New drill results extend length of Kakula Discovery to at least 12 kilometres and confirm continuity
of high-grade copper in the saddle area between the Kakula Mineral Resource and the Kakula West Discovery
New Kakula resource estimate based on the entire current strike length expected by the end of 2017;
discovery remains open for significant expansion
Kakula West Discovery rapidly developing into a potential new high-grade mining area with similar grades
to Kakula
Several holes in Kakula West have discovered massive copper-rich areas of between 20 and 50 metres
thick
14 drill rigs continue to operate at Kamoa-Kakula
Phased mine development options of up to 18 million tonnes per year being assessed
KOLWEZI, Democratic Republic of Congo, Sept. 11, 2017 (GLOBE NEWSWIRE) -- Ivanhoe Mines (TSX:IVN) (OTCQX:IVPAF) Executive
Chairman Robert Friedland and Chief Executive Officer Lars-Eric Johansson today announced assay results from another 43 holes as
part of the ongoing 2017 drilling campaign at the company’s Tier One Kamoa-Kakula Copper Project, near the mining centre of Kolwezi
in the Democratic Republic of Congo (DRC).
Exploration drilling at Kakula West, located on the western end of the currently defined high-grade, essentially flat-lying
Kakula mineralized trend that now extends at least 12 kilometres (Figure 1), has confirmed a significant area of mineralization
with characteristics and grades similar to the high-grade Kakula Mineral Resource area located to the east.
An area of two kilometres by one kilometre already has been drilled off at Kakula West on an approximate 300-metre grid pattern,
while the drilling in the “saddle” area between Kakula West and Kakula is rapidly being in-filled in preparation for an updated
resource estimate for the Kakula Discovery expected by the end of this year.
The Kakula Discovery continues to remain open along a westerly-southeasterly strike. Based on recent drilling results at Kakula,
and given the impressive continuity of the high-grade mineralization seen to date, Ivanhoe’s geologists expect that by this October
drilling will have expanded the delineated strike extent of the area encompassing Indicated and Inferred Mineral Resources by
approximately 60%, and that the Kakula and Kakula West deposits will form a continuous mineral resource area.
“We’re looking forward to providing our shareholders and all Kamoa-Kakula stakeholders with another substantial resource
expansion for the coming holiday season,” said Mr. Friedland.
“Kamoa-Kakula already is independently ranked as the fifth-largest copper deposit in the world. Seeing the unprecedented rate of
growth of high-grade copper resources since drilling began at Kakula in May 2016, I am confident now that soon it will be among the
top three.
“The remarkable consistency of the ultra-high-grade copper mineralization at the Kakula Discovery is unlike anything geologists
have ever seen in the DRC’s Copperbelt. The discovery remains open in virtually all directions, so the real question is, how much
bigger and better is Kakula going to get?” Mr. Friedland added.
Kakula West confirmed as significant new copper discovery and a potential new high-grade mining area
Exploration results at Kakula West confirm a significant, high-grade copper discovery. A total of 17,500 metres of drilling in
31 holes has been completed since the May 2017 resource update; assays have been received for 20 holes. Drilling results now have
defined a high-grade mineralized zone with a width of at least 1.0 kilometre and a strike extent of more than 2.9 kilometres.
Results from drill holes in the saddle area between Kakula West and the Kakula resource area also have returned extremely
significant values, confirming the continuity of the Kakula high-grade zone between the two areas. A complete list of assays for
the new drill holes is contained in Table 1.
Significant new drilling intercepts at Kakula West and the saddle area include:
- DD1160, drilled on northern side of Kakula West, intersected 8.69 metres (true width) of 4.23% copper at a
3.0% copper cut-off, beginning at a downhole depth of 580.00 metres; 11.59 metres (true width) of 3.85% copper at a 2.5% copper
cut-off; 21.25 metres (true width) of 3.20% copper at a 2% copper cut-off; and 49.01 metres (true width) of 2.38% copper at a 1%
copper cut-off.
