TSX: TML OTCQX: TSRMF
TORONTO, May 14, 2018 /PRNewswire/ - Treasury Metals
Inc. (TSX: TML) ("Treasury Metals" or the "Company")
today announced as part of the mine permitting process, the Company
formally submitted responses to the Information Requests along with
a revised Environmental Impact Statement ("EIS") to the Canadian
Environmental Assessment Agency ("CEAA"). The Company is pleased to
report that on May 11, 2018, CEAA
confirmed the EIS meets their completeness requirements to move
onto the technical review of the documentation. This acceptance
means the EIS is undergoing formal review by CEAA and the Goliath
Gold Project is now within the legislated timeline period for the
completion of Federal Environmental Assessments with approximately
34 weeks remaining of Government review time.
"We look forward to continuing to work with CEAA and all of the
communities in the Dryden area as
we progress towards a successful outcome of the Federal
Environmental Assessment process for the Goliath Gold Project,"
said Chris Stewart, Treasury's
President and Chief Executive Officer. "Today's announcement
marks an important step in the continual advancement of the mine
permitting process. The project enhancements from the CEAA process
have been incorporated into the EIS and we appreciate the effort,
dedication, and support of CEAA, our consultants and our in-house
technical team as we continue to advance the project towards a
production decision."
The revised EIS contained amendments related to site layout and
water management, and incorporated feedback from CEAA, as well as
local and Aboriginal communities. Further, it incorporates all
revisions of the technical information and comments provided within
the Information Request responses during the engagement and
consultation period. Community and Aboriginal engagement will
continue through the technical review period.
PFS Update
The Prefeasibility Study (PFS) remains on track, with completion
expected in July 2018. Sedgman is
overseeing the overall preparation of the PFS. The PFS will
incorporate a new mineral resource/reserve estimate (excluding
drilling from 2018), a revised mine plan for both the underground
and open pit, and updated cost and revenue parameters based on
these new inputs. The initial work on the PFS analyzed several
trade-off studies focused on identifying the optimal mining rate
for both underground and open pit operations, evaluating the use of
new, industry-leading mining technologies such as battery powered
mobile equipment and tailings storage currently being implemented
in newer operations in northern Ontario and updated design work.
"During my time at Kirkland Lake Gold, I became very familiar
with the benefits of battery technology and believe it is the
future of open pit and underground mining in Ontario. Along with the health benefits to
Treasury's employees, we also anticipate a reduction in our
CO2 emissions of more than 5,000 tons/year from the
underground operations at Goliath through a significant reduction
in diesel fuel requirements. Based on the trade-off studies, the
economic benefits related to battery powered underground equipment
are also potentially quite compelling when viewed in the medium to
long term. Reduced ventilation requirements impact air
heating requirements which in NW
Ontario in January can be a significant cost to a mining
operation," stated Mr. Stewart. "It makes sense for Treasury
to utilize every opportunity available to us to build a safe,
environmentally friendly, and most efficient mining operation as we
can."
Presently, the Company has two drilling rigs active at Goliath:
one drill rig is in the Eastern Resource target area in close
proximity to the proposed open pit area, and the second rig
continues with Main Zone exploration targets currently in the
central shoot area.
To view further details about the Goliath Gold Project, please
visit the Company's website at www.treasurymetals.com.
About Treasury Metals Inc.
Treasury Metals Inc. is a gold focused exploration and
development company with assets in Canada and is listed on the Toronto Stock
Exchange ("TSX") under the symbol "TML" and on the OTCQX® Best
Market under the symbol TSRMF. Treasury Metals Inc.'s 100% owned
Goliath Gold Project in northwestern Ontario is slated to become one of
Canada's next producing gold
mines. With first-rate infrastructure currently in place and gold
mineralization extending to surface, Treasury Metals plans on the
initial development of an open pit gold mine to feed a 2,500 per
day processing plant with subsequent underground operations in the
latter years of the mine life.
Forward-looking Statements
This release includes certain statements that may be deemed to
be "forward-looking statements". All statements in this release,
other than statements of historical facts, that address events or
developments that management of the Company expect, are
forward-looking statements. Actual results or developments may
differ materially from those in forward-looking statements.
Treasury Metals disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, save and except as may be
required by applicable securities laws.
View original
content:http://www.prnewswire.com/news-releases/treasury-metals-achieves-key-federal-permitting-milestone-and-provides-pfs-update-300647425.html
SOURCE Treasury Metals Inc.