Symbol : CGLD .V
Core Gold Inc. is a Canadian based mining company involved in the exploration,
development and production of gold and silver at 3 established projects in Ecuador.
New exploration is planned for the some of the other projects the company holds in
Dynasty Copper-Gold Belt in southern Ecuador, including the Linderos Project and
the Copper Duke Project.
6 million ounces of gold and 27 million ounces of silver in 43-101 compliant resources
Company web site :
coregoldinc.com
Company Twitter account:
twitter.com
Current Corporate Presentation (January 2018):
coregoldinc.com
Dynasty Goldfields Project :
Commenced mining operations at Dynasty Goldfields Project in early January 2017.
Mining and transportation of ore is contracted out.
Ore transported approximately 180 km by road to Portovelo processing facility.
Production from a number of small open pits, Portovelo mill currently processing 750 - 800 tpd .
News release of Contract Mining agreement :
coregoldinc.com
Resources:
Measured: 2,909,000 tonnes grade, 4.7 gpt au, 38.1 gpt ag : 437,000 oz au, 3,567,000 oz ag
Indicated: 3,958,000 tonnes grade, 4.6 gpt au, 38.3 gpt ag : 585,000 oz au, 4,936,000 oz ag
Inferred: 7,825,000 tonnes grade, 4.4 gpt au, 38.5 gpt ag : 1,118,000 oz au, 9,901,000 oz ag
Dynasty Goldfields Technical Report :
coregoldinc.com
(See pages 47 - 51 for table of grades and resources by vein)
General location of Core Gold Projects in the Dynasty Gold-Copper Belt in Southern Ecuador
Linderos Project :
Linderos Project Trenching Map
coregoldinc.com
Initial trench sample results for Linderos include :
21.00m at 18.51 g/t Au
19.95m at 14.31 g/t Au
18.20m at 14.74 g/t Au
17.00m at 13.70 g/t Au
18.00m at 10.10 g/t Au
2.00m at 326.8 g/t Au
Zaruma Project :
Mill capable of processing 1,000 tpd in current configuration with potential to increase
to 2,000 tpd with $3 million capital investment.
Mill currently being fed with 750 - 800 tpd material from Dynasty Goldfields project.
No production at Cabo de Hornos mine at present. Plans for 200 tpd by Q4 2018
7.5 km of underground development down to 700 meters in depth.
Measured Resource : 1,590,000 tonnes, grade 13.48 gpt au : 689,000 oz au
Indicated Resource : 1,030,000 tonnes, grade 12.18 gpt au : 405,000 oz au
Inferred Resource : 3,700,000 tonnes, grade 12.12 gpt au: 1,448,000 oz au
Preliminary Economic Analysis for Zaruma Project:
dynastymining.com
Zaruma Project Resource chart : Veins
Jerusalem Project :
Located approximately 25km to the south of Lundin Gold's Fruta del Norte Project.
No current activity on the Jerusalem Project .
Measured resource : 379,000 tonnes grade 14.2 gpt au, 76.0 gpt ag : 173,000 oz au, 926,000 oz ag
Indicated resource : 576,000 tonnes grade 13.5 gpt au, 81.0 gpt ag : 249,000 oz au, 1,495,000 oz ag
Inferred resource : 1,775,000 tonnes grade 15.0 gpt au, 98.0 gpt ag : 856,000 oz au, 5,569,000 oz ag
Jerusalem Project Technical report :
dynastymining.com
Share Structure as of April 11, 2018
Shares Issued and Outstanding: 134,595,274
Warrants Outstanding:
3,000,000 exercisable @ $0.15 expiry date Sept. 15, 2018 (Vertex)
750,000 exercisable @ $0.33 expiry date Apr. 3, 2019 (Credipresto)
250,000 exercisable @ $0.35 expiry date Apr. 25, 2019 (Credipresto)
800,000 exercisable @ $0.365 expiry date Jan 31, 2019 (Credipresto)
19,622,001 exercisable @ $0.45 varying expiry dates (See below)
.
