Business
Newlox Gold Ventures Highlights 2020 Achievements
Vancouver, BC, January 7, 2021 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX | Frankfurt: NGO) is pleased to provide a review of the 2020 y
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"Vancouver, BC, January 7, 2021 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX | Frankfurt: NGO) is pleased to provide a review of the 2020 year and an outlook for growth in 2021. Highlights of the year include: Established Gold Production at Processing Plant 1 Completed an Oversubscribed Operational Private Placement in June 2020 Accelerated Expansion Plans at Fully-Permitted Boston Project Completed Historical Geological Review of both the Boston Project and Juntas Gold Camp Formalized Research & Development Program into Subsidiary Company; Newlox Research & Development Corp. Achieved 90% gold recovery during lab tests using proprietary Organic Aqua Regia (OAR) non-toxic gold leaching technology Overcame COVID-19 Related Closures to Restart Gold Production at Processing Plant One Significantly Upgraded Plant Infrastructure to Support Growth Implemented Successful Market Awareness Campaign Joined CSE Composite Index Completed $4 Million Financing for 2021 Figure 1. Newlox Gold’s Year in the Market The Company began the year with a recently updated processing plant actively recovering gold and silver. The ramp-up of plant operations began in the spring of 2020 with the goal of achieving full-scale operation during the year. To support the ramp-up at Plant 1, Newlox Gold closed an oversubscribed private placement in June 2020. Gross proceeds of $557,500.00 was raised by issuing units at $0.05 per unit, the final round of five-cent financing. These funds were allocated to operational capital for increased throughput at Plant 1. Like many of its peers, Newlox Gold faced setbacks in 2020 from the global COVID-19 pandemic. Due to an alarming increase in COVID-19 infections, the Company temporarily suspended gold production in June of 2020, particularly frustrating following financing to execute the production program. Newlox Gold was adaptable and decisive allowing the Company to continue to make progress, despite the pandemic related interruption. Working closely with local regulators, the Company took advantage of the unscheduled shutdown to execute a long-standing plan to move the first processing plant to a more favourable permanent location in line with the longer-term growth objective. Restart of limited operations at the first processing plant in the winter of 202...