VANCOUVER, British Columbia, Feb. 20, 2020 (GLOBE NEWSWIRE) -- K92 Mining Inc. (TSXV: KNT; OTCQX: KNTNF) (“K92” or “the Company”) is pleased to announce it has been named to the TSX Venture Exchange’s 2020 Venture 50, which is an annual ranking of top performing companies from five industry sectors: Mining, Oil & Gas, Clean Technology and Life Sciences, Diversified Industries, and Technology. K92 is ranked second in the Mining category.
The Venture 50 ranking is comprised of the strongest companies on TSX Venture Exchange, selected based on the equally weighted criteria in 2019 of: share price appreciation, trading volume amount and market capitalization growth. Selected Venture 50 companies have seen tremendous growth over the past year, offered excellent returns to their shareholders and are actively traded in the market.
The strong market performance of K92 over the past year has been underpinned by strong fundamental growth and business plan execution. Ongoing production, expansion and exploration at the high-grade Kainantu Mine has attracted a growing roster of institutional investors to K92, and the Company will be attending both the upcoming BMO Metals and Mining Conference from February 23-26 in Florida, United States and the Prospectors & Developers Association of Canada (PDAC) Conference from March 1-4 in Ontario, Canada.
K92 Chief Executive Officer, John Lewins, stated, “During 2019, K92 increased gold equivalent production 74% from the previous year, exceeded the top end of our upgraded annual production guidance, and made significant progress from exploration, both near-mine and regionally. From a production perspective, we are well underway with our Stage 2 expansion announced in March 2019, which will double our throughput from 200,000 tpa to 400,000 tpa. In exploration, the number of drill rigs increased three-fold from 2018, resulting in accelerated lateral and vertical deposit extent growth at Kora / Kora North while also making considerable progress regionally at Blue Lake. Highlight drill results from Kora North in 2019 also set new record high grades at the Kainantu Gold Mine. This momentum has continued in 2020, with drill results reported recently that resulted in a significant increase to known mineralization along strike to the south, in addition to high-grade intersections up-dip and down-dip of the October/2018 resource estimate.
We have also released our 2020 production guidance, where we expect to grow production by 34-46% year over year, with gold equivalent production of between 110,000 and 120,000 ounces. During the first half of 2020, K92 plans to complete an updated resource estimate for Kora / Kora North and a Stage 3 Expansion Preliminary Economic Assessment (“PEA”).”
The TSX Venture created a video profile on K92, available here
https://vimeo.com/387857523/a82a54169f
For the complete TSX Venture Exchange 2020 Venture 50 rankings, visit
https://www.tsx.com/venture50/
About K92 Mining
K92 Mining Inc. is engaged in the production of gold, copper and silver from the Kora and Kora North deposits of the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The Company declared commercial production from Kainantu in February 2018 and has commenced an expansion of the mine. An updated Preliminary Economic Assessment on the property was published in January 2019. K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience.
ON BEHALF OF THE COMPANY,
John Lewins, Chief Executive Officer and Director
For further information, please contact David Medilek, P.Eng., CFA at +1-604-687-7130.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions regarding K92 Mining Inc.’s future financial, and current and projected operating performance that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements in this news release are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond the Company’s ability to control or predict. All statements that address future plans, activities, events, or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding: the realization of the preliminary economic analysis for the Kainantu Gold Mine; the generation of further drilling results; expectations of future cash flows; expectations of future production results; expected success of the proposed plant expansion; potential expansion of resources; any which may or may not occur. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things: there being no significant disruptions affecting the Company’s operations; political and legal developments in Papua New Guinea being consistent with the Company’s current expectations; the accuracy of K92’s current mineral reserve and mineral resource estimates; the exchange rate between the Canadian dollar and U.S. dollar, and the Papua New Guinea Kina, being approximately consistent with current levels; prices for fuel, electricity and other key supplies being approximately consistent with current levels; equipment, labour and materials costs increasing on a basis consistent with K92’s current expectations; all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines and the absence of material negative comments during the applicable regulatory processes; the market price of the Company’s securities; metal price; taxation; the estimation, timing and amount of future exploration and development; capital and operating costs; the availability of financing; the receipt of regulatory approvals; environmental risks; title disputes; failure of plant, equipment or processes to operate as anticipated; accidents; labour disputes; claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations; and regulations and other matters.
There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.