VANCOUVER, Jan. 15, 2019 /CNW/ - IDM Mining Ltd. (TSX-V:IDM) (OTCQB: IDMMF)("IDM" or the "Company") announces that on January 14, 2019, the Canadian Environmental Assessment Agency ("CEAA") issued a positive Decision Statement for the Company's wholly-owned Red Mountain Underground Gold Project ("Red Mountain" or "the Project").
The Honourable Catherine McKenna, Minister of Environment and Climate Change, announced in her decision that pursuant to the Canadian Environmental Assessment Act, 2012 (CEAA 2012), the proposed Red Mountain Underground Gold Project is not likely to cause significant adverse environmental effects and the project may proceed. The Project is an underground gold-silver mine proposed by IDM and located 15 kilometres northeast of Stewart, British Columbia.
As part of the Environmental Assessment Decision Statement, the Minister established more than 120 conditions that IDM must fulfill throughout the life of the Project. The purpose of these conditions is to reduce or eliminate the potential effects of the Project on the environment and include measures to protect fish and fish habitat, migratory birds, species at risk, human health, physical and cultural heritage and the current use of lands and resources for traditional purposes by Indigenous peoples. The Environmental Assessment Decision Statement can be reviewed at: https://ceaa-acee.gc.ca/050/documents/p80093/126512E.pdf.
On October 5th, 2018, the Province of British Columbia issued an Environmental Assessment ("EA") Certificate to IDM under the BC Environmental Assessment Act for the Project. The Project is also subject to requirements under the Nisga'a Final Agreement, a modern treaty signed by the governments of Canada, British Columbia and the Nisga'a Nation. In accordance with the treaty, the Minister's Project Recommendation includes a determination of the potential effects of the project under the Nisga'a Final Agreement.
The Red Mountain Underground Gold Project will now proceed to the regulatory phase during which Fisheries and Oceans Canada and Natural Resources Canada will consider their respective permitting and regulatory decisions.
About IDM and Red Mountain
IDM Mining Ltd. is an exploration and development company based in Vancouver, BC, Canada focused on advancing the Red Mountain Gold Project towards production. The 17,125 hectare Red Mountain Gold Project is located in northwestern BC, 15 km northeast of the mining town of Stewart.
Recently, IDM and Ascot Resources Ltd. entered into a definitive arrangement agreement whereby Ascot will acquire all outstanding common shares of IDM. If completed, this transaction would result in the consolidation of Ascot's Premier Gold project and IDM's Red Mountain project to create the leading high-grade gold development and exploration company in BC's Golden Triangle. For more information on the transaction, please view IDM's press release dated January 7, 2019 at www.idmmining.com.
ON BEHALF OF THE BOARD
of IDM Mining Ltd.
President, CEO and Director
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Forward-Looking Statements: Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the proposed exploration and development activities and their timing. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others and in addition to those described elsewhere in this release, timing and success of future exploration and development activities, exploration and development risks, delays in obtaining or inability to obtain required government or other regulatory approvals, permits or financing, the risk of unexpected variations in mineral resources, grade or recovery rates, of failure of plant, equipment or processes to operate as anticipated, of accidents, labor disputes, and unanticipated delays in completing other development activities, the risk that estimated costs will be higher than anticipated and the risk that the proposed mine plan and recoveries will not be achieved, equipment breakdowns and bad weather, the timing and success of future exploration and development activities, exploration and development risks, mineral resources are not as estimated, title matters, third party consents, operating hazards, metal prices, political and economic factors, competitive factors and general economic conditions. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: required regulatory approval, permits and financing will be obtained; the proposed exploration and development will proceed as planned; with respect to mineral resource estimates, the key assumptions and parameters on which such estimates are based; that the proposed mine plan and recoveries will be achieved, that capital costs and sustaining costs will be as estimated, and that no unforeseen accident, fire, ground instability, flooding, labor disruption, equipment failure, metallurgical, environmental or other events that could delay or increase the cost of development will occur, and market fundamentals will result in sustained metals and minerals prices. 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.
There can be no assurance that IDM Mining Ltd. will complete the proposed transaction with Ascot Resources Ltd. on the proposed terms or at all.
SOURCE IDM Mining Ltd.
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