Permitting Progresses at IDM Mining's Red Mountain Underground Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 16, 2016) - IDM Mining Ltd. (TSX VENTURE:IDM) ("IDM" or the "Company") reports that it has received its Section 11 Order for the Red Mountain Underground Gold Project (the "Project") from the British Columbia Environmental Assessment Office ("BC EAO"), setting out the scope, requirements, processes, and methods of the provincial environmental assessment ("EA"), as well as the public and Aboriginal consultation procedures.
"Receipt of the Section 11 Order represents a significant permitting milestone for the Project," said Michael McPhie, Executive Chairman of IDM Mining. "The next major milestone will be the submission of Environmental Assessment Applications for review by the federal and provincial regulatory authorities later this year. We have been pleased with the continued co-operation and involvement of all stakeholders, including: the Nisga'a Lisims Government, the community of Stewart, and the provincial and federal government agencies, who will be involved in assessing the potential environmental effects of the Project. With their input and advice, the EA process is moving forward in an efficient and timely manner."
The planned two year environmental baseline program in support of the EA process is nearing completion. Baseline studies conducted to date have included: surface and groundwater quality, hydrology, climate, geochemical studies, archeological assessments, geohazards assessments, fisheries and wildlife studies. Following the completion of our 2016 spring and early summer sampling and monitoring program, the baseline environmental studies will be sufficient to meet provincial and federal EA guidelines, and the data will be incorporated into the provincial and federal EA Applications.
Project engineering studies, including tailings and water management design, are progressing in conjunction with the EA process, with an aim to publish a Feasibility Study by the end of 2016. Additionally, the Company is updating the Project's NI 43-101 Resource Estimate and Preliminary Economic Assessment (PEA), which will include IDM's 2014 drilling and historic drill results from the 141 Zone; this area of mineralization runs parallel to the current resource zones. The revised PEA is targeted for release in the second quarter of 2016, and will also include updated project design and site layout concepts, a new economic model, and a detailed development timeline.
ABOUT RED MOUNTAIN
IDM Mining is currently earning an option to acquire a 100% interest in the 17,125 hectare Red Mountain property, located 18 kilometers northeast of Stewart, BC. Numerous gold and silver deposits and exploration prospects have been identified by IDM and previous operators over a 15 km by 4 km trend of strong alteration and mineralized prospects. Since discovery in 1989, in excess of $45 million has been spent on the Project including a production-sized underground ramp, extensive engineering and design studies and environmental assessment work.
ABOUT IDM MINING LTD.
IDM Mining Ltd. is a mineral exploration and development company based in Vancouver, BC, Canada. The Company's current exploration and development activities are focused on precious metals in British Columbia and Yukon with a primary focus on the high grade underground Red Mountain Project, which is currently engaged in the BC and Canadian environmental assessment processes. Further information can be found on the Company's website at www.IDMmining.com.
ON BEHALF OF THE BOARD of IDM Mining Ltd.
Robert McLeod, President, CEO and Director
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
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, the PEA, including estimates of capital and sustaining costs, anticipated internal rates of return, mine production, estimated recoveries, mine life, estimated payback period and net present values, and other plans and objectives of IDM. 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.
Contact
IDM Mining Ltd.
Robert McLeod
604-681-5672 direct
604-617-0616 cell
rm@idmmining.com
www.IDMmining.com