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Orca Gold Reports on MEDEF’s Conference on Sudan in Paris and Appoints HCF as Financial Advisor
June 3, 2021
VANCOUVER, BC, June 2, 2021 /CNW/ – Orca Gold Inc. (TSXV: ORG) (“Orca” or the “Company”) is pleased to provide a report from its participation in Mouvement des Entreprises de France’s (MEDEF) Conference on Sudan (the “Conference”) in Paris, France held on May 17, 2021 and the appointment of HCF International Advisers (“HCF” or the “Advisor”) as its financial advisor to facilitate in securing project financing for the Block 14 Gold Project in Sudan.
- Successful Conference, hosted by French President, Emmanuel Macron, sees further assistance from leading countries to clear Sudan’s external debts, including a bridge loan of $1.5B from France to clear Sudan’s arrears with the International Monetary Fund (IMF), a $2B grant from the World Bank for economic development projects and Saudi Arabia’s expressed interest in forgiving $4.5B of its loans to Sudan;
- Richard Clark, President and CEO of Orca, was invited to represent the mining industry in the Energy and Mining Panel;
- Orca is in the final stage of negotiation with the Government of Sudan regarding the execution of a mining lease and shareholder agreement for the development of Block 14;
- Orca appoints HCF to act as the Company’s financial advisor in its continuing discussions with potential lenders regarding the financing of Block 14;
- The Company is planning an exploration program at Block 14 to expand the high-grade core (2 Moz at 2 g/t gold) at Galat Sufar South (“GSS”) and to test previously discovered high-grade targets on its concession; and
- An operations office has been set up in Dubai and the office in Khartoum is being expanded to facilitate Block 14’s development.
“We have been quiet but very busy and effective since Sudan came off the SST list,” commented Richard Clark, President & CEO of Orca Gold Inc. “I have made multiple trips to Sudan since the beginning of the year and have forged a strong relationship with the new Cabinet of the government of Sudan. I wish to extend my appreciation and gratitude to his Excellency Dr. Mohamed Bashir Abu Numo and his ministerial colleagues for their strong support to date and look forward to working closely with them to advance Block 14 towards production. It was an honor to be invited to attend MEDEF’s conference in Paris. I was delighted to see the serious interest in and commitment to political stability and economic growth expressed by both the government and private sectors represented at the Conference. For Orca, the Conference showcased our Block 14 project as the principal mining investment opportunity in Sudan, ready for immediate development and demonstrating extremely strong economics. We are already seeing benefits from this exposure with increased interests in Block 14 as an investment opportunity. We are looking forward to working with HCF to evaluate the various proposals we have on the table and to work towards securing finance to construct a commercial gold mine at Block 14.”
Block 14 Gold Project
The Company is in final discussions with the Government of Sudan towards the signing of a shareholder agreement and issuance of a mining lease for the proposed mine, and at the Paris Conference the Government of Sudan agreed to grant a two-year extension to the Company’s exploration license (1,000km2).
Orca is currently planning an exploration program that will include expanding the high-grade core of GSS (2 Moz of 2 g/t gold – see Corporate Investor Presentation) and following up on previously defined targets within the Block 14 exploration license (1,000km2) including Area 3A: 20m at 9.90 g/t Au, GSN: 7m at 8.55 g/t Au and Liseiwi: 24m at 3.89 g/t Au, 10m at 15.32 g/t Au.
About Orca Gold Inc.
Orca Gold Inc. (TSX-V: ORG) is a Canadian resource company focused on exploration and development opportunities in North 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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