Jupiter Gold Corporation (OTCQB: JUPGF) (“Jupiter Gold” or the “Company”) is pleased to announce that it has initiated production of quartzite from its quarry located in the state of Minas Gerais in Brazil.
Yan Binda, a mining engineer experienced in quartzite, commented: “Jupiter Gold’s first quartzite block cut at the start of production gives out a very positive first impression, including its tonality and pattern. Aesthetically speaking, this appears to be a highly desirable product with commercial potential.”
Jupiter Gold filed an application for an exploration permit with the Brazilian mining department on July 12, 2016 with respect to the mineral property where its quartzite project is now located, and such permit was granted on May 3, 2017. In October 2019, during geological mapping by foot, Jupiter Gold’s technical team discovered a formation containing quartzite. Despite difficulties related to the pandemic, from March through April, 2021, a drilling campaign was undertaken which identified extensive quartzite mineralization. Following such exploration campaign and identification of promising material, Yan Binda, a Qualified Person for quartzite under Subpart 1300 of Regulation S-K as promulgated by the U.S. Securities and Exchange Commission, prepared the operational plan for an open-pit quarry.
From April through August, 2021, the environmental studies needed for the permitting of a quartzite mine were conducted by a specialized consulting firm. Jupiter Gold received the permit from the Brazilian mining department on April 4, 2022, and the operational license from the state-based environmental department on December 1, 2022. During the first months of 2023, in preparation for starting the quarry, JGC hired an operational team and sourced the necessary machinery and equipment. The first quartzite block has now been produced as of June 10, 2023, and photos of it can be seen below.
Quartzite is a very hard rock composed predominantly of an interlocking mosaic of quartz crystals. Polished quartzite slabs have become sought after as a higher-end substitute to granite in kitchen countertops and tiles. Brazil has a robust quartzite mining industry centered in the neighboring states of Minas Gerais and Espírito Santo with smaller producers being the norm. Each quarry produces quartzite of different color and texture and therefore stones are unique to their location. The mining process for quartzite normally utilizes an open pit technique and is relatively simple and not labor-intensive. The final commercial product is usually prepared as blocks of raw quartzite with buyers responsible for the logistics of retrieving and transporting such blocks from the quarry.
Jupiter Gold Corporation (OTCQB: JUPGF) has 100% ownership in several gold projects in development and exploration in Brazil. In particular, Jupiter Gold owns 100% of both the Alpha Gold Project, with over 22,000 acres in the state of Minas Gerais, and the Alta Floresta Gold Project, with over 24,000 acres in the state of Mato Grosso. In addition, Jupiter Gold has recently begun production from its quartzite mine located in the state of Minas Gerais. More information on Jupiter Gold is available at www.jupitergoldcorp.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based upon the current plans, estimates and projections of Jupiter Gold Corporation and its subsidiaries (collectively, “Jupiter Gold” or “Company”) and are subject to inherent risks and uncertainties which could cause actual results to differ from the forward- looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: results from ongoing geotechnical analysis of projects; business conditions in Brazil; general economic conditions, geopolitical events and regulatory changes; availability of capital; Jupiter Gold’s ability to maintain its competitive position; manipulative attempts by short sellers to drive down our stock price; and dependence on key management.
Additional risks related to the Company and its subsidiaries are more fully discussed in the section entitled “Risk Factors” in the Company’s Annual Report on Form 20-F filed with the SEC on April 28, 2023. Please also refer to the Company’s other filings with the SEC, all of which are available at www.sec.gov. In addition, any forward-looking statements represent the Company’s views only as of today and should not be relied upon as representing its views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements.
Jupiter Gold Corporation’s reports filed with the Brazilian regulatory authorities are prepared in the standards adopted locally and not in accordance to those of Subpart 1300 of Regulation S-K as promulgated by the SEC.
Brian W. Bernier
Head, Investor Relations & Corporate Development
Jupiter Gold Corporation
Jupiter Gold Corporation