Harte Gold Corp.
Harte Gold Provides Corporate Update and Announces Results from Annual and Special Meeting of Shareholders
Toronto, ON: HARTE GOLD CORP. (“Harte Gold” or the “Company”) (TSX: HRT / OTC: HRTFF / Frankfurt: H4O) is pleased to announce that it held its annual and special meeting of shareholders earlier today (the “AGM”). At the AGM, management of the Company provided a corporate update, the highlights of which included, among others:
- Mine Restart – The Company has completed a detailed restart and 18-month operating plan for the Sugar Zone Mine, which will see the mine return to 800 tpd by the end of the year. In the meantime, the care and maintenance teams continue to keep the mine in good stead for recommencement of operations.
- Transition to Owner-Operator – Steps are being taken to transition to owner-operator mining concurrently with a restart of the Sugar Zone Mine. Discussions are underway with the Company’s mining contractor to support transition. The Company anticipates a transition period of approximately three months after restart.
- Equipment Financing – The Company is in term sheet discussions to obtain equipment financing to purchase the mine fleet.
- Ore Quality Management – Grade control practices are being improved to better manage ore recovery and grade, once mining resumes.
- Expansion Study – The Company is exploring an expansion scenario to increase mine and mill throughput by 50%, from 800 tpd to 1,200 tpd. Previous studies determined that the Sugar Zone Mine could support 1,200 tpd based on the current Mineral Resource Estimate (see pressrelease dated April 8, 2019). The Feasibility Study RFP process is approximately 90% complete and an independent mining engineer has been engaged to assist with optimization, mine planning and scheduling. The Company expects to deliver a Feasibility Study in the fourth quarter of this year.
- BNP Debt – The Company is working with its senior lender BNP Paribas on the re-sculpting of its debt and is targeting a full solution in the fourth quarter of this year.
- Renewed Exploration Strategy – Desktop work over the past two months has allowed the Company to revamp its exploration program with the goal of expanding near mine mineralization and developing regional targets to become future sources of mill feed. The Company is evaluating its high priority targets and summer exploration will commence on resumption of operations.
- Required Financing – Putting the Sugar Zone Mine on care and maintenance as a result of COVID-19 has had a negative impact on the Company’s working capital position. The Company’s primary objective is to obtain sufficient financing to enable a successful restart of the mine. The Company is currently using its cash on hand to support care and maintenance costs until such funding discussions are concluded. There is no assurance that the required funding will be obtained or, if obtained, that the terms of such financing will be favourable to the Company. The Company’s ability to continue as a going concern is dependent on obtaining such financing in the near term. Further updates will be provided to the market as information becomes available.
Sam Coetzer, President and CEO commented:
“Over the last two months, a lot has been accomplished to significantly de-risk the start-up plan and reposition the Company to take control of the mining operations. While we remain in temporary care and maintenance, the Company
has been in constant communication with employees and various stakeholders, who have expressed a keen interest and
readinessto get back to work and the mine and surface infrastructure remain in excellent working condition. It is a priority
for the Company to obtain financing in order to resume operations. To that end, management is working diligently with
the Board to obtain financing to ensure the Company is fully funded through restart and future mine expansion and we
will be providing an update to the market as information becomes available.”
Voting Results
56.94% of the issued and outstanding common shares of the Company were represented in person or by proxy at the
AGM. Each of the matters presented at the AGM were duly passed by the shareholders of the Company.
Election of Directors
Other Matters
Technical Information
Scientific and technical information contained in this news release was reviewed and approved by Dr. Martin Raffield,
Executive Vice President and Chief Operating Officer of Harte Gold, who is a “qualified person” as defined by National
Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Harte Gold Corp.
Harte Gold holds a 100% interest in the Sugar Zone Mine located in White River, Canada. The Sugar Zone Mine entered
commercial production in 2019. The Company hasfurther potential through exploration at the Sugar Zone Property, which
encompasses 79,335 hectares covering a significant greenstone belt. Harte Gold trades on the Toronto Stock Exchange
under the symbol “HRT”, on the OTC under the symbol “HRTFF” and on the Frankfurt Exchange under the symbol “H4O”.
For further information, please visit www.hartegold.com or contact:
Shawn Howarth
Vice President, Corporate Development and Investor Relations
Tel: 416-368-0999
E-mail: sh@hartegold.com
Source: https://www.hartegold.com/news/harte-gold-provides-corporate-update-and-announces-results-from-annual-and-special-meeting-of-shareholders
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