Empress Royalty Corp. is pleased to report the Manica gold mine (“Manica” or the “Mine“) has successfully completed its first gold pour. Empress owns a 3.375% gold royalty on the Manica gold mine located in Mozambique and operated by Mutapa Mining & Processing LDA (“MMP”).
“The first gold pour at Manica is very exciting and a further example of Empress delivering on our strategy as another asset reaches production within 15 months of investment. With this development, Empress will have three cash-flowing investments in the portfolio which are projected to generate significant revenue in the coming years,” stated Alexandra Woodyer Sherron, CEO & President of Empress. “We have demonstrated that our structured business model of wealth creation generates significantly higher returns on investment, and these will provide a solid platform whilst we expand the portfolio with more value-focused assets.”
Empress executed a Royalty and Purchase Agreement for the creation of a royalty on gold sales from Manica for a total investment of US$3M. Payments to Empress under the Royalty Agreement are based on 3.375% of the revenues generated from the sale of gold from the Project until a total of 95,000 oz of gold have been sold. Thereafter, the percentage shall reduce to 1.125% and shall continue into perpetuity. The Royalty is secured by a first ranking security interest in certain assets of MMP.
The Manica mine
MMP has advised Empress that the first gold has been poured at Manica. Production was started with the introduction of low-grade ore to commission all parts of the processing circuit. MMP reported to Empress that it plans for Manica to be at full commercial production by the end of the year.
Manica is located in the Odzi-Mutare-Manica Greenstone Belt of Mozambique and comprises of several deposits on Xtract’s Resources Plc mining concession licence 3990C (the “Concession”) which includes four deposits being Fair Bride, Guy Fawkes, Boa Esperanza, and Dots Luck. MMP and Xtract have entered into a collaboration and profit-share arrangement whereby MMP will build, finance and operate a carbon-in-leach (CIL) plant to process ore mined from Xtract’s concession.
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MMP reported to Empress that it is mining and processing the oxide and transitional ore at Fair Bride and other deposits on the Concession at its 42,000 tonnes per month processing plant which utilises a CIL process.
Please see our February 22, 2021, and April 21, 2021, news releases on Empress’ website (www.empressroyalty.com) for further details on the project and the Royalty.
The disclosure contained in this News Release of a scientific or technical nature for the Manica project is based on a technical report entitled “NI 43-101 Technical Report on the Fair Bride Gold Project, Mozambique” dated February 22, 2021, with an effective date of February 1, 2021 (the “Fair Bride Technical Report”). The Fair Bride Technical Report was prepared in accordance with NI 43-101 and is available on the Company’s profile at www.sedar.com.
Technical information in this news release originates in the public disclosure set out above and has been reviewed and approved by Richard Mazur, P.Geo., a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Empress Royalty Corp.
Empress is a global royalty and streaming creation company providing investors with a diversified portfolio of gold and silver investments. Since listing in December 2020, Empress has built a portfolio of 17 precious metal investments and is actively investing in mining companies with development and production stage projects who require additional non-dilutive capital. The Company has strategic partnerships with Endeavour Financial and Terra Capital which allow Empress to not only access global investment opportunities but also bring unique mining finance expertise, deal structuring and access to capital markets. Empress is looking forward to continuously creating value for its shareholders through the proven royalty and streaming models.