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| Havilah Mining | Technical Report for the True North Mine, Bissett, | Page 15 |
| Corporation. | Manitoba, Canada | |
Practical Mining LLC (PM) and P&E Mining Consultants Inc. (P&E) were engaged by Klondex Mines Ltd.(KDX), to prepare a Technical Report (TR) in accordance with National Instrument 43-101 (NI 43-101) of the Canadian Securities Administrators. PM’s and P&E’s evaluation of the True North Mine (True North Project, True North, or the Project), located in Bissett, Manitoba, Canada, is presented herein. This TR, dated the 8th day of May 2018, with an effective date of March 31, 2018 provides the initial Mineral Resource Estimate for the Project.
True North is located in southeast Manitoba, Canada at the edge of Bissett township on the north shore of Rice Lake. It lies approximately 100 miles (162 kilometers) northeast of Winnipeg, roughly 150 driving miles (234 kilometers) via all-weather Provincial highways. The town of Bissett is a long-established mining community with a fluctuating population which is currently approximately 340 people.
The mine accesses quartz vein gold mineralization using shafts and underground mining methods. The Project has an on-site processing facility comprising crushing, grinding, gravity concentration and flotation. A Carbon-in-Pulp (CIP) circuit treats the tailings from the gravity circuit.
Klondex Canada Limited (KC) acquired the property from San Gold Corporation in early 2016 for total consideration of US$31.1M. Mining and processing operations began later that year. KC also implemented an underground drilling program to expand the mineral resource. Klondex Canada is a wholly owned subsidiary of Klondex Mines Ltd. (KDX). (Klondex 2018)
On March 19, 2018 KDX and Hecla Mining Company (Hecla) announced the latter’s purchase of KDX. Coincident to the purchase, the Canadian assets of KDX including Klondex Canada and the True North Project is to be part of Havilah Mining Corporation (HMC or the Company) under a plan of arrangement. HMC is a newly formed entity independent of KDX and Hecla. The True North Project will be the only material asset of HMC and this TR provides the initial estimate of Mineral Resources for the Project prior to the ownership by HMC.
Land holdings at True North were acquired by KDX through bankruptcy proceedings of the San Gold assets in early 2016. The former San Gold property includes the True North Project, and regional land package consisting of 18 patented mining claims, 262 unpatented mining claims and 2 mineral leases totaling 97,282-acres (39,369 ha). ..."
https://www.sec.gov/Archives/edgar/data/1311605/000106299318002429/exhibit99-1.htm
https://mnpdebt.ca/Style%20Library/MNP/files/media/documents/San%20Gold%20Corporation/Taxed%20Final%20Statement%20of%20Receipts%20and%20Disbursements%2c%20June%2011%2c%202018.pdf
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Recovery of Investment Losses in San Gold Corporation
Have you suffered losses investing in San Gold Corporation? If so, The White Law Group may be able to help you recover your losses through FINRA Arbitration.
San Gold Corporation explores for and produces gold in Canada. It owns and operates the Rice Lake Mining Complex, which includes the Rice Lake mine, the Hinge mine, and the 007 mine located northeast of Winnipeg, Manitoba. The company’s Rice Lake Mining Complex includes 300 claims totaling approximately 40,000 hectares. It also owns various mineral claims in Ontario. The company was formerly known as San Gold Resources Corporation and changed its name to San Gold Corporation. San Gold Corporation was founded in 1997 and is headquartered in Winnipeg, Canada, according to Bloomberg.
In June 2015, San Gold Corporation (TSX-V: SGR) closed the sale of all of its assets, subject to certain limited exceptions, to Manitoba Ltd. Accordingly, San Gold became bankrupt June 22, 2015, and was de-listed from the TSX Venture Exchange.
The Trouble with Reg D Private Placements
According to SEC filings, San Gold Corporation raised capital in 2010 and again in 2014, through Form D private placements...."
https://www.whitesecuritieslaw.com/2017/04/15/san-gold-corporation-investment-losses/