Goldspot recently completed a $1.3 million equity financing from a prolific mining financier, as well as, Hochschild Mining plc (“Hochschild”). Hochschild is a leading British-based silver and gold mining company operating in North, Central and South America. In 2016, Hochschild produced 17.3 million ounces of silver and 246 thousand ounces of gold. Hochschild revenues in 2016 were US$688 million and currently trades on the London Stock Exchange with a market capitalization of US$1.7 billion.
“We are pleased that such key influencers in the mining sector have such confidence in our vision. More importantly, it is testament to the merits of our technology that one of our first clients has a vested interest in our success,” states Denis Laviolette, CEO and President of Goldspot Discoveries, “We believe that big data and machine learning are poised to disrupt the entire mining sector. Our innovation is reinvigorating an archaic sector, reducing significant risk, while giving our stakeholders the most torque for their buck.”
RAMON BARUA AND SHELDON INWENTASH ADDED TO BOARD OF DIRECTORS
Along with the completion of this financing, Goldspot announced the appointment of Ramón Barúa and Sheldon Inwentash to the Board of Directors.
Mr. Barúa is currently the CFO of Hochschild Mining plc, a leading underground precious metals producer focusing on high grade silver and gold deposits, with over 50 years’ operating experience in the Americas. Prior to his appointment, Mr. Barúa served as CEO of Fosfatos del Pacifico, a mining project in northern Peru owned by Cementos Pacasmayo, an associate company of the Hochschild Group. During 2008, Mr. Barúa was the General Manager for Hochschild Mining’s Mexican operations, having previously worked as Deputy CEO and CFO of Cementos Pacasmayo. Prior to joining Hochschild, Mr. Barúa was a Vice President of Debt Capital Markets with Deutsche Bank in New York for four years and a sales analyst with Banco Santander in Peru.
Mr. Inwentash has more than 30 years of investing experience and success, financing hundreds of private and public start-up companies. The Financial Post called him a "A World Leader in financing junior resource firms". Through two decades leading Pinetree Capital, Mr. Inwentash created significant shareholder value through early investments and subsequent exits in companies such as Queenston Mining (acquired by Osisko Mining Corp. for $550-million), Aurelian Resources (acquired by Kinross for $1.2-billion) and Gold Eagle Mines (acquired by Goldcorp for $1.5-billion), with the firm's market capitalization exceeding $1 Billion at its peak.
Mr. Inwentash stated, “I want to congratulate Denis and the Goldspot team for achieving yet another important milestone. Attaining this level of acceptance with two significant influencers in global mining provides third party validation of their Artificial Intelligence capabilities. I believe this new and disruptive area of Artificial Intelligence will revolutionize the approach toward mineral discovery forever.”
About Goldspot Discoveries Inc.
Goldspot Discoveries is a technology/investment company that has developed a machine-learning algorithm capable of significantly improving mineral exploration targeting on both a regional and local scale. The Goldspot Algorithm is proven to mitigate investment risk and increase the efficiency and success rate of exploration in data-rich environments. The company plans to lever this technology to create a new and exciting investment opportunity for the market, and to give its stakeholders the greatest upside in the mining sector while reducing the risk.
Goldspot Discoveries is aiming to completely change the investment decision model by using the Goldspot Algorithm to stake acreage, acquire projects and royalties, and invest in public vehicles to ultimately create a portfolio of assets with the greatest reward to risk ratio. Already, the company has staked highly prospective targets in the Abitibi region and is currently working with companies to delineate further targets and in Ontario, West Africa, Nevada, Arizona, and South America.