ANTIOQUIA GOLD INC. : http://www.antioquiagoldinc.com/ : QwikReport

News Releases

September 03, 2020
Antioquia Gold Cisneros Operations Update

CALGARY, ALBERTA - (September 3, 2020) - Antioquia Gold Inc. ("Antioquia Gold" or the "Corporation") (TSX VENTURE: AGD) (OTC Pink: AGDXF) is pleased to provide a summary of August 2020 production results for its Cisneros mining operation, and to announce the progress of other ongoing projects.

During August 2,094 troy ounces of gold were produced at the Cisneros mining operation. An average of 812 tonnes per day were processed with a recovery of gold to concentrate of 96.0% during the month. As shown in the table below, the process plant processed the most ore in the project’s history, however a slight decrease in fine gold production has occurred in the month, mainly due to low mechanical availability of the mine’s equipment and a reduction in personnel due to isolation protocols related to COVID-19, which resulted in slower preparation of higher grade veins.

    January February March April May June July August
Mineral Processed Dry Tonnes 14,349 8,936 12,081 13,329 11,077 14,262 17,216 25,190
Feed Grade g/t Au 2.60 2.27 3.02 3.25 4.19 4.20 4.27 2.69
Gold Produced Tr. Oz. 1,155 625 1,133 1,349 1,446 1,857 2,292 2,094
Total Recovery % 96.4% 95.9% 96.5% 96.9% 97.0% 96.5% 97.0% 96.0%
Worked days Days 31 29 31 30 31 30 31 31
Average Processed Dry Tonnes/Day 463 308 390 444 357 475 555 812

Below is additional information regarding the current status of the operation:

“We are very comfortable with the successful ramp up we achieved in the plant expansion to 1,200 tonnes per day and with the results that we have been obtaining in the surface exploration program at the La Palma project. Some difficulties with the mining equipment are being resolved and we will be improving this situation in the shortest possible time.” stated Mr. Gonzalo de Losada, president and CEO of Antioquia Gold.


Figure 1. Current mapping of the La Palma shear zone

Readers should be cautioned that the Corporation’s decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. Readers are referred to the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Corporation’s management, the Corporation is of the view that the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Corporation’s resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Corporation’s decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Corporation’s future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

Qualified Persons

Roger Moss, Ph.D., P.Geo., Consultant to Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.

For further information on Antioquia Gold Inc. contact:
Antioquia Gold Inc.
Email: info@antioquiagold.com
www.antioquiagoldinc.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Reader Advisory Forward-Looking Statements:

This press release contains “forward-looking information” within the meaning of Canadian securities legislation. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the completion of the Rights Offering and the use of proceeds of the offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by the Corporation and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia’s most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Corporation’s profile at: www.sedar.com.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.

File: http://www.antioquiagoldinc.com/i/pdf/nr/2020-09-03_NR.pdf
 271 KB, approx. 52 seconds at 56.6Kbps
September 02, 2020
Antioquia Announces Resignation of Member of Board of Directors

September 2, 2020 - Calgary, Alberta: Antioquia Gold Inc. ("Antioquia" or the "Company") (TSXV: "AGD") (OTCQX: "AGDXF") announced the resignation of Clever Schrader as member of the Board of Directors of the Company. The Company would like to thank Mr. Schrader for his dedication and service to the Company.

On behalf of the Antioquia Gold Board of Directors

Mr. Gonzalo de Losada,
President and Chief Executive Officer

For further information on Antioquia Gold Inc. contact:
Antioquia Gold Inc.
Email:
www.antioquiagoldinc.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Reader Advisory Forward-Looking Statements:

This press release contains “forward-looking information” within the meaning of Canadian securities legislation. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the completion of the Rights Offering and the use of proceeds of the offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by the Corporation and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia’s most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Corporation’s profile at: www.sedar.com.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.

View news release in PDF format:
File: http://www.antioquiagoldinc.com/i/pdf/nr/2020-09-02.pdf
 131 KB, approx. 25 seconds at 56.6Kbps
August 18, 2020
Antioquia Gold Reports 2020 Second Quarter Financial Results

CALGARY, ALBERTA - (August 18, 2020) - Antioquia Gold Inc. ("Antioquia Gold" or the "Corporation") (TSX VENTURE: AGD) (OTC Pink: AGDXF) is pleased to announce a summary of its financial results for the second quarter ended June 30, 2020. All amounts are in Canadian dollars, unless otherwise indicated.


For the second quarter of 2020, the company has shown a significant improvement in its financial performance. The improvement is attributable to constant improvements in mine planning and mining operations, process plant optimizations and an increase in third-party mineralized material processing. Increases in gold and silver prices during Q2 of 2020 also played an important role.

