Provincial Environmental Assessment Review of Red Mountain Gold Project Advances to Final Stage
July 16, 2018, Vancouver, BC – IDM Mining Ltd. (TSXV:IDM) (OTCQB:IDMMF) (“IDM” or the “Company”) is pleased to announce that the temporary voluntary suspension of the 180-day time limit for the application review of the Red Mountain Gold Project (“Red Mountain” or the “Project”) has been lifted by the BC Environmental Assessment Office (“EAO”) and the Project is now entering the final stage of the Environmental Assessment (“EA”) review.
“We are very pleased that all material issues relating to the provincial environmental assessment of Red Mountain have now been resolved and we can move into the final stage of the provincial environmental assessment process,” said Michael McPhie, Chair of IDM’s Board of Directors. “With only 43 days left on the legislated provincial review timeline and key issues now resolved, we can look forward with confidence in our permitting and ultimate development timeline. This resolution represents a key step in our work with Provincial and Federal review agencies, the Nisga’a Nation and local community representatives in terms of recognizing both the economic opportunity and environmental and social sustainability of the Red Mountain Project.”
Provincial Environmental Assessment Certificate
The Project commenced the 180-day legislated application review period under the British Columbia Environmental Assessment Act on November 1, 2017. To date, IDM has received and responded to review comments from the technical working group co-led by the BC Environmental Assessment Agency (“EAO”) and the Canadian Environmental Assessment Agency (“CEAA”), which includes the participation of Nisga’a Nation (as represented by Nisga’a Lisims Government) and regulatory agencies. IDM has 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 from EAO to allow for final resolution of several outstanding technical comments and information requests.
On March 13, 2018, EAO granted the temporary suspension, effective on day 134 of the 180-day application review period. Effective July 13, 2018 the temporary suspension was lifted and as of the date of this release, the Project is now on day 137. Following the conclusion of the application review period in the coming weeks, the EAO will finalize their assessment report and submit recommendations to the Minister of Environment & Climate Change Strategy and the Minister of Energy, Mines & Petroleum Resources. IDM anticipates receiving the Environmental Assessment Certificate (“EAC”) in Q3 2018.
Canadian Environmental Assessment Act Review
The Project is also subject to a coordinated review by the Canadian Environmental Assessment Agency (“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 CEAA review process was resumed. The Project review timeline is currently at day 182 of 365.
With the Provincial EA process now nearing completion and the CEAA process now advancing forward in a straightforward and predictable manner, IDM anticipates receiving Federal approval in Q4 2018.
About IDM and Red Mountain
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 dore produced on site.
The updated mineral resources for the Red Mountain Project are reported at a 3.0 g/t Au cut-off with an effective date of June 15, 2018.
|Measured + Indicated||2,771,300||7.91||22.75||704,600||2,026,800|
The Project is advancing through the provincial and federal environmental assessment processes, with comprehensive, thorough, and ongoing consultation with Nisga’a Nation. The Project is currently in the formal review phase of the BC Environmental Assessment Office and the Canadian Environmental Assessment Agency.
ON BEHALF OF THE BOARD
of IDM Mining Ltd.
President, CEO and Director
For more information, contact:
604-681-5672 office ext 7112
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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.