- DD1163, drilled in the saddle area between Kakula and Kakula West, intersected 5.28 metres (true width) of
9.54% copper at a 3.0% copper cut-off, beginning at a downhole depth of 724.40 metres; 5.28 metres (true width) of 9.54% copper
at a 2.5% copper cut-off; 6.16 metres (true width) of 8.49% copper at a 2% copper cut-off; and 7.43 metres (true width) of 7.32%
copper at a 1% copper cut-off.
- DD1171, drilled at the currently defined south-western limit of Kakula West, intersected 26.05 metres (true
width) of 4.37% copper at a 3.0% copper cut-off, beginning at a downhole depth of 469.50 metres; 26.05 metres (true width) of
4.37% copper at a 2.5% copper cut-off; 28.37 metres (true width) of 4.20% copper at a 2% copper cut-off; and 28.74 metres (true
width) of 4.16% copper at a 1% copper cut-off.
- DD1177, drilled in the centre of Kakula West, intersected 9.62 metres (true width) of 7.57% copper at a 3.0%
copper cut-off, beginning at a downhole depth of 565.10 metres; 9.62 metres (true width) of 7.57% copper at a 2.5% copper
cut-off; 10.24 metres (true width) of 7.26% copper at a 2% copper cut-off; and 13.00 metres (true width) of 6.00% copper at a 1%
copper cut-off.
- DD1180, drilled on the currently defined western limit of Kakula West, intersected 5.17 metres (true width)
of 5.39% copper at a 3.0% copper cut-off, beginning at a downhole depth of 492.40 metres; 11.65 metres (true width) of 3.74%
copper at a 2.5% copper cut-off; 15.56 metres (true width) of 3.34% copper at a 2% copper cut-off; and 16.07 metres (true width)
of 3.27% copper at a 1% copper cut-off.
Drilling continuing to expand and upgrade the Kakula resource area
Exploration activities since the May 17, 2017, resource update have focused on extending the resources to the southeast and to
the northwest, as well as in-fill drilling on the inferred and indicated resources areas ahead of the upcoming pre-feasibility
study. A total of 26,700 metres in 44 holes have been completed in the Kakula resource area, of which assays for 23 holes now have
been received.
Significant new drilling intercepts at the Kakula resource area include:
- DD1167, an in-fill hole drilled in the northwest portion of Kakula, intersected 6.16 metres (true width) of
9.20% copper at a 3.0% copper cut-off, beginning at a downhole depth of 578.00 metres; 6.16 metres (true width) of 9.20% copper
at a 2.5% copper cut-off; 9.48 metres (true width) of 6.77% copper at a 2% copper cut-off; and 12.27 metres (true width) of 5.54%
copper at a 1% copper cut-off.
- DD1182, drilled on the south-western limit of the Kakula resource area, intersected 3.75 metres (true width)
of 6.36% copper at a 3.0% copper cut-off, beginning at a downhole depth of 235.48 metres; 7.47 metres (true width) of 4.56%
copper at a 2.5% copper cut-off; 11.20 metres (true width) of 3.76% copper at a 2% copper cut-off; and 15.87 metres (true width)
of 3.13% copper at a 1% copper cut-off.
Figure 1. Kamoa-Kakula Copper Project geology showing the Kakula resource area and Kakula West, which is open for
significant expansion along trend to the west.
http://www.globenewswire.com/NewsRoom/AttachmentNg/baa7e934-e24b-4c70-842d-b9532d7a8228
The new drill results, together with results from holes pending, are expected to result in a major upgrade and expansion
of the Kakula Mineral Resource
Results from ongoing drilling, combined with results from drill holes completed to date, will form the basis of the planned
updated resource estimate. The current exploration plan should achieve sufficient drilling by October to allow the definition of
resources over an area encompassing the entire strike length of the Kakula Discovery, which now extends to at least 12 kilometres.
This would represent an increase of approximately 60% in the strike length that will be used to calculate the new resource
estimate, as compared to the 7.7-kilometre strike length covered by Kakula’s May 2017 resource estimate. The updated resource
estimate is expected to be finalized before the end of this year and will incorporate results from drill holes completed by the end
of October.