**2,967,503 full warrants exercisable @ $0.45 expiry date June 30, 2019 (5,935,006 half warrants from 1st tranche of June 2017 financing)
**1,642,833 full warrants exercisable @ $0.45 expiry date July 14, 2019 (3,285,666 half warrants from 2cd tranche of June 2017 financing)
**811,457 full warrants exercisable @ $0.45 expiry date Aug 3, 2019 (1,622,914 half warrants from 1st tranche of July 27, 2017 financing)
**1,277,543 full warrants exercisable @ $0.45 expiry date Sept 1 2019 ( 2,555,086 half warrants from 2cd tranche of July 27,2017 financing)
**1,016,612 full warrants exercisable @ $0.45 expiry date Sept 15, 2019 (2,033,244 half warrants from 1st tranche of Sept.6, 2017 financing)
**1,790,832 full warrants exercisable @ $0.45 expiry date Oct. 13, 2019 (3,581,664 half warrants from 2cd tranche of Sept.6, 2017 financing)
**1,581,500 full warrants exercisable @ $0.45 expiry date Dec.18, 2019 (3,163,000 half warrants from 1st tranche of Dec. 1, 2017 financing)
**2,066,666 full warrants exercisable @ $0.45 expiry date Dec 29, 2019 (4,133,333 half warrants from 2cd tranche of Dec 1, 2017 financing )
**2,705,835 full warrants exercisable @ $0.45 expiry date Apr 2, 2020 (5,411,670 half warrants from 1st tranche of Feb 26 2018 financing )
3,761,220 full warrants exercisable @ $0.45 expiry date Feb 1, 2020 (7,522,440 half warrants from conversion of Vertex $1.5 million promissory note into shares)
**subject to acceleration in the event that the closing price of the Common Shares is $0.60 or higher over a period of ten (10) consecutive trading days.
Options : 11,676,000
1,490,000 @ $0.64 expiry date July 16, 2018
623,000 @ $0.89 expiry date Jan 1 2019
35,000 @ $1.48 expiry Jun19 2019
25,000 @ $1.61 expiry July 28 2019
1,678,000 @ $0.92 expiry date Nov 21 2019
125,000 @ $0.79 expiry date Apr 8 2020
50,000 @ $0.36 expiry date Mar 14 2021
4,400,000 @ $0.23 expiry date Dec 7 2021
3,250,000 @ $0.30 expiry date Feb 27 2023 (25% vest immediately, 25% each 6 month period thereafter)
Promissory Notes : (Held by Vertex Managed Value Portfolio and Vertex Enhanced Income Fund)
1. Promissory notes in the aggregate principal amount of $1.5-million (U.S.) bearing interest at 12 per cent per annum
and maturing on Sept. 15, 2018;
2. Freely assignable convertible promissory notes in the aggregate principal amount of $1-million (U.S.) bearing interest
at 12 per cent per annum and maturing on Sept. 15, 2018, convertible into common shares of the company at 30 cents per share;
(subject to a fixed foreign exchange rate of CAD$1.2895/US$1.00) or 4,298,333 shares
Promissory Note:
Core Gold executed a promissory note on Sept. 9, 2016, in which it agreed to pay US$476,413 upon demand, held by a
numbered company, 0768274 B.C. Ltd. controlled by former CEO Robert Washer.
( Robert Washer also claims US$315,000 in fees owed to another of his companies, Minera Australiana )
Convertible Debentures : (Held by Credipresto SAPI de CV SOFOM ENR)
$1-million (U.S.) convertible secured subordinated debenture at 12 per cent per annum and maturing Jan. 2019.
$0.25 per share conversion rate, based on the noon Bank of Canada Canadian-dollar/U.S.-dollar exchange rate
on the date immediately preceding the closing of the offering; Secured through a pledge of all of the issued and
outstanding share capital of Elipe SA, an indirect wholly owned subsidiary of the company, ranking behind the
Vertex loans outstanding; Based on current exchange rates, if the convertible debenture is fully converted into
common shares of the company, approximately 5,241,600 common shares of the company would be issuable
to Credipresto.
