Komet Resources Inc.
TSX VENTURE : KMT

Komet Resources Inc.

October 21, 2014 08:00 ET

Komet Resources Inc.: Notification to Attend the Commission Nationale des Mines for the Transfer of the Guiro/Diouga License and Planned Work Program at the Guiro Mine

QUEBEC CITY, QUEBEC--(Marketwired - Oct. 21, 2014) - Komet Resources inc. ("Komet" or the "Company") (TSX VENTURE:KMT) is pleased to announce that the Company was officially convened to attend the Commission Nationale des Mines of Burkina Faso with respect to the transfer of the Guiro/Diouga license ownership. The Company also announces its short term work program planned for the Guiro mine as well as the appointment of Mr. Pierre Tremblay as Superintendant of Underground Operations at Komet Resources Africa S.A., a wholly-owned subsidiary.

Notification to attend de Commission Nationale des Mines of Burkina Faso

According to the legislation, the Company is invited to submit its project to the 33 members of the Commission today, October 21st. On this occasion, it is the Direction Générale des Mines et de la Géologie that will assess the Guiro mine operating license transfer request. The President and CEO of Komet, Mr. André Gagné, will therefore mobilize to Ouagadougou to deliver the presentation with the collaboration of Mr. Dieudonné Samson Yaogho, Komet's national director in Burkina Faso. This is great news since the operating license transfer will complete the business transaction initiated with Stremco S.A. and will allow the on-site team to start the work program at the mine. The license transfer is likely to be completed by the end of November at the latest.

Planned work at the Guiro mine

Komet has been progressing towards the re-opening the Guiro mine for production. The Company has indeed maintained a continuous presence on the site since August 1st, 2014. A complete and comprehensive review of all equipment and processes was carried out. Series of tests allowed identifying actions to be taken in order to yield very short term income on the one hand, and on the other, to optimize the operation of the mine.

The strategy adopted consists in 2 parallel steps :

  • First step: enabling the upgraded VAT process (leaching) in order to process a significant amount of stockpiled crushed tailings available on the site.
  • Second step: design, development and construction of a new gravimetric circuit including the upgrading of the crushing/grinding line. All engineering and construction work will be overseen and done by our main partner, IMAGRI, which is active across all West Africa and a partner of many of the biggest mines in the sub-region.

Appointment of Pierre Tremblay

The Company is pleased to announce the appointment of Mr. Pierre Tremblay as Superintendant of Underground Operations at the Burkina Faso subsidiary. This appointment is effective since October 1, 2014. Mr. Tremblay holds a degree in mechanical engineering with a specialization in diesel mechanics. He also has additional trainings in « Mine Modules », « Common Core », mine rescue and is a certified winch operator. Mr. Tremblay started in the mining sector in the 1980s as a shaft sinker with mining contractor Dynatec. Then he carried out a number of jobs for different mine contractors and operators such as Thyssen, Ross & Finlay and Falconbridge. In the early 1990s, Mr. Tremblay was still involved in mining operations and pursued his career as supervisor, going from team leader to superintendant for Québec Cartier, Falconbridge (Raglan), Semafo (Niger), Cmac-Thyssen Mining and finally at Dumas, where he became Underground Development Captain for various contracts.

With his 30 years of underground experience, Mr. Tremblay now joins and reinforces the Komet team on the Guiro site.

A total of two-hundred-fifty-thousand (250 000) options were granted to the new Superintendant. The value of the options granted at the hiring date was 0.47$.

Transfer of shares

The Chairman of the Board, Mr. Robert Wares, has elected to transfer 1 000 000 of his own shares in the Company to Mr. André Gagné as an acknowledgement of his dedication and extraordinary hard work since the creation of Komet. The shares will be transferred at the same price as when Mr. Wares obtained them as at the restructuring of the Company.

More information about the corporation is available at: www.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.

Outstanding shares: 40 255 047

Contact Information

  • Investors relations and information:
    Andre Gagne
    President and CEO
    581-300-1666
    a.gagne@kometgold.com
    Skype : andregagne11