At Kakula West, an area of approximately two kilometres by one kilometre already has been in-fill drilled, and it is intended
that this in-filled area will expand to both the west and east with ongoing drilling. Drilling on a minimum spacing of 800 metres
by 300 metres is expected to be completed in the central saddle area in October, which should be sufficient to delineate Inferred
Resources in this area.
In response to the unprecedented exploration success at Kakula, Ivanhoe Mines and Zijin Mining are continuing with the
accelerated exploration program. Fourteen rigs are drilling on the Kamoa-Kakula project area: 11 in the Kakula Discovery area; one
drilling in the Kamoa Nord target area; one drilling to the south of Kakula exploring the Mulamena target; and one conducting
sterilization drilling in areas planned for mine infrastructure development.
Of the 11 rigs drilling at the Kakula Discovery, five are conducting exploration and in-fill drilling at Kakula West; three are
drilling in the saddle area between the Kakula resource area and Kakula West; two are conducting in-fill drilling in the Kakula
resource area; and one is continuing to test the southeastern extension of the Kakula mineralized trend.
More than 80,000 metres of drilling have been completed at Kamoa-Kakula to date in 2017, including a number of the new target
areas, several of which have returned encouraging initial results. Additional, follow-up drilling is planned for these target areas
as drills become available.
The May 2017 Kakula Mineral Resource estimate was prepared by Ivanhoe Mines under the direction of Dr. Harry Parker and Gordon
Seibel, both RM SME, of Amec Foster Wheeler, of Reno, Nevada, in accordance with the 2014 CIM Definition Standards for Mineral
Resources and Mineral Reserves.
Highlights of the May 2017 updated resource estimate include:
- Indicated Mineral Resources total 349 million tonnes at a grade of 3.23% copper, containing 24.9 billion pounds of copper at
a 1% copper cut-off. At a 2% copper cut-off, Indicated Mineral Resources total 210 million tonnes at a 4.41% copper grade,
containing 20.4 billion pounds of copper. At a higher cut-off of 3% copper, Indicated Mineral Resources total 116 million tonnes
at a grade of 6.09% copper, containing 15.6 billion pounds of copper.
- Inferred Mineral Resources total 59 million tonnes at a grade of 2.26% copper, containing 3.0 billion pounds of copper at a
1% copper cut-off. At a 2% copper cut-off, Inferred Mineral Resources total 27 million tonnes at a 3.19% copper grade, containing
1.9 billion pounds of copper. At a higher cut-off of 3% copper, Inferred Mineral Resources total 12 million tonnes at a grade of
4.45% copper, containing 1.1 billion pounds of copper.
- The average true thickness of the selective mineralized zone (SMZ) at a 1% cut-off is 12.0 metres in the Indicated Mineral
Resources area and 6.4 metres in the Inferred Mineral Resources area. At a higher 3% cut-off, the average true thickness of the
SMZ is 5.3 metres in the Indicated Mineral Resources area and 3.9 metres in the Inferred Mineral Resources area.
- The combined Kamoa-Kakula Indicated Mineral Resources total approximately one billion tonnes grading 3.02% copper, containing
66 billion pounds of copper, plus another 191 million tonnes of Inferred Resources at 2.37% copper, at a 1.4% copper cut-off
grade.
Figure 2. Kamoa-Kakula, among the world’s largest copper deposits by contained copper, also has the highest copper grades
by a wide margin.
http://www.globenewswire.com/NewsRoom/AttachmentNg/26b72f53-fcbe-458f-b435-13882890b915
Kakula and Kakula West copper mineralization is consistently high grade and bottom-loaded
Copper mineralization at Kakula and Kakula West is consistently bottom-loaded and will support the construction of SMZ
composites at cut-offs up to at least 3% copper. The lateral consistency of mineralization at these higher cut-offs presents
significant opportunities for mine planning, with large areas of the resource having chalcocite-rich mineralization with average
grades in excess of 6% when using the 3% SMZ.
Below are strip logs for five of the drill holes reported in this release: DD1163, on the eastern edge of Kakula West; DD1171,
on the southwestern edge of Kakula West; DD1160, on the northern side of Kakula West; DD1167, on the northwest portion of the
Kakula resource area; and DD1182, on the southwestern limit of the Kakula resource area.
