Minnova Corp. Issues Update on Judicial Review of Canadian Environmental Assessment Agency's Project Description Request
Toronto, Ontario--(Newsfile Corp. - July 28, 2015) - Minnova Corp. (TSXV: MCI) ("Minnova" or "the Company") wishes to announce that on July 14, 2015 it attended a hearing in federal court held in Winnipeg, Manitoba, before The Honourable Mr. Justice Manson to hear our arguments in support of quashing the Canadian Environmental Assessment Agency's ("the Agency") request for a project description. In response the Agency argued that the judicial review was premature because they had not made a final decision to require that the project undergo a federal environmental assessment process. They also made arguments in support of their view that the proposed re-start of the PL Mine "is a designated activity pursuant to paragraph 16(c) of the Regulations Designating Physical Activities (the Regulations) under the Canadian Environmental Assessment Act, 2012 (CEAA 2012)".
On July 24, 2015 we received The Honourable Mr. Justice Manson's judgement and reasons;
| 1) | He ruled in that the judicial review was premature finding that "this application for judicial review is premature. A final determination appropriate for review in the current circumstances would be the Agency's decision to require, or not require, an environmental assessment of the PL Mine project." | |
| He further stated that "while the Applicant [Minnova] may have an arguable case that their project does not fall under the heading of "new" pursuant to the CEAA 2012 and its Regulations, that is an argument that can and should be made once a final determination has actually been reached." | ||
| 2) | Justice Manson went on to consider whether or not the Agency's decision that Minnova submit a project description is reasonable. In his judgement he considered the question of new mine versus existing mine and determined "It is unfortunate for both parties that the language of the impugned legislation is ambiguous and leaves room for multiple interpretations. However, I find that a purposive construction of the terms "new mine" and "existing mine", in the context of the CEAA 2012 and in sections 16 and 17 to the Schedule to the Regulations, results in the PL Mine being an existing mine, not a new mine. As such, the Respondent's [the Agency] decision is unreasonable. | |
Minnova has a 30 day period in which to appeal the decision.
Any decision to appeal, or not, will be taken in the context of market conditions and project optimization studies currently in progress.
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 has 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.
For more information please contact:
Minnova Corp.
Gorden Glenn
President & Chief Executive Officer
For further information, please contact Investor Relations at 647-985-2785 or info@minnovacorp.ca.
Visit our website at www.minnovacorp.ca
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.
