American Marconi Wireless News - Gold Port Advances Access Strategy at Groete Gold Copper Project

The Company had previously identified and announced a contractor and had previously announced the construction of the road access to the Groete Gold Copper project located in Guyana S.A. The program requires the completion of approximately 13 kilometers of dirt road access including some bridge and drainage construction. After several attempts and additional issues with the project, the Company has decided to pivot and purchase heavy equipment and complete the road development with existing staff. The effort will require an excavator and other heavy equipment which will also be key equipment during the drill program on site. The equipment acquisition is being completed, and road work is expected to begin in the immediate future.

Upon road completion, the camp will be re-structured using Company owned modular system currently in storage in Guyana. With the camp completed, a Company owned MP Explorer track mounted core rig will be moved to site to initiate a drill program.

Company President and C.E.O. Adrian F. C. Hobkirk is quoted:

"After consideration of existing proposals and ongoing issues with the previously announced construction, management determined the most cost and time-effective approach is to conclude an equipment purchase and have the Company complete the access road. The new heavy support equipment will be vital to the successful completion of the upcoming drill program."

About Gold Port Corporation

Gold Port Resources Corporation (GPO) is focused on the further exploration and development of the 100% owned Groete Gold Copper Project (the "Project"), located in Guyana, South America. The current focus of the Company is to enhance the NI 43-101 inferred gold copper resource defined at the Project to a higher resource classification, and to potentially expand the total mineral inventory. The Project was last explored in 2012, which included a drill program that allowed the calculation of an Inferred Mineral Resource of 1.57 million gold equivalent ounces (gold plus copper) within 74 million tonnes, at a grade of 0.66 grams per tonne gold copper equivalent. A cut-off grade of 0.25 gold equivalent grams per tonne, a gold price of US$1,275 per ounce and copper price of US$3.00 per pound was used in the calculation of the Inferred Mineral Resource. Details of the Mineral Resource are contained in a National Instrument 43-101 report titled, Technical Report and Updated Mineral Resource Estimate on the Groete Gold Copper Deposit, Groete Property, Guyana, South America by P&E Mining Consultants Inc., dated April 16, 2019, available on SEDAR and the Company website at www.goldportcorporation.com.

On behalf of the Board of Directors

Adrian F. C. Hobkirk
President, CEO and Director

T: 954-684-8040
E: [email protected]
W: www.goldportcorporation.com

No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.

This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based upon opinions and estimates of management on the date the statements are made and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward-looking statements. The reader is cautioned not to place undue reliance on forward- looking statements. We seek safe harbor.

The securities issued pursuant to the Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

SOURCE: Gold Port Corporation

View the original press release on ACCESS Newswire

C.Garcia--AMWN