Tickers: XTSX:SPX
Tags: Mining
Vancouver, BC / TheNewswire / January 15, 2019 - John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSX-V: SPX) ("Stellar" or the "Company") is pleased to provide the following update.
Balandougou Mill Update
Following the Company's news release of October 23, 2018 reporting that the initial conclusions of the gravity mill test work were that although the grade of the input mineralization from the B3 gold zone averaged approximately 2.0 g/t Au, a large percentage of the gold grains were too fine to be captured by gravity methods on a large scale operation, the Company has continued to evaluate the viability and economics of several alternatives for adding a cyanide recovery circuit to the existing mill to improve gold recovery and continue the Company's bulk sample test work. This proposed next step is based upon the 2016 metallurgical report of SGS South Africa that indicated cyanidation could yield up to approximately 96% gold recovery from the gold mineralization at Balandougou's B3 Zone.
The Company has obtained estimates from mining equipment manufacturers and management has completed a budget for a proposed conversion of the Balandougou gravity mill to a 300 tonnes per day CIL ("carbon-in-leach") pilot plant to continue its evaluation of the suitability of small-scale mining methods to the surface oxide deposits of the West African Birimian greenstone belt.
Management has begun early stage discussions with several groups regarding financing for the proposed conversion.
Stellar AfricaGold Inc. is a Canadian gold exploration company with offices in Vancouver, BC and Montreal, QC, and operations Guinea, West Africa.
The technical content of this press release has been reviewed and approved by independent consultant Greg Isenor, P. Geo, a Qualified Person as defined in NI 43-101.
For further information please contact:
John Cumming, President & CEO, Stellar AfricaGold Inc. | Maurice Giroux, VP Exploration, Stellar AfricaGold Inc., 1035 West Laurier Street, Suite 201, Montreal, QC H2V 2L1. Email: mgiroux.stellar@gmail.com |
Additional information is available on the Company's website at www.stellarafricagold.com.
On Behalf of the Board
John Cumming, LLM
President & CEO
This release contains certain "forward-looking information" under applicable Canadian securities laws. Forward-looking information reflects the Company's current internal expectations or beliefs and is based on information currently available to the Company. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. Forward looking information contained in this news release includes, without limitation, statements relating to: the completion of the Opawica Sale, completion of the proposed Arrangement, receipt of required shareholder, court, stock exchange and regulatory approvals for the Arrangement, the potential listing of Mosaic on the CSE and the exploration and development potential of the Balandougou II permit. Forward looking information are based on assumptions made by the Company. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: the failure of Stellar to obtain required shareholder, court, stock exchange and regulatory approvals for the Arrangement, the failure of Mosaic to meet listing requirements on the CSE and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, Stellar does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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 release.
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