Stratabound receives permits to mine CNE open pit polymetallic deposit; construction underway
SB: TSX Venture Exchange
Issued: 75,887,611 shares
reclamation bonds posted
loan facility increased
- gravity and UTEM surveys completed on Commander property
CALGARY, Jan. 30, 2013 /CNW/ - Stratabound Minerals Corp. (TSXV:SB) is pleased to announce that it has received, in accordance with New Brunswick's Environmental Impact Assessment Regulation - Clean Environment Act, the Minister's Certificate of Determination necessary to proceed with development of the CNE zinc-lead-silver-gold open pit mine.
Stratabound has also received, in accordance with the Water Quality Regulation - Clean Environment Act an Approval to Construct and Operate for the CNE Mine from the New Brunswick Department of Environment.
Final operational approvals were given on January 24, 2013 and construction commenced on January 26, 2013.
A total of $850,000 has been posted with the New Brunswick Department of Energy and Mines for reclamation and environmental security.
Stratabound plans to mine and deliver 90,000 tonnes, and possibly up to 150,000 tonnes, to Xstrata Zinc's Brunswick No. 12 mill in March and April for processing and production of metal concentrates under a custom milling and offtake agreement with Xstrata.
The Company acknowledges the assistance, guidance, and professionalism of the New Brunswick government officials involved in the processing and evaluation of the CNE project.
The Company further announces that it has entered into a second unsecured loan facility for up to $850,000 with a private company controlled by its largest shareholder. As is the case with the previous $1,400,000 loan facility (news release dated November 21, 2012), the loan carries interest at 6% and is repayable on June 30, 2013, subject to being repaid earlier out of the proceeds from mine operations. As additional compensation for the loan, the Company will, subject to regulatory approval, issue 1,000,000 warrants. Each warrant is exercisable at $0.20 for a period of 18 months.
In other news, the Company has completed gravity and transient electromagnetic (UTEM) geophysical surveys on the optioned Commander property which adjoins the north boundary of Stratabound's CNE/Captain claim groups. Results of the surveys are currently under evaluation.
The technical information contained in this release has been reviewed by Stan Stricker, P.Geol., a Qualified Person as defined in National Instrument 43-101.
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.
WARNING: the Company relies upon litigation protection for "forward looking" statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
SOURCE: Stratabound Minerals Corp.For further information: