CMC Metals Ltd.: Radcliff Joint Venture Starts Shipping Material to Midas Mill
Vancouver - CMC Metals Ltd. (the "Company") is pleased to announce that the Company and Pruett Ballarat Inc. ("PBI"), the mine operator and the Company's joint venture ("JV") partner at the Radcliff Mine Property ("Radcliff") has commenced shipping material to the Klondex Mines Operations Inc. ("Klondex") Ore Processing Mill at Midas mine, situated in Elko County, NV, under a 'test batch' arrangement. The renewable agreement for purchase and sale of gold ore allows for Klondex to process up to 6,000 tons of oxide-dominated gold-bearing rock, in batches of 1,500 tons. The agreement allows for an initial smaller test batch of Radcliff mineralized rock to be treated (approximately 500 tons). The Company's business plan is to selectively mine "high grade" portions1 of an indicated resource at the Radcliff, with run-of-mine grade calibrated sub-sampling of mined material at the run-of-mine sub-sampling plant located at the 5510-level portal. Sampled material is submitted to an off-site laboratory.
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.
Since the release of October 4, 2016, PBI has taken six production rounds (estimated to total about 232 short tons ["tons"] and two slash rounds [estimated at 24 tons]). Of the material mined, four of the rounds have returned production estimate sample assays that meet the criteria for shipping. Material not qualified for processing at Midas will be stockpiled for processing at the Company's Bishop Mill facility, in anticipation of completion of the bond arrangements with the California Regional Water Quality Control Board in Lahontan, CA. The Mill is being refurbished for commencement of operations in Q1, 2017.
CMC President, Ian Graham commented: "The first shipment of material to Klondex is a major achievement for the Company. Cash flow from the shipment will be used to increase production in anticipation of final permitting at the Company's 100% owned Bishop Mill."
The Company further wishes to announce it has received 300,000 shares from MGX Minerals Inc. ("MGX") pursuant to an agreement announced July 19, 2016 for the lease of the Silver Hart portable mill
by MGX for a period of 6 months. Upon completion of the term of the lease, the Plant will be shipped to the Company's operations in California, USA.
On behalf of the Board:
"Michael Scholz"
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Michael Scholz, Director
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."
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