Proactiveinvestors USA & Canada Vendetta Mining Corp. https://ca.proactiveinvestors.com Proactiveinvestors USA & Canada Vendetta Mining Corp. RSS feed en Thu, 20 Jun 2019 09:42:57 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Vendetta Mining takes full ownership of Pegmont lead-zinc project ]]> https://ca.proactiveinvestors.com/companies/news/222091/vendetta-mining-takes-full-ownership-of-pegmont-lead-zinc-project-222091.html Vendetta Mining Corp (CVE:VTT) has secured 100% interest in the Pegmont lead-zinc project in Australia’s Mount Isa-McArthur Mineral Province, host to some of the world’s richest base metals mineralization.

In a note to investors, the Vancouver-based junior said it is now the full owner of the Pegmont tenements after completing all payments to the vendor of the project in May.

A formal transfer to update the legal title to the exploration permit and three mining leases is underway.

READ: Vendetta Mining pins hopes on Pegmont lead-zinc project in Australia

Highlights from a January 2019 preliminary economic assessment include average annual production of 124 million pounds of lead, 50 million pounds of zinc and 298,000 ounces of silver. The assessment determined a mine life of 10 years at 3,000 tons per day in an open pit scenario followed by underground mining.

As part of the transaction, Vendetta closed the first tranche of a private placement amounting to C$577,000, or 5.7 million shares at $0.10 per share. Each unit consists of one share and one-half of one warrant exercisable for two years at $0.15.

Net proceeds from the financing will be used to advance Pegmont’s development and for general working capital.

Vendetta noted that Elysium Mining Ltd, a private company owned by board member Peter Voulgaris, acquired 300,000 units in the first tranche of the private placement.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Mon, 03 Jun 2019 13:30:00 -0400 https://ca.proactiveinvestors.com/companies/news/222091/vendetta-mining-takes-full-ownership-of-pegmont-lead-zinc-project-222091.html
<![CDATA[News - Vendetta Mining set to complete Pegmont acquisition after closing financing package ]]> https://ca.proactiveinvestors.com/companies/news/222090/vendetta-mining-set-to-complete-pegmont-acquisition-after-closing-financing-package-222090.html Vendetta Mining Corp (CVE:VTT) (OTCMKTS:VDTAF) said it can now buy the Pegmont lead-zinc project in Australia and make a final payment, having closed the previously announced AS$3M (around C$2.8M) financing package with Nebari Holdings.

The update came as the firm also revealed it had amended the terms of a previously announced private placement to advance the project.

Vendetta says it now plans to issue up to 15 million units at C$0.10 cents a throw to raise gross proceeds of C$1.5 million.

Each unit comprises one share and one half a share purchase warrant, with each whole warrant entitling the holder to buy one company share at C$0.15 per share for two years from closing.

Immediately, following the closing of the offering, Vendetta will begin field work at the Pegmont project, it said.

The detailed geological mapping program started last year will be expanded and the company will begin a drill program consisting of resource development drilling in Zones 2, 3 and 4, and exploration drilling on newly identified structural targets.

The project lies in the Mount Isa-McArthur mineral area and is 25 kilometers (15 miles) west of the Australian miner South32’s Cannington silver-lead-zinc operation, one of the world’s largest producers of silver and lead.

Currently, it boasts an indicated resource of 5.8 million tons at 6.5% lead, 2.6% zinc and 11 grams per ton silver.

Preliminary economic assessment

A preliminary economic assessment (PEA) outlined a 10-year mine plan that generates a pre-tax IRR (internal rate of return) of 32% (after tax 24%) and a net present value of US$201M ($128M after tax).

That assumes base case long term metal prices of US$0.91 per pound lead, US$1.09 per pound zinc and US$16.50 per ounce silver.

The report also identified how the property could be enhanced and Vendetta has identified several high priority exploration targets.

