LONGUEUIL, Québec, April 18, 2024 (GLOBE NEWSWIRE) -- Reunion Gold Corporation (TSXV: RGD; OTCQX: RGDFF) (the “Company”) is pleased to announce that it has signed a Mineral Agreement with the Cooperative Republic of Guyana and the Guyana Geology and Mines Commission. The Mineral Agreement provides the Company and its 100%-owned Guyanese subsidiary with stable fiscal and operating conditions during the life of the Oko West gold project. The terms in the agreement are consistent with current standard terms established by the country.
Rick Howes, President and CEO of Reunion Gold, stated “I am pleased to have executed our Mineral Agreement with the Government of Guyana. This significant milestone marks an important de-risking step towards the development of the Oko West Project and underscores the robust support extended by the Government of Guyana towards the project's development.”
As part of the agreement, the Company has committed to prioritizing the employment of qualified and suitable Guyanese individuals and to supplement this by implementing a comprehensive training program to develop the additional skills required to facilitate the employment of Guyanese personnel at all levels of operations. The Company believes that fostering and training local talent will contribute to the sustainable development of the country.
In addition to its commitment to workforce development, the Company has agreed to establish a financial support program for environmental and social projects. The Company will fund US$1,000,000 per year towards initiatives that promote environmental sustainability and address social needs within surrounding communities. This commitment will start upon commencement of commercial production or within 24 months from the issuance of a mining license, whichever would come first.
All of these initiatives highlight the Company's dedication to sustainable mining development, which minimizes environmental impacts, positively impacts the communities we work in and creates lasting benefits for Guyana.
The Company is moving forward with development studies to advance Oko West towards a construction decision. As part of this work, it expects to complete a preliminary economic assessment by mid-2024, which will provide an estimate of the key economic parameters of the project.
About Reunion Gold Corporation
Reunion Gold Corporation is a leading gold explorer in the Guiana Shield, South America. In 2020, the Company announced an exciting new greenfield gold discovery at its Oko West project in Guyana and announced its maiden mineral resource estimate in June 2023 after just 22 months of resource definition drilling. In February 2024, the Company announced an updated Mineral Resource Estimate (the “2024 MRE”) containing a total of 4.3 Moz of gold in Indicated Resources grading 2.05 g/t and 1.6 Moz of gold in Inferred Resources grading 2.59 g/t. This 2024 MRE includes an underground Resource containing 1.1 Moz of gold at a grade of 3.12 g/t Au in the Inferred category. See the Company’s February 26, 2024 Press Release for additional information about the 2024 MRE. The Company is moving forward with development studies to advance the project. The Company continues to work on expanding the MRE at the project and to explore other priority targets at Oko West that lie outside of the area of the MRE, as well as leveraging its considerable experience in uncovering new discoveries in the Guiana Shield to acquire and explore additional new projects in the region.
The Company's common shares are listed on the TSX Venture Exchange under the symbol 'RGD' and trade on the OTCQX under the symbol 'RGDFF'. Additional information about the Company is available on SEDAR+ (www.sedarplus.ca) and the Company's website (www.reuniongold.com).
For further information, please contact:
REUNION GOLD CORPORATION
Rick Howes, President and CEO, or Doug Flegg, Business Development Advisor
E: doug_flegg@reuniongold.com
E: info@reuniongold.com
Telephone: +1 450.677.2585
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities laws (collectively, "forward-looking statements"). Statements and information that are not historical facts are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions, or results "will", "may", "could" or "should" occur or be achieved. Forward-looking statements in this press release include statements regarding the results of mineral resources estimates, the results of various studies being conducted as well as statements regarding beliefs, plans, expectations or intentions of the Company.
Forward-looking statements and the assumptions made in respect thereof involve known and unknown risks, uncertainties and other factors beyond the Company's control including risks and uncertainties related to timing, cost and results of exploration programs, updated resource estimates and development studies; uncertainties related to the Company’s ability to obtain a mining licence and commencing mining operations at its Oko West Project; uncertainties inherent with conducting business in foreign jurisdictions including corruption, civil unrest, political instability; geopolitical risks including risks related to recent actions taken by the government of Venezuela over the border dispute; unanticipated title disputes; gold price volatility; currency fluctuations; risks associated with the recurrence of COVID-19 or future pandemics; delays in obtaining governmental approvals or financing; risks regarding potential litigation proceedings; regulatory risks and liabilities including, regulatory environment and restrictions; metallurgical testing and recoveries and other risks of the mining industry; speculative nature of gold exploration; dilution; share price volatility; competition; and loss of key employees. Additional information on these risks and other factors is included in documents and reports filed by the Company with Canadian securities regulators and available at SEDAR+ (www.sedarplus.ca) including, but not limited to, the cautionary statements made in the relevant sections of the Company’s Annual Information Form and Management Discussion & Analysis.
Forward-looking statements in this press release are made as of the date herein. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements in this press release are reasonable, undue reliance should not be placed on such statements. New factors emerge from time to time, and it is not possible for management of the Company to predict all such factors and to assess in advance the impact of each such factor on the business of the Company or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise, except as may be required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.
