|By Marketwired .||
|September 22, 2016 02:27 PM EDT|
TORONTO, ONTARIO -- (Marketwired) -- 09/22/16 -- Rio Novo Gold Inc. (TSX: RN)(TSX: RN.WT) ("Rio Novo" or the "Company") announced today that it has filed a technical report of its updated feasibility study (the "Updated FS") for its 100%-owned Almas gold project ("Almas" or the "Project"), located in Tocantins State, Brazil.
The report, titled "Feasibility Study Technical Report for the Almas Gold Project, Almas Municipality, Tocantins, Brazil", is authored by Runge Pincock Minarco ("RPM"), Rio Novo's independent engineering consultant, and complies with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The report has an effective date of September 22, 2016 and is available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.Rnovogold.com. The results of this update were originally announced on August 9, 2016 (http://www.marketwired.com/press-release/correction-from-source-rio-novo-gold-announces-updated-feasibility-study-almas-gold-tsx-rn-2149401.htm).
The Updated FS demonstrates an advanced stage, fully permitted project with an existing, on-site 5,800 ton/day ball mill, robust return metrics, significant expected cash flow and forecast payback to debt and equity in less than two years. As such, civil works can commence once project financing is complete, and it is expected that commercial operation can be achieved within 18 months after beginning of construction.
Updated Feasibility Study Highlights
The Updated FS was performed in order to review how current FX and gold market conditions have affected both capital expenditures ("Capex") and operating expenditures ("Opex") since RPM completed the original feasibility study for the Project in 2013. A summary of the differences between the 2013 feasibility study base case return metrics and the Updated FS profile appears below.
2013 2016 Exch.Rate US$ 1 = BRL 2.0 US$ 1 = BRL 3.5 Gold Price US$ 1,450 US$ 1,250 Capex $150 mm $ 92.6 mm Sust CPX $ 88mm $ 62.6 mm Opex C1 $ 721 $ 602 Opex C2 $ 775 $ 652 NPV $ 131 mm $ 146.7 mm IRR 22.10% 34.30% Payback 2.8 years 1.8 years
The Rio Novo and RPM effort focused on reviewing, re-quoting and re-assessment of various aspects of the Project. Such aspects include Capex, sustaining Capex, mining costs, SG&A, title & land holding status, permitting status as well as a complete review and update of the financial model for Almas. The reduction in the US$ Capex value is due in part to the devaluation of the R$ relative to the US$. However, the Updated FS effort also found that "dormant" market conditions reduced the R$ value of many items. Rio Novo believes that further educations to the Capex update are possible during a future negotiation process.
The Project is located in the municipality of Almas, in Tocantins State, Brazil. The Project consists of three separate open pit mining areas and a central processing facility. The Project's three main gold deposits, Paiol, Cata Funda and Vira Saia, are along a 15 km long corridor of the Almas Greenstone Belt, a Paleoproterozoic volcano-sedimentary sequence which hosts numerous orogenic gold occurrences. Mining activity at the Project will commence at the Paiol pit and will be followed sequentially first at the Cata Funda pit and the Vira Saia pit before returning to the Paiol pit and the Paiol heap leaching tails.
Rio Novo's mineral rights covering the Paiol and Cata Funda gold deposits are controlled, respectively, by two Mining Concessions (9,137 ha). The Vira Saia deposit is held by two Exploration Permits (4,483.75 ha) acquired from a third-party in 2012.
Contributors and QPs to the Updated FS are listed below
Richard Kehmeier Runge Pincock Minarco ----------------------------------------------------------- Paul Gates Runge Pincock Minarco -----------------------------------------------------------
About Rio Novo
Rio Novo is focused on the acquisition, exploration and development of gold properties in Brazil and Colombia. The Company's goal is to become a producer of gold by bringing Almas into production. Almas enjoys both established infrastructure and main grid hydropower in a proven and mining friendly jurisdiction.
This press release has been reviewed and approved by Richard Kehmeier and Paul Gates of Runge Pincock Minarco, both qualified persons (QP) for the purposes of NI 43-101.
Cautionary Statement on Forward-Looking Information
This press release contains "forward-looking statements". All statements, other than of historical fact, contained or incorporated by reference in this news release including, but not limited to, any information as the future financial or operating performance of Rio Novo, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future constitute "forward looking statements" within the meaning of applicable securities laws, including the provision of the Securities Act (Ontario), and are based on expectations, estimates and projections as of the date of this news release. Forward looking statements contained in this news release include, without limitation, statements with respect to: our production estimates and timing thereof, estimated production costs, estimated all-in sustaining costs and capital expenditures; expected upside opportunities and de-risking initiatives such as improvements and modifications to the proposed development and operations, the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, permitting timelines, currency fluctuations, requirements for additional capital, government regulation of mining operations, and environmental risks. Forward-looking statements are often identifiable by the use of words such as "anticipate", "believe", "budget"", "estimates", "expect", "focus", "forecast", "indicate", "intend", "model", "opportunity", "option", "plan", "potential", "projected", "pursue", "scheduled", "strategy", "study", (including without limitation, as may be qualified by "feasibility" and the results thereof), "target", "timeline" or variations of or similar such words and phrases, or statements that certain actions, events or results "may", "could", "would", "might" or "will" occur. Forward-looking statements are subject to a number of risks and uncertainties, many of which differ materially from those discussed in the forward-looking statements.
Known and unknown factors could cause actual results to differ materially from those currently projected in the forward-looking statements. Such factors include, but are not limited to: delays in obtaining government licenses and approvals, fluctuation in the currency market, changes in the discount rates applied to calculate the present value of net future cash flows; changes in the market valuations of peer group companies and the Company, and the resulting impact on market price to net asset value multiples; changes in various market variables, such as interest rates, foreign exchange rates, gold price; changes in national and local government legislation, taxation, controls, policies and regulations; the security of personnel and assets; political or economic developments in Canada, Brazil or elsewhere; business opportunities that may be presented to, or pursued by, us; operating or technical difficulties in connection with mining or development activities; employee relations; litigation against the Company; the speculative nature of mineral exploration and development including, but not limited to, the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining. Many of these uncertainties and contingencies can directly or indirectly affect Rio Novo's actual results, and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Rio Novo.
There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the ''Risk Factors'' section of our most recently filed Annual Information Form and Management Discussion and Analysis. These factors are not intended to represent a complete list of the factors that could affect Rio Novo. Rio Novo disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Rio Novo Gold Inc.
President & CEO
+55 (21) 2429-5100
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the protocols that communicate data and the emerging data analy...
Sep. 26, 2016 01:00 PM EDT Reads: 1,603
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
Sep. 26, 2016 12:45 PM EDT Reads: 2,244
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
Sep. 26, 2016 12:45 PM EDT Reads: 1,729
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Sep. 26, 2016 12:45 PM EDT Reads: 3,408
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Sep. 26, 2016 12:45 PM EDT Reads: 2,029
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Sep. 26, 2016 12:15 PM EDT Reads: 1,664
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
Sep. 26, 2016 12:15 PM EDT Reads: 2,650
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Sep. 26, 2016 12:00 PM EDT Reads: 2,783
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
Sep. 26, 2016 12:00 PM EDT Reads: 1,375
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Sep. 26, 2016 11:45 AM EDT Reads: 2,425
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Sep. 26, 2016 11:30 AM EDT Reads: 2,537
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Sep. 26, 2016 11:30 AM EDT Reads: 991
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
Sep. 26, 2016 11:30 AM EDT Reads: 2,571
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Sep. 26, 2016 11:15 AM EDT Reads: 2,865
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Sep. 26, 2016 11:06 AM EDT Reads: 156