The main operational and financial results for the second quarter 2020 are as follows (1) :Summary of operating and financial results
  For the three months ended
June 30,
For the six months ended
June 30,
2020 2019 2020 2019
Plant Process data        
Mineral Processed (Dry Tonnes) 38,668 47,529 74,034 70,742
Feed Grade (g/t Au) 3.87 2.69 3.29 2.64
Gold produced (ounces) 4,652 3,892 7,565 5,646
Total Recovery (%) 96.8% 94.7% 96.6% 93.8%
Days Worked 91 91 182 161
Average Processed (Dry Tonnes/Day) 425 522 407 439
Gold sold (ounces) 4,026 3,555 6,622 4,500
         
Operating data (2) (Currency: CAD)        
Average realized gold price ($/oz sold) 2,293 1,601 2,156 1,593
Total cash costs ($/oz sold) 1,251 1,789 1,442 1,648
AISC ($/oz sold) 1,384 1,915 1,594 1,783
All-in costs ($/oz sold) 1,433 2,153 1,758 2,304
         
Operating data (2) (Currency: USD)        
Average realized gold price ($/oz sold) 1,655 1,212 1,582 1,199
Total cash costs ($/oz sold) 903 1,355 1,058 1,240
AISC ($/oz sold) 999 1,450 1,170 1,341
All-in costs ($/oz sold) 1,035 1,631 1,290 1,733
         
Financial data (Currency: CAD 000's)        
Revenue 9,602 5,711 14,706 7,195
Cost of sales 7,170 8,774 13,632 11,029
Exploration and evaluation expenditures 200 848 1,086 2,343
General and administrative expenses 493 436 893 590
EBITDA (2) 4,821 (1,890) 3,362 (3,060)
Adjusted EBITDA (2) 4,973 (1,102) 5,129 (779)
Gain (Loss) from mine operations 1,771 (3,063) (986) (3,834)
Interest expense and other income (845) (1,792) (2,865) (2,331)
Net Gain (Loss) 927 (6,078) (3,851) (9,035)
Net Gain (Loss) per share, basic and fully diluted (0.00) (0.01) (0.01) (0.01)
         
Balance sheet (Currency: CAD 000's)        
Total Assets     118,925 120,737
Working capital deficit     (119,248) (101,031)


(1) This news release should be read in conjunction with the Company's financial statements and management's discussion and analysis for the three and six months ended June 30, 2020, filed on SEDAR at www.sedar.com and on the Company's website at www.antioquiagoldinc.com.
(2) Non-IFRS performance measures. For more information, refer to the definitions of EBITDA, Adjusted EBITDA, Average realized gold price, Cash Cost, AISC and All-in Cost in the "Non-IFRS Measures" section of the Q2 2020 MD&A.

Cisneros Project

The Company owns and operates the Cisneros Project, located in the Municipality of Santo Domingo (Antioquia, Colombia) and approximately 70-km from the city of Medellin. The Cisneros Project consists of two operating, underground mines, Guaico and Guayabito and a processing plant with a newly expanded capacity of 1,200-tonnes/day. Flotation and gravity concentrates are produced and sold through internationally recognized trading houses. A new underground project, La Palma, is currently being permitted. La Palma is expected to begin initial underground development early in 2021.

The Company controls the mineral rights to a large, consolidated land package of approximately 17,000 hectares and maintains an active exploration program. This program has produced new projects (La Palma, El Papi) and generated a number of highly-prospective targets that are being investigated.

Readers should be cautioned that the Corporation's decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. Readers are referred to the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Corporation's management, the Corporation is of the view that the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Corporation's resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Corporation's decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Corporation's future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

Qualified Persons

Roger Moss, Ph.D., P.Geo., Consultant to Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.



For further information on Antioquia Gold Inc. contact:
Antioquia Gold Inc.
Email: info@antioquiagold.com
www.antioquiagoldinc.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Reader Advisory Forward-Looking Statements:

This press release contains "forward-looking information" within the meaning of Canadian securities legislation. This information and these statements, referred to herein as "forward-looking statements", are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the completion of the Rights Offering and the use of proceeds of the offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "schedule" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by the Corporation and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia's ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia's most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Corporation's profile at: www.sedar.com.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.


View news release in PDF format:
File: http://www.antioquiagoldinc.com/i/pdf/nr/2020-08-18_NR.pdf
 166 KB, approx. 32 seconds at 56.6Kbps
August 06, 2020
Antioquia Gold Cisneros Operations Update

CALGARY, ALBERTA - (August 6, 2020) - Antioquia Gold Inc. ("Antioquia Gold" or the "Corporation") (TSX VENTURE: AGD) (OTC Pink: AGDXF) is pleased to provide a summary of July 2020 production results for its Cisneros mining operation, and to announce the progress of other ongoing projects.

