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Loncor $LN.ca Announces Appointment of John Barker as Vice President of Business Development $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM #PDAC2020

Posted by AGORACOM-Eric at 10:09 AM on Tuesday, March 3rd, 2020
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Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQB: “LONCF”) is pleased to announce the appointment of Mr. John Barker as Vice President of Business Development for Loncor.

Arnold Kondrat, Chief Executive Officer of Loncor, commented: “We welcome John Barker as Vice President of Business Development for Loncor.  Mr. Barker has over 30 years of global mining experience encompassing many key elements of the mining world, and I look forward to working with him and the team to unlock the potential evident in the Ngayu gold belt.” 

Mr. Barker has 15 years’ experience as a leading mining analyst, including with RBC DS heading up their Global Gold Mining initiative and focussing on African mining equities.  Subsequently, he was Vice President Corporate Development for TSX-listed SouthernEra Resources, which was taken over by Lonmin, and was instrumental in the Guinor Gold sale to Crew Gold.  More recently he has been involved in various copper, diamond and platinum initiatives in Southern Africa.  During his career he has been involved in numerous asset sales and equity issues raising over US$600m in Canada, Australia, Europe and RSA.  Mr. Barker commented: “Loncor offers the chance to get involved in a region of the world that is only now starting to show its true gold producing potential through the success of the Barrick-operated Kibali gold mine.  The Ngayu belt holds the potential of similar discoveries and I am excited on helping the company utilise its vast in-country experience to realise value for all.” 

About Loncor Resources Inc.
Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Belt in the Democratic Republic of the Congo (the “DRC”).  The Loncor team has over two decades of experience of operating in the DRC.  Ngayu has numerous positive indicators based on the geology, artisanal activity, encouraging drill results and an existing gold resource base.  The area is 200 kilometres southwest of the Kibali gold mine, which is operated by Barrick Gold (Congo) SARL (“Barrick”).  In 2019, Kibali produced record gold production of 814,000 ounces at “all-in sustaining costs” of US$693/oz.  Barrick has highlighted the Ngayu Greenstone Belt as an area of particular exploration interest and is moving towards earning 65% of any discovery in 1,894 km2 of Loncor ground that they are exploring.  As per the joint venture agreement signed in January 2016, Barrick manages and funds exploration on the said ground at the Ngayu project until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Barrick.  In a recent announcement Barrick highlighted six prospective drill targets and are moving towards confirmation drilling in early 2020.  Subject to the DRC’s free carried interest requirements, Barrick would earn 65% of any discovery with Loncor holding the balance of 35%.  Loncor will be required, from that point forward, to fund its pro-rata share in respect of the discovery in order to maintain its 35% interest or be diluted.

In addition to the Barrick JV, certain parcels of land within the Ngayu project surrounding and including the Makapela and Adumbi deposits have been retained by Loncor and do not form part of the joint venture with Barrick.  Barrick has certain pre-emptive rights over the Makapela deposit.  Loncor’s Makapela deposit has an Indicated Mineral Resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an Inferred Mineral Resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au).  Adumbi and two neighbouring deposits hold an Inferred Mineral Resource of 1.675 million ounces of gold (20.78 million tonnes grading 2.5 g/t Au), with 71.25% of this resource being attributable to Loncor via its 71.25% interest. 

Resolute Mining Limited (ASX/LSE: “RSG”) owns 25% of the outstanding shares of Loncor and holds a pre-emptive right to maintain its pro rata equity ownership interest in Loncor following the completion by Loncor of any proposed equity offering.  Newmont Goldcorp Corporation (NYSE: “NEM”; TSX: “NGT”) owns 7% of Loncor’s outstanding shares. 

Additional information with respect to Loncor and its projects can be found on Loncor’s website at www.loncor.com