term business initiatives and objectives."
We seek Safe Harbor.
© 2012 Canjex Publishing Ltd.