Production Summary and Operations Update:

During July 2,292 troy ounces of gold were produced at the Cisneros mining operation. An average of 555 tonnes per day were processed with a recovery of gold to concentrate of 97.0% during the month. As shown in the table below, a new record of gold production was achieved in the last month.

    January February March April May June July
Mineral Processed
Dry Tonnes
14,349
8,936
12,081
13,329
11,077
14,262
17,216
Feed Grade
g/t Au
2.60
2.27
3.02
3.25
4.19
4.20
4.27
Gold Produced
Tr. Oz.
1,155
625
1,133
1,349
1,446
1,857
2,292
Total Recovery
%
96.4%
95.9%
96.5%
96.9%
97.0%
96.5%
97.0%
Worked days
Days
31
29
31
30
31
30
31
Average Processed
Dry Tonnes/Day
463
308
390
444
357
475
555


Below are other important announcements associated with the current status of the operation:

"It is gratifying to see how gold production continues to show solid growth month by month. This is a new production record for our Company. The cash generated will allow us to start repaying debt and eventually to pay dividends," stated Mr. Gonzalo de Losada, president and CEO of Antioquia Gold.

Readers should be cautioned that the Corporation's decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. Readers are referred to the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Corporation's management, the Corporation is of the view that the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Corporation's resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Corporation's decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Corporation's future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

Qualified Persons

Roger Moss, Ph.D., P.Geo., Consultant to Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.



For further information on Antioquia Gold Inc. contact:
Antioquia Gold Inc.
Email: info@antioquiagold.com
www.antioquiagoldinc.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Reader Advisory Forward-Looking Statements:

This press release contains "forward-looking information" within the meaning of Canadian securities legislation. This information and these statements, referred to herein as "forward-looking statements", are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the completion of the Rights Offering and the use of proceeds of the offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "schedule" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by the Corporation and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia's ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia's most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Corporation's profile at: www.sedar.com.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.

File: http://www.antioquiagoldinc.com/i/pdf/nr/20200806-PR_Antioquia-Gold.pdf
 786 KB, approx. 2 minutes, 27 seconds at 56.6Kbps
July 02, 2020
Antioquia Gold Cisneros Operations Update

CALGARY, ALBERTA - (July 2, 2020) - Antioquia Gold Inc. ("Antioquia Gold" or the "Corporation") (TSX VENTURE: AGD) (OTC Pink: AGDXF) is pleased to provide a summary of June 2020 production results for its Cisneros mining operation, and announce the progress of other ongoing projects.

Production Summary and Operations Update:

During June 1,857 troy ounces of gold were produced at the Cisneros mining operation. An average of 475 tonnes per day were processed with a recovery of gold to concentrate of 96.5% during the month. As shown in the table below, an important increase in gold production has been reached.

    January February March April May June
Mineral Processed Dry Tonnes 14,349 8,936 12,081 13,329 11,077 14,262
Feed Grade g/t Au 2.60 2.27 3.02 3.25 4.19 4.20
Gold Produced Tr. Oz. 1,155 625 1,133 1,349 1,446 1,857
Total Recovery % 96.4% 95.9% 96.5% 96.9% 97.0% 96.5%
Worked days Days 31 29 31 30 31 30
Average Processed Dry Tonnes/Day 463 308 390 444 357 475

Below are other important announcements associated with the current status of the operation:


"The 27% growth in gold production in June, added to the coming increase in plant processing capacity, is highly satisfactory and encourages us to continue working towards solid growth of the company. This is a production record for our Company, which we expect to surpass very soon as we continue to ramp up our production and resources," stated Mr. Gonzalo de Losada, president and CEO of Antioquia Gold.

Readers should be cautioned that the Corporation's decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any pre-feasibility study or feasibility study of mineral reserves demonstrating economic or technical viability. Readers are referred to the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Corporation's management, the Corporation is of the view that the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Corporation's resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Corporation's decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Corporation's future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.


Qualified Persons

Roger Moss, Ph.D., P.Geo., Consultant to Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.



For further information on Antioquia Gold Inc. contact:
Antioquia Gold Inc.
Email: info@antioquiagold.com
www.antioquiagoldinc.com


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Reader Advisory Forward-Looking Statements:

This press release contains "forward-looking information" within the meaning of Canadian securities legislation. This information and these statements, referred to herein as "forward-looking statements", are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the completion of the Rights Offering and the use of proceeds of the offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "schedule" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by the Corporation and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia's ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia's most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Corporation's profile at: www.sedar.com.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.


View news release in PDF format:
File: http://www.antioquiagoldinc.com/i/pdf/nr/2020-07-02_NR.pdf
 101 KB, approx. 20 seconds at 56.6Kbps

Copyright © 2020 by Antioquia Gold Inc.   All rights reserved worldwide.
For more information, send questions and comments to
This page was created on Fri Sep 18, 2020 at 3:35:21 PM Pacific Time.