VANCOUVER, Aug. 29, 2018 /CNW/ - IDM Mining Ltd. (TSX.V:IDM) (OTCQB:IDMMF) ("IDM" or the "Company") is pleased to announce that the British Columbia Environmental Assessment Office ("EAO") has completed the Application Review phase for the proposed Red Mountain Gold Project ("Red Mountain" or the "Project").
The EAO has referred the Company's Application for an Environmental Assessment Certificate ("EAC") to the Minister of Environment and Climate Change Strategy and the Minister of Energy, Mines and Petroleum Resources for a decision. In accordance with the Environmental Assessment Act, Ministers have up to 45 days to decide whether to issue a certificate, not issue a certificate, or require further assessment. Referral materials and the Ministers' decision will be posted on the EAO website within the next 45 days.
In 2017, IDM submitted the Application for an underground gold mine at Red Mountain, mill and tailings site in the adjacent Bitter Creek Valley, water treatment facilities, access road from Highway 37 just north of Stewart, BC and powerline interconnection from BC Hydro grid. The Application Review phase included environmental and socioeconomic reviews with dozens of technical working group members and stakeholders, with respectful and thorough consultation with the Nisga'a Nation.
"We are very pleased that we have been able to resolve all key issues relating to the environmental assessment of the Red Mountain Project" said Michael McPhie, Chair of IDM's Board of Directors. "We are confident that a positive decision from the Ministers will be made in the near-term and look forward to moving ahead with the development of the Project."
"Our vision for BC's next high-grade bulk underground gold mine is another step closer. We believe that the proposed low-footprint Red Mountain operation will have obvious benefits to my hometown of Stewart, to Nisga'a citizens and to residents throughout northwestern BC," said Robert McLeod, President and CEO of IDM Mining. "We look forward to continuing to increase resources and making new discoveries at Red Mountain, as well as completing the updated feasibility study incorporating value engineering improvements from the 2017 study and the increased measured and indicated resources from the June 2018 resource estimate."
Provincial Environmental Assessment Certificate
The Project commenced the 180-day legislated application review period under the British ColumbiaEnvironmental Assessment Act on November 1, 2017. IDM received and responded to review comments from the technical working group co-led by the EAO and the Canadian Environmental Assessment Agency ("CEA Agency"), which included the participation of Nisga'a Nation (as represented by Nisga'a Lisims Government) and regulatory agencies. IDM also responded to feedback from community members and stakeholders during the public consultation period (Nov 14 to Dec 14, 2017).
On March 12, 2018, IDM requested a temporary suspension of the application review period and it was granted by the EAO the following day to allow for final resolution of several outstanding technical comments and information requests.
The temporary suspension was lifted on July 13, 2018 and at that time the Project was on day 137. The application review period finished on August 28, 2018 and the Application has been referred to the Minister of Environment & Climate Change Strategy and the Minister of Energy, Mines & Petroleum Resources for an EAC decision. The Minister's have 45 days to complete their review and render a decision on the Project.
The Project is also subject to a coordinated review by the CEA Agency under the Canadian Environmental Assessment Act, 2012 (CEAA 2012). On December 22, 2017, IDM received supplementary information requests on the EIS, pausing the federal timeline on day 122 of the federal legislated timeline of up to 365 days. On May 17, 2018 IDM was informed by the CEA Agency that all supplementary information requests had been satisfied and the federal environmental assessment review process was resumed. The federal review timeline is currently at day 225 of 365.
With the provincial environmental assessment now nearing completion and the federal environmental assessment now advancing forward in a straightforward and predictable manner, IDM anticipates receiving federal approval in late 2018 or early 2019.
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. IDM recently announced increased high-grade, near-surface measured and indicated resources. Located near a paved highway and grid power, IDM envisions bulk underground mining methods at the Project, with gold-silver doré produced on site.
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, resource estimates and potential mineralization. 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.
SOURCE IDM Mining Ltd.
For further information: Robert McLeod, 604-681-5672 office, 604-617-0616 cell, [email protected]; Investor Relations: Vanessa Pickering, 604-681-5672 office ext 7112, 604-202-2940 mobile, [email protected]