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Maritime Signs Letter of Intent on Nugget Pond Gold Plant
Toronto, Ontario--(Newsfile Corp. - March 12, 2020) -   Maritime Resources Corp. (TSXV...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime Signs Letter of Intent on Nugget Pond Gold PlantToronto, Ontario--(Newsfile Corp. - March 12, 2020) -  Maritime Resources Corp. (TSXV: MAE) (\"Maritime\") is pleased to announce that it has entered into a non-binding letter of intent (LOI) with Rambler Metals and Mining Canada Ltd., a wholly-owned subsidiary of Rambler Metals and Mining Limited, (AIM: RMM) (\"Rambler\"). The non-binding LOI includes an exclusivity period of twelve months for Maritime to evaluate Rambler's Nugget Pond Gold Plant for the purpose of processing feed from the Hammerdown gold project and to complete a feasibility study with the option to negotiate a purchase agreement during that time. The Gold Plant is a small section of the total Nugget Pond concentrator plant and is not used to process ore by Rambler. Maritime will have a right of first refusal to match any competing offers for the plant during this time. In consideration Maritime will advance a deposit of $200,000 to Rambler. Garett Macdonald, President and CEO of Maritime, adds, \"This agreement provides Maritime with a twelve month exclusive period to evaluate the Nugget Pond Gold Plant in further detail for potential future processing of Hammerdown mineralization. The gold circuit is currently idle and was operated in the past by Richmont Mines, processing feed from the former Nugget Pond and Hammerdown gold mines with gold recoveries of over 95%. Our recently completed PEA outlined an attractive case for a potential re-start the Hammerdown gold project with an average of 69,500 ounces annual production over the first five years and strong after-tax economics including $111.3M NPV5% and 50.5% IRR at a gold price of US$1,375/oz).\" (See press release dated February 29, 2020.)*Cautionary Statement: The reader is advised that the PEA summarized in this press release is preliminary in nature and is intended to provide only an initial, high-level review of the Project potential and design options. Readers are encouraged to read the PEA in its entirety, including all qualifications and assumptions. The PEA is intended to be read as a whole, and sections should not be read or relied upon out of context. The PEA mine plan and economic model include numerous assumptions and the use of Inferred Resources. Inferred Resources are considered to be too speculative geologically to have the econo...