Robex Resources Inc./Nampala's pre-production is progressing faster than expected: 105,000 tonnes of ore was processed in October
QUEBEC CITY, QUEBEC--(Marketwired - Nov 17, 2016) - The Company Robex Resources Inc. ("Robex" and/or "the Company") (TSX VENTURE:RBX)(FRANKFURT:RB4) is pleased to announce that the preproduction at the Nampala mine is progressing faster than expected. In fact, during the month of October, the mine processed 105,000 tonnes of ore, that being 115% of the October target and 85% of the target of 4,000 tonnes per day (tpd).
October's pre-production represents an increase of 42% compared to the previous month. Moreover, the data already collected in November (November 1 to 15, 2016 inclusively) shows that the pre-production continues to grow, with 56,000 tonnes of ore processed during this period. This suggests a pre-production for the month of November superior to that of October.
Georges Cohen, CEO of Robex, said: "We are well on track to reach the target of 4,000 tonnes per day by the beginning of 2017".
Adjustments on certain control and power systems will soon allow us to increase the availability rate and thus increase the daily tonnage. In addition, the company will set up a chemical analysis laboratory (fire assay) on site in partnership with a reputable international laboratory. This laboratory will optimize the operations at the mine on the one hand, and support the future exploration program on the other hand.
Acquisition of a second ball mill
At the time of the purchase of the current 750 kW ball mill at the Nampala mine, the company had obtained the option to purchase a second identical ball mill. Robex has exercised their purchase option and the ball mill will soon be sent to the mine. This ball mill will eventually increase the production of the mine in the future.
Gold Sales
Over the past three months (August 15 to November 14, 2016), the Company sold 151.4 kg of gold, equivalent to 4,869 ounces. The recent pre-production results at the mine suggest that the quantities of gold produced will be higher in the upcoming weeks.
Bank loan
Due to pre-production results at the mine supported by high-growth gold sales, the Nampala mine obtained a bank loan from a reputable bank in the amount of CA$ 4,376,000 ($ 2 billion CFA francs). This loan, which is repayable over the medium term, will enable the company, among other things, to repay older debts with higher interest rates.
Nomination
Robex announces the appointment of Ms. Véronique Maltais, CPA Auditor, CA, as Assistant Controller and Corporate Secretary. Ms. Maltais will be under the supervision of the company's Controller and will bring her expertise to support Robex's head office as well as their subsidiaries abroad.
The pre-production data presented in this press release has been validated by Mr. Antoine Berton, Ph.D., metallurgist at Soutex, a metallurgy and ore processing consulting firm, permanently present on the Nampala site.
This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Robex's control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavourable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Robex. The forward-looking information is based on the estimates and opinions of Robex's management at the time of the publication of the information and Robex does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.