VANCOUVER, BC / ACCESSWIRE / September 18, 2019 / Majestic Gold Corp. ("Majestic" or the "Company") (TSXV:MJS) (FSE:A0BK1D) is pleased to announce the completion of construction work on six residential apartment buildings in proximity to the company's Songjiagou gold mining operation in Shandong Province, China.
Residents of the nearby villages of Songjiagou and Fayunkang have unanimously agreed to take up residence in the new condominiums which are located approximately two kilometers from the mine site. The residential complex is comprised of six buildings with sufficient capacity for up to 280 families who, after relinquishing their village leases, will retain access to their farmland in return for a 75-year condominium lease.
A third village was relocated several years ago to facilitate construction of the tailings disposal site located south of the Company's Songjiagou mining operation.
The relocation plan became necessary when the size of the Songjiagou mine license was increased in 2015 by almost 75% from 0.342 to 0.594 km² to facilitate ongoing operations and the potential expansion of surface mining activities in the future.
"This is a milestone project for the Company and the two communities adjoining our Songjiagou mine site," said Majestic Gold president, Steve Kenwood. "In addition to meeting our corporate responsibilities to these two villages, we have secured our future as a significant gold producer and contributor to the local economy."
The construction program was completed under budget at $US14.4 million and includes six five-story buildings aggregating 19,944 square metres in total. Each residential building includes four living units on each level averaging approximately 80 square metres each.
The modern five-story frame buildings are constructed with load-bearing beams and columns made from reinforced concrete, with precast hollow concrete and other lightweight materials utilized for partition walls.
The fully-serviced buildings include appliances, central heating, recreation rooms, child playgrounds and other modern amenities including elevators, air conditioning and parking lots. Each household is equipped with a garage on the ground floor of the residential building in addition to a 10 square metre storage room. All construction was completed in accordance with national standards and approved following inspection by competent government authorities.
The two villages are situated in close proximity to the active open pit at Songjiagou and are currently home to about 240 families who are sustained by agriculture, primarily apple orchards. In the past, Shandong Province has accounted for approximately 22% of Chinese apple production, ranking it the second largest producer in the country. In addition to subsistence agriculture, some of the villagers work under contract at the Songjiagou gold mine.
Officials from the Company have maintained a close relationship with representatives from the "New Village Relocation Construction Program," a government program that has encouraged the upgrading and modernization of housing for local residents. In the past, villagers were generally housed in self-built accommodation constructed from brick and stone tiles, with yard space for livestock and other domestically-grown food sources.
For additional information including digital images of the condominium complex, please visit our website at www.Majesticgold.com.
Stephen Kenwood, P. Geo., a Director of Majestic, is the Qualified Person within the context of National Instrument 43-101 and has read and approved this news release.
About Majestic Gold
Currently focused solely in China, Majestic Gold Corp. is a British Columbia based company engaged in commercial gold production at the Songjiagou Gold Mine in eastern Shandong Province, China. Additional information on the Company and its projects is available at www.sedar.com and on the Company's website at www.majesticgold.com.
For further information, please contact:
Stephen Kenwood, P.Geo., President and CEO
Telephone: (604) 560-9060
Certain statements contained herein may constitute forward-looking statements and are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Forward-looking statements are statements which relate to future events. Such statements include estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production, exploration drilling, reserves and resources, exploitation activities and events or future operations. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when, and if, a project is actually developed.
In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Majestic Gold does not intend to update any forward-looking statements to conform these statements to actual results.
SOURCE: Majestic Gold Corp.
View source version on accesswire.com: