Abacus provides update on environmental review process at Ajax Project
May 15 2017 - 8:00AM
Abacus Mining & Exploration Corporation
(“
Abacus” or the “
Company”)
(TSXV:AME) wishes to provide an update on the Ajax Project’s
Environmental Assessment (“EA”) review process within the context
of a joint and coordinated federal and provincial review effort
towards a streamlined process and timeline alignment.
Resumption of EA Review Process On March 29,
2017, the operator of the Ajax Project, KGHM International
(“KGHMI”), was notified by the British Columbia Environmental
Assessment office (“EAO”) that, as a result of the satisfactory
completion of information and materials in response to issues
raised by multiple stakeholders, and in fulfilment of the
requirements related to Aboriginal and public consultation, it had
lifted its suspension of the 180-day time limit for the application
review. This suspension was originally requested by KGHMI to
fulfill the requirements to the EAO’s satisfaction.
The resumption of the review process occurs at
day 108 of the 180-day timeframe and is a positive development
toward the feasibility of a final decision later this
fall.
EA Process next stepsThe EAO also informed that,
going forward, the Canadian Environmental Assessment Agency
(“Agency”) and the EAO have agreed to seek a greater level of
coordination and to prepare a joint assessment report. This
coordinated approach is expected to streamline the process and
provide greater certainty of process through the alignment of
timelines, ensuring that both jurisdictions consider the same
information and avoid duplication. Throughout the period, the
Agency and the EAO have acted in coordination on the Ajax Project,
co-chairing a technical working group, participating in
consultation with Aboriginal groups and coordinating public comment
periods.
To provide the process certainty for the
remainder of the EA and to ensure federal-provincial timeline
alignment consistent with a coordinated process, the provincial
review period will be extended by an additional 110 days.
Inclusive of the extension will be a 30-day public comment period
on the joint assessment report and any draft provincial EA
Certificate conditions, as well as a 45-day period for provincial
Ministers to make a decision as to whether to issue an EA
Certificate for the Ajax Project. Hence the Application
review phase is expected to conclude around late September 2017,
and decisions from the provincial and federal governments are
expected later in the fall.
Community and First Nations ConsultationsThe
goal of the Ajax Project is to be an integral member of the
community through an open-door policy of continuous consultation
and providing solutions which have resulted in numerous technical
enhancements and design changes through the Application/EIS process
that has improved the Project. One such major change is the
new mine plan which concentrates mining activities in a central
footprint to reduce emissions and dust. This has necessitated
the relocation of the tailings storage facility to more than 5 kms
southeast and no longer within Kamloops City limits; the facility
has been redesigned from a dry stack tailings to a thickened
tailings storage facility; the north rock storage facility has been
relocated, including the mine processing plant and ore stockpiles
more than 2 kms south of their formerly proposed locations; and the
primary crusher will also move south of the pit, and approximately
3.5 kms from the closest city neighbourhood.
Another recent example is in response to the
Tk’emlups and Skeetchestn bands (“SSN”) concerns over the
preservation of a historic fish habitat. A new plan involves
construction of a dam and connector channel, preservation of a
spillway, and restoration of fish habitat by adding spawning
gravel, in addition to creating a new access road, boat launch and
recreational area for local fishers.
Negotiations are ongoing with the City of
Kamloops and the SSN towards a lasting partnership which the Ajax
team views as an essential opportunity to invest in the future of
Kamloops and nearby communities.
For further information, please contact Investor
Relations at (604) 682-0301.
On Behalf of the Board, ABACUS MINING & EXPLORATION
CORPORATION Michael McInnisChairman, President &
CEO
About Abacus
Abacus is a mineral exploration and mine
development company with a 20% interest in the Ajax Project located
at the historic Ajax-Afton site southwest of Kamloops, B.C., and an
option to acquire up to a 75% undivided interest in the Willow
porphyry copper-gold property located in Nevada. The Ajax Project
is a proposed copper-gold open-pit mine currently undergoing a
provincial and federal environmental assessment process. Through
KGHM Ajax Mining Inc., a joint venture company between Abacus (20%)
and KGHM Polska Miedz S.A. (KGHM) (80%), the Ajax Mine is being
funded in large part by KGHM and operated by its wholly-owned
subsidiary, KGHM International Ltd. For the latest reports and
information on Abacus’ projects, please refer to the Company’s
website at www.amemining.com.
Forward-Looking InformationThis
release includes certain statements that are deemed
“forward-looking statements”. All statements in this release, other
than statements of historical facts, that address events or
developments that Abacus expects to occur, are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by
the words “expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential” and similar expressions, or
that events or conditions “will”, “would”, “may”, “could” or
“should” occur. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in the forward-looking statements. Factors that could cause
the actual results to differ materially from those in
forward-looking statements include changes to commodity prices,
mine and metallurgical recovery, operating and capital costs,
foreign exchange rates, ability to obtain required permits on a
timely basis, exploitation and exploration successes, continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Forward-looking statements are
based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
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.
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