VANCOUVER AND NEW DELHI, India, Dec. 6 /CNW/ - Pebble Creek Mining Ltd. (the "Company" or "Pebble Creek") is pleased to announce that the government's Advisory Group on Forests has recommended final approval of "Forest Clearance" for a pre-approved 30-year Mining Lease on the Company's Askot deposit in Uttarakhand, India.
India's Ministry of Environment and Forests convened a hearing on December 3, 2010 in the Uttarakhand state capital of Dehradun with all concerned State officials present. Pebble Creek's delegation was led by Executive Chairman Gyan C. Singhai, P.Eng. At the hearing's conclusion, it was announced that the Company would be granted Forest Clearance and a formal letter would follow. Forest Clearance is the last remaining permit that the Company requires in order to be granted the Mining Lease.
The Forest Clearance permit establishes the terms under which the Company may remove trees, provide for their re-planting elsewhere and otherwise alienate certain surface lands.
Askot is a massive sulphide deposit containing copper, zinc, lead, silver and gold located in Uttarakhand, India. The prospect has an indicated mineral resource estimate compliant with Canada's National Instrument 43-101. For further information, please refer to the Technical Report dated September 26, 2008 prepared by SRK Consulting, which is available on the Company's web site at www.pebcreek.com/pr_20080930.pdf or www.sedar.com. The Askot deposit is 100 percent held by Pebble Creek's wholly-owned Indian subsidiary Adi Gold Mining Pvt. Ltd.
In 2006 the Uttarakhand government approved a 30-year Mining Lease ("ML") for Askot and, following standard procedure, forwarded it to the Indian Ministry of Mines, which approved it in 2007. In the same year, Uttarakhand state issued a Letter of Intent to grant the ML subject to the Company obtaining certain other approvals and permits. In total the Company completed about 30 separate tasks, studies, hearings or approvals and many meetings required by several branches of State and Central government.
The granting of Forest Clearance was the result of an ongoing and determined effort by Pebble Creek staff in India and Canada over the years. The Company believes Askot is the first non-ferrous metals project to have advanced to this approval stage in many decades.
This news release contains forward-looking statements that address future events and conditions and are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in commodity prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither 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.
For further information: For further information:
Andrew Nevin, President & CEO, Telephone: +1 604 250 1795
Mike Romanik, Vice President, Telephone: +1 204 724 0613