Fenixoro CFO Peng leaves; Carlesso appointed in interim $FENX

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2023-06-28 16:46 ET – News Release

Mr. John Carlesso reports


Jing Peng has resigned from his duties as chief financial officer of Fenixoro Gold Corp. The company wishes to thank Mr. Peng for his services and anticipates announcing the new CFO shortly. Until such time, John Carlesso, current chief executive officer of the company, will act as the company’s interim chief financial officer.

About Fenixoro Gold Corp.

Fenixoro is a Canadian company focused on acquiring and exploring gold projects with world-class exploration potential in the most prolific gold-producing regions of Colombia. Fenixoro’s flagship property, the Abriaqui project, is the closest project to Continental Gold’s Buritica project. It is located 15 kilometres to the west in Antioquia state at the northern end of the Mid-Cauca gold belt, a geological trend which has seen multiple large gold discoveries in the past 10 years, including Buritica and Anglo Gold’s Nuevo Chaquiro and La Colosa. As documented in “NI 43-101 Technical Report on the Abriaqui Project Antioquia State, Colombia” (Dec. 5, 2019), the geological characteristics of Abriaqui and Buritica are similar. Since the preparation of this report, a phase 1 drilling program has been completed at Abriaqui resulting in a significant discovery of a high-grade Buritica-style gold deposit. A phase 2 drilling program has recently commenced. The company also owns the Escondida mine, a fully permitted, producing high-grade gold mine in Antioquia that is currently undergoing an investment and expansion plan. Fenixoro’s vice-president of exploration, Stuart Moller, led the discovery team at Buritica for Continental Gold in 2007 to 2011. At the time of its latest public report, the Buritica mine contains measured plus indicated resources of 5.32 million ounces of gold (16.02 million tonnes grading 10.32 grams per tonne) plus a 6.02-million-ounce inferred resource (21.87 million tonnes grading 8.56 grams per tonne) for a total of 11.34 million ounces of gold resources. Buritica began formal production in November, 2020, and has expected annual average production of 250,000 ounces at an all-in sustaining cost of approximately $600 (U.S.) per ounce. Resources, cost and production data are taken from Continental Gold’s “NI 43-101 Buritica Mineral Resource 2019-01, Antioquia, Colombia, 18 March, 2019.” Continental Gold was recently the subject of a takeover by Zijin Mining in an all-cash transaction valued at $1.4-billion.