Update on Bishop Mill Operations and Radcliff Property Joint Venture
Vancouver, B.C. / TheNewswire / July 27, 2016 - CMC Metals Ltd. (the "Company") is pleased to announce that Pruett-Ballarat Inc. ("PBI"), the mine operator and the Company's joint venture partner at the Radcliff Property, has filed an updated Alternative Small and Remote Mine Rescue Plan, Escape and Evacuation Plan and a Ventilation Plan (updated since the Plan referenced in the NR dated October 22, 2014), and has renewed national mine operating permits at the Radcliff Mine located in the west-central portion of the Panamint Range, Inyo County, near Ballarat, CA.
PBI has also installed an upgraded ventilation system, including renewed anemometer and gas detection equipment. Preparations are in an advanced stage for restart of underground mining operations following the recent completion of MSHA (US Mine Safety & Health Administration) training and certification of miners (including surface training for surface support and Bishop Mill personnel) and the successful renewal of the PBI-held State mine blasting license. The current mine development has advanced the 5510-level drift into mineralized material, with long-run development potential remaining at the upper elevations (between the 4530 to 6580 feet elevation levels above mean sea level). Mining re-starts in an area of sampling-indicated high-interest mineralization, as reported by the Company on June 25, 2015. The Company's business plan is to selectively mine "high grade" portions1 of an indicated resource, with anticipated run-of-mine grade to be calibrated by sampling of faces prior to blasting, and sub-sampling of mined material at a run-of-mine sub-sampling plant located at the 5510-level portal. The sub-sampling station has been recently installed, subsequent to previous technical disclosure (refer NR of January 21, 2015).
In parallel with the work at the Radcliff Mine, the Company has been focused on planning and updated budget work to allow re-start of operations at its 100% owned Bishop Mill. The Company is working with the regulator at the California EPA, Regional Water Quality Control Board, Lahontan Region to finalize a vadose zone monitoring solution for the constructed tailings impoundment, such that the monitoring well base is located proximal to the tailing sump but will minimize disturbance of the as-built earthen containment construction and in-place liner. The supplier of a bird-netting solution has confirmed that a net has been shipped from Chicago: the Company continues to finalize wildlife protection requirements for the tailings facility. The plant team will re-staff in the near term, and is also reviewing technologies to allow the 'dry' capture and stacking of tailings.
COO Ian Graham commented: "The recently completed capital raise is permitting the Company to move forward on equipping, staffing and making bond arrangements for the Mill at Bishop, whilst simultaneously working with our partner Pruett-Ballarat Inc. to commence the mining of Mill feed: the Mill and mining JV teams are anxious to drive forward and deliver free cash flow in Q4, 2016."
On behalf of the Board:
"Jack Bal"
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Jack Bal, CEO
For further information on the Company, please contact Mr. Jack Bal, CEO, Telephone: 604-306-5285 jackbalyvr@gmail.com.
Neither the 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.
"This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company 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 expressly required by applicable securities legislation."
1 The presence of "high grade material" at Radcliff is documented in the NI43-101 compliant technical report filed on SEDAR. The mineral resources as stated January 9, 2013, remain current mineral resources.
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