LOS ANGELES, June 05, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Brookmount Explorations, Inc. (“Brookmount”), a Nevada incorporated company, (OTC: BMXI) announced that The Company has entered into an operating joint venture with a Chinese gold company pursuant to which the partner will finance and construct a large capacity, 20,000 tonne leach pad and associated infrastructure on one of The Company’s properties at its Alason site. The cost of this facility, estimated at $250,000, which is being constructed using state of the art leaching technology, will be borne entirely by the Chinese partner and revenue from gold sales generated from production will be shared 25% to The Company and 75% to the Chinese partner. Site clearing for the facility commenced this week and construction is expected to be completed within 2 months, with the first production run (6 week cycle) estimated for September. Given recent results from comparable sized pads adjacent to The Company’s area at Alason, it is anticipated that production should yield around 15-20kg of pure (99%) gold per cycle valued at $600-800,000, of which The Company’s share would be $150-200,000 with no capital outlay required. Updated photos and video of progress on the new facility will be uploaded to The Company’s website within the next 2 weeks.
When combined with The Company’s existing 10,000 tonne leach pad, total processing capacity at The Company’s Alason site is now 30,000 tonnes, one of the largest in the region.
The Company has recently received a number of requests from shareholders as to the current status of the audit process. As announced recently, an onsite visit by the audit team has been completed and the Company, together with our auditors, is in the process of completing reconciliation of the 3 years management financials using “Zero” accounting software, a cloud based accounting system which greatly simplifies the audit review process. As The Company’s operations are located in remote locations, this process can be more lengthy and complex than for more straightforward mining businesses in the US for example. That being said, management is using every effort to expedite the audit process so that The Company can file a Form 10 and uplist to OTC QB at the earliest opportunity.
Brookmount conducts its gold mining and processing operations through its Indonesian subsidiary incorporated in Sulawesi Province, Republic of Indonesia, one of Asia most dynamic and rapidly expanding economies with extensive reserves of natural resources and minerals including timber, coal, gold and hydrocarbons.
Safe Harbor Statements:
Except for the historical information contained herein, certain of the matters discussed in this communication constitute “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995. Words such as “may,” “might,” “will,” “should,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “seek to,” “plan,” “assume,” “believe,” “target,” “forecast,” “goal,” “objective,” “continue” or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding benefits of the proposed license, expected synergies, anticipated future financial and operating performance and results, including estimates of growth. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. For example, the expected timing and likelihood of completion of the pending transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending transaction that could reduce anticipated benefits or cause the parties to abandon the transaction, the ability to successfully integrate the businesses, the occurrence of any event, change or other circumstance that could give rise to the termination of the negotiations, the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Brookmount’s common stock. All such factors are difficult to predict and are beyond our control. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this report, except as required by applicable law or regulations.
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