IDM Mining Announces Red Mountain Project Application/EIS Accepted for Review by Provincial and Federal Agencies
VANCOUVER, British Columbia, Nov. 02, 2017 (GLOBE NEWSWIRE) -- IDM Mining Ltd. (TSX-V:IDM) (OTCQB:IDMMF) (“IDM” or the “Company”) is pleased to announce that the Application for an Environmental Assessment Certificate / Environmental Impact Statement (the “Application/EIS”) for the Red Mountain Underground Gold Project (the “Project”) has been formally accepted for review by the BC Environmental Assessment Office (EAO) and the Canadian Environmental Assessment Agency (CEA Agency). This acceptance means the Application/EIS is now undergoing a formal review by the CEA Agency under the legislated timelines of the Canadian Environmental Assessment Act, 2012 (CEAA 2012), and IDM anticipates that formal review by EAO under the BC Environmental Assessment Act (BCEAA) will commence shortly. Based on the 180-day legislated timeline for Application Review under BCEAA and remaining review time under the federal timeline under CEAA 2012, the Project remains on-track for the start of development in 2018.
“This is an important step in the steady advancement of the regulatory process for the Red Mountain Project,” said Michael McPhie, Executive Chairman of IDM. “With legislated timelines for both the provincial and federal environmental assessment processes now in place, we are able to confidently plan our ultimate Project development schedule. This outcome is a result of significant effort by everyone involved, and we appreciate the support and effort applied by all of the members of the IDM and supporting consulting team. We look forward to a thorough and timely review of the Application/EIS by regulatory agencies, Nisga’a Nation, community members, and stakeholders.”
Environmental Assessment Processes
The Project is subject to a review under BCEAA and CEAA 2012. The coordinated review of the Application/EIS is in pursuit of both an Environmental Assessment Certificate (EAC) as per Section 16 of BCEAA and an approval under CEAA 2012. The Application/EIS has been prepared in accordance with the Application Information Requirements (AIR) issued by EAO on March 30, 2017, and the EIS Guidelines issued by the CEA Agency on January 22, 2016.
A number of community open houses for the Project will be held in the weeks ahead. The first of these will occur in Stewart and several of the Nisga’a Nation villages in early December. Information on the Project Application/EIS and the status of the Application Review process can be viewed at the EAO web site (https://projects.eao.gov.bc.ca/p/red-mountain-underground-gold/detail) and the CEA Agency website (http://www.ceaa-acee.gc.ca/050/details-eng.cfm?evaluation=80093).
ABOUT IDM MINING LTD.
IDM Mining Ltd. is a mineral exploration and development company based in Vancouver, BC, Canada. The Company's current exploration and development activities are focused on precious metals in British Columbia, with a primary focus on the high grade Red Mountain Underground Gold Project which has entered the BC and Canadian environmental assessment processes. Further information can be found on the Company’s website at www.IDMmining.com and on the Project’s website at RedMountainProject.com.
ON BEHALF OF THE BOARD
of IDM Mining Ltd.
“Robert McLeod”
President, CEO and Director
For more information, contact:
Robert McLeod
604-681-5672
604-617-0616 cell
rm@idmmining.com
Investor Relations:
Shobana Thaya
st@idmmining.com
416-807-1009
Alex Horsley
ah@idmmining.com
604-773-7269
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
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 the proposed exploration and development activities and their timing, resource estimates and potential mineralization. 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, timing and success of future exploration and development activities, exploration and development risks, 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 regulatory approval, 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.
