Vancouver, 26 / ACCESSWIRE / August 2014 / Newlox Gold Ventures Corp. ("Newlox" or "the Company") (CSE: LUX, XETRA(R): NGO) is pleased to welcome Mr. Gary MacDonald to the Newlox advisory team. As a senior advisor to the Board, Gary brings a wealth of experience to Newlox Gold Ventures Corp.
Gary possesses over 25 years of Natural Resource experience with an extensive background in the mining resource sector. He currently serves on the board of several public and private companies. He has operated internationally in North/South America, Africa, and the Middle East. Roles and involvement have been all-encompassing from field to boardroom consisting of initial assessment and diligence, (pre-start-up), financing, exploration, through to development, operations, production, management, and negotiating asset /company buyouts.
Gary comments: "I am pleased to become associated with Newlox and look forward to helping grow the Company's refreshing business model, which requires no exploration, no defining, no mining and no crushing to yield precious metals while at the same time making a positive contribution to the social and economic welfare in Latin America."
Newlox Gold Ventures Corp. is continuing its collaboration with Professor Marcello Viega's team at the Norman B. Keevil Institute of Mining Engineering at the University of British Columbia and is rapidly establishing its business model in Central America.
The Company has access to a number of high-grade historical tailings stockpiles and is deploying processes designed to remove contamination left behind by inefficient historical production while liberating the precious metals. With the material stockpiled on surface, the operation is expected to achieve remarkably low production costs given that exploration, mining and crushing, the most expensive components of a traditional gold producing operations, is entirely unnecessary.
In accordance with recommendations presented by the University a new ball mill and a new 6-Cell Denver Flotation Circuit, has been installed at the first plant. This new equipment is designed to recover fine gold, which is not currently recovered by the gravity concentration. UBC has identified this additional recovery as the primary value driver in the tailings material. The Company has reliable water availability and ample supply of grid power. The installation of this equipment is completed and the Company expects delivery of the necessary reagents within days in order to fully commission the circuit.
Newlox's small scale re-processing of tailings is intended to provide valuable environmental and social benefits to local stakeholders while simultaneously generating meaningful revenue. Once the first processing facility is operating at its designed capacity of 2 tons per hour throughput, the Company plans to expand its business model throughout the region and is targeting eight operations over the next 24 months. The company currently has over 2.5 tonnes of concentrate inventoried pending its sale to an identified buyer.
Additionally, the Company's gold trading program continues to perform well.
Since February 2014, the Company has completed 200+ trades totalling in excess of 18 Kilos of gold. Average purity of the transacted gold to date is 51% Au. Completed trades to date total ? 183,124,912.00, (C$364,543.00). The average gross margin is holding nicely at 11% per trade. Considering current growth rate and a trading float of $50,000 this could mean an annualized gross margin of 158%.
Rapid turnaround on purchases and high frequency of trades is generating meaningful revenue based upon modest margins per transaction while mitigating risk associated with commodity price volatility. With the benefit of a strong network of contacts and an excellent local reputation the business is growing encouragingly. The trading program is intended to provide supplemtal revenues to the environmental reclamation and gold recovery programs, which are currently being deployed.
The Company is also actively persuing opportunities throughout Latin America and recently attended the first Mining Congress in Nicaragua where it has established a subsidiary and associated infrastructure in readiness for deploying its business model there.
Finally, the annual audited financial statements of the company for the year ended March 31 are complete and a Business Acquisition Report (BAR) with audited and interim statements attached in respect of the purchase of its Costa Rican subsidiary on April 14, 2014 are filed.
Website: www.newloxgold.com
Ryan Jackson, VP, Corporate Development Tel: +1 778 998 0867
Email: [email protected]
On Behalf of the Board, Newlox Gold Ventures Corp.
Email: [email protected]
SOURCE: Newlox Gold Ventures Corp.