It has signed a commitment agreement with
'Once complete, this power line will be a much-needed lasting legacy, enhancing the power grid infrastructure of the communities in and around
The 67 kilometre long 138 kilovolt power line will connect Posse with the Porangatu substation and supply all of the electricity needed for the project. Amarillo is overseeing the engineering and permitting process, assisted by Enel. Construction can start once the permit for the power line is received. It will cost about BRL$36 million (
'We have achieved another important milestone in Posse's development, even as we wait for the License to Install (LI) from the state regulators,' said
The governor of the
Governor
The meeting included state government officials and other government officials that support mining activities in the state, representatives of the mining companies, and diplomatic representatives of the nine countries represented by the companies.
The Company is evaluating its construction timeline in anticipation of receiving the LI.
'Despite the ongoing Covid-19 pandemic, we have made significant progress over the last several months by diligently advancing the project in a way that minimizes risk for all stakeholders involved,' said Mutchler. 'This is a strategy that will maximize returns for our shareholders as we develop an operating mine that we can all be proud of.'
Financing work ongoing
The Company continues to work on securing a financing package for Posse including progress towards the completion of an independent technical engineering review. Amarillo's current cash balance is
Construction preparations continuing
Based in
Detailed engineering is progressing, and deposits have also been made on certain long lead time equipment items to secure drawings to advance the engineering. In addition, staffing levels have been increased incrementally in
Exploring to expand
An induced polarization survey is currently underway at Mara Rosa, and an 8,500 metre drilling program is planned in the first quarter to follow up and test exploration targets along the Posse North Trend. Gold anomalies have been found up to 8.0 kilometres northeast of the Posse Gold Deposit and support the theory that there are additional near-surface gold deposits along the Posse North Gold Trend. The planned drilling is being done with the aim of expanding the Company's reserves and mine life.
Posse: low costs and a strong financial return
Amarillo is advancing two gold projects located near excellent infrastructure in mining-friendly states in
The development stage
The exploration stage Lavras do
Amarillo trades on the TSXV under the symbol AGC and the OTCQB under the symbol AGCBF.
Contact:
Tel: 416-294-0736
Forward-looking statements
This news release contains forward-looking statements regarding the Company's current expectations regarding future events, including its business, operations and condition, and management's objectives, strategies, beliefs and intentions. Various factors may prevent or delay our plans, including but not limited to, the trading price of the common shares of the Company, capital market conditions, impacts from the coronavirus or other epidemics, counterparty risk, TSXV approval(s), contractor availability and performance, weather, access, mineral and gold prices, and success and failure of the exploration and development carried out at various stages of the program.
Permission from the government and community is also required to proceed with future mining production. Readers should review the Company's ongoing quarterly and annual filings, as well as any other additional documentation comprising the Company's public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements.
Readers should also review the risk factors applicable to junior mining exploration companies generally to better understand the variety of risks that can affect the Company. The Company undertakes no obligation to update publicly or otherwise revise any Forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.
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