TORONTO, Dec. 20, 2018 /CNW/ - Nighthawk Gold Corp. ("Nighthawk" or the "Company") (TSX: NHK; OTCQX: MIMZF) is pleased to provide an update on the approved construction and operation of a permanent 97 km two-lane gravel highway on a former winter road alignment from Hwy 3, roughly 40km south of Behchokǫ̀ – to the Community of Whatı̀, Northwest Territories, Canada.
Dr. Michael Byron, President & CEO commented, "This is an important project for the Northwest Territories, and particularly residents of the Tłı̨chǫ First Nation as the road will allow transportation efficiencies to reduce the cost of living within the region, foster social opportunities by linking up some of the more remote communities such as Whatı̀, and ultimately result in better winter road access to our Indin Lake Gold Property. We are encouraged to see the commitment of all three parties to promote infrastructure development and road access, especially when considering any future mining scenarios at our flagship Colomac Gold Project. As well, there is substantial mine waste rock stockpiled on surface from the former operation that could potentially be used as material for any additional road construction in the future."
"We see this as an evolutionary step in the right direction to provide attractiveness to industry in the exploration and development of natural resources. We are very pleased to see the territories' continued focus on future development to support its communities and industry."
In late October, the Responsible Ministers adopted the recommendations of the Mackenzie Valley Environmental Review Board on the environmental assessment of the proposed Tłı̨chǫ all-season road (the "TASR"), which allows the project to proceed through to the regulatory and permitting phase. In mid-November, the preferred proponent was selected for road construction and a 25-year operating tenure for road maintenance. All parties are finalizing design details and permit applications, with financial close expected by mid-February.
All required permits are expected by early fall, which should see formal ground work start alongside receiving the main permits (water license and land use permits), with an anticipated construction time of two years.
Additional TASR Project Information
The road construction is being funded through a public-private partnership, with the federal government providing 25% of the capital costs. The remainder is being funded by the Government of the Northwest Territories. The territorial government is working in partnership with the Tłı̨chǫ First Nation government to advance the project.
- Replacing the southern section of the existing winter road will adapt to the impacts of climate change, provide uninterrupted access to the community of Whatì and increase the winter road window-of-access to the communities of Gamètì, Wekweètì, and Nighthawk's Indin Lake Gold Property.
- Transportation efficiencies will reduce the cost of living for the region and embrace social opportunities.
- The capital ceiling in the Request for Proposals (RFP) is $200 million.
- All-weather access will attract further interest from industry in exploration and development of natural resources.
- Road construction and maintenance will result in significant employment and training opportunities for Tłı̨chǫ residents that support the development of a strong northern workforce.
For more information on the TASR project and other infrastructure initiatives from the Government of the Northwest Territories, please visit their website at https://www.inf.gov.nt.ca/en.
Nighthawk is a Canadian-based gold exploration company with 100% ownership of a district-scale land position within the Indin Lake Greenstone Belt, located approximately 200 km north of Yellowknife, Northwest Territories, Canada. Nighthawk is focused on advancing the Colomac Gold Project with a current inferred resource of 2.6 million ounces of gold (50.3 million tonnes at an average grade of 1.62 grams per tonne gold), as well as advancing its other regional gold deposits and showings within this largely underexplored Archean gold camp.
The Company has an experienced and dedicated team and is well funded to complete its goals and objectives over the next 18-24 months.
Dr. Michael J. Byron, Ph.D., P.Geo., President & Chief Executive Officer of Nighthawk, who is the "Qualified Person" as defined by NI 43-101 for this project, has reviewed and approved of the technical disclosure contained in this news release. Please refer to NI 43-101 technical report "Technical Report and mineral resource estimate update on the Colomac Property of the Indin Lake Project", dated June 17, 2013, as filed under the company's profile on www.sedar.com.
Neither the Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to: information with respect to any potential development and mining scenario at the Colomac Gold Project and any additional road infrastructure commitments by the territorial and/or federal government, and the timing and financial support thereof . Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved".
Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Nighthawk to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Nighthawk's annual information form for the year ended December 31, 2017, available on www.sedar.com.
Although Nighthawk has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Nighthawk does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Nighthawk Gold Corp.
For further information: NIGHTHAWK GOLD CORP., Tel: 1-647-794-4313; Email: [email protected], Website: www.nighthawkgold.com; Dr. Michael Byron, President & CEO, Tel: 1-647-794-4359; Michael Leskovec, CFO, Tel: 1-647-794-4360; Suzette N Ramcharan, VP, Corporate Development, Tel: 1-647-794-4362