DKMC_DD1163 - Mineralization Profile accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/2ced4493-2fee-4446-b438-fe764d1ec559
DKMC_DD1171 - Mineralization Profile accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/f5b5a0a0-5d0a-472e-a017-6371eda9497b
DKMC_DD1160 - Mineralization Profile accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/c2a48957-63ab-4864-b60e-3b93b267caf3
DKMC_DD1167 - Mineralization Profile accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/6191a995-74ca-4c9f-83ff-f99d470d0743
DKMC_DD1182 - Mineralization Profile accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/ac1f0685-35eb-42f0-bdd8-67531b7a4d84
Chalcocite-rich drill core at a depth of 938 metres from DD1210 drilled at the western edge of the Kakula resource
area.
http://www.globenewswire.com/NewsRoom/AttachmentNg/609277f4-e2a5-476e-92ae-3ef088660b58
Chalcocite (copper sulfide, Cu2S) is opaque and dark-grey to black, with a metallic lustre. Due to its very high
percentage of contained copper by weight (the percentage of the mineral that is actual metal to be extracted is 80% copper by
weight) and its capacity to produce an exceptionally clean, high-grade concentrate, chalcocite is considered to be the most
valuable copper mineral.
New expanded-case Kamoa-Kakula preliminary economic assessment nearing completion
Mr. Johansson said that the preliminary economic assessment (PEA) examining expanded production scenarios at Kamoa-Kakula is
progressing well and is expected to be released in the fourth quarter. The new PEA is considering a mine capacity of approximately
six million tonnes per annum (Mtpa) at Kakula and a similar sized mine at Kansoko Sud, giving the revised PEA a projected peak mine
production of approximately 12 Mtpa.
In addition to the new PEA study, Mr. Johansson said that work on a six-Mtpa pre-feasibility study (PFS) at Kakula is well
underway. The PFS will be considered as the base case for the first phase of planned development at Kamoa-Kakula.
“In light of the successful drilling at Kakula West, the development plans will be reassessed and amended as the project moves
forward,” said Mr. Johansson.
“Ultimately, we see the potential for an additional mining centre at Kakula West, which could increase the ultimate mining rate
at Kamoa-Kakula to at least 18 Mtpa, through a number of phased expansions.
Figure 3. Drill-hole location plan for the Kakula resource area and Kakula West showing holes completed and in progress,
and the Kakula box cut (at right), superimposed on 1% composite grade thickness contours.
http://www.globenewswire.com/NewsRoom/AttachmentNg/7a64e019-d047-4829-907d-7470c0a18c36
Figure 4. Drill-hole location plan showing grade and thickness of recent results at Kakula West superimposed on 1%
composite grade thickness contours.
http://www.globenewswire.com/NewsRoom/AttachmentNg/bf195aef-644b-4e4c-80f2-af51561fe6a4
Figure 5. Drill-hole location plan showing grade and thickness of recent results at Kakula West superimposed on 2%
composite grade thickness contours.
http://www.globenewswire.com/NewsRoom/AttachmentNg/3a2d4b9f-cf93-4aa4-9c22-d9200e3a962f
Figure 6. Drill-hole location plan showing grade and thickness of recent drilling results at Kakula resource area
superimposed on 1% composite grade thickness contours. Kakula box cut is shown at upper right.
http://www.globenewswire.com/NewsRoom/AttachmentNg/7975d50c-4d47-4c7a-a16b-69551ce4a953
Figure 7. Location Plan showing grade and thickness of recent results at Kakula resource area superimposed on 2% composite
grade thickness contours. The Kakula box cut shown in upper left corner.
http://www.globenewswire.com/NewsRoom/AttachmentNg/4c46c24c-88c9-4727-9963-e15df7919ac1
Figure 8. Section along the axis of the Kakula Deposit on the section A-A’-A’’-B showing drilling completed to date and
composites at a 3% copper cut-off.
http://www.globenewswire.com/NewsRoom/AttachmentNg/dded5d76-82bd-468a-9583-13db1621659c
The Kakula Deposit, as illustrated above, is a gently-dipping blanket of thick, chalcocite-rich copper mineralization. Initial
mine development is planned to begin in the flat, near-surface zone highlighted in the inset on the right, which at a 3% cut-off is
between 7.1 metres and 11.7 metres thick and with copper grades of between 8.11% and 10.35% along the deposit’s axis.
