VANCOUVER, BRITISH COLUMBIA, October 5, 2022 – West Vault Mining Inc. (TSXV:WVM, OTCQX:WVMDF) (“West Vault” or the “Company”) reports that it has purchased 254,500 shares at an average price of C$0.999 under an approved Normal Course Issuer Bid (“NCIB”) share buy-back program. The Company plans to continue the execution of this NCIB program up to a maximum of 5% of the issued stock in accordance with the terms and guidelines announced on April 5, 2022.
The Company has a strong balance sheet and holds its treasury of approximately US$5M in US$- denominated interest-bearing deposits. The interest income provides revenue as a partial offset to ongoing corporate expenditures, which are forecast to be below US$1M annually, eliminating the need for additional financing for several years.
Sandy McVey, CEO of West Vault, commented “We believe that buying our shares back is a good use of funds, given that the shares are trading at a discount to the net present value of the Hasbrouck project, based on the published 2016 pre-feasibility study. Further, our strong balance sheet means we have sufficient cash to cover our expenses for the next four to five years. We also continue to work on ways to turn the current market turmoil to our advantage, evaluating accretive opportunities that would benefit our shareholders”.
Qualified Person
Sandy McVey P.Eng., Chief Executive Officer and Chief Operating Officer for the Company, as a non-independent Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”), has reviewed and approved the technical information disclosed in this news release.
About West Vault Mining Inc.
The Company owns the Hasbrouck Gold Project, a heap-leach project in Nevada. The Hasbrouck Gold Project has all major permits in place, and there are no known technical, environmental, economic, or social obstacles to advancing the project to construction and production.
It is a simple project with robust economics (2016 PFS* Base-case):
On behalf of the Board of West Vault Mining Inc.
Sandy McVey
CEO & COO
For further information please see the Company’s website at www.westvaultmining.com or contact us by email at [email protected].
Investor enquiries:
Sandy McVey, CEO
(604) 685 8311 / [email protected]
Compliance with NI 43-101 and Cautionary Statement on Mineral Resources and Reserves
* This information has been summarized from the Technical Report and Updated Preliminary Feasibility Study: Hasbrouck and Three Hills Gold-Silver Project, Esmeralda County, Nevada – MDA, September 14, 2016 – www.sedar.com – (the “Technical Report”) which was prepared by Tom Dyer, P.E. and Paul Tietz, C.P.G. of RESPEC Company LLC, formerly Mine Development Associates (“MDA”), and with contributions from Herb Osborne, SME, Metallurgical Eng., of H.C. Osborne & Associates, Ryan Baker, P.E. of NewFields Mining Design and Technical Services LLC, (civil and heap leach) and Carl Defilippi, SME of Kappes Cassiday & Associates (metallurgy and process design). Each aforementioned person is a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”), is independent of WVM and has reviewed and approved the information in this presentation, as of the time that the Technical Report was produced and as relevant to the portion of the Technical Report for which they are responsible. RESPEC has reviewed and verified the data disclosed in this news release to be in conformity with generally accepted CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines as of the time of the Technical Report and to be in accordance with NI 43-101. For readers to fully understand the information in this news release, they should read the Technical Report (available on www.SEDAR.com or at www.westvaultmining.com) in its entirety, including all qualifications, assumptions, and exclusions that relate to the information set out in this presentation that qualify the technical information contained in the Technical Report. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon when taken out of the context of the full Technical Report. The technical information in this presentation is subject to the assumptions, qualifications, and exclusions contained in the Technical Report.
** “All-in Sustaining Costs” are not Performance Measures reported in accordance with International Financial Reporting Standards (“IFRS”). These performance measures are included because these statistics are key performance measures that management uses to monitor performance. Management uses these statistics to assess how the Project ranks against its peer projects and to assess the overall effectiveness and efficiency of the contemplated mining operations. These performance measures do not have a meaning within IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.
Disclaimer for Forward-Looking Information
This press release may contain forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “forecast”, “believe”, “eliminating”, “means”, “would benefit”, and similar expressions, and those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward looking statements in this news release includes, without limitation, statements regarding the Company's NCIB, the potential purchases of common shares for cancellation under the NCIB program, and the anticipated timing and the extent of such purchases under the NCIB program, the projected cost and economic performance of the Project based on the 2016 PFS, the Company’s ability to obtain any additional permits required to commence and complete construction and perform operations, the Company’s ability to obtain required funding on reasonable terms, and the potential identification, execution and realization of accretive opportunities. Although West Vault believes that such information as set out in this press release is reasonable, it can give no assurance that such expectations and estimates will prove correct. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
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West Vault Mining Inc.
Suite 838 – 1100 Melville Street
Vancouver, BC
Canada V6E 4A6
[email protected]
Qualifying Statements
For readers to fully understand the information in this independent media, they should read the 2023 Pre-feasibility Study, which has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) (available on www.sedar.com), in its entirety, including all qualifications, assumptions, limitations and exclusions that relate to the information set out in this independent media. The 2023 Pre-feasibility Study is intended to be read as a whole, and sections should not be read or relied upon out of context. The technical information in this independent media is derived from, and subject to the assumptions and qualifications contained in, the 2023 Pre-feasibility Study.
Qualified Person for This Independent Media
Sandy McVey P.Eng., Chief Executive Officer and Chief Operating Officer for West Vault Mining, as a non-independent Qualified Person as defined in NI 43-101, has reviewed and approved the technical information disclosed in this independent media.
Disclaimer for Forward-Looking Information
This independent media may contain forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this email include, without limitation, statements regarding the potential economic performance of the Project based on the 2023 Pre-feasibility Study, the Company’s ability to obtain any additional permits required to commence and complete construction and perform operations, the Company’s ability to obtain funding on reasonable terms, and the potential identification, execution, and realization of accretive opportunities. Although West Vault Mining believes that such information as set out in this independent media is reasonable, it can give no assurance that such expectations and estimates will prove correct. West Vault Mining cautions investors that any forward-looking information provided by West Vault Mining is not a guarantee of future results or performance, and that actual results may differ materially from forward-looking information as a result of various factors. The reader is referred to West Vault Mining’s public filings for a more complete discussion of such risk factors and their potential effects; these may be accessed through the Company's profile on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Note to US Investors
This independent media has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms “Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in and required to be disclosed by NI 43-101. However, these terms are not defined terms under SEC S-K 1300 and are normally not permitted to be used in reports and registration statements filed with the SEC. In addition, the terms “Mineral Reserve”, “Probable Mineral Reserve” and “Proven Mineral Reserve” are also defined in NI43-101 and not S-K 1300. Investors are cautioned not to assume that all or any part of an “Indicated Mineral Resource” or “Inferred Mineral Resource” will ever be upgraded to a higher category or converted into Mineral Reserves in accordance with S-K 1300. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of Feasibility or Pre-feasibility Studies, except in rare cases. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Disclosure of “contained ounces” in a Mineral Resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “Reserves” by SEC S-K 1300 standards as in-place tonnage and grade without reference to unit measures. Accordingly, information contained in this independent media contains descriptions of West Vault Mining’s mineral deposits that may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
