Dalradian reports Q3 2016 results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/10/16 -- Dalradian Resources Inc. (TSX: DNA)(AIM: DALR) ("Dalradian" or the "Company") announces results for the three and nine months ended September 30, 2016, including closing cash and cash equivalents of $43.1 million(1). The Company also reports that the work program at its Curraghinalt Gold Project in Northern Ireland has remained on track and on budget with permitting and ESIA activities continuing into Q4 2016. The process to submit the Planning Application has commenced and submission of the Application is expected in early Q1 2017.
Patrick F.N. Anderson, Dalradian's President and CEO, commented:
"As we move into Q4, we build on three solid quarters of progress and de-risking at our Curraghinalt project. So far this year we have: increased mineral resources through extensive infill drilling; staked additional ground to expand our total land package; and completed a successful test stoping and grade reconciliation program in support of mine planning. We look forward to the culmination of this work in Q4 with the publication of a feasibility study and environmental assessment, which will form the basis of our planning application.
With proceeds of almost $26 million from warrant exercises, we are well positioned to embark on further work to enhance the results of our soon to be released feasibility study. Details of this work plan will be released prior to year-end."
(1) All amounts are in Canadian dollars unless otherwise noted.
Operational highlights as of November 9, 2016
Corporate and financial highlights of Q3 2016 and subsequent period
Outlook
The budget for completion of the FS, Underground Program (including infill drilling), land acquisition, ESIA, submission of the planning application and corporate, general and administrative costs is approximately GBP 28 million ($56 million at the time the budget was finalized), for the budget period from October 1, 2015 to December 31, 2016. The work program remains on-budget, with $47 million spent to September 30, 2016. With the infill drill program completed and underground work nearing completion, project spending is expected to decrease in Q4 2016. Permitting activities, FS and ESIA work will continue during Q4 2016 leading to submission of the planning application in early Q1 2017. Dalradian's net working capital at September 30, 2016 was approximately $40 million against a remaining budget of approximately $9 million for the Underground Program, FS, ESIA, Planning Application and corporate, general and administrative costs for the year ended December 31, 2016.
Supporting Documents
The Q3 2016 Financial Statements (not including notes) can be found below. The full Q3 2016 Financial Statements and Management Discussion and Analysis are available on and also on .
Dalradian Resources Inc.
(An exploration stage company)
Condensed Consolidated Balance Sheets
(Expressed in Canadian dollars)
(Unaudited)
Dalradian Resources Inc.
(An exploration stage company)
Condensed Consolidated Statements of Loss and Comprehensive Loss
(Expressed in Canadian dollars)
(Unaudited)
Dalradian Resources Inc.
(An exploration stage company)
Condensed Consolidated Statements of Shareholders' Equity
(Expressed in Canadian dollars)
(Unaudited)
Dalradian Resources Inc.
(An exploration stage company)
Condensed Consolidated Statements of Cash Flows
(Expressed in Canadian dollars)
(Unaudited)
About Dalradian Resources Inc.
Dalradian Resources Inc. is a gold exploration and development company that is focused on advancing its high-grade Curraghinalt Gold Project located in Northern Ireland, United Kingdom. The Company is completing a work program in support of a planning (permitting) application for construction of an operating mine at Curraghinalt. Components of the program include a feasibility study, an environmental and social impact assessment and underground exploration (approximately 960 metres of development with associated test stoping).
In May 2016, Dalradian announced an updated mineral resource estimate for Curraghinalt, including a 109% increase in gold ounces contained in the Measured and Indicated categories compared with the 2014 resource. The current resource consists of 2.1 million ounces of contained gold in the Measured and Indicated categories (5.61 million tonnes at 11.61 g/t) and 2.3 million ounces of contained gold in the Inferred category (7.13 million tonnes at 10.06 g/t gold). For further information, see the NI 43-101 technical report entitled, "Technical Report for the Northern Ireland Gold Project, Northern Ireland", dated June 17, 2016 and prepared by Dr. Jean-Francois Couture, PGeo (APGO#0197) and Dr. Oy Leuangthong, PEng (PEO#90563867), both of SRK Consulting (Canada) Inc. and Stacy Freudigmann, PEng (APEGBC #33972) of JDS Energy & Mining Inc.
FORWARD-LOOKING STATEMENTS
This news release contains "forward looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its subsidiaries and its mineral project, the future price of metals, test work and confirming results from work performed to date, the estimation of mineral resources, the realization of mineral resource estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage, the timing and possible outcome of pending regulatory matters and the realization of the expected economics of the Curraghinalt gold deposit. Often, but not always, forward looking statements can be identified by the use of words and phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions such as the continued political stability in Northern Ireland, that permits required for Dalradian's operations will be obtained on a timely basis in order to permit Dalradian to proceed on schedule with its planned exploration and development programs, that skilled personnel and contractors will be available as Dalradian's operations continue to grow, that the price of gold will be at levels that render Dalradian's mineral project economic, that the Company will be able to continue raising the necessary capital to finance its operations and realize on mineral resource estimates and current mine plans, that the assumptions contained in the Company's Technical Report are accurate and complete, that the results of the Environmental and Social Impact Assessment and the Feasibility Study will be positive and that a permitting application for mine construction will be approved.
Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Dalradian to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current and future exploration activities; the actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
Contacts:
Marla Gale
Vice President Communications
+1 416 583 5622
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett / Richard Tonthat / Harrison Clarke
+44 (0)20 7383 5100
Canaccord Genuity Limited (Broker)
Henry Fitzgerald-O'Connor / Martin Davison
+44 20 7523 8000
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Datum: 10.11.2016 - 07:00 Uhr
Sprache: Deutsch
News-ID 506047
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TORONTO, ONTARIO
Kategorie:
Mining & Metals
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