TORONTO, Aug. 26, 2024 (GLOBE NEWSWIRE) -- G2GoldfieldsInc. (“G2” or the “Company”) (TSX:GTWO, OTCQX:GUYGF) reported its financial results for the fourth quarter and year ended May 31, 2024. The Company’s audited consolidated financial statements, management’s discussion and analysis and annual information form for the year ended May 31, 2024 are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
Dan Noone, President and CEO, commented: “2024 was a milestone year for the Company. We raised approximately $22 million in January from AngloGold Ashanti, which was subsequently augmented by the $42 million private placement completed in August. This strong cash position will allow us to continue to advance our high grade OKO project and execute our exploration plans for our district scale land package.”
G2 also filed a revised independent technical report (the “RevisedTechnicalReport”) on SEDAR+, which supersedes and replaces the technical report the Company filed on May 17, 2024. The Revised Technical Report is still entitled “NI 43-101 Technical Report and Mineral Resource Estimate for the Oko Gold Property in the Co-operative Republic of Guyana, South America,” with the same effective date of March 27, 2024. The date of the Revised Technical Report is June 20, 2024, and there was no change to the mineral resource estimate announced by the Company in a news release dated April 3, 2024. The Revised Technical Report was prepared to replace Figures 1.4, 14.14 and 25.4, which show the grade-tonnage curve for the Ghanie zone underground, because they inadvertently replicated the data for the open pit.
AboutG2Goldfields Inc.
The G2 Goldfields team is comprised of professionals who have been directly responsible for the discovery of millions of ounces of gold in Guyana as well as the financing and development of the Aurora Gold Mine, Guyana’s largest gold mine. G2 announced an updated mineral resource estimate (“MRE”) on the Oko property in Guyana (see press release dated April 3, 2024) and has filed on SEDAR+ an independent technical report entitled “NI 43-101 Technical Report and Mineral Resource Estimate for the Oko Gold Property in the Co-operative Republic of Guyana, South America” in respect of the MRE. Highlights of the MRE include:
- Total combined open pit and underground Mineral Resource for the Oko Main Zone (OMZ):
- 495,000 oz. Au – Inferred contained within 2,413,000 tonnes @ 6.38 g/t Au
- 686,000 oz. Au – Indicated contained within 2,368,000 tonnes @ 9.03 g/t Au
- Total combined open pit and underground Mineral Resource for the Ghanie Zone:
- 604,000 oz. Au – Inferred contained within 12,216,000 tonnes @ 1.54 g/t Au
- 236,000 oz. Au – Indicated contained within 3,344,000 tonnes @ 2.20 g/t Au
The MRE was prepared by Micon International Limited with an effective date of March 27, 2024. Significantly, the updated MRE lie within 500 meters of surface. The Oko district has been a prolific alluvial goldfield since its initial discovery in the 1870’s, and modern exploration techniques continue to reveal the considerable potential of the district.
All scientific and technical information in this news release has been reviewed and approved by Dan Noone (CEO of G2 Goldfields Inc.), a “qualified person” within the meaning of National Instrument 43-101. Mr. Noone (B.Sc. Geology, MBA) is a Member of the Australian Institute of Geoscientists.
For further information please contact: Dan Noone
CEO
+1.416.628.5904
Email: news@g2goldfields.com
Forward-LookingInformation
Thisnewsreleasecontainscertainforward-lookinginformationandstatementswithinthemeaningofapplicable securitieslaws.Theuseofanyofthewords“expect”,“anticipate”,“continue”,“estimate”,“may”,“might”,“will”, “project”,“should”,“believe”,“plans”,“intends”andsimilarexpressionsareintendedtoidentifyforward-looking information and/or statements. Forward- looking statements and/or information are based on a number of material factors,expectationsand/orassumptionsofG2whichhavebeenusedtodevelopsuchstatementsand/or information,butwhichmayprovetobeincorrect.AlthoughG2believesthattheexpectationsreflectedinsuch forward-lookingstatementsand/orinformationarereasonable,unduerelianceshouldnotbeplacedonforward- looking statements as G2 can give no assurance that such expectations will prove to be correct. In addition to other factorsandassumptionswhichmaybeidentifiedhereinassumptionshavebeenmaderegarding,amongother things: results from planned exploration and drilling activities; future plans for operational expenditures; the accuracy oftheinterpretationsofexplorationanddrillingactivityresults;availabilityoffinancingtofundcurrentandfuture plansand expenditures;the impact ofincreasing competition;the generalstabilityofthe economic and political environment inwhich G2 hasproperty interests;the general continuanceofcurrent industry conditions; thetimely receipt of any required regulatory approvals; theability ofG2 to obtainqualified staff, equipment and/or services ina timely and cost efficient manner; the ability of the operator of each project in which G2 has property interests to operate in a safe, efficient and/or effective manner and tofulfill its respective obligations and current plans; future commodity prices; currency, exchange and/or interest rates; and the regulatory framework regarding royalties, taxes and/or environmental matters in the jurisdictions in which G2 has property interests. The forward-looking information and statements included in this news release are not guarantees of future performance and should notbeundulyreliedupon.Suchinformationand/orstatements,includingtheassumptionsmadeinrespectthereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differmaterially from those anticipated insuch forward-looking information and/orstatementsincluding,without limitation:risksassociatedwiththeuncertaintyofexplorationresultsandestimates,currencyfluctuations,the uncertaintyofconductingoperationsunderaforeignregime,explorationrisk,theuncertaintyofobtainingall applicable regulatory approvals, the availability of labour and/or equipment, the fluctuating prices of commodities, the availability of financing and dependenceon the management personnel of the Company, other participants in thepropertyareasand/orcertainotherrisksdetailedfromtime-to-timeinG2’spublicdisclosuredocuments (including,withoutlimitation,thoserisksidentifiedinG2’smanagement’sdiscussionandanalysisandannual informationformfortheyearendedMay31,2024).Furthermore,theforward-lookingstatementscontainedinthis news release are made as at the date of this news release and the Corporation does not undertake any obligationstopubliclyupdateand/orreviseanyoftheincludedforward-lookingstatements,whetherasaresultofadditional information, future eventsand/orotherwise, except asmaybe required byapplicablesecuritieslaws.
