TORONTO, Oct. 19, 2016 /CNW/ - Kerr Mines Inc. ("Kerr" or the "Company") (TSX:KER) is pleased to announce it has begun dewatering and rehabilitation activities at its flagship Copperstone Mine located in Arizona. The rehabilitation activities are consistent with Kerr's strategy to re-start production at Copperstone.
"We are firmly focused on restarting operations at Copperstone," said Chris Hopkins, Interim CEO of Kerr Mines. "Completing the de-watering activities will represent a major catalyst in our efforts to unlock Copperstone's potential value. The Company has also begun developing an exploration and underground development program."
The Copperstone Mine produced nearly 500,000 ounces of gold through open pit mining. Existing infrastructure which remains from this time, or which has been subsequently installed by the Company's predecessor and wholly owned subsidiary, American Bonanza Gold Corp., is considerable and serves to reduce the current capital requirements for the mine. Existing infrastructure includes a power line and substation, and three water wells, all sufficient for the proposed operations at Copperstone. Additional infrastructure on site includes offices, maintenance shops and a laboratory building (permitted tailings facility, processing facility and mill).
Kerr is a North American gold exploration and development company based in Toronto, Canada. Kerr's core focus is to commence operations at the Copperstone Mine in Arizona. The mine is permitted with mining infrastructure and processing infrastructure in place.
This news release contains forward-looking statements, including current expectations on the timing of the commencement of production and the rate of production, if commenced. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations. Risks and uncertainties about Kerr Mines' business are more fully discussed in the Company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Kerr Mines assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Kerr Mines Inc.
For further information: Chris Hopkins, Interim President & CEO, Chief Financial Officer, Email: [email protected]