Loncor Announces Election of Directors
26 Junho 2020 - 11:40PM
Loncor Resources Inc. ("
Loncor" or the
"
Company") (TSX: "LN"; OTCQB: "LONCF") announces
that the five nominees listed in the Company’s management
information circular for the annual and special meeting of
shareholders of the Company (the "
Meeting") held
on Friday, June 26, 2020 were elected at the Meeting as directors
of Loncor. The vote was conducted by a show of hands.
The detailed results of the votes received by proxy are set out
below:
|
Votes by Proxy |
Name |
Votes For |
% Votes For |
Votes Withheld |
% Votes Withheld |
Zhengquan (Philip) Chen |
41,375,781 |
99.912% |
36,500 |
0.088% |
Peter N. Cowley |
41,379,131 |
99.920% |
33,150 |
0.080% |
Arnold T. Kondrat |
41,402,131 |
99.975% |
10,150 |
0.025% |
Richard J. Lachcik |
41,356,031 |
99.864% |
56,250 |
0.136% |
William R. Wilson |
41,356,031 |
99.864% |
56,250 |
0.136% |
Voting results on all matters voted on at the
Meeting have been filed on SEDAR at www.sedar.com.
About Loncor Resources
Inc.Loncor is a Canadian gold exploration
company focussed on the Ngayu Greenstone Belt in the northeast of
the Democratic Republic of the Congo (the
“DRC”). The Loncor team has over two decades
of experience of operating in the DRC. Ngayu has numerous
positive indicators based on the geology, artisanal activity,
encouraging drill results and an existing gold resource base.
The area is 220 kilometres southwest of the Kibali gold mine, which
is operated by Barrick Gold (Congo) SARL
(“Barrick”). In 2019, Kibali produced record
gold production of 814,000 ounces at “all-in sustaining costs” of
US$693/oz. Barrick has highlighted the Ngayu Greenstone Belt
as an area of particular exploration interest and is moving towards
earning 65% of any discovery in 1,894 km2 of Loncor ground that
they are exploring. As per the joint venture agreement signed
in January 2016, Barrick manages and funds exploration on the said
ground at the Ngayu project until the completion of a
pre-feasibility study on any gold discovery meeting the investment
criteria of Barrick. In a recent announcement Barrick
highlighted six prospective drill targets and are moving towards
confirmation drilling in 2020. Subject to the DRC’s free
carried interest requirements, Barrick would earn 65% of any
discovery with Loncor holding the balance of 35%. Loncor will
be required, from that point forward, to fund its pro-rata share in
respect of the discovery in order to maintain its 35% interest or
be diluted.
In addition to the Barrick JV, certain parcels
of land within the Ngayu project surrounding and including the
Adumbi and Makapela deposits have been retained by Loncor and do
not form part of the joint venture with Barrick. Barrick has
certain pre-emptive rights over the Makapela deposit. Adumbi
and two neighbouring deposits hold an inferred mineral resource of
2.5 million ounces of gold (30.65 million tonnes grading 2.54 g/t
Au), with 76.29% of this resource being attributable to Loncor via
its 76.29% interest in the project. The Makapela deposit
(which is 100%-owned by Loncor) has an indicated mineral resource
of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au)
and an inferred mineral resource of 549,600 ounces of gold (3.22
million tonnes grading 5.30 g/t Au).
Resolute Mining Limited (ASX/LSE: "RSG") owns
26% of the outstanding shares of Loncor and holds a pre-emptive
right to maintain its pro rata equity ownership interest in Loncor
following the completion by Loncor of any proposed equity
offering.
Additional information with respect to Loncor
and its projects can be found on Loncor's website at
www.loncor.com.
Qualified PersonPeter N. Cowley, who is
President of Loncor and a "qualified person" as such term is
defined in National Instrument 43-101, has reviewed and approved
the technical information in this press release.
Technical ReportsAdditional information with
respect to the Company’s Imbo Project is contained in the technical
report of Minecon Resources and Services Limited dated April 17,
2020 and entitled "Independent National Instrument 43-101 Technical
Report on the Imbo Project, Ituri Province, Democratic Republic of
the Congo". A copy of the said report can be obtained from
SEDAR at www.sedar.com and EDGAR at www.sec.gov.
Additional information with respect to the
Company’s Makapela Project, and certain other properties of the
Company in the Ngayu gold belt, is contained in the technical
report of Venmyn Rand (Pty) Ltd dated May 29, 2012 and entitled
"Updated National Instrument 43-101 Independent Technical Report on
the Ngayu Gold Project, Orientale Province, Democratic Republic of
the Congo". A copy of the said report can be obtained from
SEDAR at www.sedar.com and EDGAR at www.sec.gov.
Cautionary Note to U.S.
InvestorsThe United States Securities and Exchange
Commission (the "SEC") permits U.S. mining
companies, in their filings with the SEC, to disclose only those
mineral deposits that a company can economically and legally
extract or produce. Certain terms are used by the Company,
such as "Indicated" and "Inferred" "Resources", that the SEC
guidelines strictly prohibit U.S. registered companies from
including in their filings with the SEC. U.S. Investors are urged
to consider closely the disclosure in the Company's Form 20-F
annual report, File No. 001- 35124, which may be secured from the
Company, or from the SEC's website at
http://www.sec.gov/edgar.shtml.
Cautionary Note Concerning
Forward-Looking InformationThis press release contains
forward-looking information. All statements, other than
statements of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will
or may occur in the future (including, without limitation,
statements regarding drilling by Barrick and potential gold
discoveries, mineral resource estimates, drill targets, other
exploration targets, exploration results, future drilling and other
future exploration, and future development) are forward-looking
information. This forward-looking information reflects the
current expectations or beliefs of the Company based on information
currently available to the Company. Forward-looking
information is subject to a number of risks and uncertainties that
may cause the actual results of the Company to differ materially
from those discussed in the forward-looking information, and even
if such actual results are realized or substantially realized,
there can be no assurance that they will have the expected
consequences to, or effects on the Company. Factors that
could cause actual results or events to differ materially from
current expectations include, among other things, the possibility
that drilling results (and other exploration results) or
development results will not be consistent with the Company's
expectations, the possibility that drilling programs will be
delayed, uncertainties relating to the availability and costs of
financing, activities of the Company may be adversely impacted by
the continued spread of the recent widespread outbreak of
respiratory illness caused by a novel strain of the coronavirus
(“COVID-19”), including the ability of the Company to secure
additional financing, risks related to the exploration stage of the
Company's properties, failure to establish estimated mineral
resources (the Company’s mineral resource figures are estimates and
no assurances can be given that the indicated levels of gold will
be produced), changes in world gold markets or equity markets,
political developments in the DRC, gold recoveries being less than
those indicated by the metallurgical testwork carried out to date
(there can be no assurance that gold recoveries in small scale
laboratory tests will be duplicated in large tests under on-site
conditions or during production), fluctuations in currency exchange
rates, inflation, changes to regulations affecting the Company's
activities, delays in obtaining or failure to obtain required
project approvals, the uncertainties involved in interpreting
drilling results and other geological data and the other risks
disclosed under the heading "Risk Factors" and elsewhere in the
Company's annual report on Form 20-F dated April 6, 2020 filed on
SEDAR at www.sedar.com and EDGAR at www.sec.gov.
Forward-looking information speaks only as of the date on which it
is provided and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any
forward-looking information, whether as a result of new
information, future events or results or otherwise. Although
the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
For further information, please visit our
website at www.loncor.com, or contact: Arnold Kondrat, CEO,
Toronto, Ontario, Tel: + 1 (416) 366 7300.
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