Business
ESGold to Focus on Montauban Plant Production
VANCOUVER, BRITISH COLUMBIA – TheNewswire - July 24, 2024 - ESGold Corp. (“ESGold” or the “Company”) (CSE: ESAU, Frankfurt: N2W, OTC: SEKZF), is pleased to anno
About this update from Esgold Corp
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA – TheNewswire - July 24, 2024 - ESGold Corp. (“ESGold” or the “Company”) (CSE: ESAU, Frankfurt: N2W, OTC: SEKZF), is pleased to announce a shift in the operating focus of the Company. ESGold’s operating focus is to get the Montauban Plant into production in the near future. The Company is in a position to begin the final phase of construction on the mill. Further, the Preliminary Economic Assessment (“PEA”) prepared last year is being updated with current market conditions and the preliminary results have demonstrated significant escalation of the Net Present Value and Internal Rate of Return of the entire Montauban Project “ESGold must take advantage of current market conditions and the rapid construction path to put the Montauban Plant into production,” stated Brad Kitchen, President of ESGold Corp. “The Company has done a good job in the last couple of years to expand the future potential of an increased near-surface and under-ground resource but must now pivot to focus on capturing revenue.” At the Montauban Plant, the Company currently has: Infrastructure in place includes steel structure building (16,000 ft), Quebec Hydro power line and all access roads to mill building and tailings piles; 60% of the required milling equipment required to operate which is on-site; Finalized engineering and construction plans; Construction and operating permits in place or are in process of being finalized; and Confirmation that construction of the processing circuit will take 9 to 12 months. The Company estimates that it will cost approximately C$8.0 million to complete construction on the Montauban Plant. Management hopes to secure this financing through non-dilutive means, including a C$2.0 million credit facility already in place (the “Loan Facility”). In addition to the Loan Facility, the Company is pleased to announce a non-brokered private placement (the “Offering”) of up to 5,000,000 free trading common shares (the “Shares”) at a price of $0.10 per Share, for aggregate gross proceeds of up to $500,000 (the “Proceeds”). The Company intends to use the Proceeds from the Offering for exploration activities and general working capital. The Offering is expected to close on or before August 15, 2024. The Offering is subject to certain conditions incl...