Loncor Announces Appointment of John Barker as Chief Executive Officer
posted on
Sep 21, 2021 11:03AM
Adumbi Gold Deposit: Second Largest Gold Deposit In DRC, USD $1.3 Billion after tax valuation at a price of $ 2,000/oz gold
Loncor Gold Inc. ("Loncor" or the "Company") (TSX: "LN"; OTCQX: "LONCF”; FSE: "LO51") is pleased to announce the appointment of Mr. John Barker as Chief Executive Officer (“CEO”) of Loncor.
Mr. Barker commented: “It’s a privilege to have been appointed CEO through arguably the most exciting period of Loncor’s history. Looking ahead, it will be key for the team to continue to expand the shareholder base while on the ground looking to release the inherent latent value we believe lies within the Loncor story. With the mining world searching for “high-quality” gold deposits, we believe we are developing just such a project at Adumbi. Over the next few months, Loncor will look to quantify Adumbi’s potential through the ongoing Preliminary Economic Assessment. Simultaneously, we will be drilling for significant contiguous underground resources to enhance Adumbi’s life and economics. Into 2022, we will assess and potentially develop numerous other exploration targets and initiatives on the Ngayu gold belt. Given the expected news flow, we believe the future looks exciting for Loncor, and its shareholders.”
Mr. Barker, who was Vice President of Business Development of Loncor prior to his appointment as CEO, has 17 years’ experience as a leading mining equity analyst including a period as Chairman of The Association of UK Mining Analysts. During the period, he worked for RBC DS where as Managing Director he headed up their London-based Global Gold Mining initiative, focussing on African mining equities. Subsequently, he was Vice President Corporate Development for TSX-listed SouthernEra Resources, which was taken over by Lonmin, and in a similar role he was a key participant in the Guinor Gold sale to Crew Gold. More recently Mr. Barker has been involved in various copper, diamond and platinum corporate initiatives in Southern Africa including consulting for the globally recognised mining entrepreneur Robert Friedland. During his career, he has participated in numerous asset sales, public listings and equity issues, raising over US$600m in Canada, Australia, Europe and RSA.
Arnold Kondrat, Founder of Loncor and past CEO, has now been appointed as the Company’s Executive Chairman of the Board. Mr. Kondrat commented: “We are very pleased to have John Barker on board as Loncor’s new CEO. During the past 18 months, Loncor has increased the gold resource base at its Imbo Project, which includes its flagship Adumbi deposit, by more than 100%, from 1.675 million ounces to 3.466 million ounces of gold. I look forward to continue working with John in his new role and with the team, which includes Peter Cowley who remains as President, as Loncor moves to the next important phase of its development.”
About Loncor Gold Inc.
Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo (the "DRC"). The Loncor team has over two decades of experience of operating in the DRC. Loncor’s growing resource base in the Ngayu Belt currently comprises the Imbo and Makapela Projects. At the Imbo Project, the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 3.466 million ounces of gold (42.996 million tonnes grading 2.51 g/t Au), with 84.68% of this resource being attributable to Loncor. Loncor is currently carrying out a drilling program at the Adumbi deposit with the objective of outlining additional mineral resources. The Makapela Project (which is 100%-owned by Loncor and is located approximately 50 kilometres from the Imbo Project) 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).
Additional information with respect to Loncor and its projects can be found on Loncor's website at www.loncor.com.