VANCOUVER, BC and NEW DELHI, INDIA, May 19 /CNW/ - Pebble Creek Mining
Ltd. (the "Company" or "Pebble Creek") reports that the Expert Appraisal
Committee ("EAC") of the Indian Ministry of Environment and Forests has
published minutes of its April 16, 2009 meeting. EAC recommends Environmental
Clearance for the Company's Askot mining project. This is the most important
permit toward commercial production.
Environmental clearance is subject to one condition that is easily
accomplished: To obtain prior approval from the Wildlife Warden since the
Mining Lease boundary is 500 metres from a wildlife sanctuary. The Company has
already worked closely with the Wildlife Warden to develop an acceptable
conservation plan. The Company expects formal notification of Clearance from
the Ministry shortly.
Reforms in Progress. India's voters re-elected the Congress Party-led
government last week with a stronger mandate for reform. The Indian public
expects that economic reforms will continue and accelerate. Anticipated
reforms include disinvestment of some shares of state-owned enterprises,
increased opening of the banking and insurance sector, and further
encouragement of foreign direct investment. In addition the new National
Mining Policy is expected to be made into law, which is consistent with
Congress's stated goal to increase foreign investment and technology transfer
in the mining industry by speeding up permitting processes and promising
secure mineral tenures.
About Pebble Creek. The Company is concentrating on developing the
high-grade Askot copper, zinc and lead deposit, with some gold, silver and
indium, in Uttarakhand State, India. Askot is projected to be an
environmentally friendly underground mine. With a thorough knowledge of India
after 14 years in country, the Company is well positioned to carry out this
project and others in the acquisition pipeline.
This news release contains forward-looking statements, which address
future events and conditions, which are subject to various risks and
uncertainties. The Company's actual results, programs and financial position
could differ materially from those anticipated in such forward-looking
statements as a result of numerous factors, some of which may be beyond the
Company's control. These factors include: the availability of funds; the
timing and content of work programs; results of exploration activities and
development of mineral properties, the interpretation of drilling results and
other geological data, the uncertainties of resource and reserve estimations,
receipt and security of mineral property titles; project cost overruns or
unanticipated costs and expenses, fluctuations in commodity prices; currency
fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of
the Company's management on the date the statements are made. The assumptions
used in the preparation of such statements, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements.
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.
For further information:
For further information: Andrew Nevin, President & CEO, New Delhi, tel.
+91 98 1091 0678; Mike Romanik, Investor Relations, Verenex Capital Corp.,
Brandon, Manitoba, tel. (204) 724-0613