Table 1. Assay composites at 1.0% and 2.0% copper cut-offs.
http://www.globenewswire.com/NewsRoom/AttachmentNg/7cedef3f-7055-4bfc-8874-0074715985f0
Table 2. Assay composites at 2.5% and 3.0% copper cut-offs.
http://www.globenewswire.com/NewsRoom/AttachmentNg/524d9b8e-8fd5-4042-9cc2-cfd474d35fad
Table 3. Collar locations of holes reported with assays.
http://www.globenewswire.com/NewsRoom/AttachmentNg/ead2d7f9-494d-4701-a664-ee89079b6442
About the Kamoa-Kakula Project
The Kamoa-Kakula Project is a very large, stratiform copper deposit with adjacent prospective exploration areas within the
Central African Copperbelt, located approximately 25 kilometres west of the town of Kolwezi and about 270 kilometres west of
Lubumbashi. The Kamoa Copper Deposit was discovered by Ivanhoe Mines (then named Ivanhoe Nickel & Platinum) in 2008, followed by
the discovery of the Kakula Deposit in early 2016.
Based on a May 2017 Mineral Resource estimate prepared under the direction of Dr. Harry Parker and Gordon Seibel of Amec Foster
Wheeler, the combined Kamoa-Kakula Indicated Mineral Resources total approximately one billion tonnes grading 3.02% copper,
containing 66 billion pounds of copper, plus another 191 million tonnes of Inferred Resources at 2.37% copper, at a 1.4% copper
cut-off grade.
In August 2012, the DRC government granted mining licences to Ivanhoe Mines for the Kamoa-Kakula Project that cover a total of
397 square kilometres. The licences are valid for 30 years and can be renewed at 15-year intervals. Mine development work at the
project began in July 2014 with construction of a box cut for the decline ramps for the planned Kansoko Sud Mine.
Ivanhoe Mines and Zijin Mining each hold an indirect 39.6% interest in the Kamoa-Kakula Project, Crystal River Global Limited
holds an indirect 0.8% interest and the DRC government holds a direct 20% interest.
Qualified Person and Quality Control and Assurance
The scientific and technical information in this release has been reviewed and approved by Stephen Torr, P.Geo., Ivanhoe Mines’
Vice President, Project Geology and Evaluation, and a Qualified Person under the terms of National Instrument 43-101. Mr. Torr, who
is not independent of Ivanhoe Mines, has verified the technical data disclosed in this news release.
Ivanhoe Mines maintains a comprehensive chain of custody and QA-QC program on assays from its Kamoa-Kakula Project. Half-sawn
core is processed at Kamoa-Kakula’s on-site preparation laboratory and prepared samples then are shipped by secure courier to
Bureau Veritas Minerals (BVM) Laboratories in Australia, an ISO17025-accredited facility. Copper assays are determined at BVM by
mixed-acid digestion with ICP finish. Industry-standard certified reference materials and blanks are inserted into the sample
stream prior to dispatch to BVM. For detailed information about assay methods and data verification measures used to support the
scientific and technical information, please refer to the Kakula 2017 Resource Update, June 2017 technical
report available on the SEDAR profile of Ivanhoe Mines at www.sedar.com or under technical reports on the Ivanhoe Mines website at www.ivanhoemines.com.
About Ivanhoe Mines
Ivanhoe Mines is advancing its three principal projects in Southern Africa: 1) Mine development at the Platreef
platinum-palladium-gold-nickel-copper discovery on the Northern Limb of South Africa’s Bushveld Complex; 2) mine development and
exploration at the Tier One Kamoa-Kakula copper discovery on the Central African Copperbelt in the Democratic Republic of Congo;
and 3) upgrading at the historic, high-grade Kipushi zinc-copper-silver-germanium mine, also on the DRC’s Copperbelt. For details,
visit www.ivanhoemines.com.
