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Goldrich Mining Announces 2018 Joint Venture Production Forecast of 21,000 Ounces of Fine Gold

08.01.2018  |  Accesswire
SPOKANE, January 8, 2018 - Goldrich Mining Company (OTC PINK: GRMC) (''Goldrich'' or the ''Company'') announces the 2018 budget for its Chandalar placer mine (''Chandalar'') in Alaska, as provided by our joint-venture partner NyacAU, LLC (''NyacAU'').

The Chandalar mine is owned by Goldrich NyacAU Placer, LLC (''GNP''), a joint venture between Goldrich and NyacAU, to mine the various placer deposits that occur throughout Goldrich's 23,000-acre Chandalar gold project in Alaska. NyacAU acts as project manager.

The budget information provided by NyacAU to Goldrich is required under the terms of the GNP Operating Agreement. NyacAU has not provided Goldrich the supporting documents for GNP's budget and Goldrich has not reviewed the detailed assumptions and calculations used to prepare the budget.

The GNP budget states it is based on the plant running for 100 days at 20 hours per day. Subject to weather, the plant normally runs from June to mid-September of each year. In 2017, the plant ran from approximately June 1st to September 27th.

In addition to plant production days, the GNP budget anticipates a winter trail to transport additional equipment and supplies from February through approximately mid-April as well as winter mining crews to strip overburden. Included in the equipment GNP plans to transport are six additional haul trucks which will expand the total number of haul trucks at site from 12 to 18.

The GNP budget provided to Goldrich estimates total 2018 production will be approximately 21,000 ounces of fine gold and gives the following budget information:

Actual* ($000)
Budget**
2015
2016
2017
2018
Revenue
$ 4,308 $ 10,688 $ 15,558 $ 26,442
Cost of Sales
$ 9,232 $ 7,616 $ 11,138 $ 12,289
Operating Expenses
$ 1,104 $ 961 $ 958 $ 941
Depreciation/Amortization
$ 8 $ 104 $ 119 $ 17
Other Income (Expenses)
$ 1,068 $ 1,267 $ 887 $ 158
Mining Taxes & Royalties
$ - $ 67 $ 249 $ 1,304
$ 11,412 $ 10,015 $ 13,351 $ 14,709
Net Income (Loss)
$ (7,104 ) $ 673 $ 2,207 $ 11,733
Ounces of fine gold produced
3,827 8,226 12,340 21,154


* Final numbers may change as Goldrich and NyacAU are currently in arbitration concerning certain accounting and expense items. Also, numbers shown above for 2017 will change as they include estimates for the last quarter of the year.

** Revenue is based on a gold price of $1,250 per ounce of gold.


About Goldrich Mining

Goldrich Mining (OTC PINK: GRMC) is a U.S. based resource company focused on developing the Chandalar gold district in Alaska, USA. The Company controls a land package spanning 23,000 acres of highly prospective gold targets and historic mines. Goldrich is focused on building shareholder value by monetizing placer assets, generating non-dilutive funds, and working towards building a lode gold mine at Chandalar in addition to the existing joint-venture placer gold mine already producing on site.

For additional information regarding Goldrich Mining Company or this news release, please contact President and CEO Mr. William Schara via telephone at (509) 768-4468 or visit www.goldrichmining.com.

This news releasecontains ''forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements concern use of proceeds and potential exercise of the warrants. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, budgets, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as ''expects'' or ''does not expect,'' ''is expected,'' ''anticipates'' or ''does not anticipate,'' ''plans,'' ''estimates'' or ''intends,'' or stating that certain actions, events or results ''may,'' ''could,'' ''would,'' ''might,'' ''should'' or ''will'' be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation:

  • risks related to our ability to continue as a going concern being in doubt;
  • risks related to our history of losses;
  • risks related to our outstanding gold forward sales contracts and notes;
  • risks related to need to raise additional capital to fund our exploration and, if warranted, development and production programs;
  • risks related to our property not having any proven or probable reserves;
  • risk related to our limited history of commercial production;
  • risk related to operating a mine;
  • risk related to accurately forecasting production;
  • risks related to our dependence on a single property - the Chandalar property;
  • risks related to climate and location restricting our exploration and, if warranted, development and production activities;
  • risks related to our mineralization estimates being based on limited drilling data;
  • risks related to our exploration activities not being commercially successful;
  • risks related to actual capital costs, production or economic return being different than projected;
  • risk related to our joint venture arrangements;
  • risks related to mineral exploration;
  • risks related to increased costs;
  • risks related to a shortage of equipment and supplies;
  • risk related to fluctuations in gold prices;
  • risks related to title to our properties being defective;
  • risks related to title to our properties being subject to claims;
  • risks related to estimates of mineralized material;
  • risks related to government regulation;
  • risks related to environmental laws and regulation;
  • risks related to land reclamation requirements;
  • risks related to future legislation regarding mining laws;
  • risks related to future legislation regarding climate change;
  • risks related to our lack of insurance coverage for all risks;
  • risks related to competition in the mining industry;
  • risks related to our dependence on key personnel;
  • risks related to our executive offices not dedicating 100% of their time to our company;
  • risks related to potential conflicts of interest with our directors and executive officers;
  • risks related to market conditions; and
  • risks related to our shares of common stock.

This list is not exhaustive of the factors that may affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are discussed in the Company's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents filed with the U.S. Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

SOURCE: Goldrich Mining Company

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