Business
Newlox Gold Advances Colombia Expansion
Vancouver, BC – TheNewswire - 2 August 2022 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX | Frankfurt/Stuttgart: NGO | PINK: NWLXF) | (CNSX
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"Vancouver, BC – TheNewswire - 2 August 2022 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX | Frankfurt/Stuttgart: NGO | PINK: NWLXF) | (CNSX:LUX.CN) | (OTC:NWLXF) is pleased to announce it has formed a 100% owned subsidiary company in Colombia and established local bank accounts to facilitate the advancement of its, recently announced, expansion project in Antioquia, Colombia. With a local presence firmly established, the Company has engaged a well-respected local engineering firm and formally started its environmental impact assessment. Newlox Gold’s management team recently deployed to Bogota and Medellin, Colombia, where it has made strong relationships with local engineering firms, law firms, banks, and other service providers. Management has also established relationships with leaders in local government and regulatory agencies to facilitate the advancement of permitting and environmental work at the new environmentally and socially responsible precious metals project. Securing a local subsidiary company with full banking is crucial in advancing the Company’s expansion plans in Colombia. Colombia has a tight regulatory climate concerning forming a business and rigid banking regulations, making opening new corporate accounts difficult. Working closely with local advisors, the establishment of this infrastructure was completed quickly and facilitates the Company’s near-term goals in the jurisdiction. In the field, Newlox Gold’s environmental engineering contractors have undertaken hydrological and topographical studies to assess the proposed project’s impacts on local watersheds and aquatic ecosystems. These studies have returned positive preliminary results indicating the selected location is ideal for the construction of a Newlox Gold processing plant with throughput of between 250 and 1,000 tonnes per day. These studies are the first step in the environmental impact assessment and permitting process, which will be ongoing over the next nine to twelve months. Colombia is an incredibly resource-rich country that has produced approximately 80 million ounces of gold since pre-Colonial times, while modern exploration has discovered over 100 million ounces in the last ten years. In addition to the formal gold industry, an estimated 350,000 people work directly in Colombia’s artisanal and small-scale gold mini...