Oracle Mining Receives Aquifer Protection Permit for the Oracle Ridge Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/06/13 -- Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX: OMN)(OTCQX: OMCCF)(FRANKFURT: OMC) is pleased to announce that the Arizona Department of Environmental Quality ("ADEQ") has granted an amended Aquifer Protection Permit ("APP") which is one of a series of permits that is required before a reactivation of the Oracle Ridge Copper Mine project near Tucson, Arizona ("Oracle Ridge") can occur.
"Receipt of the Aquifer Protection Permit for the Oracle Ridge project is an important milestone for Oracle Mining and for our technical and consulting team," said Mr. Alan Edwards, Oracle Mining's CEO. "With the Air Quality permit and Aquifer Protection Permit now in hand, Oracle Mining has advanced the project permitting timeline significantly since acquiring the former producing mine in 2010."
The amendment to the existing APP for the project incorporates the proposed new tailings design for the site that is being evaluated. The new design incorporates Best Available Demonstrated Controls and Technology, including a fully lined dry stack tailings impoundment designed to zero discharge standards, a storm water diversion system and monitoring wells.
Oracle Ridge Mining, LLC ("ORM"), a wholly owned subsidiary of Oracle Mining, applied to the ADEQ in late September 2011 for an expedited Aquifer Protection Permit process. The application was accepted October 5, 2011 by the ADEQ. ORM submitted the Aquifer Protection Permit application on January 31, 2012.
ORM posted financial assurance in the amount of $2.1 million as a requirement to receive the amended APP. Financial assurance was provided through the issuance of a surety bond by a third-party insurer requiring a collateral deposit of 40% of the overall value of the financial assurance.
We have not made any production decision with respect to Oracle Ridge. A decision to proceed with production will be based upon the Corporation establishing a current mineral resource estimate and the results of a feasibility study demonstrating economic and technical viability, in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
The scientific and technical information in this news release has been reviewed and approved by Kevin Francis, SME RM, Vice President Technical Services for Oracle Mining Corp., a Qualified Person under NI 43-101.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX: OMN)(OTCQX: OMCCF)(FRANKFURT: OMC) is a Vancouver, Canada-based corporation that is the sole owner and operator of Oracle Ridge Mining, LLC and the Oracle Ridge Copper Mine located 24 km northeast of Tucson, Arizona. Oracle Mining is managed by an experienced team of mining professionals with extensive operating and financial experience.
Cautionary Note Regarding Forward-Looking Information
Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and Oracle Mining does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Corporation's expectations or beliefs regarding future events. In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Examples of forward-looking information in this document include, but are not limited to, statements with respect to: our plans and expectations for the Oracle Ridge project including our plans relating to exploration and development of the Oracle Ridge project; the timing or completion of any work on the Oracle Ridge project, including permitting and regulatory requirements related to any such plans, timing of completion of our drilling program and technical report incorporating the results and our belief that we have advanced significantly project permitting timeline and potential tailings and project design. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: our assumptions regarding copper, base metal and precious metal prices; the success of drill programs; our ability to comply with current and future environmental, safety and other regulatory requirements and to obtain and maintain timely receipt of regulatory approvals.
By its very nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by forward-looking information. Such factors include, but are not limited to: our dependence on the Oracle Ridge project; risk that we are unable to enforce our legal rights under existing agreements, permits or licences or are subject to litigation or arbitration that has an adverse outcome; risk there are changes in project parameters as plans continue to be refined; risks related to the actual results of exploration and development activities; our historical experience with development-stage mining operations; changes in commodity prices, and particularly copper prices; receipt of necessary permits and licences; regulatory changes; risks related to the uncertainty of timing of events including delays in obtaining governmental approvals or financing or in the completion of project development studies; we are affected by environmental, safety and regulatory risks, including increased regulatory burdens or delays, accidents, labour disputes and other risks inherent in the mining industry; dilution to shareholders from any equity financings; the availability of capital on acceptable terms, or at all; availability of materials and equipment; lack of revenue and commercial production; increased indebtedness and events of default thereunder; competition for properties, capital, skilled personnel and resources; uninsured risks; defects in title; influence of significant shareholders; foreign operations; adequate infrastructure in the jurisdictions in which we operate; opposition to mining activities; fluctuations in currency exchange rate, as well as those factors discussed in the Corporation's annual information form dated April 13, 2012, for the year ended December 31, 2011, filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated by such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information.
Contacts:
Oracle Mining Corp.
Mr. Alex Langer
VP Capital Markets
604-689-9293 or Toll-free: +1-855-689-9282
info@oracleminingcorp.com
Oracle Mining Corp.
Mr. Jason Mercier
Senior VP Corporate Secretary
604-689-9261
www.oracleminingcorp.com