RENO, Nev., Nov. 25, 2024 (GLOBE NEWSWIRE) — Brookmount Gold (Brookmount Explorations, Inc.) (OTC: BMXI). The Board of Directors of Brookmount Gold is pleased to confirm that the acquisition of the Operations in Talawaan, Indonesia has now been completed, with The Company scheduled to take full operational control from next Monday December 2.
A portion of the investment capital deployed in the acquisition, was received from strategic investors, based in Australia, who are also significant shareholders in a major Australian listed gold mining company. This investor group will work closely in ongoing development and expansion of the Talawaan operation, including, where appropriate, arranging additional funds for capital equipment and drilling activities.
In announcing closing of the acquisition, CEO Nils Ollquist commented as follows: Acquisition of full control of Talawaan has been a key element of our strategic focus over the past 2 years, as we move Brookmount closer to the goal of senior exchange listing. Securing control of 100% of the cash generated from operations will greatly enhance the funding structure of our business and reduce the need for external note or debt financing and associated dilution from note conversion. This factor, combined with the highly favourable results of ore sample analysis undertaken by SGS (SIX:) Group, and certain operational metrics management has gleaned from the federally licensed, open cut facility operating adjacent to our Talawaan area, supports management’s confidence in the long term value this acquisition is expected to deliver for our shareholders.
Mr Ollquist continued: From 1 December, we will be initiating a review and upgrade of all systems utilized on site, prioritizing enhancements in ore extraction, transport logistics, security protocols and worker safety measures. Our objective is to align these processes with ISO or equivalent standards. Where necessary we will deploy funds from operations for this purpose, in addition to expanding and upgrading equipment. Errin Kimball, our Director and Chief Geologist, will be temporarily relocating to Manado to oversee the process and ensure a smooth transition as we integrate the operations within Brookmount.
Mr Ollquist concluded: The Board is very pleased that this key step in our journey towards Exchange listing is now complete. With the imminent completion of audit process confirmed, we are confident that 2025 will be a transformative and rewarding…
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