Vancouver, British Columbia--(Newsfile Corp. - February 11, 2020) -
Vendetta Mining Corp. (TSXV: VTT) ("Vendetta" or the "Company") is
pleased to announce a non-brokered private placement of up to 11,000,000
units (the "Units") at a price of $0.05 per Unit for gross proceeds of
$550,000. Each Unit will be comprised of one common share and one
common share purchase warrant exercisable for three years at a price of
$0.075 per share.
The private placement is subject to the approval
of the TSXV and the securities will be subject to a four-month hold
period under securities laws. Net proceeds from the financing will be
used to advance the development of the Pegmont Lead-Zinc project and for
general working capital.
Finder's fees of up to 7% cash or 7% shares may be payable in this private placement.
About the Pegmont Lead Zinc Project
100% owned Pegmont Lead Zinc Project is situated in the Mount Isa -
McArthur Mineral Province, Australia which hosts one of the world's
richest endowments of lead-zinc-silver mineralization, including several
significant lead-zinc-silver mines.
The current Mineral Resource Estimate at the Project:
| Indicated ||5,758 Kt @ 6.5% Pb, 2.6% Zn, 11 g/t Ag|
| Inferred ||8,277 Kt @ 5.1% Pb, 2.8% Zn, 8 g/t Ag|
results of a Preliminary Economic Assessment ("PEA") on Pegmont were
released by the Company by news release dated January 28, 2019. The PEA
outlined a 10-year mine plan that generates a strong economic return
with a (base case) pre-tax IRR of 32% (after tax 24%) and NPV8% of $201M
($128M after tax) using long term consensus metal prices of $0.91/lb
lead, $1.09/lb zinc and $16.50/oz silver and a US$:A$ exchange rate of
The PEA indicated a strong sensitivity to metal prices and
US$:A$ exchange rate with a pre-tax IRR of 37% (after tax 27%) and NPV8%
of $249M ($158M after tax), using metal prices as of January 22, 2019
of $0.91/lb lead, $1.18/lb zinc and $15.30/oz silver and a US$:A$
exchange rate of $0.71.
The PEA identified further project enhancements and Vendetta has identified several high priority exploration targets.
About Vendetta Mining Corp.
Mining Corp. is a Canadian junior exploration company engaged in
acquiring, exploring, and developing mineral properties with an emphasis
on lead and zinc. It is currently focused on advancing the Pegmont Lead
Zinc project in Australia. Additional information on the Company can be
found at www.vendettaminingcorp.com.
Voulgaris, MAIG, MAusIMM, a Director of Vendetta, a "qualified person"
as defined by NI 43-101 - Standards of Disclosure for Mineral Projects.
Mr Voulgaris has reviewed and approved the technical content of this
press release, and consents to the information provided in the form and
context in which it appears.
For details of the Pegmont Project
including the effective date of the resource estimate, quality control
measures applied, key assumptions, parameters and methods used to
estimate the mineral resources set forth herein and any known legal,
political, environmental or other risks that could materially affect the
potential development of the mineral resource estimate, please refer to
the technical report entitled "Technical Report - Pegmont Mineral
Resource Update and PEA" dated effective January 21, 2019 and available
under the Company's profile at www.sedar.com.
Preliminary Economic Assessment (PEA) referred to herein, is
preliminary in nature and includes inferred mineral resources that are
considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized
as mineral reserves, and there is no certainty that the preliminary
economic assessment will be realized.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
Forward Looking Information
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
release includes certain statements and information that may be deemed
to be "forward-looking statements" or "forward looking information"
within the meaning of the applicable Canadian Securities laws. All
statements in this release, other than statements of historical facts
are forward looking statements or information, including without
limitation, statements or information regarding the use of proceeds of
the Private Placement, and other future events or developments.
Forward-looking statements include statements that are predictive in
nature, are reliant on future events or conditions, Forward-looking
statements are often, but not always, identified by the use of words
such as "seek", "anticipate", "plan", "continue", "estimate", "expect",
"may", "will", "project", "predict", "potential", "targeting", "intend",
"could", "might", "should", "believe" and similar expressions.
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ materially
from those anticipated. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance
and actual results or developments may differ materially from those in
the forward-looking statements.
Factors that could cause
actual results to differ materially from those in forward-looking
statements include, but are not limited to, changes in commodities
prices; changes in expected mineral production performance; unexpected
increases in capital costs; exploitation and exploration results;
continued availability of capital and financing; differing results and
recommendations in the preliminary economic assessment; and general
economic, market or business conditions.
forward-looking statements are subject to various risks, including but
not limited to operational risk; political risk; currency risk; capital
cost inflation risk; that data is incomplete or inaccurate; the
limitations and assumptions within drilling, engineering and
socio-economic studies relied upon in preparing the PEA; and receipt of
regulatory and other approvals and/or consents in respect of the
Offering in particular. There can be no assurance that the Offering will
be completed on their terms or at all.
The reader is
referred to the Company's filings with the Canadian securities
regulators for disclosure regarding these and other risk factors,
accessible under the Company's profile at www.sedar.com
is no certainty that any forward-looking statement will prove to be
accurate and investors should not place undue reliance upon
forward-looking statements. The Company does not undertake to provide
updates to any of the forward-looking statements in this release, except
as required by law.