Belo Horizonte, Brazil--(Newsfile Corp. - November 30, 2020) - Jupiter Gold Corporation (OTCQB: JUPGF) ("Jupiter Gold" or the "Company") announced that it has filed with the Brazilian mining department the application for an initial mining license for its 100%-owned quartzite deposit in the state of Minas Gerais, Brazil. The Company was searching for gold in one of its properties and identified a large quartzite formation in July 2020. Thereafter, Jupiter Gold expeditiously proceeded with several geological field studies which both confirmed the quality of the deposit and indicated the potential for 3.7 million tons of quartzite. The Company is planning a simple open pit operation which could become profitable within a few months.
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Quartzite mining in Brazil is known to have the potential for high profitability since the extraction is low-cost and straightforward while the current price for quartzite is approximately US$ 2,000 per ton. This mineral is sought after by Brazilian enterprises as well as representatives of foreign buyers, particularly from the U.S., China, and Italy. Quartzite slabs have a variety of uses in architectural projects, including counters and tiles.
Marcellus Torres, Jupiter Gold's mining engineer with expertise in quartzite mining, added: "From finding this deposit only a few months ago to devising a mining operation around it, we have moved very fast. Most importantly, the studies performed so far indicate the presence of a commercially attractive and desirable end-product."
Photographs of parts of the deposit and details on the types of quartzite that it has follow below.
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About Us
Jupiter Gold Corporation (OTCQB: JUPGF) has 100% ownership in several gold projects in development and exploration in Brazil. In particular, Jupiter Gold owns 100% of both the Alpha Gold Project, with over 22,000 acres of mineral rights for gold in the state of Minas Gerais, and the Alta Floresta Gold Project, with over 24,000 acres of mineral rights for gold in the state of Mato Grosso. Jupiter Gold is also developing a quartzite mine. More information on Jupiter Gold is available at www.jupitergoldcorp.com.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Jupiter Gold Corporation's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward- looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Brazil, general economic conditions, geopolitical events and regulatory changes, availability of capital, Jupiter Gold Corporation's ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. We advise U.S. investors that its projects, as of now, do not have measured "reserves" as such term is specifically defined by the Securities and Exchange Commission.
Contact:
Brian W. Bernier
Head, Investor Relations & Corporate Development
Jupiter Gold Corporation
(833) 661-7900
www.jupitergoldcorp.com
ir@jupitergoldcorp.com
@JupiterGoldCorp
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