Business
Newlox Gold Ventures Achieves Best Productivity to Date
Vancouver, BC - TheNewswire - 23 March 2021 - Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CNSX:LUX.CN) (Frankfurt/Stuttgart:NGO) (OTC:NWLXF) is plea
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"Vancouver, BC - TheNewswire - 23 March 2021 - Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CNSX:LUX.CN) (Frankfurt/Stuttgart:NGO) (OTC:NWLXF) is pleased to announce that the Company has achieved its highest level of productivity to date at its first environmental remediation and precious metals project. Newlox Gold raised $4 million through a private placement financing, putting the Company in a sound financial position at the beginning of the New Year. The initial application of a portion of such funds has been to commercialize its first environmental remediation facility - Project 1. The Company previously reported precious metal recovery and sales revenue in its financial statements; however, those figures were derived from metals produced during the development and testing stages. In early 2021 Newlox Gold transitioned to commercial operation, with productivity increasing according to plan. This plant is projected to process 80 tonnes per day of tailings feedstock at full-scale operation to yield approximately 6,500 ounces of gold per year. Management plans to commission Plant 2 in the second quarter of 2021 to attain full-scale operations by year-end. Plant 2 at full scale will process 150 tonnes per day of feedstock to yield 20,000 ounces of gold per year. Development work is advancing according to plan, and management will provide further details on construction shortly. The Newlox team will continue to inform shareholders and interested parties of overall corporate and business matters, including expansion plans. Newlox Gold will be reporting earnings as part of its quarterly statements as steady-state operations are achieved. Management looks forward to delivering a robust growth curve, starting with the current commercialization of Project 1, and continuing through and beyond the commissioning and ramp-up of operations at Project 2. A Message from Ryan Jackson, President & CEO: “We are delighted to report that Newlox Gold’s first environmental remediation and precious metals recovery plant has attained its highest level of productivity to-date. We wish to acknowledge the diligent efforts of our operations team in bringing the Company to this milestone. While current market conditions show some weakness, we believe that Newlox benefits from a core group of highly supportive shareholders who have great con...