GT Gold Reports 2019 Audited Financial Results
globenewswire.com
April 20, 2020 19:40 ET | Source: GT Gold Corp
VANCOUVER, British Columbia, April 20, 2020 (GLOBE NEWSWIRE) -- GT Gold Corp. (TSX-V: GTT) (the “Company” or “GT Gold”) is pleased to release its audited financial results for the fiscal year ended December 31, 2019. Copies of both the financial statements and MD&A may be obtained on the Company’s website at www.gtgoldcorp.ca or under the Company profile on SEDAR.
In 2019, the Company was successful in advancing and further de-risking the Tatogga project through the following key achievements:
Executed a value-adding drill campaign of 24,759 metres, helping to confirm the continuity of gold and copper mineralization in a large-scale porphyry system, from surface to vertical depths of +1,500 metresEfficiently raised capital in a challenging market environment to add $25.8 million of funding in two tranches, adding Newmont as a strategic partner with a 14.9% interest in the CompanyRestructured the management team and board of directors to focus expertise through the addition of: Jim Rutherford and Adrian Reynolds as members of the board; Paul Harbidge in the role of President, CEO and member of the board; Michael Skead in the new role of Vice President Projects; and, Shawn Campbell in the role of Chief Financial OfficerDeveloping a robust geological model for Saddle North mineralization to form the foundation of an upcoming inaugural mineral resource estimate and Preliminary Economic AssessmentFurther delineated significant exploration upside on the Tatogga property, as yet untested, both adjacent to the Saddle discoveries as well as at Quash Pass--ready for follow-up in 2020 field program
“2019 has proved to be another extremely successful and transitional year for GT Gold,” reflected Paul Harbidge, President and Chief Executive Officer. “We saw the world’s leading gold producer, Newmont Goldcorp, take an early 9.9% stake in May, only to increase their investment to 14.9% by year-end, following a drilling season that continued to delineate a project with scale, grade and bulk mining options complemented by regional exploration results providing a pipeline of future drilling targets. Since the assembly of our technically-focused management team in the second half of last year, we have swiftly advanced work to lead the Tatogga project toward an inaugural inferred resource by mid 2020 and Preliminary Economic Assessment anticipated by year-end. All of this, paired with the excellent existing infrastructure in a Canadian mining jurisdiction, makes for a truly compelling thesis for investing in GT Gold.”
At December 31, 2019, the Company had a cash position of C$15.3 million, which is expected to be sufficient to fund all expenditures up to and including the Preliminary Economic Assessment ("PEA"), as well as to provide a sizeable buffer for work following the PEA into 2021, to be planned based on the results of the 2020 technical program.
About GT Gold
GT Gold Corp. is focused on exploring for base and precious metals in the geologically fertile terrain of British Columbia’s renowned Golden Triangle. The Company’s flagship asset is the wholly-owned, 46,827 hectare Tatogga property, located near Iskut, BC, upon which it made two significant discoveries in 2017 and 2018 at its Saddle prospect: a precious metal rich vein system at Saddle South and a gold rich copper porphyry system at Saddle North.
For further information, please contact:
GT Gold Corp.
Paul Harbidge
President and Chief Executive Officer
Tel: (236) 427 5744
Website: www.gtgoldcorp.ca | GT Gold Corp.
Shawn Campbell
Chief Financial Officer
Tel: (236) 427 5744 |
Cautionary Statement Regarding Forward Looking Statements
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 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. |