Contact Giles at giles@proactiveinvestors.com

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Wed, 08 May 2019 13:22:00 -0400 https://ca.proactiveinvestors.com/companies/news/222090/vendetta-mining-set-to-complete-pegmont-acquisition-after-closing-financing-package-222090.html
<![CDATA[News - Vendetta gets clearance for A$3 million funding package to complete Pegmont acquisition ]]> https://ca.proactiveinvestors.com/companies/news/222100/vendetta-gets-clearance-for-a3-million-funding-package-to-complete-pegmont-acquisition-222100.html Vendetta Mining Corp (CVE:VTT) (OTCMKTS:VDTAF) said it has been advised by Nebari that technical due diligence has been completed to its satisfaction.

In a release, the firm noted the material terms for the funding package are now being finalized in a definitive agreement.

Vendettta noted its funding facility remains on track. 

READ: Vendetta Mining pins hopes on Pegmont lead-zinc project in Australia

Proceeds of the proposed financing will be used to pay the final Pegmont Lead-Zinc property payment of A$3 million and in doing so, complete the company’s acquisition of a 100% interest in the Pegmont Lead-Zinc project.

Vendetta is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on lead and zinc

Contact Katie Lewis at katie@proactiveinvestors.com

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Fri, 26 Apr 2019 15:17:00 -0400 https://ca.proactiveinvestors.com/companies/news/222100/vendetta-gets-clearance-for-a3-million-funding-package-to-complete-pegmont-acquisition-222100.html
<![CDATA[News - Vendetta Mining shares boosted as it agrees acquisition timeline extension with vendor of Pegmont lead-zinc project ]]> https://ca.proactiveinvestors.com/companies/news/217548/vendetta-mining-shares-boosted-as-it-agrees-acquisition-timeline-extension-with-vendor-of-pegmont-lead-zinc-project-217548.html Shares in Vendetta Mining Corp (CVE:VTT) (OTCMKTS:VDTAF) climbed as it agreed to an extension to its timeline to buy the Pegmont lead-zinc project in Australia.

In a statement Friday, Vendetta said it had paid the vendor A$50,000 to extend the payment of A$300,000 due on March 31 to May 6 this year.

On May 6, Vendetta may further extend the final property payment of A$3 million to November 6, by paying a further A$350,000, it added.

READ THE DEEP DIVE: Vendetta Mining pins hopes on Pegmont lead-zinc project in Australia

"We appreciate the continued support of Pegmont Mines Ltd. in particular director and CEO Malcolm Maygar and Chairman John Armstrong," said Michael Williams, Vendetta's president and CEO.

The firm said the extension allowed it time to complete negotiations and obtain TSX-V approvals for a financial instrument that will allow it to pay the A$3 million to complete the acquisition of the Pegmont lead-zinc project to wholly-own the project.

The project lies in the Mount Isa-McArthur mineral area and is 25 kilometers (15 miles) west of the Australian miner South32’s Cannington silver-lead-zinc operation, one of the world’s largest producers of silver and lead.

It is also 28 kilometers (17 miles) north of the Australian miner Chinova Resources PTY Ltd’s Osborne copper-gold operations.

Currently, it boasts an indicated resource of 5.8 million tons at 6.5% lead, 2.6% zinc and 11 grams per ton silver.

Preliminary economic assessment

A preliminary economic assessment (PEA) release this year outlined a 10-year mine plan that generates a pre-tax internal rate of return of 32% (after tax 24%) and a net present value of $201M ($128M after tax).

That assumes base case long term metal prices of $0.91 per pound lead, $1.09 per pound zinc and $16.50 per ounce silver.

The report also identified how the property could be enhanced and Vendetta has identified several high priority exploration targets.

Vendetta shares in Toronto added 5% to stand at $0.10.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter@Gile74

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Fri, 29 Mar 2019 10:25:00 -0400 https://ca.proactiveinvestors.com/companies/news/217548/vendetta-mining-shares-boosted-as-it-agrees-acquisition-timeline-extension-with-vendor-of-pegmont-lead-zinc-project-217548.html
<![CDATA[News - Vendetta Mining unveils $1.5 million financing and mulls dual listing on Australian Stock Exchange ]]> https://ca.proactiveinvestors.com/companies/news/216211/vendetta-mining-unveils-15-million-financing-and-mulls-dual-listing-on-australian-stock-exchange-216211.html Vendetta Mining Corp (CVE:VTT) (OTCMKTS:VDTAF) said Monday it is orchestrating a C$1.5 million private placement to advance its Pegmont Lead Zinc project in Australia and is also evaluating the merits of a dual listing on the Australian Stock Exchange.

