TORONTO, May 28, 2021 (GLOBE NEWSWIRE) -- Collective Mining Ltd. (formerly POCML 5 Inc.) ("Collective") is pleased to announce that its common shares will commence trading at the market open today on the TSX Venture Exchange ("TSXV") under the ticker symbol "CNL".
“The management team and I are very excited to return to Colombia, a country with untapped mineral potential and backed by supportive governments and communities,” commented Ari Sussman, Executive Chairman of Collective. “Upon completing the sale of Continental Gold to Zijin Mining, our team was eager to re-apply our skillsets towards discovering another world-class deposit and advancing it to production. Unlike Continental Gold, where we specifically targeted high-grade gold systems, Collective has decided to focus on bulk tonnage porphyry related systems. To date, we have options to acquire 100% interests in two projects in the mining-friendly department of Caldas. Both our San Antonio and Guayabales projects surround the world famous Marmato mine. The belt surrounding the Marmato mine has never before been consolidated under one company until now. With the funds from our $15 million subscription receipt financing now released from escrow, we are embarking on an aggressive exploration program and are excited to unlock the potential of our projects over the next 12 months.”
“This is great news to have a new Colombian focused company listed on the TSX Venture Exchange. This is yet another endorsement of investors’ trust in the Colombian mining sector. We are committed to both strengthening our mineral exploration industry and diversifying our production to more types of metals. We welcome foreign investments that support the sustainability of the Colombian mining sector,” stated Diego Mesa, the Colombian Minister of Mines and Energy.
The listing of the common shares of Collective follows the completion of its Qualifying Transaction, as such term is defined under the policies of the TSXV, on May 20, 2021.
About Collective Mining
Collective is an exploration and development company focused on identifying and exploring prospective gold projects in South America. Collective has the ability to earn a 100% interest in two projects located in Colombia: (i) the San Antonio project (the “San Antonio Project”); and (ii) the Guayabales project (the “Guayabales Project”). The San Antonio Project is comprised of a 1,664-ha contiguous mining title located in a historical gold district in the Caldas department of Colombia. With recent geophysical and LIDAR surveys completed, an initial 5,000 metre drill program is underway at the San Antonio Project. The Guayabales Project is a contiguous land package comprised of two mining titles totaling 413 ha and a 2,012-ha mining application also located in the Caldas department of Colombia. The Guayabales Project is currently in the early stages of prospecting. Upon completion of Transaction, it is the intention of the parties that the Resulting Issuer will continue to primarily focus on the exploration and development of the San Antonio Project.
For further information regarding Collective, please contact:
Collective Mining Ltd.
Paul Begin, Chief Financial Officer
Tel. (416) 451-2727
This news release contains certain forward-looking statements, including, but not limited to, statements about Collective’s objectives, goals and exploration activities proposed to be conducted on its properties; future growth potential of Collective, including whether any proposed exploration programs at any of its properties will be successful; exploration results; and future exploration plans and costs. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Such factors, among other things, include: the expected benefits to Collective relating to the exploration proposed to be conducted on its properties; failure to identify any additional mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Company’s properties, if required; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar or Colombian peso exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; and ongoing uncertainties relating to the COVID-19 pandemic. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.