New Destiny Mining Corp. Corporate Update

2022-03-01 15:10:43

VANCOUVER, BC / ACCESSWIRE / March 1, 2022 / New Destiny Mining Corp. (TSXV:NED), (the “Company” or “NED“) announces that it has been advised that pursuant to the Exchange’s review of the Company’s financial statements and disclosure documents, it has determined that the Company does not meet Tier 2 Continued Listing Requirements (“CLR”) relating to the requirements of working capital and activity.

In December 2021 and February 2022, the Company responded to the Exchanges notice and advised that the Company was in good standing regarding its option agreement to acquire 100% of the Treasure Mountain Silver Property near Hope, BC. From 2017 to 2021 the Company has incurred approximately $650,000 in property exploration expenses, however in the year 2021 the Company did not spend the minimum expenditures of $50,000 required pursuant to the Exchange Policy 2.5 which is the reason the Company does not meet Tier 2 CLR with regards to the activity criteria. The project is currently fully permitted and ready for drilling and trenching. Archeology reports and environmental studies were completed in 2019. An exploration plan for the project has been completed with a budget of approximately $200,000 and a tentative start date to begin work at the beginning of June 2022. The field work will entail trenching, rock sampling and drilling, and is scheduled to take approximately 45 days. In December of 2021 the Company completed a $80,000 flow through private placement for continued exploration on the Treasure Mountain Silver property. The Company will endeavour over the next 2 months to raise an additional $300,000 to meet its working capital obligations and fund it’s 2022 exploration program at the Treasure Mountain project.

The Exchange has requested that the Company issue a press release updating its progress towards meeting Tier 2 CLR. The Exchange has advised New Destiny Mining Corp. that it will continue to monitor the Company’s future financial statements to ensure it meets Tier 2 CLR, until such time, the notice to transfer to NEX will be withdrawn.

ON BEHALF OF THE BOARD OF DIRECTORS

“Al Beaton”
Director
604-488-3900

Forward Looking Information

This news release includes certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, the Company’s information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the completion of the proposed transactions. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon several factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of gold and other metals, anticipated costs and the ability to achieve goals, and the Company will be able to obtain required licenses and permits. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks including that resource exploration and development is a speculative business; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; fluctuating prices of metals; the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; operating hazards and risks; and competition. There can be no assurance that economic resources will be discovered or developed. Accordingly, actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, equipment failures, litigation, competition, fees charged by service providers and failure of counterparties to perform their contractual obligations. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

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

Source link