Business
Brookmount Explorations, Inc. Finalizes Development Plan and Budget for Expansion of Canadian Drill Program and Preparation for Production
Brookmount Explorations, Inc. Finalizes Development Plan and Budget for Expansion of Canadian Drill Program and Preparation for Production.
About this update from Brookmount Explorations, Inc.
[{"type":"text","content":"\n Los Angeles, California, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Brookmount Explorations, Inc. (OTC PINK: BMXI) (\"Brookmount”, The Company”), a Nevada incorporated company is pleased to announce that it has finalized its development plan and budget to expand the drill program for “Moosehorn” its recently acquired gold property in the Canadian area of the Tintina gold belt, and to prepare the property for initial production. The Moosehorn property, which comprises 4,300 HA of high-quality gold area, has to date, a confirmed NI 43-101 resource of 39,000 oz. Au. and The Company is planning to extend the drill intensity and depth to upgrade the confirmed resource to 100,000 oz. Au. Additionally, a plan has been drawn up to upgrade and complement existing on-site infrastructure and hire additional workforce to prepare Moosehorn for initial production commencing in 2022 at 4,000 oz. Au p/a, increasing to 15,000 oz. Au p/a in 2024. Total cost for both drilling and production roll out has been estimated at $5.5 million. The Company is planning to cover the projected costs for the drilling and production plan from proceeds of a funding facility currently being finalized. In reflection of The Company’s’ presence in the North American market and its intention to further expand in that region, Errin Kimball, a highly experienced Canadian based geologist and mining engineer has been appointed as Executive Director, North America, with additional responsibilities for The Company’s’ global mining operations. In announcing completion of the Moosehorn Development Plan, CEO, Nils Ollquist commented: “We are pleased to be launching the Moosehorn project prior to the end of this year, so we can target initial production in 2022. In light of the high latitude of the Tintina gold belt, it is important to take advantage of favorable weather patterns, and we can focus on installing heavy equipment during the 5 months or so before March 2022 and plan to commence production in the summer. The Board is confident that the Moosehorn project will add both to Brookmounts’ balance sheet strength, as the 43-101 resource is increased through the drill program, and our operating results from Indonesia enhanced as revenue from production comes on stream from 2022 onwards.” Brookmount currently conduct...