LONGUEUIL, CANADA--(Marketwired - June 23, 2014) - Reunion Gold Corporation (TSX VENTURE:RGD)(FRANKFURT:RG7) (the "Company") announces that it has filed its audited consolidated financial statements and management's discussion and analysis for the year ended March 31, 2014 on SEDAR (www.sedar.com) and provides an update on its Matthews Ridge manganese project located in Guyana.
During the financial year, the Company released the results of a pre-feasibility study ("PFS") for its Matthews Ridge Project and entered into a memorandum of understanding with National Energy Corporation of Trinidad and Tobago Ltd. setting out the terms under which the parties will collaborate to evaluate the potential development by the Company of a silico-manganese plant in Trinidad and Tobago. The Company retained the services of consulting firms to assess the viability of reducing the output of the Matthews Ridge Project and converting the manganese concentrate into silico-manganese alloys in Trinidad and Tobago. The results of these studies should be available by September 30, 2014.
Subject to the results of the ongoing studies and available financing, the Company's focus during the balance of the year will be to carry out essential work for the full feasibility study of the Matthews Ridge Project, including completing additional drilling, if deemed necessary, on the Matthews Ridge footprint area and at other surrounding prospects.
At March 31, 2014, the Company had a working capital of $0.9 million, excluding loans from related parties. The Company will require additional funds to carry out its activities and to this effect, the Company is evaluating various financing alternatives, including the issuance of equity, debt financing, partnership or joint venture arrangement, or other means. There can be no assurance that additional funds will be available or available on terms acceptable to the Company.
Forward looking statements
This press release contains statements that are 'forward-looking information' under Canadian securities laws. Forward looking information refers to statements about possible events, conditions or results of operations that are based on assumptions about future economic conditions and courses of action. Forward looking information in this news release includes statements about Reunion's need for additional capital and its ability to acquire it; the timing and conclusions of studies; Reunion's plans to complete a full feasibility study and develop the project into a mine; and Reunion's ability to become a producer of manganese.
Forward-looking information is subject to known and unknown risks and uncertainties that may result in actual events differing materially from those anticipated in the forward-looking information. Material risks that could cause actual results to vary materially from the forward looking information in this press release include: the risk that the Company will not be able to raise the additional capital necessary to continue its planned activities or that it will be delayed in obtaining required funds; the risk that ongoing studies will return results that are not those expected; the risk that unforeseen global market changes or others will have a negative impact on the demand for manganese and make it not possible for Reunion to produce an economic product from Matthew Ridge. The Company has made assumptions regarding the occurrence of future events that its officers and directors, in their collective experience, believe are reasonable and which are based upon their understanding of current conditions and expected future developments and other factors that they consider relevant. However, despite all this, there may be unforeseen occurrences that cause future events to turn out differently from what is expected at present, and the Company can give no assurance that the forward looking information will prove to be correct. Therefore, readers should not place undue reliance on the forward looking information.
The statements containing forward-looking information in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, unless required to do so by applicable securities laws.
About Reunion Gold
Reunion Gold Corporation, through its 100% owned subsidiary Reunion Manganese Inc., has assembled a large, strategic land position to conduct exploration and development activities for manganese in the North West District of Guyana. Manganese is the fourth largest metal consumed in the world, behind iron, aluminium and copper. It is a key component in steel and iron production with no viable substitute.
Additional information about the Company is available on SEDAR (www.sedar.com) and on the Company's website (www.reuniongold.com).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.