Orca Gold CEO Comments on Political Situation in Sudan
VANCOUVER, BRITISH COLUMBIA— October 26, 2021- Orca Gold Inc. (TSX-V:ORG) ("Orca" or the "Company") CEO comments on the political situation in Sudan.
“The current political unrest in Sudan resulted in a lot of panic selling in the market yesterday,” commented Rick Clark, President and CEO of Orca Gold Inc. “Above all, we are happy to report that all of our in-country employees are safe and our offices and project site have not been impacted by the civilian protests or actions of the military. While we cannot say that things are business as usual at this moment, we remain confident that Block 14 will achieve production as scheduled. All agreements to advance our project have been signed and our decision to build this gold mine has not changed. This is supported by yesterday’s statement by General Abdel Fattah Abdelrahman al-Burhan that all commercial agreements will continue to be honored by the Government. Block 14 is one of the leading gold development projects in Africa, with a net present value of over USD$1 billion at today’s gold price. We are fully-permitted and construction has commenced. The Project will be the largest commercial mining operation in the country and will ensure significate benefits to Sudan and its people. We are monitoring the current political situation closely and will report back as more information becomes available.”
On behalf of the Board of Directors,
“Richard P. Clark”
Richard P. Clark| CEO & Director | Orca Gold Inc. | 604.689.7842
About Orca Gold Inc.
Orca Gold Inc. (TSX-V: ORG) is a Canadian resource company focused on exploration and development opportunities in Africa. Led by a board of directors made up of industry experts and a management team with a track record of discovering and building significant mines globally, Orca is developing one of the leading gold projects in Africa. The Company is currently focused on its 70%-owned Block 14 Gold Project in the Republic of the Sudan on which a Feasibility Study was completed in November 2018 and revised in September 2020.
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Forward-looking statements contained in this press release may include statements regarding the use of proceeds, the closing of the Private Placement, the future operating or financial performance of the Company and the financial metrics reported in our feasibility study, which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: the requirement for regulatory approvals; enhanced uncertainty in global financial markets as a result of the current COVID-19 pandemic; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; that the Feasibility Study may not represent a viable development option for Block 14 and that the assumptions set out therein (particularly with respect to the economics of Block 14) may prove to be untrue or inaccurate; that actual Mineral Reserves and Resources at Block 14 and the grades thereof may be less or different in nature than those contained in the Feasibility Study; that the Company may not meet the production estimates set out in the Feasibility Study; that the life of mine at Block 14 may be shorter than anticipated; that the Company may not receive the necessary permits on time, or at all; risks related to cost overruns and the changes of the cost of inputs; that the development and mining of Block 14 may experience delays and may not proceed on the expected timeline, or at all; that the Company may develop Block 14 in a different manner than is set forth in the Feasibility Study and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and 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 expressly required by applicable securities legislation.
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