Minnova Corp. Corporate Update 2021 Pl Mine Restart Outlook and Debt Settlement

Toronto, Ontario – (Newsfile Corp. – December 29, 2020) – Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) (“Minnova“or the”Society“), is pleased to provide a year-end update and outlook for 2021 as we move forward to restart the licensed and producing PL mine, increase current resources and continue to demonstrate upward exploration beyond the limits of the authorized mining lease.

The Company made significant progress at the PL mine in 2020 through a relatively modest work program that included a 13-hole drilling program and concurrent mapping and prospecting in the field. The highlights of the program were:

  • extended the lateral length of the FW tonalite, a major lithology that occurs in the hanging wall of the PL deposit resource, which is currently defined to a lateral strike length of 1.2 kilometers and which is still open on strike.
  • identified a number of previously unmapped high angle structures in the FW tonalite, some of which are associated with anomalous gold mineralization (surface showings).
  • FW tonalite is now considered a potential target for hosting gold mineralized structures.
  • the discovery of high-grade surface mineralization on the authorized mining lease that will be targeted for infill drilling and possibly a surface bulk sample in 2021.
  • identified high priority targets, located along the direction, off the mining lease that will be targeted for drilling in 2021.

The culmination of this work is the development of a new geological model, which will enhance our planned infill and extension drilling for the current mineralized trends of the PL deposit and new high angle structures. The 2020 program extension drilling and new drilling planned for early 2021 will be included in a resource update scheduled for mid-2021.

We will continue our discussions with various contractors to optimize the restart plan for the 2017 feasibility study with updated capital and operating cost estimates. A number of entrepreneurs have already visited the site or are expected to return to the site in early 2021 as part of this initiative.

Regarding the financing of the project, we have received expressions of interest to provide the project financing (debt) required for the restart of the PL mine. Discussions, due diligence and financial analysis are ongoing and progress on this important initiative will be announced as soon as it becomes material.

Additions to the Board of Directors and the Advisory Board

As we move towards the restart of the PL mine, we expect there will be changes in the management team to ensure that we have the experience to execute our restart plan. . In addition, we have entered into discussions with a number of very experienced individuals who could form an advisory board to assist management and the board in the restart of the PL mine. We will be making announcements on these positive developments from early 2021.

Gorden Glenn, President and CEO, commented: “We have been extremely busy over the past year planning and executing various technical programs for the restart of the PL mine, but also demonstrating the expansion of operations. resources and exploration on the rise of the project. The project is now positioned to be presented in a different light from historical perceptions in the market. Response to our latest Crux Investor video interview (link: Minnova Corp. (MCI) – Short Term Gold Producer with Mill – YouTube), which we hosted at the PL mine site, was overwhelmingly positive and helped highlight our important infrastructure and set Minnova and the PL mine apart from our peer group. We have received positive feedback from existing shareholders, new investors, mining entrepreneurs and experienced mining industry personnel who have expressed interest in participating. With a current gold price well above that used in the 2017 FS Reference Case of US $ 1,250 / oz, we believe the restart of the PL mine represents a very attractive investment opportunity. Additionally, we strongly believe that we can significantly improve our value proposition by incorporating successful extension drilling into an updated resource estimate scheduled for mid-2021. This, in addition to testing several new associated drill targets. to FW tonalite which are extensions of known mineralized structures and / or the discovery of completely new mineralized structures. The 2021 season PL mine restart development initiative in the field should be an exciting time for Minnova and our stakeholders. “

Debt settlement

Following its press release dated November 2, 2020, the Company received approval from its shareholders and the TSX Venture Exchange regarding the debt settlement with a non-arm’s length creditor of the Company. The Company has settled a total of $ 476,025 in debt by issuing $ 2,380,125 at a price of $ 0.20 per common share (the “”Ordinary actions“) in the capital of the Company (the”Debt settlementCommon shares issued as part of the debt settlement are subject to a four-month hold period, expiring April 30, 2021.

The debt settlement was a “related party transaction” as defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101“) because the Creditor is an entity beneficially owned and controlled by an insider of the Company, which acquired the 2,380,125 common shares. The Company avails itself of the exemptions from the minority shareholder assessment and approval requirements of NI 61-101 contained in sections 5.5 (a) and 5.7 (1) (a) of MI 61-101, since the fair market value of the investment participation by insiders does not exceed 25% of the capitalization the Company’s stock market, as determined in accordance with MI 61-101.

About Minnova Corp.

Minnova Corp. is an emerging Canadian gold producer focused on restarting the PL gold mine and expanding gold resources from its PL and Nokomis gold deposits. The Company has completed a positive feasibility study in support of restarting the PL mine at an average annual production rate of 46,493 ounces over a minimum life of 5 years. The resource remains open to expansion and surface exploration programs have and will continue to target resource expansion. The PL gold mine has a relatively short pre-production schedule of 15 months, has a valid underground mining license (Environmental Law 1207E), an existing processing plant, over 7,000 meters An underground ramp developed to a depth of -135 meters, is fully accessible by road and close to existing mining infrastructure in the prolific Flin Flon – Snow Lake greenstone belt in central Manitoba.

Qualified person

Mr. Chris Buchanan, M. Sc., P. Geo., A consultant to the Company and a “qualified person” under National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this press release. hurry.

For more information please contact:

Minnova Corp.
Gorden glenn
President and CEO

For more information, please contact Investor Relations at 647-985-2785 or This e-mail address is protected from spam. You need JavaScript enabled to view it..

Visit our website at www.minnovacorp.ca and follow us on social networks (twitter: @MinnovaPDG and Instagram: minnovacorp).

Forward-looking statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, without limitation, information about the Company, including management’s assessment of future plans and operations, which may involve risks associated with mineral exploration and development, volatility of prices, currency fluctuations, imprecise resource estimates, permissible risks, access to labor and services, competition from other firms and the ability to access sufficient capital . Accordingly, actual results may differ materially from those anticipated in forward-looking statements. Although Minnova has attempted to identify significant factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated or expected. . There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Therefore, readers should not place undue reliance on forward-looking information. Minnova does not undertake to update forward-looking information except in accordance with applicable securities laws.

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.

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