$500,000 (U.S.) secured convertible debenture at a rate of 12% per annum payable quarterly in cash
and is fully secured through a pledge of all the issued and outstanding share capital of Elipe S.A., an
indirect wholly owned subsidiary of the Company, ranking behind the outstanding loans from
Vertex Managed Value Portfolio and Vertex Enhanced Income Fund. The principal amount of the Debenture
is convertible at any time at the option of the holder into common shares of the Company (the "Common
Shares") at a price of CAD$0.25 per Common Share, based on a Canadian dollar/US dollar exchange
rate of 1.3322. An aggregate of up to 2,664,400 Common Shares are issuable by the Company
on conversion of the Debenture, representing approximately 3.03% of the issued and outstanding
Common Shares on completion of the Private Placement. The principal amount of the Debenture
is convertible on or before April 3, 2019 at the option of the holder into common shares
$500,000 (U.S.) secured convertible debenture bears interest at a rate of 12% per annum payable quarterly
in cash and is fully secured through a pledge of all the issued and outstanding share capital of Elipe S.A.,
an indirect wholly owned subsidiary of the Company, ranking behind the outstanding loans from
Vertex Managed Value Portfolio and Vertex Enhanced Income Fund. The principal amount of the
Debenture is convertible at any time at the option of the holder into common shares of the Company
(the "Common Shares") at a price of CAD$0.26 per Common Share, based on a Canadian
dollar/US dollar exchange rate of 1.3516. An aggregate of up to 2,599,231 Common Shares are
issuable by the Company on conversion of the Debenture, representing approximately 2.96% of
the issued and outstanding Common Shares on completion of the Private Placement. The principal
amount of the Debenture is convertible on or before April 25, 2019 at the option of the holder into
common shares
Debt Repayment Schedule: Original balance US$10,550,000 on June 1 2017.
(Money owed to Government, Employees, Suppliers, Contractors) See details in news release:
coregoldinc.com
Remaining scheduled balance of US$5,200,000 as of March 31, 2018.
(Company has stated they have voluntarily paid more in January 19, 2018 new release, amount not given)
Credipresto S.A. de CV SOFOM USD $1,600,000 short term bridge loan
The Company is pleased to announce it has entered into an agreement to issue a secured debenture in
the aggregate principal amount of USD $1,600,000 (the "Debenture") to Credipresto S.A. de C.V.
SOFOM E.N.R. ("Credipresto"). Credipresto has agreed to roll the Debenture amount into the
proposed Investa debt facility.
The Debenture will have the following terms:
Interest will accrue at a rate of 15% per annum, 6 months maturity (July 31, 2018):
25% principal and accrued interest due on April 30, 2018
25% principal and accrued interest due on May 31, 2018
25% principal and accrued interest due on June 30, 2018
Remaining principal and accrued interest due on July 31, 2018
Proposed Debt Facility With Investa Bank S.A.
web.tmxmoney.com
Expected to be completed by March 31, 2018
Fully Diluted Shares: 185,496,839
INSIDER HOLDINGS ( Information compiled from Sedi.ca, the 2017 Annual Information Circular, and regulatory filing 62-103F1 on Sept 12, 2016 )
Keith Piggott (CEO) ………..10,458,965
Gregg Sedun (Director)…...........91,666
Gregg Sedun Family .............3,281,000
Gregg Sedun's Associate .... 3,281,000
Javier Reyes (Credipresto)....4,443,000
Total holdings ………….... 21,555,631 common shares
Robert Washer (Former CEO and Former Chairman of the Board, >10% shareholder)
Cinergy Capital ………….. .9,731,284
Valorium Int’l ……………… 5,348,784
Held Directly ..........................500,000.
Robert Washer Total ….. 15,580,068 common shares
Total Insider Holdings … 37,135,699 common shares
Shares Outstanding …….134,595,274 common shares
% of insider holdings ----- 27.59%
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