ELKO, NV, May 6, 2014 /CNW/ - Waterton Global Mining Company, LLC ("Waterton Mining") is pleased to announce that the U.S. Department of the Interior, Bureau of Land Management (the "BLM") has issued the final Record of Decision (the "ROD") for its Environmental Impact Statement (the "EIS") for the Hollister Mine (the "Hollister Project").
Issued on March 31, 2014, the ROD is a significant milestone for the Waterton Mining team and the development of the Hollister Project. The issuance of the ROD, being the final stage of EIS approval, will unlock considerable value for the Hollister Project by:
- Reducing operational and regulatory uncertainty for the project;
- Extending the proposed project life;
- Authorizing additional area for surface exploration;
- Increasing mining and pumping rates; and
- Allowing for the installation of grid power at the Hollister Project.
"The completion of the EIS secures the Hollister Project as a valuable and important asset for Waterton Mining," said Isser Elishis, Managing Partner and Chief Investment Officer of Waterton Global Resource Management, Inc. "This significant permitting milestone will allow additional capital investment that will increase the viability of the project and lead to long-term value creation."
The EIS application process was initiated in 2008 by the previous owner of the Hollister Project and was continued by Waterton Mining when it acquired the Hollister Project in May 2013.
About the Hollister Mine
Once considered to be one of the highest grade gold deposits in the world, the Hollister Mine is located in northern Nevada, at the intersection of the Carlin Trend and the Northern Nevada Rift. The Carlin trend is one of the world's richest gold mining districts and is one of the most prolific gold mining regions in North America.
About Waterton Global Mining Company, LLC
Waterton Global Mining Company, LLC is an emerging precious metals mining company with assets in northern and southern Nevada. Waterton Global Mining Company, LLC is a wholly-owned portfolio company of Waterton Precious Metals Fund II Cayman, LP (the "Fund"). The Fund is advised by Waterton Global Resource Management, Inc. For more information, please visit: www.watertonglobal.com.
SOURCE: Waterton Global Resource Management
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