Jul 11 2017
IDM Mining Ltd. ("IDM" or the "Company") is pleased to announce that it has formally filed a Project Application and Environmental Impact Statement (the "Application/EIS") with the BC Environmental Assessment Office (BC EAO) and Canadian Environmental Assessment Agency (CEAA) for the Red Mountain Underground Project (the "Project").
The filing of the Application/EIS initiates a 30-day screening for completeness by agencies of the provincial and federal government and other members of the Environmental Assessment (EA) Working Group including the Nisga'a Nation.
"After significant effort by the IDM team, we are very pleased to file the Project Application and EIS for the Red Mountain Underground Project," said Michael McPhie, Executive Chairman of IDM. "Coupled with the recent completion of our Feasibility Study, this is a significant step for us in the advancement of Red Mountain towards development. We are pleased with the progress we have made in advancing the Project through the EA process and would like to acknowledge the BC EAO and CEAA representatives, the EA Working Group members, and Nisga'a Nation representatives who have worked with us to reach this milestone. The permitting and regulatory review timeline for Red Mountain remains fully on track for the Company, and we look forward to engaging with local and regional stakeholders in the coming months."
IDM's Application/EIS is for a year-round 1,000 tonne per day underground gold mine and processing plant producing gold dore bars located in the Bitter Creek Valley, 15 kilometers east of Stewart, British Columbia. Material from the underground mine located on Red Mountain would be transported by truck to the processing plant. Facilities would be accessed by an all-season road, with a powerline from the BC Hydro grid. Workers would be housed and live in Stewart, rather than a camp. Construction of the Project would be approximately 18 months and it is IDM's goal to have it in production in 2019. Capital costs are estimated to be C$135.7 million and the pre-tax base case economics indicate a Net Present Value of C$155 million at a 5% discount rate with an Internal Rate of Return of 40% and a 1.7 year payback of initial capital.
Environmental Assessment Process
The Project is subject to a review under the BC Environmental Assessment Act (BCEAA 2002), and the federal Canadian Environmental Assessment Act, 2012 (CEAA 2012). The coordinated review document that has been submitted serves as both the Application for an Environmental Assessment Certificate (EAC) (Application) as per Section 16 of the BCEAA 2002, and an Environmental Impact Statement (EIS), as per the CEAA 2012. The Application/EIS has been prepared in accordance with the Application Information Requirements (AIR) issued by BC EAO on March 30, 2017 and the Environmental Impact Statement Guidelines issued by CEAA on January 22, 2016.
The filing of the Application/EIS initiates a 30-day review for completeness of the document by BC EAO, the CEAA and EA Working Group members including the Nisga'a Nation. IDM has made significant efforts in advance of this submission to engage with, discuss and address key issues with all regulatory agencies and the Nisga'a Nation. This early engagement is expected to help facilitate an efficient and predictable review process.
If the document is deemed complete, the Application/EIS will be accepted by BC and Canada and the formal review will begin under their respective legislated timelines and processes. The timing of the review remains on track for targeted approval of the Project in the first half of 2018.
Source: http://www.idmmining.com/_resources/news/170710.pdf