VANCOUVER, Jan. 15, 2019 /CNW/ - IDM Mining Ltd. (TSX-V:IDM)
(OTCQB: IDMMF)("IDM" or the "Company") announces that on
January 14, 2019, the Canadian
Environmental Assessment Agency ("CEAA") issued a positive Decision
Statement for the Company's wholly-owned Red Mountain Underground
Gold Project ("Red Mountain" or "the Project").
The Honourable Catherine McKenna, Minister of Environment and
Climate Change, announced in her decision that pursuant to the
Canadian Environmental Assessment Act, 2012 (CEAA 2012), the
proposed Red Mountain Underground Gold Project is not likely to
cause significant adverse environmental effects and the project may
proceed. The Project is an underground gold-silver mine proposed by
IDM and located 15 kilometres northeast of Stewart, British Columbia.
As part of the Environmental Assessment Decision Statement, the
Minister established more than 120 conditions that IDM must fulfill
throughout the life of the Project. The purpose of these conditions
is to reduce or eliminate the potential effects of the Project on
the environment and include measures to protect fish and fish
habitat, migratory birds, species at risk, human health, physical
and cultural heritage and the current use of lands and resources
for traditional purposes by Indigenous peoples. The
Environmental Assessment Decision Statement can be reviewed at:
https://ceaa-acee.gc.ca/050/documents/p80093/126512E.pdf.
On October 5th, 2018,
the Province of British Columbia
issued an Environmental Assessment ("EA") Certificate to IDM under
the BC Environmental Assessment Act for the Project. The
Project is also subject to requirements under the Nisga'a Final
Agreement, a modern treaty signed by the governments of
Canada, British Columbia and the Nisga'a Nation.
In accordance with the treaty, the Minister's Project
Recommendation includes a determination of the potential effects of
the project under the Nisga'a Final Agreement.
The Red Mountain Underground Gold Project will now proceed to
the regulatory phase during which Fisheries and Oceans Canada and
Natural Resources Canada will consider their respective permitting
and regulatory decisions.
About IDM and Red Mountain
IDM Mining Ltd. is an exploration and development company based
in Vancouver, BC, Canada focused on advancing the Red Mountain
Gold Project towards production. The 17,125 hectare Red
Mountain Gold Project is located in northwestern BC, 15 km
northeast of the mining town of Stewart.
Recently, IDM and Ascot Resources Ltd. entered into a definitive
arrangement agreement whereby Ascot will acquire all outstanding
common shares of IDM. If completed, this transaction would result
in the consolidation of Ascot's Premier Gold project and IDM's Red
Mountain project to create the leading high-grade gold development
and exploration company in BC's Golden Triangle. For more
information on the transaction, please view IDM's press release
dated January 7, 2019 at
www.idmmining.com.
ON BEHALF OF THE BOARD
of IDM Mining Ltd.
"Robert McLeod"
President, CEO and
Director
"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. 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.
There can be no assurance that IDM Mining Ltd. will complete
the proposed transaction with Ascot Resources Ltd. on the proposed
terms or at all.
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SOURCE IDM Mining Ltd.