VANCOUVER, April 26, 2012 /CNW/ - Copper North Mining Corp. ("Copper North" or the "Company") (TSX.V: COL) announces that the Carmacks Copper Project ("Carmacks") located in the Yukon, Canada, is assessable under the Yukon Environmental and Socio-economic Assessment Act ("YESAA") following the recently announced design changes to the plans for development and closure of the project.
Scope of Assessment
The Yukon Environmental and Socio-economic Board ("YESAB") will determine the scope of the assessment. Carmacks was fully assessed in 2008, which led to a positive decision and the issuance of a Quartz Mining Licence in 2009. The Company and YESAB are currently in discussion to determine how the unchanged and previously assessed aspects of the project can be utilized in the new assessment.
The design changes to the Heap Leach Facility ("HLF") which were announced in March (see news release dated March 1, 2012) are directed towards improving the operational management of the HLF and to ensure successful closure by implementing industry standard closure technology. There are no changes to any other previously assessed component of the Carmacks Copper Project.
Dr. Sally Eyre, President and Chief Executive Officer of Copper North stated "I am confident that the new assessment, which is now required as a result of the design changes, will be efficiently managed by YESAB. This next phase of the project assessment will enable us to demonstrate to all stakeholders our continued commitment to environmental stewardship and sustainability". Dr. Eyre further stated, "the on-going collaboration with the Yukon regulators has provided a clear path forward as we continue to work diligently towards securing a Water Use Licence for the successful development of the Carmacks Copper Project".
The Company plans to prepare a proposal for submission to YESAB in Q3, 2012 and expects to submit plans for the Quartz Mining Licence amendment, revised Closure Plan, and a new Water Use Licence application immediately thereafter.
First Nations have been provided with the same technical information regarding the design changes to Carmacks that have been provided to the Yukon regulators and agencies.
About Copper North
Copper North is a Canadian mineral exploration and development company. Copper North's mineral resource assets include the Carmacks Copper Project located in the Yukon, and the high-grade, stratiform-copper Redstone Property, located in the Northwest Territories. Copper North trades on the TSX Venture Exchange under the symbol COL.
Please visit www.coppernorthmining.com.
On behalf of the Board of Directors:
"Sally L. Eyre"
Dr. Sally L. Eyre
President, CEO and Director
This news release includes certain "forward-looking statements", including the Company's intended use of the proceeds from the private placement. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include market prices, exploitation and exploration results, availability of capital and financing, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly 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 otherwise required by applicable securities legislation.
Neither the 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.
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