TORONTO, Jan. 20, 2016 /CNW/ - AuRico Metals Inc. (TSX: AMI), ("AuRico" or the "Company") is pleased to announce that as of January 11 the British Columbia Environmental Assessment Office ("EAO") approved the Application Information Requirements ("AIR") for the Kemess Underground Project. The AIR specifies the information that must be contained in the Environmental Assessment ("EA") application for an EA Certificate. The BC EAO is managing the environmental assessment in a Substituted Process on behalf of British Columbia and the Canadian Environmental Assessment Agency.
Having finalized the AIR with the EAO, AuRico Metals has completed its Environmental Assessment ("EA") application and has submitted copies of the EA application to the three First Nations who are collectively the Tse Keh Nay. AuRico Metals expects to submit the EA application to the BC EAO within the next six weeks. At that point the application will be subject to a 30 day EAO screening process before entering into the 180 day review period.
Commenting on today's announcement, Chris Richter, President and CEO of AuRico Metals stated, "The receipt of the AIR and completion of the EA application is the culmination of a tremendous effort by the AuRico Metals team and our consultants and I would like to take this opportunity to commend them for their efforts. We view the EA as a significant de-risking catalyst for the Kemess Underground project and we continue to target the fourth quarter of 2016 for the receipt of governmental decisions on the project. Separately, we remain on track to release an updated Kemess Underground feasibility study and Kemess East resource estimate by the end of this quarter."
About AuRico Metals
AuRico Metals is a mining royalty and development company whose producing gold royalty assets include a 1.5% NSR royalty on the Young-Davidson Gold Mine, a 0.25% NSR royalty on the Williams Mine at Hemlo, and a 0.5% NSR royalty on the Eagle River Mine – all located in Ontario, Canada. AuRico Metals also has a 2% NSR royalty on the Fosterville Mine and a 1% NSR royalty on the Stawell Mine, located in Victoria, Australia. Aside from its diversified royalty portfolio, AuRico owns (100%) the advanced Kemess Gold-Copper Project in British Columbia, Canada. AuRico Metals' head office is located in Toronto, Ontario, Canada.
This press release contains forward-looking statements and forward-looking information as defined under Canadian and U.S. securities laws. All statements, other than statements of historical fact, are forward-looking statements. The words "expect", "believe", "anticipate", "will", "intend", "estimate", "forecast", "budget" and similar expressions identify forward-looking statements. Forward-looking statements include those relating to expectations for a potential increase in resources, estimates of grade core mineralization, timing and content of any updated Kemess East resource, timing and extent of any proposed operations, timing of any environmental assessment, as well as other information as to strategy, plans or future financial or operating performance, such as the Company's expansion plans, project timelines, production plans, projected cash flows or capital expenditures, cost estimates, projected exploration results, reserve and resource estimates and other statements that express management's expectations or estimates of future performance. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, including: uncertainty of production and cost estimates; fluctuations in the price of gold and foreign exchange rates; the uncertainty of replacing depleted reserves and the possible recalculation or reduction of reserves and resources; the risk that the Young-Davidson shaft will not perform as planned; the risk that mining operations do not meet expectations; the risk that projects will not be developed according to budgets or timelines, changes in laws in Canada, Australia and other jurisdictions in which the Company may carry on business; risks of obtaining necessary licenses, permits or approvals for operations or projects such as Kemess; disputes over title to properties; the speculative nature of mineral exploration and development; compliance risks with respect to current and future environmental regulations; disruptions affecting operations; opportunities that may be pursued by the Company; employee relations; availability and costs of mining inputs and labor; the ability to secure capital to execute business plans; volatility of the Company's share price; the effect of future financings; litigation; risk of loss due to sabotage and civil disturbances; the values of assets and liabilities based on projected future cash flows; risks arising from derivative instruments or the absence of hedging; adequacy of internal control over financial reporting; changes in credit rating; risks related to the operation of the properties in which AuRico Metals holds a royalty; and the impact of inflation. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained herein. Such statements are based on a number of assumptions which may prove to be incorrect, including assumptions about: business and economic conditions; commodity prices and the price of key inputs such as labour, fuel and electricity; credit market conditions and conditions in financial markets generally; the ongoing operation of the properties in which AuRico Metals holds a royalty by the operators of such underlying properties; revenue and cash flow estimates, production levels, development schedules and the associated costs; ability to procure equipment and supplies and ability to do so on a timely basis; the timing of the receipt of permits and other approvals for projects and operations; the ability to attract and retain skilled employees and contractors for the operations; the accuracy of reserve and resource estimates; the impact of changes in currency exchange rates on costs and results; interest rates; taxation; and ongoing relations with employees and business partners. However, there can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and investors are cautioned that forward looking statements are not guarantees of future performance. AuRico Metals cannot assure investors that actual results will be consistent with these forward looking statements. Accordingly, investors should not place undue reliance on forward looking statements due to the inherent uncertainty therein. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE AuRico Metals
For further information: Chris Richter, President and Chief Executive Officer, AuRico Metals Inc., 416-216-2780, firstname.lastname@example.org; Robert Chausse, Chief Financial Officer, AuRico Metals Inc., 416-216-2780, email@example.com