Vancouver, BC / ACCESSWIRE / July 29th, 2014 / Newlox Gold Ventures Corp. ("Newlox" or "the Company") (CSE: LUX, XETRA(R): NGO) is pleased to announce installation of a new ball mill and flotation circuit.
Newlox Gold Ventures Corp. is working in collaboration with the Norman B. Keevil Institute of Mining Engineering at the University of British Columbia and is rapidly establishing a precious metals producing operation in Central America.
Having raised initial capital in February, the Company installed a gravity concentrator at its pilot plant in Costa Rica. 2.5 tonnes of valuable concentrate grading +500 grams per tonne gold has been produced to date. The concentrate is growing at approximately 35 kilos per day and is being stockpiled for further processing and/or eventual sale.
In accordance with recommendations presented by the University of British Columbia a new ball mill and a new 6- Cell Denver Flotation Circuit, has been purchased and installed at the plant. This new equipment is designed to recover fine gold, which is not currently recovered by the gravity concentration. The UBC lab testing 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. As phase two progresses further updates will be provided.
The Company has access to a number of high-grade historical tailings stockpiles and plan to deploy 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.
Newlox's environmental reclamation approach is intended to provide valuable environmental and social benefits to local stakeholders while simultaneously generating meaningful revenue.
In addition to reprocessing of material from surface deposited waste dumps, the Company has fielded a gold trading program whereby the Company purchases gold from various sources in the field before reselling the metal through established networks. By employing a rapid turnaround on purchases and a high frequency of trades, Newlox has been able to generate meaningful revenue based upon modest margins per transaction while mitigating risk associated with commodity price volatility. The Company's gold trading program is progressing well. Margins are within expectations and volumes are increasing satisfactorily.
For Further information See; www.newloxgold.com
On Behalf of the Board, Newlox Gold Ventures Corp.
Email: [email protected]
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company's control.