As part of its offering, the Vancouver company plans to issue up to 12 million units at $0.125 per unit. Each unit will consist of one share and one-half common share purchase warrant at an exercise price of $0.18 for a period of two years following the closing of the financing.

The placement is expected to raise gross proceeds of up to C$1.5 million and net proceeds from the deal will be used to support the development of the company’s Pegmont Lead-Zinc project and general working capital.

READ: Vendetta Mining pins hopes on Pegmont lead-zinc project in Australia

Vendetta is betting that its open-pit Pegmont lead-zinc project in the Mount Isa-McArthur mineral area of Queensland, Australia– with significant deposits of lead, zinc and silver – will become one of the world’s most productive base-metal mines. 

“This financing will allow the company to complete Queensland government work commitments at Pegmont for 2019, the drilling will focus on expanding the resource around the two Zone 3 underground panels and investigate exploration targets along strike of the high-grade Bridge Zone,” explained Michael Williams, Vendetta’s president and CEO, in a statement.

Given its presence in Queensland, the company is now also considering a dual listing on the ASX to raise its profile within Australia and offer better access to the country’s institutional investors, many of whom are restricted to only investing on the ASX.

Vendetta shares were trading down less than a cent to hit C$0.12 in Canadian trade on Monday morning.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Mon, 11 Mar 2019 12:02:00 -0400 https://ca.proactiveinvestors.com/companies/news/216211/vendetta-mining-unveils-15-million-financing-and-mulls-dual-listing-on-australian-stock-exchange-216211.html
<![CDATA[News - Vendetta Mining pins hopes on Pegmont lead-zinc project in Australia ]]> https://ca.proactiveinvestors.com/companies/news/215454/vendetta-mining-pins-hopes-on-pegmont-lead-zinc-project-in-australia-215454.html Mining is a mainstay of the northwest corner of Queensland, Australia. In the arid Mount Isa region — 1,800 kilometers (1,100 miles) from the state’s capital city of Brisbane — sits a project that executives of Vendetta Mining Corp (CVE:VTT) (OTCMKTS:VDTAF) say can greatly bolster the company’s fortunes.

Vancouver-based Vendetta is betting that the open-pit Pegmont lead-zinc project in the Mount Isa-McArthur mineral area – with significant deposits of lead, zinc and silver – will become one of the world’s most productive base-metal mines. With the option payments and work commitments now completed, the company can now acquire or pick up options to acquire 100% ownership of the Pegmont project by completing the advance royalty payment due in November.

The project’s mineral resource increased in 2018 to 5.8 million tons indicated and 8.3 million tons inferred. Under industry standards, the three exploration categories in order of increasing knowledge and confidence are inferred, indicated and measured.

A key attraction of the Pegmont project, according to Vendetta, is infrastructure including public and mine-haul roads encircling the property as well as a pipeline for power generation. 

The project is 25 kilometers (15 miles) west of the Australian miner South32’s Cannington silver-lead-zinc operation, one of the world’s largest producers of silver and lead. It’s 28 kilometers (17 miles) north of the Australian miner Chinova Resources PTY Ltd’s Osborne copper-gold operations. Environmental baseline studies have been completed with “no red flags,” according to the company’s website. 

10-year inventory

Strategically, Vendetta is focusing on developing mineral resources that support a 10-year mining inventory.

Its recently published preliminary economic assessment (PEA) for the Pegmont project shows an after-tax net present value of A$124 million and an internal rate of return (IRR) of 24%. That’s assuming a long-term consensus for lead at A$0.94 per pound, zinc at A$1.09 per pound and silver at A$16.50 per ounce.

Based on spot pricing of A$0.91 per pound of lead, A$1.18 per pound of zinc, and silver at A$15.31 per ounce, the after-tax IRR jumps to 27% with a A$158 million net present value.

