IDM Mining Advances Permitting of Red Mountain Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 4, 2014) - IDM Mining Ltd. (TSX:IDM) ("IDM" or the "Company") is pleased to announce that it has submitted a Project Description (the "Project Description") to the British Columbia Environment Assessment Office ("BC EAO") initiating an environmental assessment ("Environmental Assessment") for the Red Mountain Underground Gold Project (the "Project"), located 15 kilometers northeast of Stewart, British Columbia.
Pursuant to section 10 of the BC Environmental Assessment Act, the BC EAO will review the Project Description in order to determine whether or not the Project will require an Environmental Assessment. As IDM anticipates that the Project will require an Environmental Assessment, work is well underway, including First Nation and stakeholder engagement, environmental baseline and hydrological studies and project engineering. This work is being done in preparation of filing its Application for an Environmental Assessment Certificate.
"The filing of the Project Description report is an important first step in permitting the Red Mountain Underground Gold Project," said Michael McPhie, Executive Chairman of IDM. "Since we acquired the property in April 2014, we have been working diligently to define the project footprint, collect necessary baseline data and engage with our stakeholders. We look forward to discussing our proposed development plans and receiving feedback in the months ahead."
"We are very excited about the prospects of developing a high grade, low capex and low cost underground gold mine near my hometown of Stewart," said Robert McLeod, President and CEO of IDM. "Our recent exploration success combined with the advancement of project permitting allows us to continue to add value to this very prospective property in BC's Golden Triangle."
The Red Mountain Underground Gold Project Description will be available for review on the BC EAO electronic project registry website at http://www.eao.gov.bc.ca/.
IDM recently completed a surface drilling program on multiple exploration targets at the Project, including the 141 and Cambria Zone targets. Assays are currently being received for this program, with an announcement of initial results expected shortly. Additionally, final surface sampling results, as well as assays of historic drill core not previously sampled from the 141 Zone, will be announced.
ABOUT RED MOUNTAIN
IDM Mining is currently earning an option to acquire a 100% interest in the 17,125 hectare Red Mountain property, located 15 kilometers northeast of Stewart, BC. Numerous precious and base metal targets have been identified by IDM and previous operators over a 15 by 4 kilometer trend of strong alteration and mineralized prospects. Since discovery in 1989, in excess of $40 million has been spent on the Property including a production sized underground ramp.
IDM recently announced positive results from a NI 43-101 PEA and revised Resource Estimate completed by JDS Energy & Mining Ltd. for the Red Mountain project (see IDM news release dated July 23, 2014). A technical report prepared in compliance with the requirements of the Canadian Securities Administrators' NI 43-101 has been filed on SEDAR and the Company's website.
At a 3.0 g/t Au cutoff, Measured and Indicated Resources from the Marc and AV Zones at Red Mountain are 1,454,300 tonnes averaging 8.15 g/t Au and 29.57 g/t Ag totaling 380,900 oz Au and 1,382,800 oz Ag. Inferred Resources from the Marc, AV and JW Zones are 332,900 tonnes averaging 7.69 g/t Au and 12.72 g/t Ag totaling 82,300 oz Au and 136,200 oz Ag.
ABOUT IDM MINING LTD.
IDM Mining Ltd. is mineral exploration company (TSX:IDM) based in Vancouver, BC, Canada. The Company's current exploration activities are focused on precious metals in British Columbia and the Carolina Slate Belt, USA. 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
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 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, opportunities to enhance the value of the Red Mountain Project 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, 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 approvals, 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.
