Minnova Corp. Issues Update-Canadian Environmental Assessment Agency Confirms PL Mine Re-Start Does Not Require a Project Description
TORONTO, ONTARIO--(Marketwired - Sep 9, 2015) - Minnova Corp. (TSX VENTURE:MCI) ("Minnova" or "the Company") is pleased to announce that we have received confirmation from the Canadian Environmental Assessment Agency ("the Agency") that the Agency is now satisfied that the PL Mine re-start, is not a designated project under item 16(c) of the Schedule to the Regulations.
As a result, Minnova Corp. is not required to submit a Project Description.
The PL mine can now advance under its existing Environment Act License 1207E which allows for underground mining and processing at a throughput rate of 600 tonnes per day.
Gorden Glenn, Minnova CEO commented, "Today's announcement is major milestone for the Maverick Gold Project and eliminates the uncertainty regarding the projects permit status. We look forward to advancing discussions with financial and technical strategic partners to optimally finance and develop the PL mine."
The Company is now in a position to proceed with the process to list the previously fully-permitted, approved and utilized Ragged Tailings Deposition Area ("Ragged TDA") to Schedule 2 of the Metal Mining Effluent Regulations ("MMER").
About Minnova Corp.
Minnova Corp. is an emerging Canadian gold producer focused on re-starting the PL Mine and expanding gold resources on its PL and Nokomis gold deposits (collectively the "Maverick Gold Project"). The Company completed an Updated PEA which supports average annual production of 48,100 ounces over a +10 year mine life. Work to date strongly supports advancing the project toward production with an initial program of underground test mining and completion of a Feasibility Study to bring the PL Mine back into production. The PL Mine includes an existing flotation mill with a replacement value in excess of $50 million, over 7,000 meters of developed underground ramp to 135 metres depth, is fully road accessible and close to existing mining infrastructure. The Maverick Gold Project is located in the Flin Flon Greenstone Belt of Central Manitoba.
Forward Looking Statements
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 regarding the Company including management's assessment of future plans and operations, that may involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be achieved nor that the proposed operations will be economically viable. Although Minnova 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. Minnova does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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.
Contact
Minnova Corp.
Gorden Glenn
President & Chief Executive Officer
Investor Relations
647-985-2785
info@minnovacorp.ca
www.minnovacorp.ca