The average annual production at the mine is projected at 124 million pounds of lead, 50 million pounds of zinc and 298,000 ounces of silver. A 10-year mine life is expected at 3,000 tonnes per day as an open pit followed by an underground operation.

"The results outlined in the PEA demonstrate a robust, standalone project,” President and CEO Michael Williams said. “We wanted to demonstrate that Pegmont would work as a standalone operation using conservative parameters. I believe the PEA accomplishes this.”

Preproduction capital

The PEA projects preproduction capital of A$170 million and life-of mine sustaining capital of A$59 million.

The upcoming program will focus on drilling that could bring additional ore into the mine plan and a geostatistical review of the mineral resource that could increase the overall grade.

Meanwhile, Vendetta’s top executive has a background that could prove useful in the event of an offer to buy the company.

Williams is well-versed in mergers and acquisitions, having founded Underworld Resources Inc, a Vancouver company that was sold in 2010 to Kinross Gold Corp for C$140 million. He boasts significant contacts with retail and institutional investors and an extensive banking network.

He is credited with raising significant funds for advanced exploration and development projects.

Industry veteran

Serving as a director is Peter Voulgaris, a mining industry veteran whose operations and business-development skills complement Williams’ financing smarts. For the past 15 years, Voulgaris has focused on mine development, project management and business development. He worked with Ivanhoe Mines on the Oyu Tolgoi copper-gold project in Mongolia.  

Earlier in his career, he served as a geologist at the Mount Isa Mines Ltd lead-zinc-silver operation, the Placer Dome Osborne copper-gold mine, the Granny Smith gold mine and the Newmont Mining Corp (NYSE:NEM) Callie underground gold mine. Most recently, Voulgaris served as vice president of business development for Minco Silver Corp (TSE:MSV).

Now comes more work fior the team as Vendetta presses its quest to monetize Pegmont.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Thu, 28 Feb 2019 15:15:00 -0500 https://ca.proactiveinvestors.com/companies/news/215454/vendetta-mining-pins-hopes-on-pegmont-lead-zinc-project-in-australia-215454.html
<![CDATA[Media files - Vendetta Mining releases Preliminary Economic Assessment, Pre Tax IRR of 31% ]]> https://ca.proactiveinvestors.com/companies/stocktube/12007/vendetta-mining-releases-preliminary-economic-assessment-pre-tax-irr-of-31-12007.html Mon, 28 Jan 2019 12:32:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/12007/vendetta-mining-releases-preliminary-economic-assessment-pre-tax-irr-of-31-12007.html <![CDATA[News - Vendetta Mining preliminary economic assessment shows Pegmont project in Australia ‘robust’ ]]> https://ca.proactiveinvestors.com/companies/news/213429/vendetta-mining-preliminary-economic-assessment-shows-pegmont-project-in-australia-robust-213429.html Vendetta Mining Corp (CVE:VTT) (OTCMKTS:VDTAF) said Monday that a preliminary economic assessment of its Pegmont lead-zinc project in Queensland, Australia, determined a pretax net present value of A$210 million (US$150 million) at an 8% discount rate.

The Vancouver-based miner said in a statement that the project’s economic highlights included average annual production of 124 million pounds of lead, 50 million pounds of zinc and 298,000 ounces of silver. The assessment determined a mine life of 10 years at 3,000 tonnes per day, open pit followed by underground.

READ: Zinc One Resources announces amendment of Esquilache purchase terms with Nubian Resources

“The results outlined in the PEA demonstrate a robust, stand-alone project,” Michael Williams, Vendetta's president and CEO said.

The assessment was developed by a team of independent consultants including AMC Mining Consultants (Canada) Ltd, GR Engineering Services and AARC Environmental Solutions.

There were significant mineral resources not included in the preliminary economic assessment, and further drilling will potentially increase the mine life or the production rate, according to Vendetta.

Shares of Vendetta fetched C$0.15 in Friday’s Canadian trading. They traded at US$0.11 on the OTC Markets.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Mon, 28 Jan 2019 09:23:00 -0500 https://ca.proactiveinvestors.com/companies/news/213429/vendetta-mining-preliminary-economic-assessment-shows-pegmont-project-in-australia-robust-213429.html