Val-d’Or, QC – November 30, 2023 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to report it has recovered and sold 1,346.5 ounces of gold in total, generating gross revenue of C$3.6 million (including the first gold sale announced on August 9, 2023) from the Bachelor Mill cleanup process. The costs associated with the sales, which include gold recovery efforts, shipment, royalty payments and refining represent a total of C$0.9 million for a net revenue of C$2.7 million.
Marc-André Pelletier, President and CEO commented: “Following the receipt of an additional C$4 million from the recent transaction with Osisko Mining and the abovementioned gold sales, the Company should now have enough funds to complete this year’s 15,000 meters drill campaign at our 100%-owned Desmaraisville properties. There is presently three drill rigs turning at Desmaraisville focusing on high-grade intercepts that were previously drilled but not followed up on and other regional exploration targets that have never been drilled.
Throughout the year, we have creatively generated revenue and significantly reduced expenses while diligently spending on exploration work. I would like to thank our employees for their dedicated efforts in making these achievements possible.”
Marc-André Pelletier, P.Eng., (OIQ # 113978) President and CEO of the Company has verified and approved the information contained in this press release. Mr. Pelletier is a qualified person as defined by National Instrument 43-101 on standards of disclosure for mineral projects.
Bonterra is a Canadian gold exploration company with a portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company’s assets include the Gladiator, Barry, Moroy, and Bachelor gold deposits, which collectively hold 1.24 million ounces in Measured and Indicated categories and 1.78 million ounces in the Inferred category.
In November 2023, the Company entered into a earn-in and joint venture agreement with Osisko Mining Inc. for the Urban-Barry properties, which include the Gladiator and Barry deposits. Over the next three years, Osisko can earn a 70% interest by incurring $30 million in work expenditures. This strategic transaction highlights Bonterra’s dedication to advancing its exploration assets, marking a significant step towards development.
Marc-André Pelletier, President & CEO
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-279-9304 | Website: www.btrgold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains “forward-looking information” that is based on Bonterra’s current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the earn-in and joint venture agreement with Osisko Mining announced on November 28, 2023. The words “will”, “anticipated”, “plans” or other similar words and phrases are intended to identify forward-looking information. This forward-looking information includes namely information with respect to the planned exploration programs and the potential growth in mineral resources. Exploration results that include drill results on wide spacings may not be indicative of the occurrence of a mineral deposit and such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics, and economic potential to be classed as a category of mineral resource. The potential quantities and grades of drilling targets are conceptual in nature and, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the targets being delineated as mineral resources. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Bonterra’s actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets, environmental and other judicial, regulatory, political, and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information.