Newlox Gold Ventures Corp. Nears Completion of Construction at the Boston Project & Prepares for Commissioning
Vancouver, Dec. 2022 - Newlox Gold Ventures Corp. ("Newlox" or the "Company") (CSE:LUX) | (Frankfurt/Stuttgart:NGO) | (PINK:NWLXF) is pleased to announce that the Company has made significant progress at the Boston Clean Gold Project, which is slated to become Newlox Gold's second environmentally and socially responsible precious metals project in Costa Rica. The construction team anticipates project completion by the end of calendar 2022, with testing and commissioning work to begin in the new year. Earlier this year, the Company completed the procurement of major equipment, the building of the plant structures, the construction of a loading ramp capable of supporting heavy dump trucks used for feedstock delivery, fabricated the feedstock chute, moved fixed equipment to site, and installed upgraded water recirculation and treatment systems.
During the fall, Newlox Gold's construction team moved on to fabricate the fine ore bin on-site at the Boston Project, which will be fed freshly crushed material from the primary crusher and vibratory classifier. The addition of this equipment represented the last stage of major equipment fabrication. It allowed the team to move ahead with the final installation of equipment on the concrete pad and inertia blocks.
With the equipment now positioned at the site, the final installation of material handling systems is underway. Principally, custom-made conveyor systems are currently being installed to connect the dry portions of the processing plant, while slurry pumping infrastructure is also being fabricated and installed to move liquified feedstock through the plant.
Newlox's operations team expects the commissioning and testing of the new processing facility to take approximately 1.5 months, followed by a gradual ramp-up of operations and precious metals recovery over the year. Simultaneously, the Company's local mining partners are undertaking upgrade work at many of the nearby tunnels in anticipation of delivering feedstock to the new facility.
The Boston Project will process feedstock newly extracted from the Boston Mine by the Company's local mining partners. At full scale, Newlox will operate the new Boston mill to process 150 tonnes per day of material grading +- 15 grams per tonne gold with an anticipated gold recovery of 90%. All feedstock is to be provided by the Company's mining partners, with profits to be split evenly between the parties.
Since the early 1900s, local miners have continuously operated informal and formal mines in the Central Gold Belt of Costa Rica and the area of the Boston Mine. Traditional pre-industrial mining and goldsmithing history in the area dates to 400-500 AD. Precious metals production and smithing are an integral part of the heritage and traditions of local groups and continue today for both economic and cultural reasons. For the first time since the application of the mercury amalgamation process in artisanal gold and silver production, the new Boston plant will provide a clean processing option to local miners with zero use of mercury and eliminate its associated environmental damage.
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Forward-Looking Information
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
Technical Disclaimer
The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Grab sample results included in any press release are not necessarily indicative of the mineralization in general for the deposit. Stewart A. Jackson, Ph.D., P.Geo., a "Qualified Person" within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.
On Behalf of the Board, Newlox Gold Ventures Corp.
Contact Newlox Gold
Ryan Jackson
Newlox Gold Ventures Corp., President
Website: www.newloxgold.com
Email: info@newloxgold.com
Phone: + 1 604 256 0493
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