Newlox Gold Provides an Operational Update
Posted: Monday May 25 9:28:57AM 2015
In my opinion the market took this news entirely the wrong way. Newlox is in the business of removing mercury contamination and the successful removal of this contaminant actually proves the company's business model. The higher than expected concentration of mercury did push them back a few weeks on gold production as they had to add a secondary flotation. However, Newlox has overcome the problem and as mentioned in the press release is now pouring gold. I know mining companies have been out of favour for years but a cash flow generating company that is cleaning up the environment at the same time probably isn't a bad space to be in at the moment. Just hope they can generate the level of revenues and cash flow that they are expecting. If the market doesn't reward them for performance then management has indicated that they would look at a dividend model for their excess cash reserves from production. Just started producing a few weeks ago so here's hoping.
Posted: Wednesday May 20 1:08:34PM 2015
Such operational difficulties are to be expected in the implementation of any new recovery process, although it is puzzling that the company did not have a better estimate of the mercury concentations in the tailings (maybe not puzzling given a shoestring budget). Too bad the "market" had this news days in advance of the news release.
Posted: Wednesday May 20 11:07:58AM 2015
Newlox Gold Provides an Operational Update
Vancouver, BC / TheNewswire / 20 May 2015 - Newlox Gold Ventures Corp. (“Newlox” or “the Company”) (CSE: LUX, XETRA®: NGO) wishes to update its investors on its progress in commissioning its tailings remediation program.
Newlox’s operations team, with the help of its advisors at the University of British Columbia (UBC), have been working to optimize the Company’s first tailings reclamation and precious metals recovery project, as well as a newly commissioned beneficiation facility.
Management are pleased to report that the Company has progressed both projects and that the operations team has proven to be resourceful in addressing the challenges which are inherent to the development and commissioning of these types of facilities. Furthermore, the team has been able to effectively deploy limited capital; building both the concentrate and beneficiation facilities with the modest budget originally envisioned for a single project.
At the concentrate plant, the Company’s goal is to increase throughput capacity from the pilot plant level of 20 tonnes per day to a level of between 60 and 80 tonnes of tailings per day. Equipment installation and construction is now complete and final optimization work is underway. The Company has enlisted the help of two expert consultants to complete the flotation optimization process, which represents the final significant hurdle before the plant enters steady state operation.
Testing began at the beneficiation facility in March 2015 and the first recovery of precious metals and contaminants was reported on March 9, 2015. Although encouraging, recoveries were not as high as expected and a systematic program of troubleshooting was initiated to address this problem. With the help of the UBC engineering experts, Newlox has determined that mercury contamination in the historical tailings is higher than expected, resulting in excess mercury in the reclamation circuit, causing interference with precious metals recovery.
While higher than expected mercury contamination does pose an operational challenge, the contamination encountered further highlights the need for the Company’s reclamation effort. Operationally, Newlox has taken steps to resolve this issue.
Having addressed a number of commissioning challenges, the Company is pleased to report that modest doré production and mercury recovery is now underway. The Company has a comprehensive plan to incrementally increase doré output week-over-week toward its stated objectives.
About Newlox Gold Ventures Corp.
Newlox Gold Ventures Corp. is not a mining company as it does not hold any mineral properties, nor does it conduct exploration or mining activities. It is an environmentally and socially responsible company pursuing precious metal related business opportunities in Latin America.
The Company is working in collaboration with the Norman B. Keevil Institute of Mining Engineering at the University of British Columbia and, with its experienced team in Central America, has established a waste remediation and gold recovery operation, which commenced operations in Q4 2014.
Newlox, through its wholly owned subsidiary, Oro Roca SA, is applying innovative processing technologies to historical tailings to achieve precious metals extraction and soil remediation. Newlox provides a valuable service to local stakeholders where there exist a large number of historical waste dumps (tailings) that pose social and environmental risks. Newlox is addressing this problem by reprocessing these materials to recover remaining values of minerals and cleaning up the environment.
The longer-term objective of Newlox is to establish a dividend paying enterprise, which will allow its shareholders to participate in equity value growth, share in profits, and contribute to environmental clean up, while setting a high standard of social responsibility.
For more information, please contact
Ryan Jackson, President Tel: +1 778 998 0867
On Behalf of the Board, Newlox Gold Ventures Corp. Email: email@example.com
Neither the Canadian Securities Exchange nor it Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the Company can fulfill such forward-looking statements and the Company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company’s control. The Company is not a mining or mineral exploration company and therefore holds no resources or reserves as defined by NI 43-101 nor does it carry on any mineral exploration or hold exploitation properties. The Company develops processes for economically viable waste remediation and therefore makes no claims in regard to tonnage or grade of feed material.
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