Information contacts
Investors
Bill Trenaman +1.604.331.9834
Media
North America: Bob Williamson +1.604.512.4856
South Africa: Jeremy Michaels +27.82.772.1122
Cautionary statement on forward-looking information
Certain statements in this release constitute “forward-looking statements” or “forward-looking information” within the meaning
of applicable securities laws, including without limitation: (1) statements regarding the preparation of an updated resource
estimate for the Kakula Discovery by the end of 2017; (2) statements regarding that by this October drilling will have expanded the
delineated strike extent of the Mineral Resources by approximately 60%, and the Kakula and Kakula West deposits will form a
continuous mineral resource area for the new resource estimate; (3) statements regarding the new drilling results, together with
results from holes pending, are expected to result in major upgrade and expansion of the Kakula Mineral Resource; (4) statements
regarding the expectation that given the unprecedented rate of growth of high-grade copper resources since drilling began at Kakula
in May 2016, Kamoa-Kakula soon will be ranked in the top three of the world’s largest copper deposits; (5) statements regarding the
current exploration plan should achieve sufficient drilling by October to allow definition of resources over an area encompassing
the entire at least 12-kilometre Kakula Discovery zone; (6) statements regarding the intention that the in-filled area at Kakula
West will expand to both the west and east with ongoing drilling during September; (7) statements regarding drilling on a minimum
spacing of 800-metres by 300-metres will be completed in the central saddle area by October, which should be sufficient to
delineate Inferred Resources in this area; (8) statements regarding Ivanhoe’s looking forward to soon providing its shareholders
and all Kamoa-Kakula stakeholders with another substantial resource expansion; (9) statements regarding additional, follow-up
drilling is planned for the target areas at Kamoa-Kakula as drills become available; (10) statements regarding the mineralization
at Kakula and Kakula West is consistently bottom-loaded and will support the construction of selective, mineralized zone composites
at cut-offs up to at least 3% copper; (11) statements regarding the preliminary economic assessment examining expanded production
scenarios at Kamoa-Kakula is expected to be released in the fourth quarter; (12) statements regarding the potential for an
additional mining centre at Kakula West, which could increase the ultimate mining rate at Kamoa-Kakula to at least 18 Mtpa, through
a number of phased expansions; and (13) statements regarding initial mine development at Kakula is planned to begin in the flat,
near-surface zone which, at a 3% cut-off, is between 7.1 metres and 11.7 metres thick and with copper grades between 8.11% and
10.35% along the deposit’s axis.
All such forward-looking information and statements are based on certain assumptions and analyses made by Ivanhoe Mines’
management in light of their experience and perception of historical trends, current conditions and expected future developments,
as well as other factors management believe are appropriate in the circumstances. These statements, however, are subject to a
variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those
projected in the forward-looking information or statements including, but not limited to, unexpected changes in laws, rules or
regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or
labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, or delays in the development of
infrastructure, and the failure of exploration programs or other studies to deliver anticipated results or results that would
justify and support continued studies, development or operations. Other important factors that could cause actual results to differ
from these forward-looking statements also include those described under the heading “Risk Factors” in the company’s most recently
filed MD&A as well as in the most recent Annual Information Form filed by Ivanhoe Mines. Readers are cautioned not to place
undue reliance on forward-looking information or statements. The factors and assumptions used to develop the forward-looking
information and statements, and the risks that could cause the actual results to differ materially are set forth in the “Risk
Factors” section and elsewhere in the company’s most recent Management’s Discussion and Analysis report and Annual Information
Form, available at www.sedar.com.
This news release also contains references to estimates of Mineral Resources. The estimation of Mineral Resources is inherently
uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Mineral Reserves do not
have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available
data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable
and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be
inaccurate. Mineral Resource estimates may have to be re-estimated based on, among other things: (i) fluctuations in copper or
other mineral prices; (ii) results of drilling; (iii) results of metallurgical testing and other studies; (iv) changes to proposed
mining operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the
possible failure to receive required permits, approvals and licences.
Although the forward-looking statements contained in this news release are based upon what management of the company believes
are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking
statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their
entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update
or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news
release.
