Komet Resources Inc.

Komet Resources Inc.

November 04, 2016 09:07 ET

Komet Resources Inc.: Gold Production Increases More Than 90% in Q3 2016

QUEBEC CITY, QUEBEC--(Marketwired - Nov. 4, 2016) - Komet Resources Inc. ("Komet" or the "Company") (TSX VENTURE:KMT) is pleased to announce a significant increase in production and sales of gold in Q3, especially in September.

Raw gold (average of 91%) production at the Guiro mine for the quarter was recorded at 23.5 kilos (828 ounces), with 10.6 kilos (374 ounces) throughout September. This is a 90% increase compared to the previous quarter.

Gold sales also increased to a total of CA$1,163,938 in Q3 compared to CA$383,164 in Q1 and CA$658,586 in Q2.

Work at the Guiro mine

The Consep Acacia CS250 Intensive Leach Reactor (ILR) which will process concentrates with high efficiency has been manufactured faster than expected and will be shipped overseas and via ground transportation in November and December 2016. During this period, civil works are going to be done in order to be ready for installation when the reactor and other equipment will arrive. The third Knelson concentrator is in transit and expected to be delivered to the project site by the end of November 2016.

A third-party firm with metallurgical expertise is currently working on validating the final process that will include 3 concentrators, 2 ball mills and the reactor. Commissioning is still planned for Q1 2017 and could be accelerated in the early weeks of January if all deliveries are on schedule. The installation is planned to minimize disruption to the current plant operations and minimize the possibilities of production delay with the new equipment.

More information about the corporation is available at: http://kometgold.com.

Forward-Looking Statements

Neither TSX Venture Exchange nor the regulatory service provider (as the term is defined in TSX Venture Exchange's policies) accepts any liability of any kind as to the authenticity or accuracy of this release. This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet Inc.'s ("Komet") control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet's management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.

Contact Information