Brookmount Explorations, Inc. Progress Report and Financial Results
Los Angeles, California--(Newsfile Corp. - December 9, 2019) - Brookmount Explorations, Inc. (OTC PINK: BMXI) ("Brookmount"), a Nevada incorporated company is pleased to provide this update to shareholders on its operational and financial progress.
Last month, the Company filed its 3rd quarter financial results which included record quarterly revenue in excess of $1.5 million (a 50% increase on the comparable quarter last year) and operating income for the period of just under $500k. The Company's performance has benefitted from consistently strong throughput at its Talawaan facility, in addition to the continuation of a strong gold price evident over the last 6 months.
Additionally, we are pleased to report that joint venture with our Taiwanese operating partner at Alason is progressing well. Loading of the newly completed 20,000 tons capacity leachpad is now complete, with over 20,000 tons of high grade ore excavated and transported to the pad which has now been plumbed and water is being pumped into the reservoir to be mixed with leaching chemicals. Processing is expected to commence this week, with the first result anticipated by mid month and then final processing completed by Xmas. Based on the average ore grade of 1.2g/ton, the yield from this initial cycle is anticipated at 20-25kg of phase 2 (pure) gold. The overall investment in construction and loading of the pad is approximately $500k which has been funded entirely by our operating partner. Construction of a second 20,000 tons pad, to begin in January, will enable both pads to be operated in a continuous cycle with a production approximately every 3 weeks. Further details and photos of the Alason development will be uploaded to the company's website shortly and can be accessed on the Company's Twitter account "@brookmountgold".
In addition to development of its existing 17ha site at Alason, the Company is currently reviewing an opportunity to acquire a federally licensed 50ha gold property in close proximity. The property holds one of the last remaining licenses ("IUP") issued by the Federal mining department in Jakarta and represents an attractive investment, both for operational and investment purposes.
Management will issue further updates in December.
Brookmount conducts its gold mining and processing operations through its Indonesian subsidiary incorporated in Sulawesi Province, Republic of Indonesia, one of Asia most dynamic and rapidly expanding economies with extensive reserves of natural resources and minerals including timber, coal, gold and hydrocarbons.
Safe Harbor Statements:
Except for the historical information contained herein, certain of the matters discussed in this communication constitute "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995. Words such as "may," "might," "will," "should," "could," "anticipate," "estimate," "expect," "predict," "project," "future," "potential," "intend," "seek to," "plan," "assume," "believe," "target," "forecast," "goal," "objective," "continue" or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding benefits of the proposed license, expected synergies, anticipated future financial and operating performance and results, including estimates of growth. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. For example, the expected timing and likelihood of completion of the pending transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending transaction that could reduce anticipated benefits or cause the parties to abandon the transaction, the ability to successfully integrate the businesses, the occurrence of any event, change or other circumstance that could give rise to the termination of the negotiations, the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Brookmount's common stock. All such factors are difficult to predict and are beyond our control. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this report, except as required by applicable law or regulations.
For more information:
Brokers and Analysts
Brookmount Explorations, Inc.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50313