I think this is for you Nozz, comments at end - Ron H report 2023-08-14 09:44 ET - News Release
Mr. Ron Hampton reports
NEW FOUND SIGNS MEMORANDUM OF UNDERSTANDING WITH MARITIME RESOURCES CORP. FOR USE OF THE PINE COVE MILL
New Found Gold Corp. has entered into a non-binding memorandum of understanding (the MOU) with Maritime Resources Corp. pursuant to which the company has been granted the right to conduct due diligence and exclusivity to negotiate with Maritime regarding a toll milling agreement at the existing Pine Cove mill located at the Point Rousse project near Baie Verte, Nfld.
Ron Hampton, chief development officer of New Found, commented: "Queensway is a unique project, endowed with high-grade gold mineralization and ideally located for potential development. The project has several favourable attributes including:
- "High-grade gold mineralization at many of the Queensway project's zones starts in the bedrock just three to six metres below surface, including at Keats, Iceberg and Keats West.
- "Mineralization at Keats, Iceberg and Keats West is easily accessible and located less than one kilometre from the Trans-Canada Highway.
- "Renewable hydroelectric-sourced high-tension power lines run directly across the project adjacent to the Keats, Iceberg and Keats West zones.
- "The project is located 15 kilometres west of the town of Gander and Gander International Airport.
- "Gander and the surrounding towns provide a highly motivated and skilled local work force.
- "Newfoundland is currently ranked as the world's No. 4 mining jurisdiction by the Fraser Institute, providing a highly supportive regulatory environment.
"This all bodes well for the potential to realize significant value through timely production. In my experience the opportunity to develop an early operation, even if at a smaller scale, allows for significant risk reduction. While we have plenty of work still to do to determine the viability of any such early production scenario, the option of having access to a gold processing facility located nearby is of significant interest."
About Pine Cove mill
The Pine Cove mill is a fully permitted gold processing facility that was operating as recently as Q1 of this year and is rated at 1,400 tonnes per day with a large-capacity tailings storage facility and access to port infrastructure. Pine Cove is located on the Baie Verte peninsula, approximately 270 km from the Queensway project by paved highway.
Maritime note offering
In addition, the company is pleased to announce that, pursuant to a brokered private placement, it intends to purchase non-convertible senior secured notes and common share purchase warrants of Maritime for an aggregate purchase price of $2-million (U.S.). The notes will be issued in $1,000 (U.S.) increments, less 2-per-cent original issue discount on the principal amount of the notes. The note warrants will entitle New Found to purchase common shares in the capital of Maritime equal to 40 per cent of the aggregate principal amount of the notes and will be exercisable until the maturity date of the notes.
Where does it say they have reached an agreement to toll mill including price, # tonnes and terms? Where in a subsequent release does it say they have reached an agreement?
There is no agreement. Not to mention the mou is not open ended and its been 9 months so even the mou has prbly expired. So stop lying. It was smoke and mirrors meant to make naive little boys think they were going into production. Email and ask if they have an agreement if you really want to know.