VANCOUVER, Canada (April 5, 2023) – Viscount Mining Corp. (TSX-V: VML) (OTCQX: VLMGF) (“Viscount” or “the Company”) is pleased to announce that it has entered into an one of kind silver forward sales agreement to add up to 5 million ounces of silver to Lux Exchange (“Lux”). This will be the World’s first silver-backed Non-Fungible-Token (NFT).
Jim MacKenzie, CEO of Viscount Mining stated, “We are thrilled to partner with Lux and provide them with access to an initial 5 million ounces of silver from our property in Silver Cliff, Colorado. Our team has worked tirelessly to bring this project to fruition, and we are confident that our silver will be an excellent addition to the Lux ecosystem and to global markets. There are many benefits to forward selling a portion of our assets in this way. Viscount is proud to provide a non-dilutive capital solution for our shareholder’s which will allow us to accelerate the exploration and development of our properties.”
Lux is a revolutionary platform that combines blockchain technology and real world asset storage to create a unique investment opportunity. By adding Viscount Mining’s silver to the Lux NFT, Lux investors will have access to a diversified portfolio of precious metals with which to hold and trade on open markets. Lux Silver NFTs are to be minted exclusively on the Lux Network but will be made available on every major blockchain as a result of the Lux standard for asset-backed NFTs.
“We are excited to welcome Viscount Mining to the Lux family,” said Marcus Weller, Chief Revenue Officer of Lux Partners Limited. “Their commitment to providing high-quality silver aligns perfectly with our mission of innovating a secure and stable exchange platform for our customers. Lux NFTs bring liquidity and universal access to the silver market and usher in a new era for both the tokenization of physical assets and the distribution of the Earth’s most valuable resources.”
Lux is a FinTech company domiciled in the Isle of Man and partnered with a regulated and licensed money transmitter business. Lux enables institutions to take advantage of blockchain technology use-cases in a tax advantaged and regulated environment, with proper compliance, KYC, and AML procedures. Lux executives have an extensive track record of managing transactions and investments across a wide range of industries. Institutions and governments alike can send and receive tokenized assets, with proper compliance, KYC, and AML procedures. Lux processes transactions in crypto and fiat, given its ability to process Swift and Fed wires natively from the blockchain, while still providing the highest levels of security and privacy thanks to the Lux Bridge, which uses zero knowledge proofs to secure assets and enable private transactions over the Lux Network. Lux is uniquely positioned to launch a multitude of highly profitable and risk-weighted verticals that are exceedingly scalable within sizable and fast-growing markets. These verticals include secure transaction processing, asset management, DeFi ecosystems, and tokenized investments in natural resources and emerging markets.
Additional information can be found at Lux.Partners/about
The scientific and technical information contained in this news release has been reviewed and approved by Harald Hoegberg PG, an independent consulting geologist who is a “Qualified Person” (QP) as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
About Viscount Mining (TSX VENTURE: VML) (OTCQX: VLMGF)
Viscount Mining is a project generator and an exploration company with a portfolio of silver and gold properties in the Western United States, including Silver Cliff in Colorado and Cherry Creek in Nevada.
The Silver Cliff property in Colorado lies within the historic Hardscrabble Silver District in the Wet Mountain Valley, Custer County, south-central Colorado. It is located 44 miles WSW of Pueblo, Colorado, and has year-around access by paved road. The property consists of 96 lode claims where high grade silver, gold and base metal production came from numerous mines during the period 1878 to the early 1900’s. The property underwent substantial exploration between 1967 and 1984. The property is interpreted to encompass a portion of a large caldera and highly altered sequence of tertiary rhyolitic flows and fragmental units which offers potential to host deposits with both precious and base metals. This has been demonstrated in the mineralization historically extracted from the numerous underground and surface mining operations. Based on the accumulated data and feasibility study, Tenneco Minerals made the decision with silver at $5.00 USD an ounce to construct at that time a $35,000,000 USD milling operation for the extraction of the silver reserves at Silver Cliff. Shortly thereafter Tenneco’s Mining Unit was sold, and the planned milling operation was abandoned.
The Cherry Creek exploration property is in an area commonly known as the Cherry Creek Mining District, located approximately 50 miles north of the town of Ely, White Pine County, Nevada. Cherry Creek consists of 578 unpatented and 17 patented claims as well as mill rights. Cherry Creek includes more than 20 past producing mines. In January 2021, Viscount entered an exploration earn – in agreement with a wholly owned subsidiary of Centerra Gold Inc. Centerra is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide.
For additional information regarding the above and other corporate information, please visit the Company’s website at www.viscountmining.com
ON BEHALF OF THE BOARD OF DIRECTORS
President, CEO and Director
For further information, please contact:
Viscount Investor Relations
Neither 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.
This news release includes certain statements that may be deemed “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to Viscount Mining’s operations, exploration and development plans, expansion plans, estimates, expectations, forecasts, objectives, predictions and projections of the future. Specifically, this news release contains forward looking statements with respect to the tokenization of the Silver. The actual sales and velocity of the trading of the NFT remain to be proven. Generally, forward-looking statements can be identified by the forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “projects”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or “variations of such words and phrases or state that certain actions, events or results “may”, “can”, “could”, “would”, “might”, or “will” be taken”, “occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Viscount Mining to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and development and operation of Viscount Mining’s projects, the actual results of current exploration, development activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future precious metals prices, as well as those factors discussed in the sections relating to risk factors of our business filed in Viscount Mining’s required securities filings on SEDAR. Although Viscount Mining has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.
There can be no assurance that any forward-looking statements will prove accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Viscount Mining does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. 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.