VANCOUVER, April 6, 2020 /CNW/ - Orca Gold Inc.
(TSX.V:ORG) ("Orca" or the "Company") provides a corporate
update on recent developments.
In response to the COVID-19 pandemic, Orca has implemented
strict protocols at our operations (in The Sudan, UK and Canada). The primary focus of the Company at
this point is to protect the safety and security of our personnel
and their families. Working with our health and security
consultants, an identification and management plan has been put in
place to handle potential issues relating to the Coronavirus. As of
today, there are no confirmed cases of the virus amongst our
employees. In Canada and the UK,
our employees are in isolation in accordance with corporate
directives and applicable laws and regulations.
The Board of Directors has recently approved a budget for the
balance of 2020 designed to maximise our treasury towards ensuring
the security of our principal asset, the Block 14 Project in The
Sudan. We are all hopeful that the
COVID-19 virus will soon be under containment and the world will be
on the road to recovery from its impact. However, in the meantime,
our Board has taken steps to optimize our fiscal stability during
this difficult time. To fully fund this budget the Company will
look to secure a minimum financing of CAD$2
Million prior to year end.
On a more positive note, the first Quarter of 2020 saw
significant progress for Sudan in
its path towards democracy and free elections in 2022 (See Company
News Release dated Feb 24, 2020). Of
note and importance, US Foreign Affairs Committee Leaders
introduced legislation to the US Congress to support Sudan's democratic transition on March 5, 2020. The introduced Sudan Democratic
Transition, Accountability and Financial Transparency Act of 2020
(H.R. 6094) would support a civilian led democratic transition,
promote accountability for human rights abuses and encourage fiscal
transparency in Sudan.
Eliot L. Engel, Chairman of the
Committee commented on the introduction of this legislation
strategy:
"As the people of Sudan move
forward on the uncertain path toward greater freedom and democracy,
the United States should stand
with them and support their aspirations. I am proud to introduce
this measure that moves us towards a positive, constructive
relationship between the United
States and Sudan," said
Chairman Engel. "This bipartisan bill is a declaration of
Congress's support for the civilian-led transition's reform agenda,
advancing what the people of Sudan
accomplished during their revolution."
The introduction of this Legislation looks to bring Sudan one step closer to removal from the US
list of State Sponsors of Terror and full participation in
international trade and commerce.
Commenting on recent developments, Richard Clark, CEO, said: "The world is
currently facing an unprecedented challenge to universal health and
safety and economic stability. In this uncertain environment our
company has taken the necessary steps to secure the health and well
being of our people and their families and to secure our assets in
Sudan. Our Block 14 gold project
is ready to advance towards development when international
conditions improve, which we all hope will be soon."
ABOUT ORCA GOLD INC.
Orca Gold Inc. (TSXV: ORG) is a Canadian resource company
focused on exploration and development opportunities in
Africa. Led by a board of
directors made up of industry experts and a management team with a
track record of discovering and building significant mines
globally, Orca is developing one of the leading gold projects in
Africa. The Company is currently
focused on its 70% owned Block 14 Gold Project in the
Republic of the Sudan on
which a Feasibility Study was completed in November 2018.
Cautionary Statement Regarding Forward-Looking
Information
Certain information contained in this press release
constitutes "forward-looking information", within the meaning of
Canadian legislation. Generally, these forward-looking statements
can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur", "be
achieved" or "has the potential to." Forward-looking statements
contained in this press release may include statements regarding
the timing and pricing of the common share issuances which involve
known and unknown risks and uncertainties which may not prove to be
accurate. Actual results and outcomes may differ materially from
what is expressed or forecasted in these forward-looking
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
Among those factors which could cause actual results to differ
materially are the following: regulatory approvals, the ability of
the parties to satisfy conditions precedent to the financing,
market conditions and other risk factors listed from time to time
in our reports filed with Canadian securities regulators on SEDAR
at www.sedar.com. The forward-looking statements included in this
press release are made as of the date of this press release and the
Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Orca Gold Inc.